On April 19th, star fund manager Li Xiaoxing of YinHua Fund made a debut with the quarterly report of all managed fund products. By the end of the first quarter of 2024, Li Xiaoxing managed a total fund asset of 27.628 billion yuan, with the fund with the best performance in this quarter being the YinHua Xinyi Flexible Allocation Hybrid A, with a net asset value growth rate of -5.51%. Compared to the previous quarter, the top ten stocks of YinHua Xinyi Flexible Allocation Hybrid A added Zhongtong Express-W (02057), East Money (300059.SZ), Salt Lake Shares (000792.SZ), and China Minmetals (002738.SZ); among them, Huichuan Technology (300124.SZ) held a 4.09% position, becoming the top holding stock of the fund; Inner Mongolia Yili (600887.SH), Jiangfeng Electronics (300666.SZ), and Semiconductor International (688981.SH) exited the top ten holdings. The specific holdings are as follows: In the first quarter report of the fund, Li Xiaoxing pointed out that overall, after a period of adjustment, the secondary market has released most of the related risks. With the gradual improvement of the macroeconomic situation, he is not pessimistic about the overall market. By industry, Li Xiaoxing believes that the consumer industry will continue to face pressure from insufficient demand and increased competition, with accelerated differentiation among enterprises becoming the norm. However, compared to last year, due to low market expectations for the macroeconomy, after three years of valuation adjustments, most consumer stocks are currently at historically low valuation levels below 20%. In 2024, the consumer industry will exhibit a "low expectation, strong resilience" trend, where the "high-quality" factor will gradually come into play. Li Xiaoxing continues to favor high-end liquor, regional liquor leaders, leading home appliances, and growing leisure snacks and cosmetics in terms of investment opportunities. In the short term, the pharmaceutical sector may face pressure due to industry reasons and the high base of performance in the first half of last...Actuarial assumptions have a one-time impact on valuation. For real estate, although current sales are still adjusting, the pressure on year-on-year sales is gradually easing due to the decline in the base. Various cities are implementing policies tailored to their own circumstances, and there has been a significant relaxation in real estate policies, with a more positive outlook for large real estate companies with state-owned enterprise backgrounds.Coal prices have experienced two rounds of off-season pressure tests at the end of last winter and late summer last year. The stability of profits has been increasingly recognized by the market. As a result, valuation has broken free from the constraints of high profits for cyclical stocks to low valuations. In addition, the flattening of the yield curve in the bond market has led to a shortage of asset allocation. High dividend style assets have been continuously strengthened, and the coal sector has continued to strengthen in January and February under the support of strong fundamentals and policies. Li Xiaoxing believes that there will still be inflows of allocation-oriented funds in the short term, but he thinks that the elasticity and cost-effectiveness in the aftermath of the large rise in the short term are generally average. Non-ferrous metals benefit from the financial attributes and commodity attributes as the Federal Reserve approaches interest rate cuts. Among them, the financial attributes of the gold sector are strong, and they are the first to start in each cycle. This round is also influenced by the logic of the US dollar credit, and the gold price has risen relatively high in relation to real interest rates, posing uncertain risks. Since the beginning of last year, the global economy has transitioned from recession trading to soft landing/non-landing trading, and recently even to re-inflation trading. Industrial metals such as copper, aluminum, and tungsten, as well as logic for oil and petrochemicals, are smoother, with support on the supply side and higher cost-effectiveness. Black metals are mainly commodity attributes, and it is necessary to observe the pace of turnover between central and local governments in this year's de-leveraging process. They are generally in a state of undervaluation and there are opportunities for recovery in the future. In addition, during his tenure as the manager of the Yinhe Zhongxiao Small and Medium-sized Equity Selected Mixed Fund, Li Xiaoxing accumulated a return on investment of 90.45%, with an average annual return rate of 7.6%. During this period, the fund's holdings were turned over 114 times, with 73 profitable turnovers and a success rate of 64.04%. There were 5 times of doubling the returns, with a doubling rate of 4.39%. Looking at the latest holdings, Beifang Huachuang (002371.SZ) is the fund's largest holding, accounting for 6.96%; the other top ten holdings are Xinyuan Micro (688037.SH), National Micro (002049.SZ), Jingyi Equipment (688652.SH), Jinshan Office (688111.SH), Luxun Precision (002475.SZ), Focus Media (002027.SZ), 712 (603712.SH), Feilihua (300395.SZ), and Hikvision (002415.SZ).