On April 21st, the fund managed by renowned fund manager Xie Zhiyu released its quarterly report. Taking the Xingquan He Run fund as an example, Xie Zhiyu made clear industry shifts in the first quarter. The most concentrated increase was in the chemical industry sector, with companies like JuHua Co., Hualu Hengsheng, and Boyuan Chemicals all ranking in the top ten. In the report, he explicitly stated that some chemical industry leaders "have experienced restructuring and differentiation and will once again move towards an upward trajectory." In addition, energy storage company Deye Stock and semiconductor equipment company Huahai-Qingke also saw significant increases in positions. In terms of performance, as of the end of the reporting period, the net asset value per unit of Xingquan He Run Hybrid Fund A was 2.0882 yuan, with a growth rate of 0.38% during the reporting period, while the benchmark return rate for the same period was -2.94%. For Xingquan He Run Hybrid Fund C, the net asset value per unit was 2.0765 yuan, with a growth rate of 0.23%, and the benchmark return rate was -2.94%. Specifically regarding holdings, the top ten major stocks held by Xingquan He Run Hybrid Fund were: JuHua Co., Jingchen Co., Zhongji Xuchuang, Contemporary Amperex Technology, Huahai-Qingke, Deye Stock, Lanqi Technology, Hualu Hengsheng, Boyuan Chemicals, and Han's Laser. Compared to the previous year's fourth quarter report, there were significant changes in the top ten major holdings of Xingquan He Run Hybrid Fund, with JuHua Co. rising to the top and significant increases in holdings. Companies like Huahai-Qingke also saw a jump in ranking, while others like Jingchen Co. saw slight increases in holdings. In terms of reductions, Zhongji Xuchuang saw a significant decrease in holdings, as did Contemporary Amperex Technology. Additionally, companies like GoerTek Inc., BiWin Semiconductor, Dongshan Precision, and Tonic Electronics no longer featured in the top ten major holdings list. Furthermore, regarding the performance of Xingquan He Yi Hybrid Fund, as of the end of the reporting period, the net asset value per unit of Xingquan He Yi Hybrid Fund A was 1.9281 yuan, with a growth rate of -0.39% during the reporting period, while the benchmark return rate was -2.90%. For Xingquan He Yi Hybrid Fund C, the net asset value per unit was 1.8589 yuan, with a growth rate of -0.54%, and the benchmark return rate was -2.90%. The top ten major holdings of Xingquan He Yi Hybrid Fund were: Innovent Biologics, JuHua Co., Shell-W, Jingchen Co., Nuocheng Jenhua, Zhongji Xuchuang, Contemporary Amperex Technology, Huahai-Qingke, Alibaba-W, and Deye Stock. Xie Zhiyu pointed out in the report that the market in the first quarter continued the investment style of the second half of the last 25 years, focusing on AI, with many investment opportunities in technology stocks. Despite the conflict in the Middle East causing significant fluctuations in commodity prices in March, the market's risk appetite has dropped significantly. Unlike during the Russia-Ukraine conflict in 2022, the year 2026 is in a period of technological revolution and industry policy support dividend rather than global economic downturn. While they may not be able to accurately predict when conflicts and wars will end or when the Hormuz Strait will reopen, most international black swans are just short-term disturbances in trading. Looking at the entire year, the rapid development of AI and the stabilization and recovery of the macro economy will be the main themes for the year, and the market will gradually become desensitized to conflicts and wars. Major CSPs are actively embracing the AI trend, and the continuously increasing capital expenditures are driving the super prosperity in AI hardware investment. Overseas electricity and storage shortages are becoming a common occurrence. In the fields of optical modules, storage, energy storage, and gas turbine industries, leading companies that can provide stable supply will continue to receive high premiums, with the supply-demand gap likely to be maintained long-term. In the technology sector, a batch of high-quality companies with global competitiveness is expected to rise in China, especially in the semiconductor equipment sector, which is highly anticipated. The fund focused on overseas computing power, semiconductor equipment, energy storage, and the chemical sector in the first quarter, expecting certain chemical industry leaders, after restructuring and differentiation, to move back towards an upward trajectory. The fund maintained a high position during the reporting period and will continue to track the trend of companies' core competitiveness over a longer period, continuously exploring investment opportunities brought by accelerating technological change and the reversal of industry prosperity.