On October 24th, the three quarterly reports of four funds managed by Feng Mingyuan, the Deputy General Manager of Cinda Australia Fund and Manager of a hundred billion fund, were released. The funds included Cinda Australia New Energy Industry Stock Fund, Cinda Australia Research Preferred Fund, Cinda Australia Leading Intelligent Selection Fund, and Cinda Australia Intelligent Distant Fund. During the third quarter, Feng Mingyuan maintained the holding ratio of the electronic semiconductor industry in his portfolio. In terms of heavy positions, Zhaoyi Innovation, Sunlord Electronics, and Hengxuan Technology were among the top holdings in his managed funds. As of the end of the third quarter, except for the Cinda Australia Research Preferred Fund, the stock positions of the other three funds managed by Feng Mingyuan had all increased. The total size of the Cinda Australia New Energy Industry Fund, his prominent work, was 6.693 billion yuan, slightly higher than the previous quarter. Among the top ten heavy positions in Cinda Australia New Energy Industry Fund, Chongchuan Technology, Huaqin Technology, Anji Technology, Dianlian Technology, and Tonghuashun were newly added heavy positions. Similarly, five new stocks were added as heavy positions in Cinda Australia Leading Intelligent Selection Fund and Cinda Australia Research Preferred Fund compared to the Cinda Australia New Energy Industry Fund. Six new heavy positions were added in the three-year holding period Cinda Australia Intelligent Distant Fund, including Hengxuan Technology, Chongchuan Technology, Huaqin Technology, Dianlian Technology, Anji Technology, and Sitenway. The remaining heavy positions included Zhaoyi Innovation, Sunlord Electronics, Juchen Stock, and Hudong Technology. In the third quarter of this year, all four funds managed by Feng Mingyuan achieved a return of over 9%. The Cinda Australia New Energy Industry Fund had a net asset value growth rate of 9.49% during the quarter, compared to a performance benchmark yield of 13.84%, a difference of 4.35 percentage points. Looking back at the third quarter, Feng Mingyuan mentioned that the products under his management were mainly invested in the electronic, mechanical, computer, automobile, and new energy industries. He reiterated the focus on the electronic semiconductor industry in the third quarter, noting that the Chinese semiconductor industry has experienced a phase of de-stocking and price declines in the past two years. The industry is expected to see a mild recovery in the future. Feng Mingyuan also highlighted the challenges presented by the current global macroeconomic environment, including high US dollar interest rates and ongoing geopolitical and military conflicts. He stressed the importance of finding and holding excellent companies that can actively respond to new changes and challenges in this unfavorable global environment.