Core Viewpoint - The equity market continued to recover in Q1 2025, with investor risk appetite rising, as evidenced by a 4.65% increase in the Wind Mixed Equity Fund Index for the quarter and an 11.77% increase over the past year [1]. Fund Performance Equity Funds - The top-performing ordinary equity funds over the past three years include: - Chuangjin Hexin Cultural Media A with a return of 61.44% and a maximum drawdown of -28.28% [3] - Jin Ying Technology Innovation A with a return of 60.58% and a maximum drawdown of -38.68% [3] - Zhaoshang Technology Power A with a return of 56.81% and a maximum drawdown of -18.47% [3]. Mixed Equity Funds - The top mixed equity funds include: - Zhaoshang Advantage Enterprise A with a return of 86.51% and a maximum drawdown of -40.83% [7]. - Huatai-PB North Exchange Innovation Selected with a return of 80.10% and a maximum drawdown of -27.37% [7]. Bond Funds - In the fixed income market, there was significant structural differentiation affecting bond fund performance: - The Wind Short-term Pure Bond Index slightly increased by 0.13% in Q1 2025, while the Wind Medium-Long Term Pure Bond Index fell by 0.29%, marking the largest quarterly decline since Q1 2023 [1]. QDII Equity Funds - The top QDII equity funds over the past three years include: - Southern China Emerging Economy A with a return of 84.84% and a maximum drawdown of -33.95% [22]. - Tianhong CSI China-US Internet A with a return of 76.74% and a maximum drawdown of -24.33% [22]. FOF Funds - The top FOF funds over the past three years include: - Xingzheng Global Anyue Stable Pension with a return of 11.83% and a maximum drawdown of -4.99% [27]. Thematic Funds - The top quantitative funds over the past three years include: - CITIC Prudential Multi-Strategy with a return of 61.08% and a maximum drawdown of -40.72% [30].