Core Viewpoint - The AI Fund Xinhua Steady Return Flexible Allocation Mixed Fund (001004) reported a profit of 1.6228 million yuan for the first half of 2025, with a net value growth rate of 2.74% and a fund size of 52.5959 million yuan as of the end of June 2025 [3][34]. Fund Performance - As of September 3, the fund's unit net value was 1.428 yuan, with a one-year cumulative net value growth rate of 43.08%, ranking 346 out of 880 comparable funds [3][6]. - The fund's performance over the last three months showed a growth rate of 12.69%, ranking 602 out of 880, and over the last six months, it was 13.85%, ranking 549 out of 880 [6]. Fund Management Insights - The fund manager, Yu Jiaying, indicated that the domestic economic environment is transitioning between old and new economic drivers, with expectations for a strong market performance in the second half of the year [3]. - The fund plans to increase its position and maintain a balanced industry allocation while seeking investment opportunities in sectors with safety margins and upward potential [3]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 22.66 times, compared to the industry average of 15.75 times [12]. - The weighted average price-to-book (P/B) ratio was about 2.32 times, while the industry average was 2.52 times [12]. - The weighted average price-to-sales (P/S) ratio was approximately 1.91 times, compared to the industry average of 2.16 times [12]. Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate was 0.06%, and the weighted average net profit growth rate was 0.05% [20]. - The weighted annualized return on equity was 0.1% [20]. Risk and Return Metrics - The fund's Sharpe ratio over the last three years was 0.1912, ranking 255 out of 875 comparable funds [27]. - The maximum drawdown over the last three years was 27.56%, with the largest quarterly drawdown occurring in Q1 2022 at 22.56% [29]. Fund Composition - As of June 30, 2025, the fund had a total of 1,663 holders, with individual investors holding 99.84% of the shares [37]. - The fund's top ten holdings included companies such as Transsion Holdings, Songyuan Safety, and Hongchuang Holdings [42].