On January 21st, Feng Mingyuan, the manager of the Xinda-Australia Fund, released the fourth quarter report for the year 2024 for four funds he oversees: Xinda New Energy Industry Stocks, Xinda Research Selection, Xinda Leading Smart Selection, and Xinda Smart Far. The report showed significant changes in the major stock holdings, with Huqin Technology and Dianlian Technology seeing increased positions, and Ningde Times returning to the top holdings. Feng Mingyuan stated that he still maintains a position in the electronics and semiconductor industries. The prices and inventory levels in the semiconductor industry have returned to a balance, indicating a potential moderate recovery in the future. Specifically, in the four funds managed by Feng Mingyuan of Xinda-Australian Fund, the net asset value per share of Xinda New Energy Industry at the end of the reporting period was 3.694 yuan, with cumulative net asset value per share of 3.756 yuan. During the reporting period, the net asset value per share of the Xinda New Energy Industry Fund increased by 15.22%, while the benchmark return rate for the same period was -1.26%. In terms of major holdings, as of the fourth quarter, Xinda New Energy Industry's top holdings include Huqin Technology (603296.SH), Hengxuan Technology (688608.SH), Dianlian Technology (300679.SZ), Shunluo Electronics (002138.SZ), ZTE Corporation (000063.SZ), Star Microelectronics (688213.SH), Ruixin Microelectronics (603893.SH), SAIC Group (600104.SH), Ningde Times (300750.SZ), and Hudong Technology (603160.SH). Comparing to the previous quarter, there were significant changes in the major stock holdings of the fund, with Huqin Technology and Dianlian Technology seeing increased positions. Huqin Technology rose to become the top major holding, while stocks like Zhao Yi Innovation (603986.SH), Juchen Shares (688123.SH), and Changchun Technology (300604.SZ) exited the top ten major holdings of the fund. It is worth noting that Ningde Times returned to the top major holdings, and SAIC Group and Star Microelectronics entered the top ten major holdings of the fund. Looking at Feng Mingyuan's other three funds, Xinda Leading Smart Selection, Xinda Research Selection, and Xinda Smart Selection, over a three-year holding period, Ningde Times and SAIC Group are also new top ten major holdings in the Xinda Leading Smart Selection and Xinda Smart Selection funds. Huqin Technology received increased positions in all four funds and rose to become the top major holding, while Dianlian Technology saw increased positions in all four funds as well. Feng Mingyuan pointed out in the report that in the fourth quarter of 2024, the fund's holdings were mainly in the electronics, machinery, computer, automotive, and new energy industries. This quarter, the fund maintained its previous positions in the electronics and semiconductor industries. The semiconductor industry's current price and inventory levels have returned to balance, indicating a potential moderate recovery in the future. The semiconductor companies that the fund invests in are involved in AI, photovoltaics, energy storage, automotive electronics, and other related products, closely related to themes such as energy saving, emission reduction, and low carbon.