Core Viewpoint - The AI Fund West China Li De Hong Kong Stock Connect New Opportunities Mixed A (008861) reported a profit of 2.89 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.1 yuan, and a net asset value growth rate of 18.93% during the reporting period [2]. Fund Performance - As of September 3, the fund's unit net value was 0.684 yuan, with a three-month return of 15.15%, a six-month return of 15.00%, a one-year return of 37.43%, and a three-year return of -9.60% [5]. - The fund's three-year Sharpe ratio was -0.0515, ranking 534 out of 875 comparable funds [27]. - The maximum drawdown over the past three years was 50.65%, with the largest single-quarter drawdown occurring in Q1 2022 at 28.84% [29]. Fund Holdings and Valuation - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 19.75 times, compared to the peer average of 15.75 times; the weighted average price-to-book (P/B) ratio was about 1.39 times, while the peer average was 2.52 times; and the weighted average price-to-sales (P/S) ratio was around 1.2 times, against a peer average of 2.16 times [11]. - The fund's weighted revenue growth rate for the first half of 2025 was 0.04%, and the weighted net profit growth rate was 0.49% [19]. Fund Composition - As of June 30, 2025, the fund had a total of 1,610 holders, with a total of 28.61 million shares held. Management employees held 1.61 million shares (5.63%), institutions held 15.75%, and individual investors accounted for 84.25% [36]. - The fund's top ten holdings included Tencent Holdings, Hong Kong Exchanges and Clearing, Alibaba-W, Kingdee International, China Mobile, HSBC Holdings, Xpeng Motors-W, Sanofi, AIA Group, and BeiGene [42]. Market Outlook - The fund management anticipates that the Hong Kong stock market will benefit from three favorable factors: the influx of innovative companies, continuous capital inflow from the mainland, and an increasing proportion of quality stocks in the Hong Kong market, which may attract foreign investment [2].

Group 1 - The core viewpoint of the article highlights the performance and management details of the Western Gain Fund's Hong Kong Stock Connect New Opportunities Mixed A Fund, which has shown a net asset increase of 2.83% as of June 30, 2025 [1] - The fund manager, Tao Xingyan, has a strong background in quantitative finance and has held various positions in investment management prior to joining Western Gain Fund in 2019 [1] - The fund's recent share scale changes indicate a total net asset of 0.18 billion yuan, with a significant net asset change rate of -24.80% over the last period [2] Group 2 - The fund's performance metrics show a 3-month return of 16.63%, a 1-year return of 32.92%, and an overall return since inception of -34.23% [2] - The top ten stock holdings of the fund include major companies such as Tencent Holdings, Hong Kong Exchanges, and Alibaba, with a combined holding percentage of 39.68% [2] - Western Gain Fund Management Company, established in July 2010, is based in Shanghai and primarily engages in capital market services, with a registered capital of 370 million yuan [2]

Core Viewpoint - The AI Fund Western Li De Hong Kong Stock Connect New Opportunities Mixed A (008861) reported a profit of 53.96 thousand yuan for Q2 2025, with a weighted average profit per fund share of 0.0189 yuan, and a net asset value growth rate of 3.14% during the period [2]. Fund Performance - As of July 17, the fund's unit net value was 0.658 yuan [2]. - The fund's scale reached 17.6493 million yuan as of the end of Q2 2025 [13]. - The fund's performance over various periods includes: - 3-month net value growth rate: 16.63%, ranking 129 out of 880 comparable funds [2]. - 6-month net value growth rate: 31.25%, ranking 22 out of 880 comparable funds [2]. - 1-year net value growth rate: 32.92%, ranking 124 out of 880 comparable funds [2]. - 3-year net value growth rate: -17.98%, ranking 575 out of 870 comparable funds [2]. Investment Strategy - The fund manager indicated a strategy of gradually realizing gains from technology, new energy vehicles, and consumer companies with reasonable valuations, while increasing positions in innovative pharmaceuticals with favorable policies and potential catalysts [2]. - The fund adopted a barbell strategy in the absence of a clear market direction, enhancing allocation to stable high-dividend assets [2]. Risk Metrics - The fund's 3-year Sharpe ratio was -0.0515, ranking 533 out of 874 comparable funds [7]. - The maximum drawdown over the past three years was 50.65%, ranking 97 out of 864 comparable funds, with the largest single-quarter drawdown occurring in Q1 2022 at 28.84% [9]. Portfolio Composition - The average stock position over the past three years was 81.24%, slightly above the comparable average of 80.33% [12]. - The fund's top ten holdings as of Q2 2025 included Tencent Holdings, Hong Kong Exchanges and Clearing, Alibaba-W, Kingdee International, China Mobile, HSBC Holdings, Xpeng Inc.-W, 3SBio, AIA Group, and BeiGene [16].

Core Viewpoint - The AI Fund West China Li De Hong Kong Stock Connect New Opportunities Mixed A (008861) reported a profit of 2.35 million yuan for Q1 2025, with a net asset value growth rate of 15.3% during the period [3][4]. Fund Performance - As of April 18, the fund's unit net value was 0.564 yuan, and it is classified as a flexible allocation fund primarily investing in pharmaceutical and medical stocks [4]. - The fund's performance over various time frames includes: - 3-month net value growth rate: 12.49%, ranking 52 out of 129 comparable funds [4]. - 6-month net value growth rate: -4.20%, ranking 99 out of 129 comparable funds [4]. - 1-year net value growth rate: 18.80%, ranking 19 out of 129 comparable funds [4]. - 3-year net value growth rate: -25.47%, ranking 72 out of 104 comparable funds [4]. Risk Metrics - The fund's Sharpe ratio over the past three years is 0.0659, ranking 36 out of 100 comparable funds [9]. - The maximum drawdown over the past three years is 50.65%, with the largest single-quarter drawdown occurring in Q1 2022 at 28.84% [11]. Investment Strategy - The fund manager indicated that the Hong Kong stock market experienced a recovery driven by domestic technological innovation post-Chinese New Year, leading to a revaluation of technology leaders [4]. - The fund has adjusted its positions, taking profits from technology growth stocks while increasing allocations to cyclical sectors and pharmaceuticals [4]. Fund Holdings - As of Q1 2025, the fund's total assets amounted to 17.16 million yuan [15]. - The top ten holdings include Tencent Holdings, Alibaba-W, Hong Kong Exchanges and Clearing, China Mobile, China Resources Beer, Xiaomi Group-W, Kingdee International, China Biologic Products, BeiGene, and Li Auto-W [17]. Portfolio Allocation - The average stock position over the past three years was 81.35%, compared to the industry average of 86.88% [14]. - The fund reached a peak stock position of 89.48% at the end of Q3 2023, with a low of 72.27% at the end of H1 2023 [14].