Recently, the famous fund manager Jiao Wei under YinHua Fund disclosed the first quarterly report of his products. As of the end of the first quarter of 2024, the net value of YinHua Wealthy Theme Hybrid A was 4.2726 yuan, with a net asset value growth rate of 9.41% during the period. Jiao Wei pointed out that in the first quarter, they made allocations in the pig farming industry and properly allocated assets to expand profits in industries such as white goods, textiles, and clothing. Currently, the cost-effectiveness of the food and beverage industry is highlighted, and they will focus on this sector. Looking at YinHua Wealthy Theme Hybrid A managed by Jiao Wei with the longest management time, in terms of holding adjustments, compared to the fourth quarter of 2023, they increased holdings in companies like CNOOC (600938.SH), China Mobile (600941.SH), and Midea Group (000333.SZ), while reducing holdings in Kweichow Moutai (600519.SH), Shanxi Fenjiu (600809.SH), and China Shenhua (601088.SH). Among them, CNOOC rose to become the top position in terms of holding, with the percentage of holdings changing from 8.04% to 8.24%, and China Mobile also rose to the second largest position in terms of holding, with the percentage changing from 8.04% to 8.05%. It is worth noting that Kweichow Moutai (600519.SH) fell from the top position in terms of holding to the sixth, with the percentage of holdings reducing from 8.18% to 6%, while Shanxi Fenjiu (600809.SH) dropped to the third largest position in terms of holding, with the percentage changing from 8.13% to 7.68%. In terms of fund performance, as of the end of this reporting period, the net asset value of YinHua Wealthy Theme Hybrid A Fund was 4.2726 yuan, with a net asset value growth rate of 9.41% during the reporting period; as of the end of this reporting period, the net asset value of YinHua Wealthy Theme Hybrid C Fund was 4.2535 yuan, with a net asset value growth rate of 9.25% during the reporting period; the benchmark return rate was 2.94%. Moving on to YinHua Wealthy Food and Beverage Selective Hybrid Fund, in terms of holding adjustments, compared to the fourth quarter of 2023, they increased holdings in companies like Wenshi Stock (300498.SZ) while reducing holdings in Kweichow Moutai, Shanxi Fenjiu, and Yingjia Gongjiu (603198.SH). Wuliangye (000858.SZ) and Yili Stock (600887.SH) became new top ten holdings of the fund, while Tangrenshen (002567.SZ) and Tiankang Biotech (002100.SZ) exited the top ten holdings. It is worth noting that Wenshi Stock received significant increases in holdings, with the number of shares held rising from 982,300 to 1,731,700, and the ownership percentage jumping to 6.59%. In terms of fund performance, as of the end of this reporting period, the net asset value of YinHua Wealthy Food and Beverage Selective Hybrid LOF A Fund was 0.6705 yuan, with a net asset value growth rate of -1.19% during the reporting period; as of the end of this reporting period, the net asset value of YinHua Wealthy Food and Beverage Selective Hybrid LOF C Fund was 0.6568 yuan, with a net asset value growth rate of -1.40% during the reporting period; the benchmark return rate was -0.94%. Finally, looking at YinHua Wealthy Selective Hybrid Fund, in terms of holding adjustments compared to the fourth quarter of 2023, Wuliangye rose to become the largest position in terms of holding, while Kweichow Moutai fell from the top to the second position, but there was no significant change in their holdings. Yingjia Gongjiu received significant increases in holdings, with the number of shares held rising from 954,700 to 1,200,300, and the ownership percentage rising from 3.08% to 4.05%. It is worth noting that BYD (002594.SZ) and Shanxi Fenjiu became new top ten holdings of the fund, while Yifang Pharmacy (603939.SH) and Tongrentang (600085.SH) exited the top ten holdings. In terms of fund performance, as of the end of this reporting period, the net asset value of YinHua Wealthy Selective Hybrid A Fund was 0.5941 yuan, with a net asset value growth rate of -3.19% during the reporting period; as of the end of this reporting period, the net asset value of YinHua Wealthy Selective Hybrid C Fund was 0.5861 yuan, with a net asset value growth rate of -3.33% during the reporting period; the benchmark return rate was 0.73%. In the report, Jiao Wei pointed out that the market trend in the first quarter of 2024 showed a deep V pattern, with a significant adjustment followed by a large rebound. YinHua Wealthy Fund for the food and beverage industry mainly focuses on the upstream and downstream industries of food and beverage, including food and beverage, agriculture, and other consumer industries. Similar to the performance of stock prices, market expectations for consumption also experienced a V-shaped reversal with the super-expected data during the Spring Festival season, from a period of excessive pessimism before the Spring Festival to a gradual recovery of expectations after the outstanding Spring Festival data. Currently, there is cautious optimism about consumer spending for the whole year, and even though the sales data may not be particularly good, confidence is gradually being restored as economic data improves, and the bottom may have already appeared. The main adjustments and operations in the first quarter included, firstly, in the liquor sector they made some tactical operations. After field visits to the liquor sales in Jiangsu, Anhui, and other places in January, they appropriately reduced holdings and allocations, and after the data exceeded expectations post-Spring Festival and prices stabilized, they made some additional purchases, but because the response time was not timely enough, they were still affected in January. Although the liquor sales performance in 2024 may not be very good, the inventory pressure has eased under the super-expected sales performance during the Spring Festival, so as long as demand remains stable, the ability of liquor companies to control the pace for the whole year will be enhanced. Currently, the valuation cost-effectiveness of liquor is reflected, at least the issue of making money on performance is not a problem. The trend of concentration and differentiation in the liquor industry is becoming more and more obvious, with the industry possibly consolidating from the top 20 to the top 5, so the overall performance of the industry and the performance of excellent individual stocks may show a deviation, and it is still necessary to hold leading liquor stocks with high brand barriers, excellent management, and strong organizational capabilities. Therefore, they made more refined adjustments to the holdings of liquor in stages and expect this industry to develop in a healthier and more sustainable manner. Secondly, they have always been committed to achieving better excess returns, so in the food and beverage sector.The internal structure will optimize and select the best. Apart from the food and beverage industry, they will also learn from other industries, striving to make some excess profits by investing in other industries when there are not many opportunities in the food and beverage industry. When there are obvious opportunities in the food and beverage industry, they will focus their investment in this industry. In the first quarter, they allocated their assets to the pig farming industry, and appropriately allocated their assets to the expansion of dividends in consumer goods such as white goods and textiles. Currently, the cost-effectiveness of the food and beverage industry is highlighted, so they will focus their investment in this industry."Je suis trs heureux de vous rencontrer." "I am very happy to meet you."