Group 1 - The core point of the article is the appointment of Hu Qiaoyun as a new fund manager for the Xinao Hongli Smart Selection Mixed Fund (020657), effective from October 16, 2025, alongside Lin Jingyi [1] - As of October 15, 2025, the net value of the Xinao Hongli Smart Selection Mixed Fund was 1.0695, reflecting a daily increase of 0.63% and an annual increase of 8.82% [1] - Hu Qiaoyun holds a master's degree in insurance from Xiamen University and has prior experience as an analyst at Shanghai Shenwan Hongyuan Securities Research Co., Ltd. from July 2018 to May 2025 [1] Group 2 - Hu Qiaoyun has been managing the Xinao Vision Value Mixed Fund since August 1, 2025, with a current scale of 0.37 billion and a return of 20.57% [1] - She also manages the Xinao Vision Value Mixed Fund C, which has a scale of 0.10 billion and a return of 20.40% since August 1, 2025 [1]

Core Insights - The AI Fund Xin'ao Hongli Smart Selection Mixed A (020657) reported a profit of 498,200 yuan for Q2 2025, with a weighted average profit per fund share of 0.0325 yuan [3] - The fund's net asset value (NAV) growth rate for the reporting period was 3.24%, and the fund size reached 11.8433 million yuan by the end of Q2 [3][17] - The fund manager, Lin Jingyi, oversees seven funds, with the Xin'ao Ningjun Smart Selection Mixed A achieving the highest one-year NAV growth rate of 23.98% as of July 17 [3] Performance Metrics - As of July 17, the fund's NAV growth rates were 6.68% over the past three months, 6.86% over the past six months, and 10.48% over the past year, ranking 470/615, 416/615, and 431/584 among comparable funds, respectively [4] - The fund's Sharpe ratio since inception is 0.4603, indicating a moderate risk-adjusted return [8] - The maximum drawdown since inception is 14.07%, with the largest quarterly drawdown occurring in Q2 2025 at 6.06% [11] Investment Strategy - The fund's average stock position since inception is 88.78%, compared to the peer average of 83.12%, with a peak of 89.8% at the end of Q3 2024 and a low of 87.95% at the end of H1 2024 [15] - The fund's top ten holdings as of Q2 2025 include Zhonggu Logistics, Jiangsu Bank, CITIC Bank, Beijing Bank, Agricultural Bank of China, COSCO Shipping Holdings, China Shenhua Energy, Industrial and Commercial Bank of China, China Construction Bank, and Minsheng Bank [20]