On April 21, the four funds managed by Feng Mingyuan of Cinda Aoyu Fund disclosed their first quarter report for 2026. Based on the disclosed changes in the top holdings during the quarter, compared to the end of last year, the funds significantly reduced their holdings in consumer electronics and AI computing power related stocks, such as Goer Shares, and Zhongjixuchuang has exited the top ten positions. At the same time, the new energy sector has regained attention, with several funds including Enjie Shares, Defang Nano, and Putailai into new top holdings. Firstly, looking at the three-year holding mixed fund of Xing'ao Zhiyuan, the first quarter report of the fund shows that as of the end of the reporting period, for the A share class fund units: the net value of the fund units is 1.0358 yuan, and the cumulative net value of the units is 1.0358 yuan. The net value growth rate of the fund units during the reporting period is 2.86%, and the benchmark return rate for the same period is -2.34%. As of the end of the reporting period, for the C share class fund units: the net value of the fund units is 1.0186 yuan, and the cumulative net value of the units is 1.0186 yuan. The net value growth rate of the fund units during the reporting period is 2.75%, and the benchmark return rate for the same period is -2.34%. In terms of specific holdings, the top ten holdings of Xing'ao Zhiyuan's three-year holding mixed fund are as follows: Nanxin Micro (688052.SH), Enjie Shares (002812.SZ), Siruiqi (688536.SH), Huaqin Technology (603296.SH), Huahaiqingke (688120.SH),Changdian Technology (600584.SH), Defang Nano (300769.SZ), Putailai (603659.SH), Hunan Yuneng (301358.SZ), and Zhongjuxin (688549.SH). Among the top ten holdings, only Huaqin Technology and Huahai Qingke are retained from the end of last year, and both have experienced significant reductions. At the end of last year, Huaqin Technology was the fund's largest holding, and Goer Shares was the second largest holding, while Zhaoyi Innovation, Zhongjixuchuang, Zhongwei Company, and others also ranked among the top ten. Looking at the industry allocation at the end of last year, the fund's holdings were highly concentrated in the consumer electronics and AI hardware industry chain, while also laying out storage, optical modules, PCBs, and other AI computing power infrastructure segments. By the end of the first quarter of 2026, semiconductors were still the core allocation, but the focus had shifted from equipment and AI hardware to analog chips, packaging and testing, materials, and a significant amount of new energy lithium battery materials such as Enjie Shares, Defang Nano, Putailai, and Hunan Yuneng. This reshuffling direction is typical of all funds managed by Feng Mingyuan, with the top holdings of other funds showing a high degree of similarity in industry segmentation, with only a few differences in specific targets. Overall, the fund has slightly increased its allocation in separators, positive and negative electrode materials, etc., which aligns with the expectation of a rebound in the prosperity of the new energy lithium battery sector in the first quarter among most institutions. In addition, the holdings of three other funds, Cinda New Energy Industry Stock, Cinda Research Preferred Hybrid, and Cinda Leading Smart Selection Hybrid, are as follows: List of top ten holdings of Xing'ao New Energy Industry Stock List of top ten holdings of Xing'ao Research Preferred Hybrid List of top ten holdings of Cinda Leading Smart Selection Hybrid In the report, Feng Mingyuan pointed out that in the first quarter of 2026, the fund's holdings were mainly in the electronics, new energy, communication, and chemical industries. The emerging manufacturing companies invested by the fund involve AI computing power, lithium batteries, energy storage, semiconductors, and robotics related industries. The fund will continue to invest in China's emerging manufacturing sector, striving to share the era dividend of China's emerging manufacturing industry rise with investors. Since 2025, driven by a series of active fiscal and financial policies, China's securities market has shown an upward trend. New technologies such as AI, aerospace, and robotics are also developing vigorously, and the active industrial environment will be conducive to funds creating value for investors.