Core Viewpoint - The AI Fund Morgan Healthcare Stock A (001766) reported a profit of 56.7046 million yuan for Q1 2025, with a weighted average profit per fund share of 0.1457 yuan, and a net asset value growth rate of 11.84% during the reporting period [2]. Fund Performance - As of April 24, the fund's net asset value growth rates were as follows: 11.85% over the last three months, 7.74% over the last six months, 9.35% over the last year, and -22.62% over the last three years, ranking 30/54, 18/54, 23/54, and 34/46 among comparable funds respectively [3]. - The fund's Sharpe ratio over the last three years was -0.2714, ranking 36/44 among comparable funds [8]. - The maximum drawdown over the last three years was 48.16%, with the largest single-quarter drawdown occurring in Q1 2021 at 27.96% [10]. Fund Holdings and Strategy - The fund had an average stock position of 84.34% over the last three years, with a peak of 92.01% at the end of Q1 2025 and a low of 77.64% at the end of Q3 2021 [13]. - As of the end of Q1 2025, the fund's total assets amounted to 530 million yuan [14]. - The fund has a high concentration of holdings, with the top ten positions including companies such as Aier Eye Hospital, Zai Lab, and Hengrui Medicine [17]. Management Commentary - The fund manager indicated a strong belief in the value creation potential of innovative drug and device companies that leverage China's engineering and scientific talent, leading to significant investments in globally competitive firms [2].