Core Viewpoint - The AI Fund Guangfa New Energy Select Stock A (015904) reported a profit of 1.89 million yuan for the first half of 2025, with a net value growth rate of 1.96% and a fund size of 379 million yuan as of the end of June 2025 [2][31]. Fund Performance - As of September 5, 2025, the fund's three-month net value growth rate was 28.93%, ranking 16th out of 44 comparable funds; the six-month growth rate was 19.48%, also ranking 16th; and the one-year growth rate was 47.86%, ranking 19th [4]. Valuation Metrics - As of June 30, 2025, the fund's weighted price-to-earnings ratio (TTM) was approximately 14.32 times, significantly lower than the industry average of 1550.21 times; the weighted price-to-book ratio (LF) was about 1.01 times, compared to the average of 2.74 times; and the weighted price-to-sales ratio (TTM) was around 0.64 times, against an average of 2.24 times [8]. Growth Metrics - For the first half of 2025, the weighted revenue growth rate (TTM) of the stocks held by the fund was 0.24%, while the weighted net profit growth rate (TTM) was 0.27%, with a weighted annualized return on equity of 0.07% [14]. Fund Composition - As of June 30, 2025, the fund had a total of 3,890 holders, with a total of 463 million shares held. Institutional investors accounted for 57.57% of the holdings, while individual investors made up 42.43% [34]. - The top ten holdings of the fund included Jin Feng Technology, Ningde Times, Guoneng Rixin, Sunshine Power, He望 Electric, Dongfang Cable, Zhongrong Electric, Farah Electronics, Siyuan Electric, and Yiwei Lithium Energy [38]. Trading Activity - The fund's turnover rate for the last six months was approximately 277.33%, consistently higher than the industry average [37].

养老金视角，本期较上一期持股增加的养老金基金共计1个，即基本养老保险基金二一零一组合，持股 增加占比达0.1%。 险资方向，本期较上一期持股增加的险资共计2个，包括中国平安人寿保险股份有限公司-投连-个险投 连、瑞众人寿保险有限责任公司-自有资金，持股增加占比达0.6%。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年8月23日，国能日新(301162.SZ)发布2025年半年度报告。截至2025年8月22日，共有21个机构投 资者披露持有国能日新A股股份，合计持股量达2136.07万股，占国能日新总股本的17.77%。其中，前 十大机构投资者包括安义厚源广汇投资合伙企业(有限合伙)、中国建设银行股份有限公司-诺德价值优势 混合型证券投资基金、中国平安人寿保险股份有限公司-投连-个险投连、基本养老保险基金二一零一组 合、瑞众人寿保险有限责任公司-自有资金、华夏新兴经济一年持有混合A、诺德周期策略混合、广发 新能源精选股票A、诺德价值发现、平安匠心优选混合A，前十大机构投资者合计持股比例达16.75%。 相较于上一季度，前十大机构持股比例合计下跌了3.58个百分点。 公募基金 ...

Group 1 - The core viewpoint of the article highlights the significant losses faced by investors in the Guangfa Growth Power three-year holding period mixed securities investment fund, with losses exceeding 50% since its inception [1][8] - The fund was launched on July 26, 2022, under the management of renowned fund manager Zheng Chengran, who previously managed a fund with a cumulative return of over 220% [1][3] - Zheng Chengran's investment strategy focuses on analyzing supply and demand dynamics to identify upward turning points for active allocation, aiming to capture the fastest growth phases in cyclical industries [5][12] Group 2 - Despite the initial success, many funds managed by Zheng Chengran, including Guangfa Xingcheng Mixed and Guangfa Chengxiang Mixed, have also experienced significant declines, with losses exceeding 50% [11] - The management scale of Guangfa Fund has decreased from 421.74 billion yuan in Q2 2021 to 148.34 billion yuan in Q1 2025, indicating a substantial reduction in investor confidence [9] - The article notes that Zheng Chengran's previous success was linked to favorable market conditions and strategic investments in the renewable energy sector during a bull market from March 2020 to November 2021 [10]

AI基金广发新能源精选股票A（015904）披露2025年一季报，第一季度基金利润452万元，加权平均基金份额本期利润0.0116元。报告期内，基金净值增长 率为2.86%，截至一季度末，基金规模为3.55亿元。 该基金属于标准股票型基金，长期投资于先进制造股票。截至4月18日，单位净值为0.751元。基金经理是郑澄然和毛昆。 基金管理人在一季报中表示，2025 年一季度，新能源各细分方向均维持较好成长趋势：需求层面，光伏在抢装拉动下需求明显回升；大储虽有年初政策扰 动，但实际招标仍维持高增；风电装机大年一季度已经开始体现；锂电仍维持稳健增长。供给层面，多数环节盈利已经处于底部，份额向龙头集中的趋势延 续。短期股价表现和基本面趋势有所背离，在牛市氛围下，市场风险偏好提升、定价久期拉长，资金追逐从0到1的新兴产业，对于新能源主赛道基本面改善 钝化，古典新能源赛道股价走势较弱。为了应对市场风格的变化，组合管理采取守正出奇的思路：一方面长期看好并配置新能源主赛道中具备遥遥领先竞争 优势的公司，另一方面增加对于aidc、机器人等新兴产业的贝塔型配置。 截至4月18日，广发新能源精选股票A近三个月复权单位净值增长率为- ...