Core Viewpoint - The AI Fund Zhongtai Hongli Value One-Year Holding Mixed Fund (014772) reported a profit of 38.7855 million yuan for Q2 2025, with a net asset value growth rate of 5.38% during the period [3][16]. Fund Performance - As of July 17, the fund's unit net value was 1.452 yuan, with a one-year cumulative net value growth rate of 22.12%, ranking 103 out of 256 comparable funds [3][4]. - The fund's three-month net value growth rate was 8.88%, and the six-month rate was 12.09%, ranking 152 out of 256 and 88 out of 256 respectively [4]. - Over the past three years, the fund achieved a net value growth rate of 49.39%, ranking 4 out of 239 comparable funds [4]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 0.9271, placing it 5 out of 240 in its category [9]. - The maximum drawdown over the past three years was 16.43%, with the largest single-quarter drawdown occurring in Q3 2024 at 11.63% [12]. Investment Strategy - The fund maintained a high average stock position of 92.86% over the past three years, compared to a category average of 85.64% [15]. - The fund's top ten holdings have consistently accounted for over 60% of its portfolio for nearly two years, with major holdings including China State Construction, China Merchants Bank, and Gree Electric Appliances [19]. Fund Management - The fund is managed by Jiang Cheng and Wang Tao, who have both achieved positive returns across the two funds they manage over the past year [3]. - The fund's overall position slightly decreased in Q2 2025 as a result of assessing reinvestment risks and opportunity costs [3].

Core Viewpoint - The article emphasizes the importance of not only beta returns but also alpha returns in achieving superior performance in dividend-themed funds, highlighting the exceptional performance of the Zhongtai Dividend Preferred Fund [2][3]. Performance Summary - Since its establishment on March 24, 2022, the Zhongtai Dividend Preferred Fund has achieved a net value growth rate of 36.85%, significantly outperforming its benchmark growth rate of 7.02%, resulting in an excess return of 29.83% [2][3]. - The fund's performance is compared to various indices, showing a substantial advantage over the CSI Dividend Index (5.10%) and the CSI Dividend Total Return Index (23.98%) [3]. Investment Philosophy - The fund manager, Wang Tao, asserts that high short-term dividends do not guarantee long-term returns, emphasizing the need for both long-term and immediate high dividends in dividend investment [5]. - Companies that can provide long-term high dividends typically exhibit strong profitability and a willingness to distribute dividends, with preferred sectors including banks, utilities, and mature manufacturing industries [6]. Active Management Strategy - The key to constructing an actively managed alpha strategy lies in thorough research and selection of investment targets that fit the dividend investment framework, aiming to buy at "value" prices [7]. - The fund's current holdings reflect a higher allocation to bank stocks compared to the CSI Dividend Index, while coal stocks have been reduced due to declining internal rates of return [8]. Market Outlook - Wang Tao expresses caution regarding the crowded nature of dividend investment strategies, noting that rising stock prices can lead to declining internal rates of return, but adjustments to the portfolio are made accordingly [9]. - The ideal dividend-focused fund should have high internal rates of return and quality holdings with sufficient safety margins, ultimately delivering long-term returns to investors [10].