On October 25, four public funds under Ruifeng Fund disclosed their third quarter report for 2024. Overall, as of the end of the third quarter of 2024, the total assets under management of the four public funds under Ruifeng amounted to 42.764 billion yuan, an increase of 2.386 billion yuan from the second quarter. Specifically, as of the end of the third quarter, the net asset value per share of Ruifeng Growth Value Hybrid Fund managed by Fu Pengbo and Zhu Lin was 1.2256 yuan, with a growth rate of 10.88% during the reporting period, compared to a benchmark return of 12.61%. By the end of the reporting period, the net asset value per share of Ruifeng Growth Value Hybrid Fund C was 1.1989 yuan, with a growth rate of 10.77%, compared to a benchmark return of 12.61%. In terms of changes in holdings, Xinzhoubang (300037.SZ) entered the top ten holdings of the fund, while Haijia Medical (06078) exited the top ten holdings. In the third quarter, the fund continued to increase its holdings in Guanghui Energy (600256.SH) and Sinocare (300298.SZ), while collectively reducing its holdings in CATL (300750.SZ), China Mobile (00941), Tencent Holdings (00700), Luxshare Precision (002475.SZ), Juxing Technology (002444.SZ), Maaiwei (300751.SZ), Wanhua Chemical (600309.SH). Zhao Feng, who manages the Ruifeng Balanced Value three-year holding mixed fund, continued to reduce holdings in power grid equipment companies, slightly reduce holdings in communication operators, and increase holdings in consumer-related companies and insurance companies. Specifically, in the third quarter, Tencent Holdings, China Mobile, China Pacific Insurance (02328), etc., were reduced, while Ningde Times, Wanhua Chemical, Sinocare, and Weiming Environmental Protection were increased. China Ping An (601318.SH) entered the top ten largest holdings, while Siyuan Electric (002028) exited the top ten largest holdings. Compared to the previous quarter, the top ten holdings of Ruyuan Stable Investment Allocation Fund, managed by Raogang and Hou Zhenxin, for a two-year holding period, added Wanhua Chemical, YTO Express (600233.SH), Conch Cement (600585.SH) and China Taibao (02601); China Mobile remained the largest holding with a 6.55% share. Sanfeng Environment (601827.SH), ICBC (01398), Tonglian Precision (688210.SH), Baosteel (600019.SH) exited the top ten largest holdings. Additionally, as of the end of the third quarter, the net asset value per share of Ruifeng Stable Yield Enhanced 30-Day Bond Fund A managed by Hou Zhenxin was 1.0655 yuan, with a growth rate of 2.69% during the reporting period, compared to a benchmark return of 2.59%. By the end of the reporting period, the net asset value per share of Ruifeng Stable Yield Enhanced 30-Day Bond Fund C was 1.0622 yuan, with a growth rate of 2.61%, compared to a benchmark return of 2.59%. In terms of holdings, the fund mainly reduced its holdings in China Mobile, Tencent Holdings, CATL, Moutai, Weiming Environmental Protection, China Pacific Insurance, while increasing its holdings in Sanfeng Environment. China Ping An and China Taibao entered the top ten largest holdings, while ICBC and Tonglian Precision exited the top ten largest holdings. Fu Pengbo and Zhu Lin explained in their third quarter report that they have more or less reduced holdings in some companies in the portfolio: on the one hand, after the rapid rise in the market, the valuation of some companies has risen too fast, and the short-term fundamentals do not quite match it. On the other hand, for some of the holding companies, whether the market starts or not, they have made plans to reduce positions, and the market in September provided trading opportunities. They hope that by making adjustments, they can reserve some positions for future market opportunities to increase positions and layout when necessary. Taking into account their analysis, Fu Pengbo and Zhu Lin believe that after the short-term market fluctuations, most sectors are not in a very cheap position where opportunities are abundant. This is because, for example, in the manufacturing and materials companies, many have experienced significant declines in the prices and profits of their main products, and the stock price adjustments largely reflect this contraction, bringing valuations to a reasonable level for this stage. Fundamentals and valuations are always the key to improving odds and win rate, whether in a bull market or a bear market, they are the anchor for stock selection. Looking ahead, Hou Zhenxin stated that with a series of recent growth-stabilizing policies being implemented, market concerns about the medium to long-term economy have eased, which has driven rapid risk premium recovery in the stock market. High dividend stocks and leading companies in quality industries remain the focus of the Ruifeng Stable Yield Enhanced 30-Day Bond Fund. In the longer term, both can provide decent intrinsic returns. In terms of bonds, with loose monetary conditions still in place, structural opportunities in the medium to short end still deserve attention. Future fiscal policies still have significant incremental potential to land, and market pricing will transition from the policy turning point period to the policy verification period. The long-term interest rate trend is still uncertain and needs to be gradually tracked and verified in the future.