On January 22, Jing Shun Chang Cheng's Liu Yanchun disclosed the quarterly report of its products. Overall, the quarterly report shows that there was no significant change in the heavily held stocks. They reduced their holdings in Wuliangye (000858.SZ), Luzhou Laojiao (000568.SZ), China International Travel Service (601888.SH), etc., and Chenguang Shares (603899.SH) returned to the top ten heavy holdings. Taking Jing Shun Chang Cheng Dingyi, a representative work of Liu Yanchun, as an example, the size of the fund at the end of the fourth quarter of last year was 10.26 billion yuan. During the reporting period, the net asset value growth rate of Jing Shun Chang Cheng Dingyi's A and C shares was -10.08% and -10.17% respectively, and the performance benchmark yield was -1.49%. Among the top ten heavy holdings in the fund for the fourth quarter, Liu Yanchun only reduced their holdings in Wuliangye, Luzhou Laojiao, and China International Travel Service, and did not make any additional purchases or exchanges. In terms of heavy holdings, the top ten heavy holdings of the fund are Guizhou Maotai (600519.SH), Wuliangye, Mindray Medical (300760.SZ), Shanxi Fenjiu (600809.SH), Haida Group (002311.SZ), Gujing Gong Jiu (000596.SZ), Midea Group (000333.SZ), Luzhou Laojiao, Hikvision (002415.SZ), and China International Travel Service. Looking at the Jing Shun Chang Cheng Emerging Growth Mixed Fund, in the fourth quarter of 2024, the top ten heavy holdings of the fund remained unchanged, with reductions in holdings in Wuliangye, Luzhou Laojiao, and Chenguang Shares, and increases in holdings in Midea Group and China International Travel Service. During the reporting period, the net asset value growth rate of Jing Shun Chang Cheng Emerging Growth Mixed Fund's A and C shares was -9.85% and -9.92% respectively, and the performance benchmark yield was -3.79%. Furthermore, the quarterly report shows that Chenguang Shares have returned to the top ten heavy holdings of Jing Shun Chang Cheng's Excellent Growth Mixed Fund, while China International Travel Service has dropped out of the top ten holdings. In the quarterly report, Liu Yanchun pointed out that the timing and magnitude of this round of economic adjustment have exceeded expectations. Developing new quality productive forces and promoting the transformation and upgrade of the economic structure are the long-term directions we must adhere to, which is not contradictory to short-term demand-stimulus policies. Accelerating demand expansion, promoting income growth, and asset appreciation can help resolve the current debt risk, promote smooth economic transformation, and achieve high-quality growth. Liu Yanchun also mentioned that at present, policies are emphasizing stable growth and employment, and they also look forward to deeper reforms and redesigning the distribution of financial rights and responsibilities between the central and local governments, fully mobilizing the enthusiasm of local governments and various types of enterprises. They believe that the Chinese economy will definitely come out of the trough in 2025, and the value reassessment of the equity market will also start comprehensively.