AI基金申万菱信新能源汽车主题灵活配置混合A（001156）披露2025年半年报，上半年基金利润4980.66万元，加权平均基金份额本期利润0.0498元。报告期 内，基金净值增长率为3.09%，截至上半年末，基金规模为14.87亿元。 该基金属于灵活配置型基金，长期投资于先进制造股票。截至9月2日，单位净值为1.905元。基金经理是娄周鑫。 基金管理人在半年报中表示，展望 2025 年下半年，产业趋势性机会有如自主豪华品牌崛起、智能驾驶等；主题性机会有机器人、固态电池等。此外，部分 电池企业经过多年蛰伏，竞争力提升，有望同步分享行业成长红利；锂电中游环节在历经三年调整后，部分细分领域已显现改善预期。 截至9月2日，申万菱信新能源汽车主题灵活配置混合A近三个月复权单位净值增长率为28.28%，位于同类可比基金33/171；近半年复权单位净值增长率为 16.16%，位于同类可比基金84/171；近一年复权单位净值增长率为53.51%，位于同类可比基金59/168；近三年复权单位净值增长率为-20.26%，位于同类可 比基金74/130。 市盈率（倍） 100 倍 80 80.5 69.98 60 57.63 4 ...

Core Insights - The best-performing fund managed by manager Xiong Zheying in Q2 2025 is the Huaan Advanced Manufacturing Mixed Initiation A (020428), with a quarterly net value increase of 10.92% [1] Fund Performance Summary - Huaan Low Carbon Life Mixed A: - Scale: 10.17 billion - Annualized Return: 16.40% - Q2 2025 Increase: -0.47% - Top Holding: Kuaishou-W - White Net Value Ratio: 4.58% [2] - Huaan Low Carbon Life Mixed C: - Scale: 4.66 billion - Annualized Return: 9.72% - Q2 2025 Increase: -0.62% - Top Holding: Kuaishou-W - White Net Value Ratio: 4.58% [2] - Huaan New Energy Theme Mixed A: - Scale: 0.70 billion - Annualized Return: -8.15% - Q2 2025 Increase: 8.05% - Top Holding: CATL - White Net Value Ratio: 5.95% [2] - Huaan Advanced Manufacturing Mixed Initiation A: - Scale: 0.19 billion - Annualized Return: 17.38% - Q2 2025 Increase: 10.92% - Top Holding: Jinqiao Information - White Net Value Ratio: 7.08% [2] - Huaan New Energy Theme Mixed C: - Scale: 0.07 billion - Annualized Return: -8.71% - Q2 2025 Increase: 7.88% - Top Holding: CATL - White Net Value Ratio: 5.95% [2] - Huaan Advanced Manufacturing Mixed Initiation C: - Scale: 0.04 billion - Annualized Return: 16.94% - Q2 2025 Increase: 10.81% - Top Holding: Jinqiao Information - White Net Value Ratio: 7.08% [2] Stock Adjustment Cases - Notable stock adjustments include: - Jinhua Technology: - Buy Quarter: Q2 2021 - Sell Quarter: Q3 2021 - Company Performance Growth: 58.92% - Estimated Return: 105.28% [3][5] - Defang Nano: - Buy Quarter: Q3 2021 - Sell Quarter: Q3 2022 - Company Performance Growth: 355.30% - Estimated Return: 90.65% [3][6] - Zhongxin International: - Buy Quarter: Q3 2024 - Sell Quarter: Q4 2024 - Company Performance Growth: 27.72% - Estimated Return: 88.67% [3] - Tongwei Co.: - Buy Quarter: Q2 2021 - Sell Quarter: Q3 2022 - Company Performance Growth: 217.34% - Estimated Return: 52.80% [3] - Suotong Development: - Buy Quarter: Q2 2022 - Sell Quarter: Q3 2022 - Company Performance Growth: 105.12% - Estimated Return: 44.90% [3] - Sunshine Power: - Buy Quarter: Q2 2022 - Sell Quarter: Q3 2022 - Company Performance Growth: 127.04% - Estimated Return: 43.74% [3] Underperforming Stock Adjustments - Notable underperforming stock adjustments include: - Wentai Technology: - Buy Quarter: Q4 2021 - Sell Quarter: Q2 2022 - Company Performance Growth: 10.15% - Estimated Return: -43.56% [4][7] - Xinlang Micro: - Buy Quarter: Q3 2021 - Sell Quarter: Q2 2022 - Company Performance Growth: 158.77% - Estimated Return: -40.91% [4] - Beijing Junzheng: - Buy Quarter: Q3 2021 - Sell Quarter: Q2 2022 - Company Performance Growth: 2.61% - Estimated Return: -39.11% [4] - Wanye Enterprise: - Buy Quarter: Q4 2021 - Sell Quarter: Q3 2022 - Company Performance Growth: 31.56% - Estimated Return: -28.27% [4] - Changchuan Technology: - Buy Quarter: Q4 2021 - Sell Quarter: Q2 2022 - Company Performance Growth: 111.32% - Estimated Return: -27.37% [4]

Core Viewpoint - The AI Fund Shenwan Lingxin New Energy Vehicle Theme Flexible Allocation Mixed A (001156) reported a profit of 48.76 million yuan in Q1 2025, with a net value growth rate of 2.83% for the period [2]. Fund Performance - As of April 21, the fund's net value growth rates were -3.44% over the past three months, -5.17% over the past six months, 9.50% over the past year, and -21.41% over the past three years, ranking 109/182, 98/182, 75/179, and 62/119 respectively among comparable funds [3]. - The fund's Sharpe ratio over the past three years was -0.0817, ranking 61/116 among comparable funds [7]. - The maximum drawdown over the past three years was 57.59%, with the largest single-quarter drawdown occurring in Q1 2020 at 28.78% [9]. Fund Holdings and Strategy - As of Q1 2025, the fund's scale was 1.544 billion yuan [14]. - The fund has a high concentration of holdings, with the top ten stocks including BYD, CATL, Xinwangda, Keda Li, Xiamen Tungsten, Weir Shares, Jianghuai Automobile, Seres, BAIC Blue Valley, and Jingfang Technology [18]. - The fund manager indicated a strategic shift in Q1 2025, reducing exposure in the wind and solar storage sectors and focusing investments on the automotive sector, particularly in battery and materials, smart vehicles, and automotive components [2].