On January 20, Ruiyuan Growth Value Hybrid Fund, Ruiyuan Balanced Value Three-year Holding Hybrid Fund, Ruiyuan Steady Allocation Two-year Holding Hybrid Fund, and Ruiyuan Steady Yield Enhanced 30-day Holding Bond Fund disclosed their quarterly reports. Among them, the well-known fund managers Fu Pengbo and Zhu Lin moderately increased the allocation of equities in the Ruiyuan Growth Value Hybrid Fund, with a stock position of 88.7%, an increase of 3.7% compared to the previous period. The top ten holdings accounted for 55.8% of the net asset value of the fund, an increase of about 1.4% compared to the third quarter of 2024. Shun Yu Optical Technology (02382) entered the top ten holdings of the fund, while Wanhua Chemical (600309.SH) exited the top ten holdings. Specifically, as of the end of the fourth quarter, the net asset value of the Ruiyuan Growth Value Hybrid Fund managed by Fu Pengbo and Zhu Lin was 1.1952 yuan for A shares, with a growth rate of -2.48% in this reporting period, compared to -0.49% for the benchmark. As of the end of the reporting period, the net asset value of the Ruiyuan Growth Value Hybrid Fund for C shares was 1.1679 yuan, with a growth rate of -2.59% in this reporting period, compared to -0.49% for the benchmark. In terms of changes in holdings, the fund also increased holdings in Guanghui Energy (600256.SH), Juxing Technology (002444.SZ), Maiweifu (300751.SZ), and Xin Zhoubang (300037.SZ); while decreasing holdings in CATL (300750.SZ), China Mobile (00941), Luxshare Precision (002475.SZ), and Sannuo Biological (300298.SZ); the holdings of Tencent Holdings (00700) remained unchanged. Zhao Feng, managing the Ruiyuan Balanced Value Three-Year Holding Hybrid Fund under the Ruiyuan Fund, saw a net asset growth rate of 17.92% in the past year. Compared to the previous quarter, Xiaomi Group-W (01810) and Shanxi Fenjiu (600809.SH) were added to the top ten holdings of the fund; with CATL (300750.SZ) holding accounting for 9.75%, making it the largest holding of the fund. Compared to the previous quarter, the top ten holdings of the Ruiyuan Steady Allocation Two-Year Holding Hybrid Fund managed by Rao Gang and Hou Zhenxin under the Ruiyuan Fund added Xiaomi Group-W (01810), Ping An of China (601318.SH), and Sanfeng Environment (601827.SH); with China Mobile (00941) holding accounting for 8.62%, still being the largest holding of the fund. Additionally, as of the end of the fourth quarter, the net asset value of the Ruiyuan Steady Yield Enhanced 30-day Holding Bond Fund managed by Hou Zhenxin was 1.0669 yuan for A shares, with a growth rate of 0.89% in this reporting period, compared to 2.23% for the benchmark. As of the end of the reporting period, the net asset value of the Ruiyuan Steady Yield Enhanced 30-day Holding Bond Fund for C shares was 1.0627 yuan, with a growth rate of 0.81% in this reporting period, compared to 2.23% for the benchmark. In terms of holdings, the fund mainly reduced holdings in China Mobile (00941), Tencent Holdings (00700), CATL (300750.SZ), and Guizhou Moutai (600519.SH), while increasing holdings in Sanfeng Environment (601827.SH) among others. Xiaomi Group-W (01810), Bank of China (03988), Shun Yu Optical Technology (02382), and Huatai Wanhao Life (01209) entered the top ten holdings, while Weiming Environmental Protection (603568.SH), China Taiping (02601/601601.SH), and China Property Insurance (02328) exited the top ten holdings. Fu Pengbo and Zhu Lin elaborated in the fourth quarter report of 2024 that in early 2025, the stock market volatility was significant, partly due to the pressure of excessive expectations and partly due to the pre-rehearsal of uncertainties in the year. They believe that the clues unearthed at the beginning of the year usually investment opportunities for the whole year. They emphasized the importance of comprehensive considerations such as the investment return rate of companies, free cash flow per share, match of net profit and revenue growth, and stability of dividend payouts for high-dividend companies in stock selection amidst market uncertainties. They suggested that the early financial reports disclosed by listed companies in the first quarter of 2025 could provide investors with more clues about the economic situation, which could become the main investment theme of the year. Star fund manager Zhao Feng of Ruiyuan Fund wrote in the fourth quarter report of 2024, "When the noise subsides, the power of compound interest begins to show. From the perspective of long-term returns, Ruiyuan Fund is confident in the equity market, as the long-term return potential of China's high-quality enterprises currently far exceeds that of other asset classes, making it the most attractive asset globally, and Ruiyuan Fund can wait patiently for the stabilization and recovery of the economy."