On April 18th, the first quarter report of GF Small Cap Growth Hybrid Fund managed by Liu Gesong, Deputy General Manager of GF Fund, was disclosed for the year 2024. As of the end of the first quarter of 2024, the net asset value of GF Small Cap Growth Hybrid Fund was 6.601 billion Yuan, a decrease of 751 million Yuan from the end of 2023, a decrease of 10.21%. In the quarterly report, Liu Gesong stated that in the first quarter of 2024, after a significant downturn, the market rebounded, with pessimism in the market showing significant performance at the beginning of February, followed by a gradual rebound and a return of market sentiment to a rational range. The prices of most high-quality assets also gradually recovered after an excessive reaction to pessimistic expectations. In terms of returns, in the first quarter of 2024, the net asset value growth rate of Class A shares of GF Small Cap Growth Hybrid Fund was -10.81%, while that of Class C shares was -10.91%, and the benchmark return rate for the same period was -6.56%. In terms of holdings, by the end of the first quarter, the stock position of Class A was 90.86%, a further increase from 89.55% at the end of 2023. Among them, the top ten holdings accounted for 56.53% of the fund's net assets, slightly lower than 60.04% at the end of 2023. The top ten overweight stocks were Sailesi (601127.SH), Shengbang (300661.SZ), Folate (601865.SH), Deyi (605117.SH), Jinlang Technology (300763.SZ), JA Solar (002459.SZ), Yiwei Lithium Energy (300014.SZ), Pulete (002324.SZ), Western Superconducting (688122.SH), and Jianghuai Automobile (600418.SH). In terms of changes in holdings, Deyi and Jianghuai Automobile entered the top ten overweight stock list for the first time, accounting for 5.63% and 4.05% of the fund's net assets respectively. Deyi entered the top ten overweight stocks for the first time, while Longi Green Energy and Zhuoshengwei exited the top ten overweight stocks. Regarding the changes in holdings, Liu Gesong stated that photovoltaic and related industry targets with heavy positions in the fund have shown continuous improvement in profitability and industry competitiveness in the annual report. At the same time, the industry terminal shows a warming trend, therefore remaining optimistic about the photovoltaic industry chain. Liu Gesong remains optimistic about the stimulating effect of policies on the demand for new energy vehicles and consumer electronics terminals, and thus maintains a certain allocation of positions in the new energy vehicle and semiconductor industries. Liu Gesong pointed out that China is currently undergoing a phase of economic structural change, and industries with Chinese advantages, clear autonomy, and product strength are expected to make greater contributions to economic development. In addition, with policies emphasizing and supporting the development of new quality productivity, confidence in the subsequent economic structural transformation is gradually increasing.