Core Viewpoint - The AI Fund Penghua Hongshang Mixed A (003495) reported a profit of 387,100 yuan for Q2 2025, with a weighted average profit per fund share of 0.0156 yuan, and a net asset value growth rate of 0.99% during the reporting period [3][16]. Fund Performance - As of July 17, the fund's unit net value was 1.583 yuan, with a fund size of 33.91 million yuan [3][16]. - The fund's performance over different periods includes a 0.94% growth rate over the last three months, 1.33% over the last six months, 1.79% over the last year, and 15.20% over the last three years, ranking 109/130, 103/130, 109/130, and 13/129 respectively among comparable funds [4]. Investment Strategy - The fund manager indicated that the financial market experienced significant volatility due to U.S. tariff policies, but the Chinese bond market remained stable due to effective policy countermeasures. The central bank implemented reserve requirement ratio and interest rate cuts, leading to a decrease in funding costs and reduced volatility in the bond market [3]. - The investment strategy focused on holding high-grade credit bonds and actively adjusting the credit structure to capitalize on the liquidity easing in the bond market, aiming to generate stable returns for investors [3]. Risk Metrics - The fund's Sharpe ratio over the last three years was 0.5338, ranking 11/122 among comparable funds [9]. - The maximum drawdown over the last three years was 3.82%, with the largest single-quarter drawdown occurring in Q1 2022 at 4.48% [11]. Asset Allocation - The average stock position over the last three years was 1.02%, significantly lower than the comparable average of 50.09%. The fund reached a peak stock position of 25.97% in mid-2022 and a low of 0.93% at the end of 2022 [14].