In 2024, the public offering "Champion Fund" disclosed its quarterly report. On January 21st, Morgan Stanley's equity investment department deputy director Lei Zhiyong managed the Morgan Stanley Digital Economy Fund disclosed the fourth quarter report of 2024, and the top ten heavy stock holdings in the fund were also revealed. From the specific repositioning information, as of December 31, 2024, the top ten heavy stock holdings of Morgan Stanley Digital Economy Mix were Zhongji Xuchuang (300308.SZ), Shanghai Electric (002463.SZ), Xinyisheng (300502.SZ), Yingweike (002837.SZ), Shengyi Electronics (688183.SH), Hanguang Information (688041.SH), Runze Technology (300442.SZ), Shennan Circuit (002916.SZ), Gaoer Shares (002241.SZ), and Jingjing Optoelectronics (002273.SZ), mostly AI-related computing power and application end industrial chain companies. Regarding changes in holdings, 8 of the heavy stock holdings were already held at the end of the second quarter of 2024, with relatively stable holdings. Shengyi Electronics and Jingjing Optoelectronics are new among the top ten heavy stock holdings. By the end of the third quarter of 2024, the top ten holdings included Tianfu Communication (300394.SZ) and Industrial Fulian (601138.SH) were adjusted out. According to Wind data, as of December 31, 2024, the Morgan Stanley Digital Economy's annual return was as high as 69.23%, exceeding the runner-up of active equity fund annual performance by 17.38 percentage points, ranking first among all active equity funds in the market, and for the first time, a foreign-funded public fund company has won the annual championship. The quarterly report shows that the fund scale and shareholding of Morgan Stanley Digital Economy continued the upward trend since the beginning of the year. As of December 31, 2024, the fund had 2.471 billion shares and a fund scale of 3.379 billion yuan, an increase of 9 times and 16 times respectively since the beginning of the year. In terms of position, Morgan Stanley Digital Economy still maintains a high position operation. As of the end of 2024, the proportion of stock assets was 82.86%, an increase of 0.61 percentage points from the end of the third quarter of 2024, continuing to focus on the digital economy sector represented by digitalization and intelligence, with a higher allocation of TMT positions. In terms of performance, as of the end of the fourth quarter, the net asset value of the A-class shares of Morgan Stanley Digital Economy Hybrid Fund was 1.3750 yuan, and the cumulative net asset value was 1.3750 yuan, with a net asset value growth rate of 16.54% and a benchmark return rate of 13.43% during the same period; the net asset value of the C-class shares was 1.3601 yuan, and the cumulative net asset value was 1.3601 yuan, with a net asset value growth rate for the C-class shares of 16.36% and a benchmark return rate of 13.43% during the same period. In the fourth-quarter report, Lei Zhiyong stated that the Morgan Stanley Digital Economy Hybrid Fund focuses on the digital economy sector represented by digitalization and intelligence, with a high allocation of TMT positions. In the fourth quarter, the performance of the above-mentioned sectors was boosted by market risk preferences, and the fund's net asset value rose and outperformed the benchmark return. Looking ahead to 2025, from the perspective of tracking industries, IT infrastructure, especially intelligent computing, is expected to benefit from continued global investment in AI, driving economic activity to maintain improvement; at the same time, the continuous enhancement of AI cloud computing power and large model capabilities will lay the foundation for AI applications such as edge AI innovation - the fund is optimistic about investment opportunities in intelligent computing infrastructure and AI applications in the future, and will continue to explore high-quality companies that match the fundamentals and stock prices in the above directions, striving to achieve appreciation of fund assets.