Recently, Zhu Shaoxing, the star fund manager of Fuguo Fund, disclosed the second quarter report of 2024 for his products. Zhu Shaoxing currently only manages one fund, Fuguo Tianhui Growth Hybrid Fund, with a management scale of nearly 27 billion yuan as of the end of the second quarter. In terms of portfolio adjustment, Zhu Shaoxing significantly reduced his holdings in Kweichow Moutai in the second quarter, as well as in Shanxi Fenjiu. The top ten positions no longer include Shanxi Fenjiu. Zhu Shaoxing stated that the fund prefers to invest in companies with good "enterprise genes," well-implemented corporate governance, and excellent management. Such companies have a greater probability of creating value for investors in the future. Sharing the capital market returns brought about by the company's own growth is the best way for growth funds to obtain returns. Specifically, as of the end of the reporting period, the net asset value growth rate of Fuguo Tianhui Growth Hybrid Fund's A/B class was -1.16%, C class was -1.36%, while the benchmark performance comparison yield for A/B class was -1.20%, and C class was -1.20%. The top ten positions of Fuguo Tianhui Growth Hybrid Fund include Kweichow Moutai, Chunfeng Power, Luxshare Precision, Jerry Shares, Xinqi Eyewear, Midea Group, Spring Airlines, Ningbo Bank, Zhengzhou Coal Machinery, and Mindray Medical. In terms of changes in holdings, Zhu Shaoxing's most significant move in the second quarter was the significant reduction of nearly 270,000 shares of Kweichow Moutai to 1.03 million shares, with a total reduction of 480,000 shares in the first half of the year. In addition, Zhu Shaoxing also significantly reduced his holdings in Shanxi Fenjiu in the second quarter, causing the stock to fall out of the top ten weight stocks list from the eighth largest weight stock in the previous quarter, being replaced by Mindray Medical. In the second quarter report, Zhu Shaoxing expressed that purely observing current macro and micro indicators through the rearview mirror indeed does not have enough evidence to support a non-pessimistic judgment. However, taking a longer-term perspective, they still believe that positive factors will eventually play a role. The overall valuation of the A-share market is currently very attractive in a long cyclical period, and equity assets are in a good risk-reward range. In a longer time dimension, he believes that the many difficulties currently faced will eventually find a way out. It is quite appropriate for investors to choose to bear the market volatility corresponding to the expected level of returns. In the future, they will continue to focus on finding value in high-quality stocks. They do not possess the reliable ability to accurately predict short-term market trends, but instead focus on patiently collecting outstanding companies with promising prospects and waiting for the realization of value creation by the companies themselves and the cyclic return of market sentiment at some point in the future. On the individual stock selection level, Zhu Shaoxing points out that the fund prefers to invest in companies with good "enterprise genes," well-implemented corporate governance, and excellent management. They believe that such companies have a greater probability of creating value for investors in the future. Sharing the capital market returns brought about by the company's own growth is the best way for growth funds to obtain returns.