Group 1 - The fund "Great Wall State-Owned Enterprise Preferred Mixed Initiation A" reported a profit of 420,600 yuan for the first half of 2025, with a weighted average profit per fund share of 0.042 yuan. The fund's net value growth rate was 4.22%, and the fund size reached 10.398 million yuan by the end of the first half [3][6]. - As of September 3, 2025, the fund's unit net value was 1.107 yuan, with the fund manager expressing confidence in the market outlook due to a global interest rate cut cycle and supportive domestic policies for capital markets [3][4]. - The fund's recent performance includes a three-month net value growth rate of 11.31%, a six-month growth rate of 12.53%, and a one-year growth rate of 22.43%, ranking it 471/615, 432/615, and 517/601 among comparable funds, respectively [6]. Group 2 - The fund focuses on the value reassessment of state-owned enterprises in the context of reducing internal competition, particularly in sectors such as steel, building materials, coal, non-ferrous metals, and chemicals [4]. - The fund's stock assets are undervalued, with a weighted price-to-earnings ratio (TTM) of approximately 8.18 times, compared to the industry average of 25.34 times. The weighted price-to-book ratio (LF) is about 0.69 times, while the industry average is 2.34 times [11]. - The fund's weighted revenue growth rate (TTM) for the first half of 2025 was 0.13%, and the weighted net profit growth rate (TTM) was 0.23%, indicating modest growth in earnings [17]. Group 3 - As of June 30, 2025, the fund had a maximum drawdown of 18.62% since inception, with the largest quarterly drawdown occurring in Q3 2024 at 15.04% [28]. - The fund's average stock position since inception was 90.21%, with a peak of 92.13% at the end of the first half of 2024 [31]. - The fund's top ten holdings include companies such as China Galaxy, China Coal Energy, and China National Offshore Oil Corporation, reflecting a diversified investment strategy [43].

Core Viewpoint - The AI Fund Changcheng State-Owned Enterprise Preferred Mixed Initiation A (019277) reported a profit of 574,600 yuan in Q2 2025, with a net value growth rate of 5.84% for the period [3][17]. Fund Performance - As of July 17, the fund's unit net value was 1.065 yuan, with a one-year cumulative net value growth rate of 8.82%, ranking 462 out of 584 comparable funds [3][4]. - The fund achieved a three-month net value growth rate of 8.36%, ranking 396 out of 615 comparable funds, and a six-month growth rate of 9.74%, ranking 322 out of 615 [4]. Fund Management Insights - The fund manager reported good performance in financials, retail, and military sectors, outperforming the benchmark, while cyclical sectors like steel, electricity, and real estate were underperforming [3]. - The fund's average stock position since inception was 90.21%, with a peak of 92.13% at the end of H1 2024 [15]. Risk Metrics - The fund's Sharpe ratio since inception is 0.4515, indicating a moderate risk-adjusted return [9]. - The maximum drawdown since inception is 18.62%, with the largest quarterly drawdown occurring in Q3 2024 at 15.04% [12]. Fund Holdings - As of Q2 2025, the top ten holdings of the fund include Xiaoshangpin City, China Galaxy, China Coal Energy, China Merchants Bank, HTSC, AVIC Xi'an Aircraft Industry, Longyuan Power, CNOOC, Zhuhai Yinhong, and Huahong Semiconductor [20].

Group 1 - Postal Savings Bank of China (PSBC) experienced a 3% decline in stock price, trading at 5.49 CNY per share with a total market capitalization of 659.32 billion CNY [1] - The bank was established on March 6, 2007, and listed on December 10, 2019, providing a range of banking and financial services in China [1] - The main business segments of PSBC include personal banking (69.57% of revenue), corporate banking (19.70%), and funding operations (10.65%) [1] Group 2 - Changcheng Fund has a significant holding in PSBC, with its Changcheng National Enterprise Preferred Mixed Fund A (019277) holding 59,100 shares, representing 3.12% of the fund's net value [2] - The fund was established on October 24, 2023, with a current size of 9.83 million CNY and has reported a year-to-date return of 4.02% [2] - The fund manager, Shou Wenyu, has a tenure of over 10 years, with the best fund return during this period being 20.1% [3]