Core Viewpoint - The AI Fund Huashang Industry Opportunity Mixed A (019690) reported a profit of 5.2755 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.1023 yuan, and a net value growth rate of 9.73% during the reporting period [2]. Fund Performance - As of September 3, the fund's unit net value was 1.394 yuan, with a one-year cumulative net value growth rate of 58.31%, the highest among the four funds managed by Wang Yiwen [2]. - The fund's performance over the past three months showed a net value growth rate of 25.30%, ranking 178 out of 615 comparable funds, and a six-month growth rate of 22.55%, ranking 205 out of 615 [4]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 11.63 times, significantly lower than the industry average of 25.34 times. The weighted average price-to-book (P/B) ratio was about 1.48 times, compared to the industry average of 2.34 times, and the weighted average price-to-sales (P/S) ratio was around 1.02 times, against an industry average of 2.09 times [9]. Growth Metrics - For the first half of 2025, the weighted revenue growth rate of the stocks held by the fund was 0.1%, while the weighted net profit growth rate was 0.27%, and the weighted annualized return on equity was 0.13% [16]. Fund Management and Strategy - The fund manager anticipates a slow bull market driven by marginal improvements in the external environment, ongoing policy support, and continuous industrial development in the second half of 2025. The fund will maintain a balanced allocation while slightly overweighting core assets and artificial intelligence [2]. Fund Composition - As of June 30, 2025, the fund's total assets amounted to 51.878 million yuan, with 455 holders collectively owning 45.3001 million shares. Institutional investors held 44.15% of the shares, while individual investors accounted for 55.85% [32][35]. - The fund's top ten holdings included companies such as SMIC, Zijin Mining, Alibaba-W, AVIC Shenyang Aircraft, and Tencent Holdings [40].

Core Viewpoint - Wang Yiwen, a fund manager, oversees five funds, with the best performance in Q2 2025 being the Huashang Shengshi Growth Mixed Fund, which achieved a net value increase of 2.42% [1][2]. Fund Performance Summary - **Huashang Shengshi Growth Mixed Fund (630002)**: - Size: 30.96 billion - Annualized Return: 14.15% - Q2 2025 Increase: 2.42% - Top Holding: Zijin Mining - Daily Net Value Ratio: 7.26% [2] - **Huashang South Strategy Selected Mixed Fund (630008)**: - Size: 6.97 billion - Annualized Return: 7.48% - Q2 2025 Increase: 2.26% - Top Holding: Zijin Mining - Daily Net Value Ratio: 6.05% [2] - **Huashang Future Theme Mixed Fund (000800)**: - Size: 3.69 billion - Annualized Return: -1.56% - Q2 2025 Increase: 1.87% - Top Holding: Yingmei Mining - Daily Net Value Ratio: 6.08% [2] - **Huashang Industry Opportunity Mixed Fund A (019690)**: - Size: 0.61 billion - Annualized Return: 13.98% - Q2 2025 Increase: 0.43% - Top Holding: Zhongben International - Daily Net Value Ratio: 4.14% [2] - **Huashang Industry Opportunity Mixed Fund C (019691)**: - Size: 0.35 billion - Annualized Return: 13.33% - Q2 2025 Increase: 0.31% - Top Holding: Zhongxin International - Daily Net Value Ratio: 4.14% [2] Wang Yiwen's Fund Management Performance - Cumulative Return for Huashang Strategy Selected Mixed Fund (630008) during Wang Yiwen's tenure: 47.88% - Average Annualized Return: 7.82% - Total Adjustments in Heavy Holdings: 42 times, with a success rate of 59.52% (25 profitable adjustments) [2]. Heavy Holdings Adjustment Cases - **Mingzhi Electric (603728)**: - Buy Quarter: Q1 2022, Sell Quarter: Q1 2024 - Estimated Return: 173.01%, Company Performance Decline: -18.38% [5]. - **Yongxing Materials (002756)**: - Buy Quarter: Q1 2021, Sell Quarter: Q1 2021 - Estimated Return: 81.70%, Company Performance Increase: 243.83% [6]. - **Kowell (688551)**: - Buy Quarter: Q4 2021, Sell Quarter: Q4 2024 - Estimated Return: -47.81%, Company Performance Increase: 93.22% [7].