On October 25, Qiaoqian's Xingquan Business Model Preferred Mixed Securities Investment Fund disclosed the third quarter report for 2024. Overall, in the third quarter, the stock position of the Xingquan Business Model Fund was adjusted, with China Ping An (601318.SH) rising to become the top holding of the Xingquan Business Model from the end of the second quarter, while Ningde Times (300750.SZ) dropped out of the top ten. He stated that with the introduction of macroeconomic policies, many industries that had previously experienced significant asset devaluation due to extreme pessimistic expectations still have room for recovery, and the fund has made more positive allocations. At the same time, Siyuan Electric (002028.SZ) and BlueScope Technology (300433.SZ) entered the top ten holdings. Dongfang Electronics (000682.SZ) and oats Technology (688312.SH) increased their holdings by 6.3945 million shares and 1.098 million shares respectively, while the fund reduced its holdings of 211,800 shares of Mikel Weil (603713.SH). As of the end of this reporting period, the net asset value per share of the Xingquan Business Model Mixed (LOF) Fund was 3.369 yuan, with a growth rate of 9.78% for this reporting period and a benchmark return rate of 13.06% for the same period. In terms of holdings, as of the end of the third quarter, the top ten holdings of the Xingquan Business Model Mixed Fund were: China Ping An (601318.SH), Luxun Precision (002475.SZ), Taige Medical (300347.SZ), Siyuan Electric (002028.SZ), Pengding Holdings (002938.SZ), BlueScope Technology (300433.SZ), Desai Siwei (002920.SZ), Jingchen Shares (688099.SH), Yuyue Medical (002223.SZ), Mikel Weir (603713.SH). In the third quarter report, Qiaoqian stated that there was a significant market volatility in the third quarter. In July and August, domestic macroeconomic data declined, investor sentiment was low, the market experienced a double downgrading of profit expectations and valuations, and risk appetite accelerated to decrease, further exacerbating structural differentiation in industries. At the end of September, positive macroeconomic policies effectively improved market confidence. Consequently, the market quickly recovered under the logic of extreme pessimism, with improved economic fundamentals and liquidity expectations, leading to a recovery in investor risk appetite and a return of market valuations to levels closer to the long-term fundamental levels. During the reporting period, the fund's equity positions remained stable. He stated that he still believes that long-term returns require attention to both fundamentals and valuations, and after a rapid rise in the market, they will focus more on the ability of companies to match the fundamentals after macroeconomic corrections and the potential range of fluctuations they may face, making more positive evaluations and adjustments. In terms of growth industries, he continues to hold a positive attitude towards the growth potential of non-linear demand stimulated by technological innovation improving social efficiency, maintaining an overweighting of industries related to consumer electronics and the semiconductor chain. Overall, he believes that it is necessary to continue to adhere to a bottom-up selection of stocks for the long term, while also considering changes in medium-term and macro factors as important background considerations, emphasizing the pricing protection of stocks, in order to grasp the long-term as much as possible in an environment with many short-term uncertainties, and strive to obtain greater certainty of income.