Core Viewpoint - The AI Fund, Invesco Great Wall Quality Investment Mixed A, reported a profit of 31.8842 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.2361 yuan. The fund's net value growth rate was 8.39%, and its total scale reached 354 million yuan by the end of the first half of the year [3]. Fund Performance - As of September 3, the fund's unit net value was 3.826 yuan. The fund manager, Zhan Cheng, has managed six funds, all of which have shown positive returns over the past year. The highest one-year compounded unit net value growth rate was 48.64% for Invesco Great Wall Quality Investment Mixed A, while the lowest was 45.71% for Invesco Great Wall Hong Kong-Shanghai Leading Technology Stock A [3][6]. - Over the past three months, the fund's compounded unit net value growth rate was 24.79%, ranking 197 out of 607 comparable funds. For the past six months, the growth rate was 22.47%, ranking 235 out of 607. The one-year growth rate was 48.64%, ranking 256 out of 604, and the three-year growth rate was 12.76%, ranking 173 out of 495 [6]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 23.17 times, compared to the industry average of 33.74 times. The weighted average price-to-book (P/B) ratio was about 3.27 times, while the industry average was 2.47 times. The weighted average price-to-sales (P/S) ratio was around 3.28 times, with the industry average at 2.07 times [12]. Growth Metrics - For the first half of 2025, the weighted revenue growth rate (TTM) of the stocks held by the fund was 0.13%, and the weighted net profit growth rate (TTM) was 0.25%. The weighted annualized return on equity was 0.14% [20]. Fund Composition and Holdings - As of June 30, 2025, the fund had a total of 24,500 holders, collectively holding 108 million shares. The management staff held 32,800 shares, accounting for 0.03%, while institutional investors held 0.15%, and individual investors made up 99.85% of the holdings [38]. - The fund's top ten holdings included companies such as Stetway, China Mobile, CATL, Focus Media, Three Trees, Huatai Medical, Zijin Mining, Anji Technology, Ninebot, and Midea Group [43].

Core Viewpoint - The AI Fund, Invesco Great Wall Quality Investment Mixed A, reported a profit of 11.4488 million yuan for Q2 2025, with a net asset value growth rate of 3.42% [3][16]. Fund Performance - As of July 18, the fund's unit net value was 3.358 yuan, with a one-year return of 20.79%, ranking 275 out of 601 comparable funds [4]. - The fund's performance over different periods includes a three-month return of 15.08% (168/607), a six-month return of 11.34% (285/607), and a three-year return of -4.76% (155/468) [4]. - The fund's Sharpe ratio over the past three years was 0.1298, ranking 164 out of 468 comparable funds [10]. - The maximum drawdown over the past three years was 35.56%, with the largest single-quarter drawdown occurring in Q1 2024 at 23.54% [12]. Fund Management Insights - The fund manager indicated that external demand is expected to weaken, which may negatively impact production and employment in export-related sectors. Additionally, declining housing prices could further dampen consumer spending [3]. - The fund maintained an average stock position of 85.3% over the past three years, with a peak of 91.17% in Q3 2021 and a low of 71.07% at the end of 2021 [15]. Fund Holdings - As of Q2 2025, the top ten holdings of the fund included companies such as Siwei Technology, China Mobile, CATL, and Midea Group [19]. Fund Size - The fund's total size as of the end of Q2 2025 was 354 million yuan [16].

Core Viewpoint - The AI Fund, Invesco Great Wall Quality Investment Mixed A, reported a profit of 20.4353 million yuan for Q1 2025, with a weighted average profit per fund share of 0.1458 yuan, and a net value growth rate of 4.81% during the reporting period [3][15]. Fund Performance - As of April 24, the fund's unit net value was 2.982 yuan, with a fund size of 438 million yuan [3][15]. - The fund's performance over different time frames includes a three-month net value growth rate of -2.55%, a six-month rate of -1.91%, a one-year rate of 12.53%, and a three-year rate of -3.40% [4]. - The fund's Sharpe ratio over the past three years is 0.1834, ranking 194 out of 488 comparable funds [9]. - The maximum drawdown over the past three years is 36.63%, with the largest single-quarter drawdown occurring in Q1 2024 at 23.54% [11]. Investment Strategy - The fund manager emphasizes a focus on three main investment directions for the next 5-10 years: 1. **Technology Growth**: Investing in companies capable of breakthroughs in high-end manufacturing, supported by policy initiatives [3]. 2. **High-end Manufacturing**: Identifying investment opportunities in sectors that can achieve self-sufficiency and import substitution [3]. 3. **Pharmaceuticals**: Targeting companies that will benefit from aging populations and innovation upgrades, with strong long-term performance potential [3]. Portfolio Composition - As of Q1 2025, the fund's top ten holdings include Ningde Times, Ninebot, Zijin Mining, Midea Group, Luxshare Precision, New Industry, SiTewi, Anji Technology, BYD, and Sankeshu [18]. Fund Positioning - The fund's average stock position over the past three years is 85.44%, slightly above the comparable average of 85.26% [14].