On April 17, four funds under the Rayleigh Fund released their first-quarter report for 2024. Among the equity funds, the Rayleigh Growth and Value Mixed Fund did not achieve positive net returns in the quarter, while the other three funds all achieved positive returns. In the first quarter, well-known fund managers Fu Pengbo and Zhu Lin increased their holdings in companies benefiting from export chain growth and equipment substitution, as well as Hong Kong stocks. Zhao Feng increased holdings in attractive new energy companies with low valuations and stable fundamentals that can be expected. Specifically, in the first quarter, Fu Pengbo and Zhu Lin, who manage the Rayleigh Growth and Value Mixed Fund, maintained relatively high positions. Compared to the end of 2023, in the first quarter of this year, the Rayleigh Growth and Value Mixed Fund increased its holdings in Luxshare Precision (002475.SZ), Tencent Holdings (00700), Guanghui Energy (600256.SH), Maiway Co., Ltd. (300751.SZ), and Sinocare Inc. (300298.SZ), with Tencent Holdings newly entering the top ten heavy stock positions; while reducing holdings in China Mobile (00941), CATL (300750.SZ), Tongwei Co., Ltd. (600438.SH), Wanhua Chemical (600309.SH), and Oriental Yuhong (002271.SZ). Zhao Feng, who manages the Rayleigh Balanced Value Three-Year Holding Mixed Fund, increased holdings in CATL, Wanhua Chemical, Wisdom Environment (603568.SH), Meituan-W (03690), and PICC Property and Casualty (02328) in the first quarter, with Meituan-W and PICC Property and Casualty newly entering the top ten heavy stock positions; while reducing holdings in China Mobile, Tencent Holdings, Source Electrical (002028.SZ), Sinocare Inc., and CR Beer (00291). Compared to the previous quarter, in the Rayleigh Fund managed by Rao Gang and Hou Zhenxin, the top ten heavy stock positions in the Rayleigh Stable Progress Allocation Two-Year Holding Mixed Fund added ICBC (01398), Meituan-W, Baosteel Group (600019.SH), while China Mobile's holding proportion decreased to 7.92%, making it the largest heavy stock for the fund. China Shenhua (601088.SH), Yangtze Power (600900.SH), China Taibao (02601) exited the top ten heavy stock positions. It is worth noting that Fu Pengbo, Zhao Feng, and other managers have made significant changes to their holdings in the first quarter, mainly in terms of changes in the positions of previous heavy stocks, rather than individual stock changes. Specifically, Fu Pengbo and others reduced holdings in some companies with a net asset value ranking in the top 20, while increasing positions in energy stocks during a pullback, such as Guanghui Energy; Zhao Feng increased holdings in some new energy companies, such as CATL. Regarding the adjustments in holdings during the quarter, both Fu Pengbo and Zhao Feng based their decisions on the certainty of future growth for individual stocks. For example, Fu Pengbo pointed out in the quarterly report that he increased positions in companies benefiting from export chain growth, equipment substitution, and added Hong Kong stock positions, while Zhao Feng directly stated that companies with unattractive static valuations and uncertain future growth judgments were reduced. Looking ahead to the second quarter, in terms of equity investment, Fu Pengbo and others pointed out in the quarterly report that there are expected to be structural opportunities in the A-share market, with sector index valuations still below historical averages, and improvements in fundamentals and changes in the business environment may have a stronger and clearer guiding effect on investments throughout the year. Regarding bond allocation, Hou Zhenxin, the manager of the Rayleigh Stable Yield Enhanced 30-Day Fund, pointed out in the quarterly report that pure bond assets still have allocation value in the background of the downward trend in the overall risk-free rate in society, and given the relatively flat yield curve currently, structural opportunities in the medium and short ends are worth paying attention to.