Recently, the quarterly report of E Fund Consumer Industry managed by Xiao Nan and Wang Yuanchun was disclosed. During the period, the fund's net asset value growth rate was 5.78%. Since the effective date of the fund contract to the end of the reporting period, the net asset value growth rate of the fund shares was 264.40%, while the benchmark return rate for the same period was 114.67%. As for the top holdings, as of the end of the first quarter, the top ten holdings of E Fund Consumer Industry were: Gujing Gongjiu, Wuliangye, Maotai, Shanxi Fenjiu, Midea Group, Fuyao Glass, Luzhou Laojiao, Haier Smart Home, Qingdao Brewery, and Great Wall Motors. Compared to the end of the fourth quarter of 2023, there were no changes in the top ten holdings, but the number of shares held changed slightly. The report pointed out that in the first quarter of 2024, with signs of stabilization and recovery in macroeconomic data, the market gradually moved away from pessimism, and the A-share market basically recovered from the decline in January. The Shanghai Composite Index rose by 2.23%, the Shanghai 50 Index representing the overall market style rose by 3.82%, the Growth Enterprise Market Board representing the small and medium-sized growth styles fell by 3.87%, and the differentiation between large and small stocks was significant. The CSI Mainland Consumer Index rose by 4.34%, ending three consecutive quarters of decline. Among the consumer sub-industries, the white goods sector with low valuation and high dividends saw a large increase, while other sub-sectors experienced varying degrees of decline, with white wine, home furnishings, and social services sectors leading the declines. Xiao Nan and Wang Yuanchun stated that the adjustment in this quarter mainly focused on two aspects. On the one hand, they aimed to lower the overall valuation level of the portfolio, thus increasing the allocation to the home appliance and automotive sectors. On the other hand, they believe that the future stabilization and recovery of the domestic economy is a high-probability event, so they hope to increase the portfolio's sensitivity to domestic demand. Therefore, they slightly increased the allocation to white wine overall and actively adjusted the structure of white wine, increasing the proportion of high-end and mid-range white wine.