On March 27, the renowned fund managers Fu Pengbo and Zhu Lin of the "Dumenji" Ruiyuan Growth Value Fund disclosed the 2025 annual report. As of the end of the reporting period, the net asset value of Ruiyuan Growth Value Mixed A Fund shares was 1.9685 yuan, with a growth rate of 64.70% during the reporting period, compared to a benchmark return of 18.15%. The net asset value of Ruiyuan Growth Value Mixed C Fund shares was 1.9159 yuan, with a growth rate of 64.05% during the reporting period, compared to a benchmark return of 18.15%. In terms of holdings, the fund's top ten major stock holdings include: Xin Yisheng (300502.SZ), Shenghong Technology (300476.SZ), Contemporary Amperex Technology (300750.SZ), Tencent Holdings (00700), Dongshan Precision (002384.SZ), Luxshare Precision (002475.SZ), Maiwei Shares (300751.SZ), Alibaba (09988), Cambricon Technologies (688256.SH), and Giantstar Technology (002444.SZ). Among them, several stocks such as Xin Yisheng, Contemporary Amperex Technology, Tencent Holdings, Dongshan Precision, Luxshare Precision, and Alibaba were reduced, while Cambricon Technologies received an increase. Additionally, looking at the stocks ranked 11th to 20th in holdings, the fund initiated holdings in Shannon Xiachuang (300475.SZ) for the first time, and increased holdings in Juguang Technology (300203.SZ) and Kangzhe Pharmaceutical (00867); while Yidong Communication (603236.SH) and Lanxiao Technology (300487.SZ) were reduced. Fu Pengbo and Zhu Lin mentioned in the 2025 annual report that the fund's Hong Kong stock allocation slightly increased in 2025, mainly by adding holdings in internet technology and healthcare companies, with a significant increase in net asset proportion in the first half of the year. In terms of industry allocation, the fund focused on artificial intelligence, photovoltaic new energy, semiconductor chips, and innovative drugs, which saw a significant change compared to 2024, with an increased emphasis on AI-related sectors and pharmaceutical stocks. At the same time, the fund reduced its allocation to traditional energy and chemical industries. The concentration of the fund's top holdings has continued to increase. The proportion of the top ten holdings exceeded 55%, with the net asset proportion of the top ten in the first half of the year at 57%, further increasing to 70% in the second half, while the net asset proportion of the top twenty stocks was around 84%. The fund has high concentration in key holdings, steadfastly increasing allocation to industries and companies it favors, and holding them throughout the year. In the second half of the year, the fund added some new stocks in the rapidly developing AI and chip industry chains. Key stocks such as those in the power equipment and electronics industries remained in the top ten. Furthermore, the fund reduced holdings in companies facing pressure in fundamentals and performance, mainly in the coal and chemical sectors, to reduce their negative contribution to the fund's net asset value. The positions freed up by the reductions were concentrated in stocks representing new productive forces, such as artificial intelligence, chips, etc., which led to positive effects on the fund's overall operation throughout the year. Fu Pengbo and Zhu Lin stated in the annual report that in 2025, the AI-related industry chain is the most promising investment direction. In 2026, the performance of this sector may vary, but AI-Agent, multimodal, and edge-side AI hardware related directions are worth further exploration. The fund's primary focus is on technological innovation and industrial upgrading, hoping to continuously identify new targets through in-depth and extensive research and convert them into contributions to investments. They also mentioned that in early 2026, price hikes became a major theme in A-share markets. Sectors with leading price hikes are mostly related to price increases, such as glass fiber, rare earths, minor metals, and copper foil, where external demand price hikes seemed smoother, while internal demand price hike varieties require further data validation. Previous price increases were mostly driven by expectations and early positioning of funds, and their sustainability and the extent of price hikes will depend on downstream acceptance and changes in demand. Regarding the recent popular directions of non-ferrous metals and oil, they stated: "There is no outstanding performance from non-ferrous metals and oil, which are affected by severe geopolitical turmoil. Considering factors such as stock price increases and valuations, the current performance is not cost-effective."