Core Insights - The A-share market has shown an overall upward trend since 2025, with certain equity funds, particularly the Xinyuan Digital Economy Mixed A Fund, achieving significant performance and scale growth [1][4]. Fund Performance - As of September 18, the Xinyuan Digital Economy Mixed A Fund has achieved a return of 62.38% over the past year, significantly outperforming the CSI 300 Index, which recorded a return of 41.85% during the same period [4][6]. - The fund's net value has increased by 23% this year alone [4]. - Since its inception in July 2023, the fund's cumulative net value has risen by 44.05%, while the CSI 300 Index has only increased by 18.21% [6]. Investment Strategy - The fund manager, Lu Yang, employs a dynamic adjustment strategy to manage positions and control drawdowns [7][8]. - The fund's investment strategy focuses on digital economy-related securities while maintaining strict risk control [3]. - In response to market conditions, the fund reduced its equity investment from 86.53% at the end of 2024 to 62.34% by the end of the first quarter of 2025, allowing it to effectively manage risks during market fluctuations [8]. Major Holdings - As of the second quarter of 2025, the fund's major holdings include Haier Smart Home, Boss Electric, Linglong Tire, CIMC Vehicles, and Xinbao Co., with a focus on the TMT sector, covering electronics and home appliances [2][9]. - The equity investment accounted for 64.74% of the fund's total assets [9]. Comparison with Other Funds - Another fund managed by Lu Yang, the Xinyuan Specialized and New Mixed A Fund, has also performed well, achieving a return of 57.05% over the past year, exceeding its performance benchmark by over 10 percentage points [10].