On January 21, Zhongtai Asset Management disclosed the fourth quarter report for 2024 of its famous fund manager Jiang Cheng's managed fund. Taking Zhongtai Xingyuan Flexible Allocation Hybrid Fund managed by Jiang Cheng as an example, there were not many significant changes in the top ten stock holdings compared to the end of the third quarter of 2024, with only Hisense Video (600060.SH) exiting as a top holding and Yangnong Chemical becoming a new top holding at the end of the fourth quarter. Jiang Cheng pointed out that overall, there were no major changes in the portfolio, and the long-term optimistic view remained unchanged. However, under the "fair value method," the fund's net asset value had declined somewhat. As of the end of the reporting period, the net asset value per unit of Zhongtai Xingyuan Flexible Allocation Hybrid Fund Class A was 2.6517 yuan, with a growth rate of -2.91% during this reporting period, while the benchmark return rate during the same period was 0.14%. As of the end of the reporting period, the net asset value per unit of Zhongtai Xingyuan Flexible Allocation Hybrid Fund Class C was 2.6160 yuan, with a growth rate of -3.01% during this reporting period, while the benchmark return rate during the same period was 0.14%. As of the end of the fourth quarter of 2024, stock investments accounted for 85.07% of the total assets of Zhongtai Xingyuan Flexible Allocation Hybrid Fund. In terms of portfolio adjustments, the top ten holdings of Zhongtai Xingyuan Flexible Allocation Hybrid Fund at the end of the quarter were as follows: China Construction (601668.SH), Hualu Hengsheng (600426.SH), Sun Paper (002078.SZ), China Merchants Bank (600036.SH), Industrial and Commercial Bank of China (601398.SH), Jianfa Shares (600153.SH), Supor (002032.SZ), Poly Developments (600048.SH), Conch Cement (600585.SH), and Yangnong Chemical (600486.SH). Jiang Cheng stated that the market in the fourth quarter showed overall volatility, with small and medium-sized stocks outperforming large-cap stocks. Industries related to artificial intelligence were relatively strong, while traditional industries such as pharmaceuticals, consumption, and real estate continued to decline. Compared to potential high returns, he preferred long-term high win rate, so there was a slight disadvantage in allocation. With stimulus policies being introduced one after another, Jiang Cheng believed that it was necessary to pay extra attention to parts of the policies that had structural impacts on the long-term value of individual stocks, such as debt-to-equity measures, which were the most optimistic parts of the policy. Other long-term views remained unchanged: the resilience of the Chinese economy was sufficient, with a potential long-term return rate still leading among the world's major economies, the vast space for industrial structure upgrade, and equity assets benefiting from relatively lower valuations, ranking high in attractiveness among major global markets. Overall, the new information in the fourth quarter made the long-term judgment slightly more optimistic. As for when the countercyclical adjustment measures would show specific effects, it was not that important, as always, just reacting without predicting. Not all stocks in the portfolio moved in the same direction, and the holding proportion of individual stocks was affected by their price movements. Therefore, the holdings of rising stocks would slightly decrease, while those of falling stocks would slightly increase. The final position and structure of the portfolio were thus formed by these "passive" operations stacking up.