Core Viewpoint - The AI Fund Zhongtai Hongli Preferred One-Year Holding Mixed Fund (014771) reported a profit of 54.58 million yuan in Q2 2025, with a net value growth rate of 6.28% for the period [2]. Fund Performance - As of July 17, the fund's unit net value was 1.503 yuan, with a one-year compounded net value growth rate of 23.67%, the highest among its peers [2]. - The fund's performance over different time frames includes a three-month compounded net value growth rate of 9.68%, a six-month rate of 13.10%, and a three-year rate of 54.87%, ranking 2nd among 239 comparable funds [3][10]. Fund Management - The fund's management indicated a slight decrease in overall positions during Q2, reflecting a strategy to assess reinvestment risks and opportunity costs [2]. - The fund's average stock position over the past three years was 93.12%, higher than the industry average of 85.64% [13]. Fund Size and Holdings - As of the end of Q2 2025, the fund's size was 926 million yuan [15]. - The fund has a high concentration of holdings, with the top ten stocks consistently representing over 60% of the portfolio, including major companies like China State Construction, China Resources Land, and China Merchants Bank [18]. Risk Metrics - The fund's Sharpe ratio over the past three years was 1.0068, ranking 4th among 240 comparable funds [8]. - The maximum drawdown over the past three years was 15.65%, with the largest single-quarter drawdown occurring in Q3 2024 at 11.04% [10].

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].