On April 22, Xingzheng Global Fund's well-known fund manager Xie Zhiyu's Xingquanherun and Xingquanheyi released the first quarter report for 2024. The quarterly report shows that Xie Zhiyu's Xingquanherun and Xingquanheyi still maintain high position operations, and both funds have increased their positions in Ningde Times (300750.SZ). In terms of sectors, Xie Zhiyu stated that gold, copper, oil, and other resource commodities are on the rise, AI applications are constantly expanding, intelligent driving has made significant progress both overseas and domestically, low-altitude economy is thriving in places like Shenzhen, and the continuous replacement of old with new is providing momentum for the economy. In terms of market styles, attention is still high on undervalued high-dividend stocks, while progress in emerging sectors is also worth noting. Specifically, as of the end of the reporting period, the net asset value of Xingquanherun's mixed fund shares was 1.3512 yuan, with a net asset value growth rate of -3.95% during the reporting period, while the benchmark return rate for the same period was 3.04%. In terms of changes in holdings, Xingquanherun's mixed fund increased its holdings in Ningde Times, making it the fourth largest heavy holding stock. In addition, Zhongwei Company (688012.SH) entered the top ten heavy holding stocks of the fund, while companies like Hikvision (002415.SZ) and Industrial Fulian (601138.SH) exited the top ten heavy holding stocks. As of the end of the first quarter, the top ten heavy holding stocks for Xingquanherun were Haier Zhijia (600690.SH), Lanqi Technology (688008.SH), San'an Optoelectronics (600703.SH), Ningde Times, Jingchengu (688099.SH), Meihua Biology (600873.SH), Gongniu Group (603195.SH), Tongfu Microelectronics (002156.SZ), Zhongwei Company, and Xin Chanpin (300832.SZ). It is worth noting that Xingquanheyi also increased its holdings in Ningde Times in the first quarter, with the number of shares held reaching 3.376 million at the end of the first quarter, an increase of 62% from the fourth quarter, and rising to the second largest heavy holding stock in the fund. In addition, PaoPao Mart (09992) entered, while Xin Chanpin exited the top ten heavy holdings. As of the end of the first quarter, the top ten heavy holding stocks for the fund were Kuaishou-W (01024), Ningde Times, Lanqi Technology, Haier Zhijia, San'an Optoelectronics, Meihua Biology, Jingchengu, Gongniu Group, PaoPao Mart, and Tongfu Microelectronics. In terms of performance, as of the end of the reporting period, the net asset value of Xingquanheyi's mixed fund A was 1.2254 yuan, with a net asset value growth rate of -4.44% during the reporting period, while the net asset value of Xingquanheyi mixed fund C was 1.1958 yuan, with a net asset value growth rate of -4.59%. Xie Zhiyu stated in the first quarter report that the domestic export growth rate has rebounded in the first quarter of this year, the expectation of a rate cut by the Federal Reserve has risen, overseas PMI has exceeded the boom-bust line, and overall overseas economy continues to recover. In terms of sectors, gold, copper, oil, and other resource commodities are on the rise, AI applications are constantly expanding, intelligent driving has made significant progress both overseas and domestically, low-altitude economy is thriving in places like Shenzhen, and the continuous replacement of old with new is providing momentum for the economy. In terms of market styles, attention is still high on undervalued high-dividend stocks, while progress in emerging sectors is also worth noting. He pointed out that both funds mentioned above maintained high positions during the reporting period, digging into industries related to artificial intelligence, intelligent driving, AI applications, pharmaceutical consumption, etc., selecting and laying out hardware and software companies with long-term competitiveness and wide application space. In the future, they will continue to seek out companies with long-term growth value and continuously search for excellent companies with good investment value ratios.