Ge Long Hui·2025-12-31 03:20Group 1 - The core viewpoint of the article highlights the stable performance of Qiu Dongrong's funds, with five funds achieving positive returns in the first quarter of the year, particularly the Zhonggeng Small Cap Value Fund, which has returned over 10% [1][2] - The total management scale of Qiu Dongrong's funds has reached 32 billion, with the Zhonggeng Small Cap Value Fund experiencing net subscriptions, while other funds faced varying degrees of net redemptions [2][4] - The investment strategy shows a high stock allocation of over 90%, with a significant focus on Hong Kong stocks, particularly in the newly established Zhonggeng Hong Kong Stock Connect Value Fund, which has an equity position of 98.68% [5][7] Group 2 - Qiu Dongrong's view on Hong Kong stocks indicates that the overall valuation is around the historical 20th percentile, with value stocks at the 10th percentile, suggesting long-term attractiveness and systematic opportunities [8][21] - The fund manager has made notable adjustments, including a significant increase in holdings of Meituan, which has become the largest position in several funds after being cleared out last year [9][15] - Other adjustments include reducing positions in China National Offshore Oil Corporation and China Hongqiao, while increasing holdings in Guanghui Energy, which is now a top ten holding across multiple funds [22][29] Group 3 - The first major sector in Qiu Dongrong's portfolio is non-ferrous metals, with reductions in holdings of China Hongqiao and Shenhuo Co., indicating a strategic shift in the sector [34][38] - The investment focus includes low-valuation but growth-oriented stocks, particularly in sectors like energy, technology, and manufacturing, with an emphasis on companies with unique competitive advantages [41][43] - The funds are also looking at opportunities in the healthcare sector, driven by domestic demand growth and supply constraints, particularly in the pharmaceutical manufacturing industry [44]