Core Viewpoint - The AI Fund Advantage Industry Rotation Mixed A (011201) reported a profit of 7.89 million yuan for Q1 2025, with a net value growth rate of 1.38% and a fund size of 526 million yuan as of the end of Q1 2025 [2][16]. Fund Performance - As of April 24, the fund's unit net value was 0.59 yuan, with a near-term performance showing a three-month return of -7.82%, a six-month return of -10.78%, a one-year return of -1.53%, and a three-year return of -26.86% [2][4]. - The fund's Sharpe ratio over the past three years was -0.0678, ranking 179 out of 238 comparable funds [9]. - The maximum drawdown over the past three years was 48.59%, with the largest single-quarter drawdown occurring in Q1 2024 at 25.23% [11]. Investment Strategy - The fund manager indicated a focus on several key areas for the next quarter, including: - **Biopharmaceuticals**: Anticipating growth in medical demand and payment capabilities, with a focus on innovative drugs and medical devices that are less affected by hospital sales [3]. - **Communications and Semiconductors**: Expecting significant growth in computing power driven by AI applications, with investment opportunities in domestic supply chains for optical modules and PCBs [3]. - **Non-ferrous Metals**: Favoring gold and copper as beneficiaries of anticipated U.S. interest rate cuts and domestic economic recovery [3]. Fund Holdings - The fund has a high concentration of holdings, with the top ten stocks including companies like Ruikeda, Sanofi, and Tencent Holdings as of Q1 2025 [19]. Fund Positioning - The average stock position over the past three years was 90.22%, higher than the comparable average of 85.88%, with a peak of 94.56% in mid-2022 [14].