On January 21st, the quarterly report of products managed by Xie Zhiyu under the Xingzheng Global Fund was released. By the end of 2024, Xie Zhiyu managed a total of three funds with a cumulative management scale of over 37 billion yuan, showing a slight decrease compared to the previous period. Overall, there were significant changes in the holdings of Xie Zhiyu's products in the fourth quarter, with Xiaomi Group-W (01810) becoming one of the top ten new holdings in Xingquan He Yi Mixed and Xingquan Social Value Three-Year Holding Mixed. It immediately became the largest holding stock; Luxshare Precision (002475.SZ) also saw a significant increase in holding, becoming the largest holding stock in Xingquan Herun Mixed. Looking at the flagship fund Xingquan Herun Mixed Type Fund (LOF), by the end of this reporting period, the net asset value of Xingquan Herun Mixed Fund was 1.5327 yuan, with a growth rate of -0.09% for this reporting period and a benchmark return rate of -0.74%. In terms of holdings, compared to the previous quarter, the fund added Hengxuan Technology (688608.SH), Blue Thinking Technology (300433.SZ), Pengding Holdings (002938.SZ), and Haida Group (002311.SZ) to the top ten holdings. It is worth noting that the fund increased its holdings of Luxshare Precision by 9.3243 million shares, making it the largest holding stock. Lanqi Technology (688008.SH), Crystal Optoelectronics (002273.SZ), and others have exited the top ten holdings. Looking at the Xingquan Social Value Three-Year Holding Mixed Fund, by the end of this reporting period, the net asset value of the fund was 1.3798 yuan, with a growth rate of 1.17% for this reporting period and a benchmark return rate of -1.10%. In terms of the top ten holdings, Xiaomi Group-W (01810) saw a significant increase in holdings, becoming the largest holding stock in the fund. In addition to Xiaomi, there were new entries like Juha Shares (600160.SH), Alibaba-W (09988), SMIC (00981), Kingdee International (00268), Joyy Company (02400), while Lanqi Technology and six other stocks exited the top ten. Lastly, looking at Xingquan He Yi Mixed, by the end of this reporting period, the net asset value of Xingquan He Yi Mixed A was 1.4010 yuan, with a growth rate of -1.20% for this reporting period and a benchmark return rate of -1.53%; while Xingquan He Yi Mixed C's net asset value was 1.3611 yuan, with a growth rate of -1.36% for this period and a benchmark return rate of -1.53%. The top ten holdings of Xingquan He Yi Mixed were Xiaomi Group-W, Ningde Times (300750.SZ), Jingchen Shares (688099.SH), Haier Smart Home (600690.SH), Gao Wei Electronics (01415), Luxshare Precision, Juha Shares, Hengxuan Technology, Alibaba-W, and SMIC. Compared to the previous quarter, the fund added Xiaomi Group-W, Juha Shares, Hengxuan Technology, Alibaba-W, and SMIC to the top ten holdings; Xiaomi Group-W accounted for 6.16% of the holdings, becoming the largest holding stock in the fund; companies like Lanqi Technology, Crystal Optoelectronics, and Bull Group exited the top ten holdings. In the report, Xie Zhiyu stated that China's macroeconomic policy direction shifted at the end of the third quarter, with improved market liquidity and risk appetite in the stock market. In the fourth quarter, with the gradual introduction of macroeconomic counter-cyclical policies, the fundamentals of domestic industries such as automobiles and home appliances stabilized. On the other hand, external trade still faced a relatively complex environment, with companies in the export chain expected to be under pressure. In terms of technological innovation, the application of AI is driving expectations for the technology industry, with sectors like electronics and computers performing well in the fourth quarter. Xie Zhiyu pointed out that during the reporting period, the fund maintained a relatively high position, continuously exploring the industrial chains of AI, semiconductors, new energy vehicles, and home appliances. In the future, they will continue to seek out companies with long-term growth value and strive to find excellent companies with good investment value.