On the evening of January 20, the fourth quarter report of the GF Small Cap Growth Hybrid Fund managed by Liu Gesong, Deputy General Manager of GF Fund, was the first to be disclosed for 2024. As of the end of the fourth quarter of 2024, the net asset value of the GF Small Cap Growth Hybrid Fund was 5.835 billion yuan, a slight decrease of 831 million yuan from the end of the third quarter of 2024. It is worth mentioning that in terms of position, the stock position of GF Small Cap Growth Hybrid Fund at the end of the fourth quarter of 2024 has further increased to 94.19%, which is the third highest in the history of the fund since its establishment in 2005, second only to 94.62% in the first quarter of 2022 and 94.52% at the end of the fourth quarter of 2013. In the fourth quarter of 2024, the net asset value growth rate of Class A units of the GF Small Cap Growth Hybrid Fund was -3.34%, and the net asset value growth rate of Class C units was -3.44%, while the benchmark return rate was 3.50% during the same period. In addition, the top ten heavy-weighted stocks of GF Small Cap Growth Hybrid Fund accounted for 67.84% of the fund's net asset value, which is higher than the 64.34% at the end of the third quarter of 2024, showing an increase in the concentration of the top ten heavy-weighted stocks. Specifically, according to the fourth quarter report of 2024, the top ten heavy-weighted stocks of GF Small Cap Growth Hybrid Fund are Sailesi (601127.SH), Shengbang shares (300661.SZ), Deye shares (605117.SH), Yiweilithium energy (300014.SZ), Jinao technology (002459.SZ), Jinlang technology (300763.SZ), Powder (601865.SH), Huaqin technology (688281.SH), zhenhua technology (000733.SZ), and Jianghuai car (600418.SH). In terms of stock changes, Jinao Technology and Jianghuai Auto reappeared in the list of the top ten heavy-weighted stocks. At the same time, Liu Gesong slightly increased its holdings in Zhenhua Technology. On the other hand, Xibu superconductor (688122.SH) and Hongyuan Electronics (603267.SH) dropped out of the top ten holdings this time. It is worth mentioning that after Liu Gesong reduced its holdings in Sailesi, the released positions were increased to Jianghuai Auto, a smaller market value company. As a result, Jianghuai Auto has become the tenth largest heavy-weighted stock in the GF Small Cap Growth Fund. Currently, Jianghuai Auto's market value is less than 90 billion yuan, equivalent to 40% of Sailesi's market value, showing that fund manager Liu Gesong is looking for market growth space and greater stock price elasticity in the electric vehicle sector. In his latest quarterly report, Liu Gesong emphasized that he will continue to focus on the global comparative advantage industries such as photovoltaics and industrial chains, lithium batteries, new energy vehicles, and electronics for allocation in the future. The fundamentals of the overweight industry also showed different degree of upward trend in the fourth quarter. With the gradual implementation of total policies and industry supply and demand regulations, the industry is expected to see further improvement. At the same time, more economic stimulus policies are expected to be introduced, and he is confident in the strength of the policies and the growth resilience of Chinese leading enterprises. In terms of investment style, he said that he will continue to adhere to starting from the industry, find industries that fit his own framework for long-term investment, and share the dividends of enterprise growth. During the process of structural transformation of the economy, emerging growth industries such as technology manufacturing are expected to produce a group of Chinese companies with outstanding research and development capabilities and significant product advantages. There are reasons to belief that they will fully benefit and grow in the development of the Chinese economy. It is also believed that in the not too distant future, China's manufacturing industry with global comparative advantages will overcome various challenges and restart a new cycle.