The Zhitong Finance App learned that on April 22, Huitianfu Fund's “consumer male god” Hu Xinwei's operations for the first quarter were announced. As of the first quarter of 2024, Hu Xinwei's management scale was 36.416 billion yuan. Compared with 37.227 billion yuan at the end of the fourth quarter of 2023, the scale was reduced by 811 million yuan, a decrease of 2.18%. It represents the Fund Huitianfu consumer industry, earning 327 million yuan in the first quarter of 2024, an increase of 1,702 billion yuan compared to the 2024 Quarterly Report (-13.75). Shares account for 92.37% of the fund's total assets, a slight increase from 91.48% in the 2023 quarterly report.

During the reporting period, Huitianfu's top ten major stocks in the consumer industry included Kweichow Moutai (600519.SH), Luzhou Laojiao (000568.SZ), Shanxi Fenjiu (600809.SH), Wuliangye (000858.SZ), Haier Smart Home (600690.SH), Gujing Gongjiu (000596.SZ), Jinshiyuan (), Yasui Foods (Dow), and Midea Group (000333.SZ). 603369.SH 603345.SH 603198.SH

Compared to last year's quarterly report, only a new transfer was made to the Midea Group. Among them, the Huitianfu consumer industry mixed to increase the warehouses of Kweichow Moutai, Luzhou Laojiao, Yasjing Foods, Yingjiagongjiu, and Midea Group in the first quarter, and reduced the holdings of Shanxi Fenjiu, Wuliangye, Haier Smart Home, and Jinshiyuan. There was no change in Gujing Gongjiu's shareholding compared to the end of last year.

It is worth noting that the Huitianfu consumer industry clearly increased its positions with the US Group. This stock became the top ten new heavy-held stocks in the first quarter. Compared with the end of last year, the number of shares held in the first quarter increased by about 1.78 million shares.

Hu Xinwei said in the quarterly report that in the first quarter of 2024, the domestic consumer industry continued to show a weak recovery trend. Overall, consumer expectations were weak and consumer confidence was insufficient. However, the domestic consumer industry also showed some highlights in the first quarter, including a good consumer atmosphere during the Spring Festival and outstanding performance in some segments such as travel and domestic cosmetics. In the first quarter, the overall performance of the consumer sector also moderated and then improved. Before the Spring Festival, the market continued its pessimistic expectations for the Chinese economy and Chinese consumption since the fourth quarter of 2023, but with the relatively good performance of consumption data during the Spring Festival, the market's confidence in the consumer sector has recovered.

Overall, the consumer industry may need more time to get out of the bottom. Hu Xinwei believes that the valuations of many consumer companies already have some appeal. Furthermore, along with stock price adjustments, more and more consumer companies are also beginning to increase their dividends or repurchases to repay shareholders, and the bottom of value is gradually becoming prominent. Therefore, we focus on the medium to long term, and have maintained a relatively stable position structure as a whole. In the first quarter, we appropriately increased the allocation of industries such as food and beverage, household appliances, agriculture, forestry, animal husbandry and fishing.