Recently, the fund managed by Li Xiaoxing disclosed its quarterly report. Taking as an example the two-year holding period of two representative funds managed by Li Xiaoxing - YinHua XinYi and YinHua XinJia. Both funds conducted a "big turnover" and significantly reduced their holdings of NIO, the top heavy stock. Li Xiaoxing believes that consumer stocks that have performed poorly for four consecutive years are expected to achieve excess returns in the current macroeconomic background, and quality factors that have underperformed the market for the past three years are expected to bring excess returns in the future. Therefore, the portfolio position was increased in the fourth quarter, and the allocation of consumer stocks in the portfolio was increased. In addition, the focus was on increasing holdings of Internet, new consumer, and consumer stocks with dividend attributes. The holdings of YinHua XinYi show that Li Xiaoxing has mainly concentrated positions in high-quality companies in the technology and consumer industries. Specifically, as of the end of the fourth quarter of 2024, the top ten heavy positions of YinHua XinYi's holdings were NIO, Tencent Holdings, Alibaba, SMIC, BYD Co., Moutai, Wuliangye, ZTO Express, Hong Kong Exchange, and Kuaishou. Compared to the end of the third quarter, the holdings of NIO decreased by 494,100 shares, representing a reduction of approximately 37%, but still remained as the largest heavy position. In addition, compared to the top ten holdings of the third quarter, only NIO and SMIC remained in the top ten, with all other shares exiting the top ten heavy positions. As for the two-year holding period of YinHua XinJia, compared to the end of the third quarter, Huichuan Technology, AVIC Xi'an Aircraft, Oriental Wealth, AVIC Shenyang Aircraft, Aerospace Electric, AVIC Opto-electronic, and Huahai Qingke exited the top ten heavy positions. Li Xiaoxing reduced varieties in the sector that rely more on price elasticity, increased the allocation towards high dividend directions, especially certain varieties with strong certainty of limited supply. Due to a round of adjustments in international oil price policy in the fourth quarter, he did not hold a pessimistic view on oil prices, and added holdings of some oil and gas industry-related targets on dips. Due to the unstable profit expectations of green energy, the stock prices have declined significantly, but the long-term inevitability and short-term urgency of development are unquestionable. If accompanied by appropriate support for a smooth transition, relevant targets have entered the appropriate allocation range. Specifically, as of the end of the fourth quarter of 2024, the top ten heavy positions held by YinHua XinJia with a two-year holding period were NIO, Yun Aluminum Shares, China Everbright Int'l, Northern Microelectronics, CR Power, Wuliangye, Lens Technology, Luoyang Molybdenum Industry, CNOOC, and Three Gorges Energy. In the two funds, Alibaba was bought for the first time and became the third largest holding in the two-year holding period of YinHua XinJia; Yun Aluminum shares, CNOOC, and Luoyang Molybdenum Industry were also bought for the first time and entered the top ten heavy holdings of the two-year holding period of YinHua XinJia, showing Li Xiaoxing's level of importance for these stocks. Looking ahead to 2025, he stated that the focus of the market is to consider internal dynamic, external impact, and policy response, whether nominal growth can rebound. He believes that with the effectiveness of a series of policy combinations, good factors will gradually accumulate, economic recovery expectations will gradually rise. With the expected recovery of the fundamentals, coupled with further compression of bond market yields, equity markets in 2025 may attract more funds. In the fourth quarter, due to temporary concerns of foreign investors about international relations, the prices of high-quality stocks in the Hong Kong Internet sector experienced a significant decline, and the valuations are now very attractive. In the fourth quarter, many related targets were increased. Most Internet companies have maintained high growth in the past few years, mainly due to rapid profit margin recovery. It is expected that with the gradual implementation of macro policies, there will be stable income growth that will follow macroeconomic changes. With the commercialization of AI, he believes that Internet companies will be at the forefront of application landings, and is optimistic about the gradual commercialization of AI applications. Consumer stocks are currently in the expected improvement after the policy shift, with increasing bottom judgements, and more optimistic prospects for 2025. On one hand, policies are aimed at boosting domestic demand, with a series of measures on the way. On the other hand, the high household savings rate, weak overall expectations, and lack of confidence all reflect in the valuations of consumer stocks. In terms of investment direction, continue to allocate to core assets such as liquor and home appliances, with high certainty, valuation, and dividend yield cost-effectiveness. Secondly, increase the allocation of new consumer areas, where the improvement of offline retail, the increase in market share of domestic high-end brands, and the expected performance of related targets are all expected to be good. The holdings in the new energy industry remain unchanged. From a fundamental perspective, the lithium battery and photovoltaic industries are still operating at the bottom, and are still digesting excess capacity, with some stabilization rebounds in certain areas. Coupled with self-discipline measures in some supply-side industries, product prices will not experience significant declines. The wind power industry has already passed the stage of price declines earlier, and an acceleration in demand may drive profitability in the entire industry chain. From a stock price perspective, the new energy sector has rebounded in the fourth quarter and is currently at a relatively reasonable valuation level. He is more optimistic about this round, where leading companies continue to expand their cost and technological advantages. Domestic auto consumption has resilience, and overseas exports have become a new growth driver. Policies implemented this year from the central to local governments for vehicle replacement and scrap subsidies, coupled with the corresponding replacement cycle of the peak in vehicle consumption from 2016 to 2018, have effectively boosted car consumption. There is an accelerating trend in local brand car exports and external technology output, and the overall valuation and stock price position of car stocks are reasonable, with optimism towards industry-leading companies. New quality productivity and high-level technology self-reliance are important aspects of national policy.Focus on supporting the direction and looking forward to domestic alternatives in the semiconductor and defense technology sectors. The domestic substitution of semiconductors has entered a deep advanced territory, and investment opportunities are seen in advanced wafer manufacturing, advanced packaging, and domestically produced computing chips driven by advanced process breakthroughs in China.Bonjour, comment a va aujourd'hui?