Wells Fargo Foundation's Zhu Shaoxing invests in Mindray Healthcare and Ruifeng New Materials to significantly increase its holdings in Chunfeng Power

As of the end of 2023, Zhu Shaoxing's latest management scale was 28.34 billion, down from the end of the third quarter. Information on heavy stocks of products managed by the company revealed that in the fourth quarter of 2023, the top ten major stocks were newly added to Mindray Healthcare and Ruifeng New Materials, drastically increasing their holdings in Chunfeng Power, increasing holdings in Lixun Precision, Jinyu Medical, Sinocera Materials, and Kweichow Moutai; and reducing positions of Jinrui Shares, Hualu Hengsheng, and Bank of Ningbo.

In the 4th Quarterly Report, Zhu Shaoxing said that the current overall valuation of the A-share market is in a very attractive position in the long cycle, and equity assets are currently in a good risk-return range. In terms of a longer period of time, we believe that the many difficulties we are currently facing will eventually find solutions.

Zhu Shaoxing reiterated his view on the phased nature of the market: “We do not have the reliable ability to accurately predict short-term market trends. Instead, we focus our energy on patiently collecting outstanding companies with great prospects and waiting for the company's own value creation to be realized and market sentiment periodically returns at some point in the future.”

Oriental FundZhou Siyue fromLiquor switched to photovoltaics, companies such as Shigecura High Test Co., Ltd., and Yubang New Materials

As of the end of 2023, Zhou Siyue's latest management scale was 1,326 billion yuan. Information on heavy stocks of products managed by the company revealed that in the fourth quarter of 2023, heavy stocks were reshuffled, shifting from Qingyisheng Liquor stocks to PV stocks, and heavy positions were placed on many stocks such as High Test Shares, Yubang New Materials, Goodway, and Oujing Technology. Longji Green Energy became the largest stock in the development of the Runner-up Fund in the Eastern region.

Eastern Regional Development won the runner-up in active equity funds in 2023, and the holding style has changed frequently in the past two years. In 2023, the Oriental region developed a heavy TMT position in the first quarter, then switched to the liquor circuit in the second quarter. It continued to implement defensive ideas in the third quarter, did not adjust its position structure, and switched its investment focus to PV stocks in the fourth quarter.

In the 4th Quarterly Report, when talking about why the PV circuit is being relegated, Zhou Siyue said that the new energy sector, especially the photovoltaic industry, is representative of potential shortfalls and full price in. In the future, as performance shortfalls are implemented, it is expected that the next stage of marginal improvement expectations will be further confirmed. The suppressing factors at the fundamental level after the sharp drop in stock prices are already very low.

Jingshun Great WallLiu Yan Chun DaIncreased holdings of Shanxi Fenjiu and reduced holdings of Luzhou Laojiao and Kweichow Moutai

As of the end of 2023, Liu Yanchun's latest management scale was 58.335 billion yuan. Disclosure of information on heavy stocks of products managed by the company. In the fourth quarter of 2023, the top ten major stocks sharply increased their holdings in Fenjiu, Shanxi, and increased their holdings of Mindray Healthcare; reduced their holdings in Luzhou Laojiao, Kweichow Moutai, Wuliangye, Gujing Gongjiu and China.

Liu Yanchun said that the four-quarter portfolio was relatively stable, and business models, resource endowments, and development potential are still key indicators.

Looking ahead to 2024, Liu Yanchun believes that the first quarter is a critical point in time, and we may see the effects of policies tilting towards steady growth. In the 4th Quarterly Report, Liu Yanchun said that China issued an additional 1 trillion treasury bonds in the fourth quarter and transferred payments to local governments for infrastructure investment, resulting in actual investment expenditure expected in the first quarter of 2024; the US is expected to begin a cycle of interest rate cuts in 2024, and China's monetary policy space will further open up. Be patient and wait for the reversal.

Xingzheng Global FundXie ZhiyuEntering Tongfu Microelectronics, New Industries, and the Ningde Era, reducing Hikvision holdings

As of the end of 2023, Xie Zhiyu's latest management scale was 39.595 billion yuan. Xing Quan Helun and Xing Quan Hui managed by Xie Zhiyu. The scale as of the end of 2023 was 23.076 billion yuan and 14.505 billion yuan respectively, down from the end of the third quarter. Xingquan Herun's stock position rose slightly, and the yield for the fourth quarter outperformed the performance comparison benchmark.

Information on heavy stocks of products managed by the company revealed that in the 4th quarter of 2023, heavy stocks were newly entered into Tongfu Microelectronics, New Industries, and the Ningde Era; holdings of Hikvision were drastically reduced; positions were increased in Jingchen shares, Kuaishou, Haier Smart Home, Lanqi Technology, Meihua Biotech, and San'an Optoelectronics.

In the 4th Quarterly Report, Xie Zhiyu said that stock positions were relatively stable in the fourth quarter. In the future, he will continue to select individual stocks, explore the company's long-term growth value, and continue to search for excellent companies with good investment and cost performance.

China-Europe FundZhou Wei Wen XinJoined Sany Heavy Industries and substantially increased its holdings in Wen's shares and Lixun Precision

As of the end of 2023, Zhou Weiwen's latest management scale was 39.315 billion yuan. The latest scale of the China-Europe New Trend Hybrid (LOF) managed by Zhou Weiwen is 5.775 billion yuan. The fund's stock position rose sharply to 93.08% from 86.47% at the end of the third quarter.

Zhou Weiwen joined Sany Heavy Industries in the first ten major stocks in the fourth quarter of 2023, drastically increasing his holdings of Wen's shares, Lixun Precision, Wanhua Chemical, and Superstar Agriculture and Animal Husbandry; Kakura Muyuan Co., Ltd., China Shipbuilding, and Kweichow Moutai; and reducing his holdings in Spring Airlines and Ningde Era.

Zhou Weiwen is confident about macroeconomic improvements and the future direction of the A-share market. He said that in 2024, we believe the pace of continuous macroeconomic improvement will not stop. After the expectations of entrepreneurs and residents and related budgets are adjusted, the economy may stabilize after a period of time. The A-share market, which has been continuously adjusted, may present a good opportunity to buy stocks with long-term value.

Fu Pengbo, Ruiyuan FundXinjinmai took shares and drastically reduced holdings of Sanan Optoelectronics and China Mobile

As of the end of 2023, Fu Pengbo's latest management scale was 20.796 billion yuan. Information on heavy stocks of products managed by the company revealed that in the fourth quarter of 2023, the top ten major stocks were newly added to shares, increasing holdings of Guanghui Energy, Ningde Times, and Dongfang Yuhong; drastically reducing holdings of San'an Optoelectronics, China Mobile, and Lixun Precision, and reducing positions in Tongwei Shares, Wanhua Chemical, and Sannuo Biotech.

In the 4th Quarterly Report, Fu Pengbo said that looking ahead to 2024, it is likely that the profits of listed companies will bottom out and recover. Most industries have recovered their price/performance ratio after nearly 3 years of correction in valuation, and investment opportunities are more attractive. In the long run, industrial upgrading is the main driver of economic development, and improving the product power of local consumer brands is fundamental to expanding the domestic consumer market.