Core Viewpoint - The AI Fund Quan Guo Consumer Opportunity Mixed Initiation A (022223) reported a profit of 2.2084 million yuan for the first half of 2025, with a net value growth rate of 8.19% and a fund size of 61.9298 million yuan as of the end of June 2025 [3]. Fund Performance - As of September 2, the fund's net value growth rate over the past three months was 12.53%, ranking 479 out of 615 comparable funds; over the past six months, it was 14.83%, ranking 384 out of 615 [6]. - The fund's weighted average price-to-earnings ratio (TTM) was approximately 20.85 times, compared to the industry average of 25.34 times; the weighted average price-to-book ratio (LF) was about 3.53 times, against an industry average of 2.34 times; and the weighted average price-to-sales ratio (TTM) was around 2.2 times, slightly above the industry average of 2.09 times [11]. Growth Metrics - For the first half of 2025, the weighted revenue growth rate (TTM) of the stocks held by the fund was 0.2%, while the weighted net profit growth rate (TTM) was 0.36%, and the weighted annualized return on equity was 0.17% [19]. Fund Holdings and Strategy - As of June 30, 2025, the fund's top ten holdings included Tencent Holdings, CATL, Luxshare Precision, Ninebot, Yanjing Beer, Li Auto, Dongpeng Beverage, Maogeping, ST Huaton, and Heng Rui Pharmaceutical [43]. - The fund manager indicated a focus on the consumer sector, with adjustments in strategy due to slow recovery in traditional consumption areas, while also increasing allocations in non-consumer sectors such as non-ferrous metals and high-end manufacturing, maintaining a non-consumer holding ratio of under 20% [3]. Fund Structure - As of June 30, 2025, the fund had 5,802 holders, with a total of 57.5869 million shares held; management employees held 9.209 million shares, accounting for 15.99%, while individual investors made up 95.04% of the holdings [38]. - The fund's average stock position since inception was 69.74%, lower than the industry average of 83.27%, with a maximum position of 71.95% at the end of Q1 2025 [34].