Core Points - The announcement details the first dividend distribution of the Anxin Dividend Selected Mixed Securities Investment Fund for 2025, with a record date of October 10 [1] - The dividend distribution plan includes a cash dividend of 0.20 yuan per 10 shares for both Anxin Dividend Selected Mixed A (code: 018381) and Anxin Dividend Selected Mixed C (code: 018382) [1] - The rights registration date is set for November 5, with cash dividends to be distributed on November 6 [1] Fund Details - The net asset value on the record date for Anxin Dividend Selected Mixed A is 1.34 yuan, while for Anxin Dividend Selected Mixed C it is 1.32 yuan [1] - Investors opting for dividend reinvestment will have their dividends converted into fund shares based on the net asset value after the ex-dividend date, with shares credited to their accounts on November 6 [1] - From November 7, investors can check and redeem their investments [1] Tax Implications - According to the relevant tax regulations, income from fund distributions is exempt from personal income tax and corporate income tax for both individual and institutional investors [1] - Investors are responsible for any bank transfer or other handling fees incurred during the fund distribution process [1] - Investors choosing the reinvestment option will not incur subscription fees for the reinvested fund shares [1]

Group 1 - The core investment philosophy of deep value is derived from Graham's "cigar butt" approach, focusing on stocks priced significantly below their liquidation value, which can yield good returns even in immediate liquidation scenarios [1][7] - The deep value fund pool has demonstrated stable historical returns with a high risk-reward ratio, achieving an annualized return of 11.81% from February 2, 2015, to August 7, 2025, outperforming the equity fund index by 4.26% [1][9] - The fund pool has shown strong performance stability, even during market conditions favoring growth styles, maintaining high absolute returns despite some drawdowns since mid-2024 [1][12] Group 2 - The excess returns of the deep value fund pool are primarily attributed to dynamic allocation, style configuration, and stock selection, with a preference for low momentum, low elasticity, and low volatility styles [2][15] - The current sector allocation has shifted towards consumer sectors while maintaining exposure to manufacturing and TMT sectors, indicating a strategic adjustment in response to market conditions [2][18] - The deep value fund pool is defined by absolute undervaluation characteristics, with a focus on funds that have positive exposure to the BP factor and high expected net profit [2][22] Group 3 - The newly selected deep value fund list includes various funds with significant returns, such as "中庚价值灵动灵活配置混合" with a return of 19.82% and "广发稳健策略混合" with a return of 18.64% [2][23] - The analysis of individual funds reveals a focus on maintaining a balance between absolute returns and risk management, with strategies tailored to specific market conditions [2][25][30] - The report emphasizes the importance of quality and valuation as key safety margins, utilizing DCF cash flow models to assess companies' competitive advantages and growth potential [2][25]

Core Viewpoint - The AI Fund Anxin Dividend Select Mixed A (018381) reported a profit of 4.1416 million yuan for Q2 2025, with a net asset value growth rate of 2.71% during the period [3]. Fund Performance - As of the end of Q2 2025, the fund's scale was 152 million yuan [15]. - The fund's unit net value was 1.271 yuan as of July 17 [3]. - The fund's performance over different periods includes: - 3-month net value growth rate: 6.23%, ranking 476 out of 607 comparable funds [3]. - 6-month net value growth rate: 8.95%, ranking 363 out of 607 comparable funds [3]. - 1-year net value growth rate: 14.43%, ranking 405 out of 601 comparable funds [3]. Fund Management and Strategy - The fund manager, Zhang Ming, oversees 9 funds and has slightly increased allocations in light industry and home appliances while reducing exposure in construction materials, environmental protection, and retail [3]. - The fund's average stock position since inception is 79.71%, compared to the industry average of 85.32% [14]. Risk Metrics - The fund's Sharpe ratio since inception is 1.1654 [8]. - The maximum drawdown since inception is 13.02%, with the largest quarterly drawdown occurring in Q3 2024 at 10.38% [11]. Holdings - As of the end of Q2 2025, the top ten holdings include major companies such as China Construction Bank, China Shenhua Energy, and Industrial and Commercial Bank of China [18].