On the evening of April 14th, Ping An Dingyue Flexible Allocation Hybrid Fund disclosed its first quarter report for 2026. By the end of the first quarter, the fund had risen by 16.92% in the past three months, with a benchmark return of -1.50%, and a net asset value per share of 5.0111 yuan. The latest number of shares in the fund is approximately 339 million, with a fund size of about 1.699 billion yuan. Compared to the end of 2025, in the first quarter of 2026, amidst the overall market volatility, the fund saw a net purchase of over 300 million shares, with a growth in size of over 10 times from the previous year. As of the end of the first quarter, the fund had a stock position of 84.57%. The top ten heavy-weighted stocks were China Power (600482.SH), Dongfang Electric (600875.SH), Jerry Shares (002353.SZ), Suntech Power (300274.SZ), Yingliu Shares (603308.SH), Shang Electric (002463.SZ), Wanze Shares (000534.SZ), Shengyi Technology (600183.SH), Godwey (688390.SH), and Siyuan Electric (002028.SZ). The total market value of the top ten heavy-weighted stocks accounted for over 60% of the fund's net asset value. Compared to the end of 2025, China Power, Dongfang Electric, Jerry Shares, Suntech Power, Wanze Shares, Godwey, and Siyuan Electric were newly added to the top ten heavy-weighted stocks, while Shennan Circuit, InterXu Chuang, Hangyu Technology, Zhongwei Corporation, Changbao Shares, Jiaocheng Supersonic, and Igor exited the list of top ten heavy-weighted stocks. Fund manager Lin Qingyuan stated that in the first quarter of 2026, the fund achieved good returns overall, mainly benefiting from the investment in the AI power sector. With the acceleration of global AI infrastructure landing, the fund will further focus its investment on the AI power and AI hardware sectors, maintaining a high equity position, thereby achieving excess return. Analysis of the driving factors of AI power: Electricity remains the most core "hard constraint" in the current expansion of AI. In the first quarter, the construction of global data centers continued to accelerate, leading to a rapid growth in electricity demand. The fund's holdings of core components companies in the gas turbine industry chain, as well as electricity grid equipment related targets, contributed the main positive returns to the portfolio. It is particularly worth noting that orders from global mainstream gas turbine manufacturers are already scheduled for 2030, making it the most tense and scarce link in the entire AI industry chain. As the bottleneck of AI power generation becomes more prominent in the second half of the year, this supply-demand mismatch will become more significant. Positive outlook for domestic gas turbine manufacturers and related component companies. These companies will fully benefit from the overflow of global orders and accelerated domestic substitution. In the first quarter, the domestic AI power industry chain has received many substantial positive developments, including large gas turbine orders and accelerated certification of products by overseas companies. This greatly increased the visibility of AI power industry chain enterprises, boosting market confidence in the AI power industry chain. While maintaining the core allocation of AI power, the fund's overall layout for AI hardware also performed relatively steadily. With the rapid iteration of cutting-edge AI models and the widespread deployment of application scenarios, the trend of the AI hardware industry continues to improve. In the first quarter, AI technology continued to iterate rapidly. In particular, the rapid rise and widespread adoption of OpenClaw, an open-source AI intelligent entity, not only achieved autonomous task execution for local operations, but also significantly promoted rapid growth in token usage. These types of AI intelligent entities will become a key force driving the transition of AI from dialogue to truly autonomous execution. Optimistic about the positive feedback loop brought by OpenClaw, it will further amplify the long-term demand for AI hardware and electricity, continuously strengthening the scale expansion of the entire AI ecosystem. Looking ahead, the fund will continue to focus on deep layout around AI power and AI hardware, seeking deterministic opportunities in uncertainty.