Core Viewpoint - The AI Fund Baodao Dividend Smart Navigation Stock A (019124) reported a profit of 16.70 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0418 yuan, and a net value growth rate of 3.28% during the reporting period [3] Fund Performance - As of September 3, the fund's unit net value was 1.183 yuan, with a fund size of 500 million yuan [3][32] - The fund's performance over the past three months showed a net value growth rate of 6.12%, ranking 12 out of 18 in its category; over the past six months, it was 11.23%, ranking 11 out of 18; and over the past year, it achieved a growth rate of 23.30%, ranking 10 out of 16 [5] Investment Strategy and Market Outlook - The fund manager indicated that the outlook for the market remains positive due to changes in U.S. economic policy and the gradual emergence of structural growth in the domestic market, suggesting that the allocation value of quantitative enhancement products is worth attention [3] - The fund will continue to adhere to a systematic investment approach, aiming to achieve competitive excess returns for investors [3] Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings ratio (TTM) was approximately 10.33 times, compared to a peer average of -24.05 times; the weighted average price-to-book ratio (LF) was about 0.82 times, against a peer average of 1.4 times; and the weighted average price-to-sales ratio (TTM) was around 0.51 times, while the peer average was 0.86 times [10] Growth Metrics - For the first half of 2025, the weighted average revenue growth rate (TTM) of the stocks held by the fund was -0.09%, and the weighted average net profit growth rate (TTM) was -0.1%, with a weighted annualized return on equity of 0.08% [16] Fund Composition and Shareholder Structure - As of June 30, 2025, the fund had 1,824 holders, with a total of 439 million shares held; management employees held 312,500 shares (0.07%), institutions held 75.07%, and individual investors held 24.93% [35] - The fund's top ten holdings included companies such as Jizhong Energy, Agricultural Bank of China, COSCO Shipping Holdings, and China Shenhua Energy [41]

Core Viewpoint - The AI Fund Baodao Dividend Smart Navigation Stock A (019124) reported a profit of 22.73 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0555 yuan, and a net value growth rate of 5.02% during the reporting period [3][14]. Fund Performance - As of July 21, the fund's unit net value was 1.189 yuan, and the fund size was 500 million yuan [3][14]. - The fund has consistently achieved positive returns over the past year, with the highest one-year return of 43.97% for Baodao Jiuhang Mixed A and the lowest at 7.8% for Baodao He Rui Multi-Stable 6-Month Holding Period Mixed A [3]. - The fund's net value growth rates over different periods are as follows: 10.02% over the last three months, 12.25% over the last six months, and 18.61% over the last year, ranking 11/18, 10/18, and 3/14 among comparable funds respectively [3]. Investment Strategy and Outlook - The fund manager indicated a positive outlook for the market, citing a mid-term loose overseas liquidity environment and emerging structural growth highlights domestically, while maintaining a focus on systematic investment strategies [3]. - The fund aims to achieve competitive excess returns for investors through diligent management [3]. Risk Metrics - The fund's Sharpe ratio since inception is 0.8364, indicating a favorable risk-adjusted return [7]. - The maximum drawdown since inception is 14.13%, with the largest quarterly drawdown recorded at 11.76% in Q3 2024 [10]. Portfolio Composition - The average stock position since inception is 91.23%, higher than the industry average of 88.74%, with a peak of 92.21% at the end of Q1 2025 [13]. - As of Q2 2025, the top ten holdings include companies such as Jizhong Energy, Agricultural Bank of China, COSCO Shipping Holdings, China Shenhua Energy, and others [17].