Soochow Great Wall Fund's Liu Yanchun released the quarterly report! Decreased holdings in Wuliangye Yibin (000858.SZ) and Shanghai M&G Stationery Inc. (603899.SH) back into the top ten.

On January 22, Jing Shun Chang Cheng disclosed the quarterly report of its products through Liu Yanchun. Overall, the quarterly report shows that there have been no significant changes in the top stock holdings, with reductions in holdings of Wuliangye Yibin (000858.SZ), Luzhou Laojiao (000568.SZ), China Tourism Group Duty Free Corporation (601888.SH), etc., and Shanghai M&G Stationery Inc. (603899.SH) returning to the top ten holdings. Taking Jing Shun Chang Cheng Dingyi, represented by Liu Yanchun, as an example, the size of the fund at the end of the fourth quarter of last year was 10.26 billion yuan. During the reporting period, the net asset value growth rates of Jing Shun Chang Cheng Dingyi's A and C class shares were -10.08% and -10.17% respectively, with a benchmark return of -1.49%. Among the top ten stock holdings of this fund in the fourth quarter, Liu Yanchun only reduced holdings of Wuliangye Yibin, Luzhou Laojiao, and China Tourism Group Duty Free Corporation, and did not make any increases or stock substitutions. In terms of top stock holdings, the top ten stock holdings of the fund are Kweichow Moutai (600519.SH), Wuliangye Yibin, Shenzhen Mindray Bio-Medical Electronics (300760.SZ), Shanxi Xinghuacun Fen Wine Factory (600809.SH), Guangdong Haid Group (002311.SZ), Anhui Gujing Distillery (000596.SZ), Midea Group Co., Ltd (000333.SZ), Luzhou Laojiao, Hangzhou Hikvision Digital Technology (002415.SZ), and China Tourism Group Duty Free Corporation. Looking at the Jing Shun Chang Cheng Emerging Growth Mixed Fund, in the fourth quarter of 2024, there were no changes in the top ten stock holdings, with reductions in holdings of Wuliangye Yibin, Luzhou Laojiao, and Shanghai M&G Stationery Inc., and increases in holdings of Midea Group Co., Ltd and China Tourism Group Duty Free Corporation. During the reporting period, the net asset value growth rates of Jing Shun Chang Cheng's Emerging Growth Mixed Fund's A and C class shares were -9.85% and -9.92% respectively, with a benchmark return of -3.79%. Furthermore, the quarterly report shows that Shanghai M&G Stationery Inc. has returned to the top ten stock holdings of Jing Shun Chang Cheng's Excellent Growth Mixed Fund, while China Tourism Group Duty Free Corporation has exited the top ten holdings. Liu Yanchun pointed out in the quarterly report that the current round of economic adjustments has exceeded expectations in terms of time and extent. Developing new quality production forces and promoting the transformation and upgrading of economic structure are long-term directions that we must adhere to, which is not contradictory to short-term demand stimulus policies. Accelerating demand expansion, promoting income growth, and asset appreciation are necessary to alleviate current debt risks, promote a smooth economic transition, and achieve high-quality growth. Liu Yanchun also mentioned that at this stage, policies have placed more emphasis on stable growth and employment. We also look forward to deeper reforms, redesigning the allocation of fiscal and administrative powers between the central and local governments to fully mobilize the enthusiasm of local governments and various enterprises. We believe that the Chinese economy will definitely come out of the trough in 2025, and the road to reevaluating the value of the equity market will also be fully opened.