On April 19th, the quarterly report of the funds under the management of Guangfa Fund manager Lin Yingrui was released. In the report, Lin Yingrui stated that the market may have found an important turning point amidst intense emotional fluctuations, and emphasized the need to accept the reality of economic structural changes and think more deeply about the potential direction of the market. According to data, Lin Yingrui currently manages 9 funds with a total asset size of 10.732 billion yuan. Taking Guangfa Ruiyi Leading Fund as an example, in the first quarter, the net asset value growth rate of Class A fund shares was -3.68%, while that of Class C fund shares was -3.78%. During the same period, the benchmark performance index yielded 2.97%, indicating underperformance against the benchmark. In terms of holdings, the structure of Guangfa Ruiyi Leading Fund holdings remained stable in the first quarter. As of the end of the first quarter, the top three major holdings were Spring Airlines (601021.SZ), Guiyuan Platinum Industry (600459.SZ), and Air China (601111.SZ). Compared to the end of the fourth quarter of 2023, positions in China Southern Airlines (600029.SZ), China Eastern Airlines (600115.SZ), Wangfujing (600859.SZ), Ruipu Biology (300119.SZ), Guiyuan Platinum Industry, Air China, Spring Airlines, and Lucky Air (603885.SZ) were reduced. During the same period, Tongqing Building (605108.SZ) from the hotel and catering industry was newly added to the top ten major holdings, with a holding amount of 3.706 million shares, while Fengshang Culture (300860.SZ) exited the top ten major holdings. Looking ahead, Lin Yingrui also stated that the market may have already found an important turning point amidst intense emotional fluctuations. In the first quarter, macroeconomic fundamentals and some high-frequency data exceeded market expectations, causing a discrepancy with the market's intuition. However, historically, such discrepancies are common near turning points in economic cycles. More importantly, this discrepancy itself may be a synchronous expression of significant changes in economic structure, indicating a shift in driving forces behind economic stability. In such an objective environment, rather than continuing to be confused and at a loss, it is better to accept the reality of economic structural changes, make a low or even negative bet on the downside direction, and think more deeply about the potential upward direction.