Core Viewpoint - The report outlines the performance and investment strategy of the Tongtai Huili Mixed Securities Investment Fund for the second quarter of 2025, highlighting a focus on technology and entertainment sectors, particularly short dramas and games, as key investment opportunities driven by AI technology and domestic consumption trends [6][7]. Fund Overview - Fund Name: Tongtai Huili Mixed Fund - Fund Code: 008180 - Fund Type: Contractual open-end fund - Effective Date of Fund Contract: July 3, 2020 - Total Fund Shares at Period End: 69,084,386.23 shares - Investment Objective: To achieve capital appreciation exceeding the fund's performance benchmark through proactive asset allocation and management [2][3]. Performance Metrics - Fund Net Value Growth Rate for Class A: - Last 3 Months: -1.01% - Last 6 Months: 3.87% - Last Year: 18.88% - Since Inception: -19.41% [3][6] - Fund Net Value Growth Rate for Class C: - Last 3 Months: -1.11% - Last 6 Months: 3.65% - Last Year: 18.40% - Since Inception: -20.36% [3][6] Investment Strategy - The fund employs a top-down analysis approach to determine asset allocation among fixed income, equity, and cash, adjusting dynamically based on market conditions and risk-return characteristics [2][3]. - The performance benchmark is set at 70% of the CSI 300 Index return and 30% of the China Bond Composite Index return [2]. Investment Composition - As of the report period, the fund's total assets included: - Stocks: 72,080,891.00 RMB (93.78% of total assets) - No holdings in bonds or asset-backed securities [9][10]. - Key sectors of investment include: - Information Transmission, Software, and Information Technology Services: 33,366,553.00 RMB (43.61%) - Culture, Sports, and Entertainment: 26,162,463.00 RMB (34.19%) [9][10]. Market Outlook - The report emphasizes the potential of the short drama and gaming industries as they align with the rise of domestic mental consumption and advancements in AI technology, suggesting a favorable environment for investment in these sectors [6][7]. - The integration of AI in production processes is noted to enhance efficiency and reduce costs, further supporting the growth of these industries [7].