Core Viewpoint - The report highlights the performance and strategic focus of the Bosera New Energy Theme Mixed A Fund, emphasizing its investment in high-growth and low-penetration sectors within the new energy industry, particularly in electric equipment and solid-state batteries [3][4]. Fund Performance - The fund reported a profit of 440,800 yuan in Q4 2025, with a weighted average profit per share of 0.0022 yuan [3]. - The net asset value (NAV) growth rate for the fund was 0.39% during the reporting period, with a total fund size of 162 million yuan as of the end of Q4 [3][15]. - As of January 22, the fund's unit NAV was 0.872 yuan [3]. Comparative Performance - Over the past three months, the fund's NAV growth rate was 12.65%, ranking 49 out of 100 among comparable funds [4]. - The fund's NAV growth rate over the past six months was 41.54%, ranking 31 out of 100 [4]. - The one-year NAV growth rate was 52.48%, ranking 36 out of 92 [4]. - The three-year NAV growth rate was 10.94%, ranking 31 out of 68 [4]. Risk Metrics - The fund's Sharpe ratio over the past three years was 0.4889, ranking 25 out of 66 among comparable funds [9]. - The maximum drawdown over the past three years was 46.79%, with the highest single-quarter drawdown occurring in Q2 2022 at 22.22% [11]. Investment Strategy - The fund manager indicated an increased allocation to high-growth and low-penetration sectors within the new energy industry, specifically targeting electric equipment exports and upstream lithium battery materials [3]. - The solid-state battery sector is highlighted as a low-penetration area, with expectations for mass production to begin in 2026 and scale deployment in 2027 [3]. Portfolio Composition - As of December 31, the fund's top ten holdings included companies such as CATL, Sungrow Power Supply, and Tianqi Lithium [18]. - The average stock position over the past three years was 86.14%, with a peak of 89.88% at the end of Q1 2023 [14].

Core Insights - The AI Fund Bosera New Energy Theme Mixed A (013103) reported a profit of 1.2711 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0055 yuan. The fund's net value growth rate was 0.99%, and its total size reached 130 million yuan by the end of the first half [2][29]. Fund Performance - As of September 3, 2025, the fund's one-year cumulative net value growth rate was 41.13%, ranking 84 out of 169 comparable funds. Over the past three months, the growth rate was 24.27%, ranking 60 out of 171, and for the past six months, it was 15.73%, ranking 77 out of 171 [5]. - The fund's three-year cumulative net value growth rate was -18.18%, ranking 67 out of 130 [5]. Valuation Metrics - As of June 30, 2025, the fund's weighted price-to-earnings ratio (TTM) was approximately 20.3 times, significantly lower than the industry average of 36.17 times. The weighted price-to-book ratio (LF) was about 1.28 times, compared to the average of 2.99 times, and the weighted price-to-sales ratio (TTM) was around 0.87 times, while the average was 2.5 times [10]. Growth Metrics - For the first half of 2025, the weighted revenue growth rate (TTM) of the stocks held by the fund was 0.16%, and the weighted net profit growth rate (TTM) was -0.06%. The weighted annualized return on equity was 0.06% [17]. Fund Holdings and Turnover - As of June 30, 2025, the fund had a total of 11,700 holders, collectively holding 222 million shares, with individual investors holding 100% of the shares. The fund's top ten holdings included companies like CATL, Keda, and Mingyang Smart Energy [33][38]. - The fund's turnover rate for the last six months was approximately 66.4%, consistently below the industry average [36].

Core Viewpoint - The report highlights the performance of the Bosera New Energy Theme Mixed A Fund, indicating a profit of 1.2893 million yuan in Q2 2025, with a net value growth rate of 1.09% and a fund size of 130 million yuan as of the end of Q2 2025 [2][14]. Fund Performance - As of July 18, 2025, the fund's one-year cumulative net value growth rate is 21.14%, ranking 76 out of 166 comparable funds [3]. - The fund's three-month cumulative net value growth rate is 12.31%, ranking 78 out of 171 comparable funds, while the six-month growth rate is 5.48%, ranking 102 out of 171 [3]. - Over the past three years, the fund has experienced a net value growth rate of -36.57%, ranking 71 out of 125 comparable funds [3]. Risk Metrics - The fund's Sharpe ratio over the past three years is -0.3446, ranking 78 out of 120 comparable funds [8]. - The maximum drawdown over the past three years is 54.57%, with the largest single-quarter drawdown occurring in Q2 2022 at 22.22% [10]. Investment Strategy - The fund maintains an average stock position of 85.75% over the past three years, with a peak of 89.88% at the end of Q1 2023 and a low of 79.24% at the end of 2021 [13]. - The fund manager has expressed optimism about lithium battery and wind power sectors, having increased positions in wind power-related stocks during Q2 2025 [2]. Top Holdings - As of the end of Q2 2025, the fund's top ten holdings include Ningde Times, Keda Industrial, Mingyang Smart Energy, Oriental Cable, Goldwind Technology, Putailai, Xinwangda, Longi Green Energy, Weilan Lithium, and Desay SV [17].