Core Viewpoint - The AI Fund Xingye State-Owned Enterprise Reform Mixed A (001623) reported a profit of 2.7448 million yuan for Q2 2025, with a net value growth rate of 1.95% during the period [3][15]. Fund Performance - As of July 18, the fund's unit net value was 2.445 yuan, and it had a total scale of 156 million yuan [3][15]. - The fund manager, Liu Fangxu, oversees four funds, all of which have shown positive returns over the past year [3]. - The highest one-year return among the managed funds was 21.26% for Xingye Ruijin Mixed A, while the lowest was 6.7% for Xingye Longteng Shuangyi Balanced Mixed [3]. Investment Strategy - The fund's investment strategy for Q2 focused on selecting individual stocks within a framework of balanced industry allocation [3]. - The next phase will emphasize selecting reasonably valued value assets and consumer assets as the core allocation [3]. Comparative Performance - Over the past three months, the fund's net value growth rate was 3.73%, ranking 777 out of 880 comparable funds [3]. - Over the past six months, the growth rate was 6.07%, ranking 554 out of 880 [3]. - The one-year growth rate was 7.42%, ranking 673 out of 880 [3]. - The three-year growth rate was 1.62%, ranking 228 out of 871 [3]. Risk Metrics - The fund's Sharpe ratio over the past three years was 0.1271, ranking 327 out of 875 comparable funds [8]. - The maximum drawdown over the past three years was 22.4%, with the largest single-quarter drawdown occurring in Q1 2021 at 21.28% [10]. Portfolio Composition - The average stock position over the past three years was 68.92%, compared to the industry average of 80.43% [13]. - The fund's top ten holdings have consistently accounted for over 60% of its portfolio for nearly two years [17]. - As of Q2 2025, the top ten holdings included major companies such as China Merchants Bank, Zijin Mining, and China Mobile [17].