On January 22, Zhu Shaoxing managed Guofu Tianhui Fund released the fourth quarter report for 2024. The report showed that by the end of 2024, the size of Guofu Tianhui Fund managed by Zhu Shaoxing had decreased to 25.659 billion yuan, a reduction of 3.592 billion yuan compared to the 29.251 billion yuan disclosed in the third quarter report. In terms of stock holdings, the number of shares held in companies such as Midea Group, Ningbo Bank, and CATL increased, while the number of shares held in companies like Luxshare Precision, Raytron Technology, and Spring Airlines decreased. Zhu Shaoxing expressed that currently, equity assets are in a good risk-reward range, and in the longer term, believes that the current difficulties will eventually find a way out. He believes that investors' choice to tolerate market fluctuations corresponds to the expected level of return. Based on the disclosed fourth quarter report, the net asset value growth rate for Fund Class A/B was -6.71%, Class C was -6.89%, and Class D was -2.14%. The benchmark return rate for the same period was -0.71% for Class A/B, -0.71% for Class C, and -0.37% for Class D. Specifically, the most significant change in the holdings was that Yilink Networks and LAXtech exited the top ten, while Jerry Shares and National Ceramic Materials entered the top ten. The top ten heavy holdings of Guofu Tianhui Fund by the end of the fourth quarter were Guizhou Moutai (600519.SH), Midea Group (000333.SZ), Ningbo Bank (002142.SZ), Spring Power (603129.SH), CATL (300750.SZ), Luxshare Precision (002475.SZ), Raytron Technology (300910.SZ), Spring Airlines (601021.SH), Jerry Shares (002353.SZ), and National Ceramic Materials (300285.SZ). Zhu Shaoxing believes that a series of macroeconomic policies in the fourth quarter have conveyed clear signals of a turning point. Market confidence has been significantly restored in the short term from a very low base. These policies will take some time to have a positive impact, and patience is necessary. Looking ahead, he believes that positive factors will eventually take effect. Despite the rapid recovery, the overall valuation of the A-share market still remains attractive in the long cycle. Currently, equity assets are in a good risk-reward range. He stated that in the future, he will continue to focus on finding value in high-quality stocks and concentrate on patiently collecting excellent companies with promising prospects, waiting for the realization of value creation by the companies themselves and the cyclical return of market sentiment at some point in the future. In terms of stock selection, the fund prefers to invest in companies with a good "corporate gene," well-structured corporate governance, and excellent management. He believes that such companies have a greater chance of creating value for investors in the future. Sharing the capital market returns brought by the company's own growth is the best way for growth funds to obtain returns.