Core Viewpoint - The AI Fund Zhongyin New Energy Industry Stock A (017132) reported a profit of 1.8227 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0503 yuan, and a net value growth rate of 5.97% during the reporting period [3]. Fund Performance - As of September 3, the fund's net value growth rate over the past three months was 11.48%, ranking 39 out of 44 in its category; over the past six months, it was 3.50%, ranking 42 out of 44; and over the past year, it was 36.35%, ranking 29 out of 44 [6]. - The fund's net value as of September 3 was 1.126 yuan per unit [3]. Fund Management Insights - The fund management indicated a positive outlook for the equity market driven by factors such as a decrease in risk-free interest rates and stock market risk premiums, which may lead to increased asset allocation in equities by residents and non-bank institutions [3]. - The management expects that the domestic economic growth momentum may marginally decline in the third quarter but will remain stable overall [3]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 20.92 times, significantly lower than the category average of 1550.21 times; the weighted average price-to-book (P/B) ratio was about 1.76 times, compared to the category average of 2.74 times; and the weighted average price-to-sales (P/S) ratio was approximately 0.91 times, against the category average of 2.24 times [11]. Growth Metrics - For the first half of 2025, the weighted revenue growth rate of the stocks held by the fund was 0.11%, and the weighted net profit growth rate was 0.25%, with a weighted annualized return on equity of 0.08% [18]. Fund Composition and Holdings - As of June 30, 2025, the fund had a total of 1,432 holders, with a total of 44.0416 million shares held. Institutional investors accounted for 74.45% of the holdings, while individual investors made up 25.55% [35]. - The top ten holdings of the fund included companies such as Xpeng Motors, Yutong Bus, China National Heavy Duty Truck Group, BYD, Geely Automobile, CATL, and Xiaomi Group [41].