Core Viewpoint - The AI Fund Guolian Intelligent Selected Dividend Stock A (005569) reported a profit of 25,900 yuan for the second quarter of 2025, with a weighted average profit per fund share of 0.029 yuan. The fund's net value growth rate for the period was 3.04%, and the fund size reached 7.5541 million yuan by the end of the second quarter [2][13]. Fund Performance - As of July 9, the unit net value of the fund was 1.015 yuan. The fund's performance over various time frames is as follows: - 3-month net value growth rate: 8.46%, ranking 78 out of 110 comparable funds - 6-month net value growth rate: 8.90%, ranking 59 out of 110 comparable funds - 1-year net value growth rate: 11.74%, ranking 79 out of 110 comparable funds - 3-year net value growth rate: -36.68%, ranking 72 out of 78 comparable funds [2]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.5998, ranking 77 out of 78 comparable funds [7]. - The maximum drawdown over the past three years was 54.36%, with the worst quarterly drawdown occurring in Q1 2022 at 24.92% [9]. Investment Strategy - The fund employs a quantitative intelligent stock selection model, focusing on stocks with high cash dividend yields, stable dividends, and certain growth potential. It emphasizes individual stock profitability screening and crowding control, aiming for high excess returns through reasonable industry and stock diversification [2]. Portfolio Composition - As of June 30, the fund's average stock position over the past three years was 86.17%, compared to a comparable average of 88.08%. The fund reached a peak position of 92.4% at the end of 2021 and a low of 51.39% at the end of Q1 2024 [12]. - The top ten holdings of the fund include Gree Electric Appliances, Jiangsu Bank, Suzhou Bank, Qingdao Bank, Shanghai Bank, Beijing Bank, Industrial Bank, Chongqing Rural Commercial Bank, Caibai Co., and Industrial and Commercial Bank of China [16].

Core Viewpoint - The Guolian Smart Dividend Fund has announced its liquidation, surprising many as high-dividend funds are currently popular in the market [1][8]. Fund Performance and Comparison - The fund was established in March 2018, during a time when the market was not as enthusiastic about dividend strategies, leading to its underperformance compared to peers [3]. - Year-to-date performance shows a gain of 4.10%, while the average of similar funds is 9.12% [4]. - Over the past year, the fund has gained 11.74%, but this is significantly lower than the average of 21.19% for similar funds [4]. - The fund's total assets were only 0.11 billion yuan as of the end of Q1 this year, which is considered a critical threshold for public funds [7]. Fund Liquidation Process - From June 5 to July 8, Guolian Fund held a meeting with fund shareholders, which resulted in the approval of the fund contract termination [8]. - The liquidation process does not mean total loss for existing investors, as they will be redeemed at the net asset value at the time of liquidation [10]. Market Context and Implications - The current popularity of dividend-themed funds contrasts sharply with the fate of the Guolian Smart Dividend Fund, highlighting the importance of actual performance and effective marketing in the fund industry [9]. - The situation serves as a warning to investors that not all products with popular labels are worth investing in, emphasizing the need to consider the fund company's strength and historical performance [9].

Core Insights - Jingji Zhino (000048.SZ) released its 2024 annual report on March 31, 2025, revealing that 54 institutional investors hold a total of 389 million A-shares, accounting for 73.41% of the company's total share capital [1] - The top ten institutional investors collectively hold 72.80% of the shares, with a decrease of 1.47 percentage points compared to the previous quarter [1] Institutional Holdings - The top ten institutional investors include Shenzhen Jingji Times Industrial Co., Ltd., Jingji Group Co., Ltd., and several private equity funds [1] - The number of public funds that reduced their holdings this quarter is three, with a decrease in holdings accounting for 0.65% [2] - A total of 44 new public funds were disclosed this quarter, including notable funds such as GF CSI 1000 ETF and Harvest Agricultural Industry Stock A [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings this quarter, with an increase accounting for 0.23% [2]