Sou Hu Cai Jing·2025-04-21 09:21Group 1 - Liu Gesong's funds reported a total scale of 32.171 billion yuan at the end of Q1, a decrease of approximately 2 billion yuan compared to the previous quarter [2] - The main sectors for investment include new energy vehicles, electronics, lithium batteries, photovoltaics, and military industry [2] - The flagship fund, Guangfa Shuangqing Upgrade, has a year-to-date return of -3.89%, underperforming its benchmark [2] Group 2 - The concentration of the top ten holdings in Guangfa Shuangqing Upgrade decreased to 71.21% from 81.76% in the previous quarter, a decline of about 10% [2] - Six out of the top ten holdings were reduced, with the largest reduction in Beifang Huachuang, which saw a decrease of 33.83% in shares held [2][3] - New entrants to the top ten holdings include Zhenhua Technology and Fenzhong Media, while Tianhe Energy and AVIC Optoelectronics exited [3] Group 3 - Guangfa Industry Fund's latest scale is 6.38 billion yuan, down by approximately 400 million yuan [4] - New top ten holdings include Xiaomi Group-W and Alibaba-W, with Tencent Holdings seeing over a 20% increase in shares held [4] Group 4 - Guangfa Technology Pioneer Fund reduced its holdings in Seris by 10.76%, with a latest holding of 6.67 million shares valued at 840 million yuan [6] - Guangfa Small Cap Growth Fund significantly reduced its holdings in EVE Energy by 53%, with a latest holding of 3.92 million shares [7] Group 5 - Liu Gesong anticipates a steady recovery in the domestic economy, driven by government policies focusing on livelihood, consumption, and real estate [8] - The technology growth sector is expected to perform independently of economic cycles, with a higher probability of a prosperous market [9] - Liu maintains an optimistic outlook for the overall economic environment in 2024, expecting a gradual recovery of internal economic momentum [9]