On April 22, the quarterly report of the Invesco Great Wall Emerging Growth Hybrid Fund managed by the renowned fund manager Liu Yanchun was disclosed. In the first quarter, Liu Yanchun increased holdings in Shanxi Fenjiu (600809.SH) and China International Travel Service (601888.SH), while reducing holdings in Wuliangye (000858.SZ), Guizhou Maotai (600519.SH), Gujing Gongjiu (000596.SZ), and Mindray Medical (300760.SZ), among other stocks. In terms of investment strategy, Liu Yanchun stated that the first quarter investment portfolio was relatively stable, and adjustments were made to individual stocks in response to changes in operating risks. Both macro data and micro research have given us a stronger confidence in China's equity market. We still prefer companies with good business models that have a competitive advantage in the market competition, and pay more attention to excellent companies that can handle both current shareholder returns and future development. As a renowned fund manager of Invesco Great Wall Fund, Liu Yanchun's stock holdings have always been of interest to the industry and investors. As of the end of the first quarter, Liu Yanchun managed a total of 6 funds (calculated by combined shares), with a total managed assets of 51.877 billion yuan. Among them, the largest fund is the Invesco Great Wall Emerging Growth Fund with assets of 27.25 billion yuan, which is also considered Liu Yanchun's masterpiece. The quarterly report shows that the size of Invesco Great Wall Emerging Growth Fund A was 27.206 billion yuan at the end of the first quarter, with a net value growth rate of -0.46% in the first quarter and a benchmark return rate of -0.51%. In the first quarter, the top ten heavy-weight stocks of Invesco Great Wall Emerging Growth Fund A were Wuliangye, Guizhou Maotai, Luzhou Laojiao, Gujing Gongjiu, Mindray Medical, Shanxi Fenjiu, Midea Group, Great Wall Airlines, China International Travel Service, and M&G Group. Compared to the previous annual report, the fund reduced holdings in stocks such as Wuliangye, Guizhou Maotai, Gujing Gongjiu, Mindray Medical, and Great Wall Airlines, with significant reductions in Mindray Medical and Wuliangye. Additionally, although the amount of shares held in M&G Group remained unchanged, it did not make it into the top ten heaviest-weight stocks, and WuXi AppTec dropped out of the top ten heavy-weight stocks list. In the quarterly report, Liu Yanchun stated that unlike 2023, we are likely to experience a gradual shift from excessive pessimism to optimism in 2024. During periods of low sentiment, it is not necessary to focus only on sectors experiencing temporary weakness in the economy; we must also recognize the solid economic foundation of our country... The overall trend of China's economy stabilizing and improving has already begun to show. Moreover, the problems accumulated during China's long-term high-speed development need to be solved for better development, and it is unnecessary to be overly pessimistic.