Core Viewpoint - The AI Fund Yinhua New Energy Materials Quantitative Stock Initiation A (005037) reported a profit of 4.9735 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0152 yuan, indicating a net value growth rate of 1.63% during the period [2]. Fund Performance - As of September 3, the fund's net value growth rates were 28.93% over the past three months, 19.56% over the past six months, 49.09% over the past year, and -22.78% over the past three years, ranking 8/44, 7/44, 15/44, and 20/32 respectively among comparable funds [5]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 37.13 times, significantly lower than the comparable average of 1550.21 times. The weighted average price-to-book (P/B) ratio was about 1.85 times, compared to the average of 2.74 times, and the weighted average price-to-sales (P/S) ratio was around 1.58 times, against an average of 2.24 times [11]. Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate was -0.03%, and the weighted average net profit growth rate was -0.28%, with a weighted annualized return on equity of 0.05% [19]. Risk and Return Analysis - As of June 30, the fund's Sharpe ratio over the past three years was -0.359, ranking 19/31 among comparable funds [28]. The maximum drawdown over the past three years was 54.02%, with the largest single-quarter drawdown occurring in Q1 2021 at 24.75% [30]. Fund Holdings and Structure - As of June 30, 2025, the fund had a total scale of 327 million yuan, with 53,300 holders collectively owning 309 million shares. Individual investors held 96.76% of the shares, while institutional investors accounted for 3.24% [35][39]. The top ten holdings included companies such as CATL, Sungrow Power Supply, and Yiwei Lithium Energy [45].