AI基金银华混改红利灵活配置混合发起式A（005519）披露2025年半年报，上半年基金利润116.68万元，加权平均基金份额本期利润0.0411元。报告期内， 基金净值增长率为3.88%，截至上半年末，基金规模为3264.97万元。 该基金属于灵活配置型基金。截至9月3日，单位净值为1.168元。基金经理是贲兴振和范国华。 基金管理人在半年报中表示，A 股继续延续哑铃格局，大盘价值和小微盘占优。表现较好的行业特征是对总量经济要求较低，有银行为代表的防御类资产、 新消费、医药生物的创新出海，以及可控核聚变和无人驾驶等主题类投资机会。表现好的方向有市场风险偏好较高的成长属性板块，投资者愿意根据一些边 际变化对股票资产重新定价，同时低波红利方向也有较好的表现。发达国家股市对贸易条件缓和也都是反馈积极，美国科技股反弹较多。从资产表现背后的 宏观交易主线看，关税风险整体缓和，但波折较多。风险资产方向是震荡上行。黄金和权益资产跷跷板明显。 截至9月3日，银华混改红利灵活配置混合发起式A近三个月复权单位净值增长率为0.89%，位于同类可比基金868/880；近半年复权单位净值增长率为 7.43%，位于同类可比基金771/ ...

Core Viewpoint - The AI Fund Yin Hua Mixed Reform Dividend Flexible Allocation Mixed Initiation A (005519) reported a profit of 1.5649 million yuan in Q2 2025, with a net value growth rate of 5.01% for the period [3]. Fund Performance - As of the end of Q2 2025, the fund's scale was 32.6497 million yuan [14]. - The fund's unit net value as of July 17 was 1.197 yuan [3]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 6.99%, ranking 582 out of 880 comparable funds [3]. - 6-month net value growth rate: 8.91%, ranking 380 out of 880 comparable funds [3]. - 1-year net value growth rate: 2.26%, ranking 790 out of 880 comparable funds [3]. - 3-year net value growth rate: -26.93%, ranking 726 out of 870 comparable funds [3]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.5078, ranking 824 out of 874 comparable funds [7]. - The maximum drawdown over the past three years was 38.97%, ranking 360 out of 864 comparable funds [10]. - The highest quarterly maximum drawdown occurred in Q1 2024, at 17.45% [10]. Investment Strategy - The fund adheres to a low-volatility dividend stock selection strategy, which has outperformed its benchmark in the first half of the year [3]. - The average stock position over the past three years was 83.36%, compared to the industry average of 80.33% [13]. - The fund reached its highest stock position of 93.73% at the end of H1 2023, while the lowest was 24.17% at the end of H1 2019 [13]. Top Holdings - As of the end of Q2 2025, the fund's top ten holdings included major banks and financial institutions such as Industrial and Commercial Bank of China, China Merchants Bank, and Ping An Insurance [17].