Zhao Yiquan Fruit Fund Quarterly Report: Ningbo Deye Technology (605117.SH) newly entered the top ten heavy positions. AI technology revolution leading to new investment opportunities.

On January 22, the Quanguo Fund's director and general manager Zhao Yi, in charge of the Quanguo Xuyuan Three-Year Holding Period Mixed Fund A and Quanguo Xuyuan Three-Year Holding Period Mixed Fund C, released the fourth quarter report for 2024. The quarterly report shows that among the top ten heavily weighted stocks, Ningbo Deye Technology (605117.SH) entered the top ten holdings for the first time, while Anhui Yingliu Electromechanical (603308.SH), Yunnan Energy New Material (002812.SZ), Jiangsu Xinquan Automotive Trim (603179.SH) were added to the portfolio. Furthermore, Contemporary Amperex Technology (300750.SZ), Luxshare Precision Industry (002475.SZ) were reduced, and Flat Glass Group exited the top ten holdings. In addition, Zhao Yi also observed that AI is beginning to change lives gradually. He stated that from biology, chemistry, to military, travel, and daily life, the application of AI is increasingly widespread, which also means that investment opportunities will continue to appear from hardware to application side. Specifically, as of the end of the reporting period, the net asset value of Quanguo Xuyuan Three-Year Holding Period Mixed Fund A was 0.7508 yuan, with a growth rate of -2.76% during the reporting period, compared to a benchmark return rate of -0.85%. As of the end of the reporting period, the net asset value of Quanguo Xuyuan Three-Year Holding Period Mixed Fund C was 0.7442 yuan, with a growth rate of -2.86% during the reporting period, compared to a benchmark return rate of -0.85%. Regarding heavily weighted stocks, as of the fourth quarter, the top ten heavily weighted stocks of Quanguo Xuyuan Three-Year Holding Period Mixed Fund include Contemporary Amperex Technology (300750.SZ), Shenzhen Kedali Industry (002850.SZ), MEITUAN-W (03690), TENCENT (00700), Luxshare Precision Industry (002475.SZ), Yunnan Energy New Material (002812.SZ), Jiangsu Xinquan Automotive Trim (603179.SH), Chengdu (300101.SZ), Anhui Yingliu Electromechanical (603308.SH), Ningbo Deye Technology (605117.SH). Compared to the previous quarter's holdings, among the top ten heavily weighted stocks, Ningbo Deye Technology (605117.SH) entered the top ten holdings for the first time, while Anhui Yingliu Electromechanical (603308.SH), Yunnan Energy New Material (002812.SZ), Jiangsu Xinquan Automotive Trim (603179.SH) were added to the portfolio. Furthermore, Contemporary Amperex Technology (300750.SZ), Luxshare Precision Industry (002475.SZ) were reduced, and Flat Glass Group exited the top ten holdings. In the fourth quarter report, Zhao Yi stated that when high-quality companies undergo rapid adjustments and enter a cost-effective stage, it is an opportunity for him to gradually increase the concentration and aggressiveness of the portfolio. Essentially, he hopes to choose outstanding companies and grow together with them, so he will take a longer-term view of the companies in his holdings. Currently, the portfolio holdings are mainly focused on high-end manufacturing industries such as power equipment, new energy, computers, electronics, machinery, and military, as well as stable growth and high dividend yield companies. Regarding industries, he mentioned that there are signs of recovery in the new energy and military industries. For new energy, there are trends of improvement in supply constraints, product prices, and production scheduling, with prices beginning to rise while production remains active even during off-season periods. For the military industry, from the third-quarter contract liabilities to companies gradually announcing new orders, it indicates that the industry is starting to recover gradually. Overall, he will continue to focus on directions with "incremental" growth, including directions driven by technological advancements, expanding into new energy fields, domestic replacements, filling gaps, especially in high-end manufacturing such as aviation engines and domestic computational power, and directions with new demands like low-altitude economics and AI applications.