Core Viewpoint - The AI Fund, Fuquo Healthcare Industry Mixed A/B, reported a profit of 123 million yuan for Q2 2025, with a weighted average profit per fund share of 0.4137 yuan, indicating a net value growth rate of 13.44% during the period [3][15]. Fund Performance - As of July 21, the fund's unit net value was 4.035 yuan, with a fund size of 972 million yuan [3][15]. - The fund's performance over various time frames includes a 27.77% growth rate over the last three months, 47.21% over the last six months, and 39.04% over the last year, ranking it 54/138, 56/138, and 72/133 among comparable funds respectively [4]. - The fund's three-year Sharpe ratio stands at 0.0561, ranking 50/105 among comparable funds [8]. - The maximum drawdown over the last three years was 37.73%, with a single quarter maximum drawdown of 28.29% occurring in Q1 2021 [11]. Investment Strategy - The fund manager indicated a continued allocation to A-share innovative drugs and a balanced investment in certain medical device stocks, anticipating a significant leap in domestic innovative drug companies starting in the second half of 2024 [3]. - The fund has maintained a high average stock position of 90.27% over the last three years, with a peak of 94.12% expected by the end of Q3 2024 [14]. Holdings Concentration - As of Q2 2025, the fund's top ten holdings include companies such as Bai Li Tian Heng, Zejing Pharmaceutical, and Hot景生物, indicating a high concentration in specific stocks [17].