In a comprehensive report by Hong Kong WWD Communication Agency, as the public funds' fourth quarter report for 2023 gradually discloses, the latest adjustments in equity fund holdings and fund manager opinions are also revealed one by one. According to the latest quarterly report, Wanji Fund Huanghai continued its heavy position in energy stocks with high dividends and low debt, but made high and low switches within the energy stocks; Zhonggeng Fund, managed by the well-known fund manager Qiu Dongrong, maintained a balanced allocation between A-shares and Hong Kong stocks overall; Xinda Aoyan Fund, Feng Mingyuan increased holdings in technology and traditional manufacturing-related assets. Huanghai: "High-to-low" adjustment for high dividend assets in the fourth quarter As the champion of active equity funds in 2022, Wanji Fund Huanghai continued his focus on energy stocks represented by high dividends in the fourth quarter of 2023, while also making moderate "high-to-low" switches, reducing holdings in several energy stocks with significant gains, with some holdings reduced by nearly 30% compared to the previous period. Taking Wanji Macro Timing Multi-Strategy as an example, compared to the end of the third quarter of 2023, Huanghai increased holdings in Guanghui Energy and reduced holdings in Huaibei Mining, Shaanxi Coal Industry, China Coal Energy, Huayang Stock, Lu'an Environmental Energy, Shanxi Meijin International, and Shanxi Coking Coal in the fourth quarter of 2023. Pingmei Coal, Anji Food became newly heavy-weighted stocks, with China Shenhua and CNOOC exiting the top ten heavy-weighted stocks. Looking ahead to the first half of 2024, Huanghai stated in the quarterly report that the market will inevitably see a turning point after bottoming out, and the continued expansion of fiscal and monetary policies will play a role in stabilizing the economy. Despite the current market expectations being subdued, as risks continue to be released, the valuation advantages of excellent leading companies become more prominent, and there will be active participation in the market's oversold investment opportunities. Qiu Dongrong: Equity assets are in a systematic and strategic allocation position In the fourth quarter, the overall portfolio of products managed by the well-known fund manager Qiu Dongrong of Zhonggeng Fund maintained a balanced allocation between A-shares and Hong Kong stocks. Specifically, in Zhonggeng Value Navigation, the proportion of Hong Kong stocks in the top ten heavy-weighted stocks is relatively high, with 6 being Hong Kong stocks, and the top three heavy-weighted stocks are all Hong Kong stocks, including China Merchants Bridge, Green Leaf Pharmaceuticals, Xpeng Motors-W, with holdings valued at 824 million yuan, 556 million yuan, and 470 million yuan respectively. Saiteng Shares and Guer Shares became newly added to the top ten heavy-weighted stocks, with holdings valued at 467 million yuan and 287 million yuan respectively. Zhonggeng Small Value only allocated A-shares, with heavy-weighted stocks such as Saite Shares, Chuan Yi Shares, LiThe level of return on equity in the East has already approached or exceeded some traditionally high-dividend companies, which to some extent implies that the market may no longer recognize the long-term growth prospects of these companies, and even expects some companies to become "value traps".Zhang Kun believes that the current market pricing of high-quality companies is similar to "convertible bonds", where investors can expect stable returns while also gaining growth options. In his view, although the market may no longer be bullish on the long-term growth prospects of certain companies, the competitive barriers of these companies remain strong, and the continuous growth of the Chinese economy will support their development. Therefore, investors should not expect exceptional performance when investing in high-quality companies at this stage, but rather believe in the basic market performance. Feng Mingyuan: Increased holdings in technology and traditional manufacturing industry related allocations Feng Mingyuan of Sinodata Aoyou Fund made significant adjustments to some of the fund's holdings in the fourth quarter of last year. Specifically, the top three heavy-weight stocks in the Sinodata Leading Smart Selection Hybrid Fund were KeSen Technology, SmartCube, and Rongqi Technology, with holdings values of 0.53 billion, 0.49 billion, and 0.48 billion respectively. Compared to the previous quarter, all of the top ten heavy-weight stocks have been replaced. KeSen Technology, SmartCube, Rongqi Technology, DeMingLi, KaiGe Precision, BoZhong Precision, KeRui Technology, Yituo Shares, YiTian Shares, and AoTuo Electronics are the "new" top ten heavy-weight stocks. In the Sinodata New Energy Industry Stock Fund, with the longest management time, seven heavy-weight stocks including PuTaiLai, Crystal Optoelectronics, Sunlord Electronics, Zhaoyi Innovation, Lixun Precision, Huafeng Aluminum Industry, and Jiang Bolong have been reduced, while ZhongGuangXue, JinHaiTong, and Pengding Holdings are the "new" top ten heavy-weight stocks, with holdings of 3.294 million shares, 750,000 shares, and 3.008 million shares respectively. Feng Mingyuan stated in the financial report that the fund increased holdings in technology and traditional manufacturing industry related allocations in the fourth quarter. However, he also pointed out that A-share technology and manufacturing sector stocks are still under valuation pressure due to the high US dollar interest rates. From the perspective of PB valuation, some stocks have reached historical lows. From the perspective of PE, due to the investment frenzy in emerging industries by various capital parties in the past few years, companies are still in a competitive environment, and the release of profits will still take time. This article is reproduced from "Wind"; GMTEight Editor: Huang Xiaodong.