On January 22, the Quanguo Fund's Director and General Manager Zhao Yi released the fourth quarter report for the Quan Guo Xuyuan Three-Year Holding Period Hybrid A Fund and the Quan Guo Xuyuan Three-Year Holding Period Hybrid C Fund. The quarterly report showed that in the top ten holdings, De Ye shares (605117.SH) entered the top ten holdings for the first time, while Yingliu shares (603308.SH), Enjie shares (002812.SZ), and Xinquan shares (603179.SH) saw an increase in holdings. In addition, Ningde Times (300750.SZ) and Luxun Precision (002475.SZ) were reduced, while Fulait and others exited the top ten holdings. Additionally, Zhao Yi observed that AI is starting to gradually change our lives. He stated that AI applications are becoming increasingly widespread in fields ranging from biology, chemistry, and defense industry to travel and daily life. This also means that there will continue to be investment opportunities from the hardware side to the application side. Specifically, as of the end of the reporting period, the net asset value per share of the Quan Guo Xuyuan Three-Year Holding Period Hybrid A Fund was 0.7508 yuan, with a growth rate of -2.76% during the reporting period compared to the benchmark's return rate of -0.85%. As for the Quan Guo Xuyuan Three-Year Holding Period Hybrid C Fund, the net asset value per share was 0.7442 yuan, with a growth rate of -2.86% during the reporting period compared to the benchmark's return rate of -0.85%. Regarding the top holdings, by the end of the fourth quarter, the Quan Guo Xuyuan Three-Year Holding Period Hybrid held major stocks such as Ningde Times (300750.SZ), Keda Li (002850.SZ), Meituan-W (03690), Tencent Holdings (00700), Luxun Precision (002475.SZ), Enjie shares (002812.SZ), Xinquan shares (603179.SH), Zhenxin Technology (300101.SZ), Yingliu shares (603308.SH), and De Ye shares (605117.SH). Comparing with the previous quarter's holdings, De Ye shares (605117.SH) entered the top ten holdings for the first time, while Yingliu shares (603308.SH), Enjie shares (002812.SZ), and Xinquan shares (603179.SH) saw an increase in holdings. In addition, Ningde Times (300750.SZ) and Luxun Precision (002475.SZ) were reduced, while Fulaite and others exited the top ten holdings. In the fourth quarter report, Zhao Yi stated that when high-quality companies go through rapid adjustments and enter a cost-effective stage, it provides an opportunity for gradually increasing the portfolio concentration and aggressiveness. Essentially, he hopes to select excellent companies and grow with them, so he will take a longer-term perspective on the companies he holds. Currently, the portfolio holdings are mainly concentrated in high-end manufacturing industries such as power equipment new energy, computers, electronics, machinery, defense industry, as well as stable growth and high dividend yield companies. In terms of industries, he mentioned that there are signs of recovery in the new energy and defense industries. For new energy, there is a trend of improvement in both supply-side restrictions and product prices and production arrangements. Capacity restrictions are leading to price increases and production remains steady even during the off-season. As for the defense industry, the release of new orders by companies indicates a gradual recovery in the industry. Overall, he will continue to focus on directions with "incremental" potential, such as technological advancements driving demand, opportunities in the new energy sector, domestic substitutions and filling gaps, particularly in high-end manufacturing industries like aviation engines and domestic computing power, as well as new demand areas like low-altitude economy and AI applications.