Core Viewpoint - The AI Fund, China Europe Dividend Smart Selection Mixed A (023584), reported a profit of 3.6729 million yuan for Q4 2025, with a net value growth rate of 2.48% for the period [3]. Fund Performance - The fund's scale reached 178 million yuan by the end of Q4 2025 [12]. - As of January 22, the unit net value was 1.064 yuan, with a one-year adjusted net value growth rate of 63.65% for China Europe Prosperity Selected Mixed A, the highest among its peers [3]. - The fund's three-month adjusted net value growth rate was 3.90%, ranking 499 out of 621 comparable funds, while the six-month rate was 5.91%, ranking 560 out of 621 [3]. Investment Strategy - The fund manager indicated that there is still room for further development and exploration in dividend investment in China, with a future focus on "market-oriented" dividends [3]. Risk Metrics - The fund's Sharpe ratio since inception is 0.2125 [4]. - The maximum drawdown since inception is 4.6%, occurring in Q4 2025 [7]. Portfolio Composition - The average stock position since inception is 75.27%, compared to the peer average of 85.83%. The fund reached a peak stock position of 89.95% at the end of Q3 2025 and a low of 45.9% at the end of H1 2025 [11]. - The top ten holdings as of Q4 2025 include Guangzhou Development, Nanjing High-Tech, Ordos, Weifu High-Tech, Huadian International, Nanjing Steel, Wuxi Bank, Shandong Publishing, Luolai Lifestyle, and Zhongchuang Zhiling [15].

Summary of Key Points Core Viewpoint - Fosunmei (002818.SZ) reported its Q3 2025 results, indicating a decline in institutional investor holdings and changes in public fund and foreign fund participation [1][2]. Institutional Holdings - As of October 27, 2025, six institutional investors disclosed holdings in Fosunmei A-shares, totaling 14.5191 million shares, which represents 1.94% of the total share capital. This is a decrease of 0.66 percentage points compared to the previous quarter [1]. Public Fund Activity - One new public fund disclosed holdings this quarter, namely the China Europe Dividend Select Mixed A fund. In contrast, 70 public funds, including Yongying Dividend Preferred A and others, were not disclosed this quarter [1]. Social Security Fund Changes - There was a slight increase in holdings from one social security fund, specifically the China Europe Dividend Select Mixed A fund, compared to the previous period [1]. Pension Fund Disclosure - One pension fund, the Zhongyi Asset Management - ICBC - Zhongyi Asset - Value Return Asset Management Product, was not disclosed this quarter [1]. Foreign Fund Activity - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.40% compared to the previous quarter [2].

Core Viewpoint - The AI Fund, China Europe Dividend Smart Mixed A (023584), reported a profit of 7.22 million yuan for Q2 2025, with a net value growth rate of 3% during the period [3] Group 1: Fund Performance - The fund's profit for the second quarter was 7.22 million yuan, resulting in a weighted average profit per fund share of 0.03 yuan [3] - As of the end of Q2, the fund's scale was 248 million yuan [3] - The unit net value as of July 18 was 1.037 yuan [3] Group 2: Fund Manager Insights - The fund manager, Zhang Xueming, oversees five funds, with the highest one-year return for China Europe Prosperity Selected Mixed A at 39.63%, while China Europe Quality Selected Mixed A had the lowest at 14.46% [3] - The fund management indicated that the dividend strategy remains a foundational strategy, complementing the prosperity strategy, allowing for rotation to enhance returns in specific months [3] Group 3: Investment Strategy - The dividend strategy is referred to as a "safety net strategy" or carry strategy overseas, with its foundation based on dividend returns, considered to have the highest market lower limit [3] - The annualized return is easily measurable, and the fund management emphasizes the importance of being objective regarding dividend performance, noting that significant fluctuations in performance are often unreasonable [3] Group 4: Top Holdings - As of the end of Q2 2025, the fund's top ten holdings included Zhongchuang Zhiling, OPPLE Lighting, Tiandi Technology, Zhonggu Logistics, Shouhua Environmental Protection, Huate Dain, Shangfeng Cement, Xinhua Insurance, Ordos, Midea Group, and Zhengmei Machine [4]