Group 1 - The core viewpoint of the news is that Dao's Technology (300409.SZ) has seen an increase in institutional and public fund holdings as of August 12, 2025, indicating growing investor interest [1][2] - As of the report date, a total of 9 institutional investors hold shares in Dao's Technology, with a combined holding of 29.9825 million shares, representing 3.83% of the total share capital, which is an increase of 1.35 percentage points from the previous quarter [1] - The public funds that increased their holdings include three ETFs, namely Southern CSI 1000 ETF, Huaxia CSI 1000 ETF, and GF CSI 1000 ETF, with an increase in holding proportion of 0.58% [2] Group 2 - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.10%, while Barclays Bank PLC is a newly disclosed foreign institution [2] - The report also notes that one public fund, Changjiang New Energy Industry Mixed A, was not disclosed in the current period, indicating a shift in the public fund landscape [2]

Core Insights - The AI Fund Changjiang New Energy Industry Mixed A (011446) reported a profit of 2.2596 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0226 yuan [2] - The fund's net asset value (NAV) growth rate for the reporting period was 2.17%, and the fund size reached 110 million yuan by the end of Q2 [2][15] - The fund focuses on the new energy industry and its upstream and downstream sectors, seeking investment opportunities based on different stages and trends within various sub-industries [2] Performance Metrics - As of July 18, the fund's one-year cumulative net asset value growth rate was 18.29%, ranking 316 out of 601 comparable funds [3] - Over the past three months, the fund achieved a net asset value growth rate of 21.27%, ranking 65 out of 607 comparable funds [3] - The fund's three-year Sharpe ratio was -0.1567, placing it 347 out of 468 comparable funds [8] Risk and Drawdown - The fund's maximum drawdown over the past three years was 50.53%, ranking 56 out of 470 comparable funds [10] - The largest single-quarter drawdown occurred in Q2 2022, reaching 21.13% [10] Investment Strategy - The fund maintained an average stock position of 77.82% over the past three years, compared to a comparable average of 85.34% [13] - The fund's top ten holdings as of Q2 2025 included companies such as Huadian Electric, Huayang Group, and CATL [17]