Recently, the third quarterly report of Wan Jia Industry Preferred Hybrid Fund (LOF) managed by Huang Xingliang under Wan Jia Fund was announced. Among them, Shenxin Fu (300454.SZ) accounted for 9.8% of the portfolio, making it the largest holding stock in the fund. In the third quarter, Huang Xingliang mainly reduced holdings of certain chip and pharmaceutical stocks that had increased significantly in the short term, and accordingly increased holdings of companies that continued to decline, with further cost-effectiveness. As of the end of the quarter, the fund's holdings mainly included industries such as semiconductors, software, pharmaceuticals, and robotics. It is understood that Huang Xingliang joined Wan Jia Fund Management Co., Ltd. in November 2018 and is currently a fund manager in the equity investment department. He has previously served as a researcher and senior researcher in the investment research department of JYS Schroders Global Fund Management Co., Ltd., and as a senior researcher and fund manager in the investment department of Guotai Junan Fund Management Co., Ltd. As of the end of the third quarter, the net asset value of Wan Jia Preferred Fund managed by Huang Xingliang was 0.8818 yuan, with a growth rate of 24.20% in the reporting period, and a benchmark return rate of 13.10% during the same period. Specifically, as of the end of the third quarter, the top ten largest holdings of Wan Jia Industry Preferred Hybrid Fund were: Shenxin Fu (300454.SZ), Cambricon (688256.SH), Yonyou Network (600588.SH), Shengbang Share (300661.SZ), BeiGene (688235.SH), Surplus Comm (688536.SH), BGI Genomics (300676.SZ), iFLYTEK (002230.SZ), Zhongwei Company (688012.SH), and BYD (002594.SZ). Among them, the top ten largest holdings of the fund remained unchanged, with Shenxin Fu rising from the fourth largest holding to the largest holding of the fund. Huang Xingliang also increased positions in iFLYTEK, Yonyou Network, and Surplus Comm in the third quarter. On the other hand, Huang Xingliang reduced holdings in BGI Genomics, Cambricon, and other stocks. In the report, Huang Xingliang pointed out that the biggest change in the market occurred at the end of the third quarter. In the week following the Fed's interest rate cut, a series of domestic policies were issued, including monetary easing, adjustments to real estate policies, and strengthening of stock market support policies, which quickly boosted investor enthusiasm and led to a rapid market rebound. Previously, investors' expectations were overly pessimistic, but the policies implemented now show the determination of the top leaders to stabilize the market, restoring confidence in macro policies. If these policies can be implemented in the future and economic expectations can bottom out and recover, the market's uptrend will be more sustainable. The Wan Jia Preferred Fund portfolio has not changed much, mainly reducing holdings of certain chip and pharmaceutical stocks that had increased significantly in the short term, and accordingly increasing holdings of companies that continued to decline, with further cost-effectiveness. As of the end of the quarter, the fund's holdings mainly included industries such as semiconductors, software, pharmaceuticals, and robotics. If market confidence and risk appetite continue to rise, it will benefit the performance of growth styles.