Core Viewpoint - The AI Fund for Healthcare Industry Mixed A/B reported a profit of 16.87 million yuan for Q2 2025, with a fund size of 660 million yuan and a net value growth rate of 2.59% [2][14]. Fund Performance - As of July 17, the fund's unit net value was 1.628 yuan, with a three-month growth rate of 8.32%, a six-month growth rate of 10.97%, a one-year growth rate of 12.27%, and a three-year growth rate of -29.52% [2][3]. - The fund's Sharpe ratio over the past three years was -0.2967, ranking 96 out of 105 comparable funds [7]. - The maximum drawdown over the past three years was 43.62%, with the largest single-quarter drawdown occurring in Q1 2024 at 26.26% [10]. Investment Strategy - The fund manager emphasized two main focus areas: 1) Industry logic and cost-effectiveness, with a higher demand for certainty and future potential in stock selection, especially in the A-share market; 2) Directions with improvement expectations, including previously underappreciated areas in the healthcare sector that may see revaluation [2]. - The fund maintained an average stock position of 86.75% over the past three years, peaking at 94.16% in Q1 2024 and dropping to 67.75% in Q1 2025 [13]. Top Holdings - As of Q2 2025, the fund's top ten holdings included companies such as Heng Rui Medicine, San You Medical, WuXi AppTec, and others [17].