Semiconductor Sector: Yesterday's gain was 19,273.24 yuan, making a significant contribution. The sector rose 0.91%, mainly driven by surging demand for AI chips, price increases by leading companies, and positive earnings forecasts. Although heavily weighted stocks such as Montage Technology and Beijing Junzheng generally declined, the fund manager hedged through non-semiconductor asset allocation, enabling the fund to outperform the sector with significant excess returns and strong overall performance. Yongying Pioneer Semiconductor Smart Selection Hybrid C Fund: The fund's heavily weighted stocks generally declined on the day, with core semiconductor stocks such as Montage Technology (-6.40%), Beijing Junzheng (-6.94%), and Shenggong Shares (-6.85%) showing weak performance, dragging down the fund's net asset value. However, the fund as a whole still outperformed the semiconductor sector, with an excess return of 5.14%, indicating that the fund manager may have allocated some non-semiconductor stocks (such as Kaipei Cloud, which belongs to the computer sector), or made certain hedging moves in position management and stock selection, mitigating the impact of the overall sector decline.