Group 1 - The core viewpoint of the article highlights the strong performance of the Hongde Hongxin Mixed Fund, which achieved a net value growth rate of 6.58% in Q2 2025, significantly outperforming the benchmark return of 1.06% during the same period [1] - Since its establishment on June 1, 2016, the fund has accumulated a net value growth rate of 101.19%, compared to a benchmark return of 35.61% [1] Group 2 - In Q2 of this year, market styles shifted again, with major indices quickly recovering from declines, driven by a strong performance in large-cap value stocks, while sectors like innovative pharmaceuticals, new consumption, and micro-cap stocks saw significant gains [3] - The fund manager, Li Ziang, noted that despite the impact of "reciprocal tariffs" on exports and a cooling real estate market, government subsidies have significantly boosted consumption, and a robust manufacturing system remains the foundation for economic stability [3] - There are ongoing discussions about the crowded nature of small-cap stocks and the potential for a significant style shift in the future, influenced by geopolitical uncertainties and tariff negotiations by the Trump administration [3] - The company has implemented effective constraints on its risk model to reduce style exposure while iterating the model to adapt to market style changes, resulting in a robust performance of its AI quantitative strategy in Q2 [3]