On January 16, Qiu Dongrong, the deputy general manager and chief investment officer of Zhonggeng Fund, announced the fourth quarter reports for his five fund products for 2023. As of the end of the fourth quarter of 2023, the total assets under management by Qiu Dongrong amounted to 23.782 billion yuan, a decrease of 9.33% from 26.229 billion yuan at the end of the third quarter. Based on the holdings disclosed in the fourth quarter report for 2023, several of Qiu Dongrong's funds showed significant repositioning, including the addition of Seatech Group (603283.SH) and GoerTek (002241.SZ) in Zhonggeng Value Leading Fund, while Meituan-W (03690) and Kwai Shou-W (01024) were removed from the top ten holdings in the fund. According to the data, Qiu Dongrong oversees a total of five funds under management, including Zhonggeng Value Leading, Zhonggeng Value Dynamic Flexible Allocation, Zhonggeng Value Quality One-Year Holding, Zhonggeng Hong Kong Stock Connect Value 18-Month Closed-End, and Zhonggeng Small Cap Value. Taking Zhonggeng Value Leading Fund as an example, by the end of the fourth quarter of 2023, the top ten holdings accounted for 49.07% of the net asset value of the fund, with top holdings including China Hongqiao (01378), Livzon Pharmaceutical (02186), Xiaopeng Motors-W (09868), Seatech Group (603283.SH), China Overseas Development (00688), Chuan Yi Shares (603100.SH), China COSCO Energy (01138), GoerTek (002241.SZ), Yuexiu Real Estate (00123) and Shenhuo Share (000933.SZ). Further data revealed that China Hongqiao remained the largest holding by the end of the fourth quarter of 2023, with 142 million shares held, an increase of 4.6265 million shares from the previous quarter; Livzon Pharmaceutical rose to the second largest holding, with 165 million shares held, a 5.42% increase from the previous quarter; Xiaopeng Motors retained third place with 9.1469 million shares held, an increase of 2.76% from the previous quarter. In terms of reducing positions, China Overseas Development, China COSCO Energy, and Shenhuo Share all experienced varying degrees of reduction by Qiu Dongrong. In particular, the holding of Shenhuo Share decreased by 49.41% compared to the end of the third quarter of 2023, almost halved. At the same time, Meituan-W, formerly the second largest holding, and Kwai Shou-W, formerly the tenth largest holding, were both removed from the top ten holdings in Zhonggeng Value Leading Fund in the fourth quarter of 2023. In the fourth quarter report of 2023, Qiu Dongrong pointed out that valuations were almost at historically low levels, with the market currently pricing pessimistically based on long-term logic. Looking ahead to 2024, Qiu Dongrong analyzed that there are still optimistic factors at the macro level, including the end of the US rate hike cycle, inventory turnaround replenishment, capacity construction, and a potential global economic recovery from which China's economy is expected to benefit. In terms of specific investment directions, Qiu Dongrong focused on analyzing several industries such as electronics, pharmaceutical manufacturing, electrical equipment, and new energy. Regarding Hong Kong-listed pharmaceutical and technology stocks, Qiu Dongrong believed there is significant innovation potential and huge space for growth. The reasons include the gradual formation of global competitiveness in innovative pharmaceutical and medical products, leading to clear market trends. Supply is driving demand in the pharmaceutical technology sector, stimulating high-quality medical needs. With an aging population and improving living standards, there is high demand certainty and consumption resilience. Additionally, the undervalued high expected return can be seen in the Hong Kong-listed pharmaceutical industry due to factors like overseas liquidity pressure and continuous adjustment. In terms of Hong Kong-listed intelligent electric car stocks, Qiu Dongrong believed that their growth has reached a crucial turning point. The reasons include the concentration of profits towards leading companies and the important turning point in autonomous driving technology becoming essential in purchasing decisions. New energy car companies are expected to enhance their brand heights and improve product capabilities and R&D barriers through autonomous driving technology, ultimately reflected in increased sales and profitability. The opening of exports also creates growth opportunities for intelligent electric vehicles produced in China with competitive product quality and value for money. The industry's high competition intensity brings uncertainty in valuations and potential high returns for investors. In addition, Qiu Dongrong is optimistic about companies with space for demand growth and competitive advantages in value for money in the industries of electronics, machinery, pharmaceutical manufacturing, electrical equipment and new energy, agriculture, forestry, animal husbandry, and fishery.