Core Insights - On October 30, the A-share market experienced a volatile adjustment, with all three major indices closing lower, and the Shanghai Composite Index falling below 4000 points, with a total trading volume of 2.42 trillion yuan [1][2] Fund Flow Summary - On October 30, stock ETFs saw a net inflow of over 4.8 billion yuan, contributing to a total inflow of over 70 billion yuan in October, with significant inflows into sector-specific ETFs such as brokerage, Hang Seng Technology, and rare earths [2][3] - The total market size of stock ETFs reached 4.66 trillion yuan, with 1239 stock ETFs (including cross-border ETFs) [3] - The top three stock ETFs by net inflow on October 30 were Guotai Securities ETF, GF Hong Kong Innovative Medicine ETF, and Huabao Brokerage ETF, each with inflows exceeding 500 million yuan [3][5] Sector Performance - The healthcare sector led the inflows with 3.24 billion yuan, followed by the securities sector with 2.09 billion yuan, and the ChiNext with 1.12 billion yuan [3] - The top 20 stock ETFs by net inflow included five related to healthcare and four related to brokerage, indicating strong interest in these sectors [4] Outflow Summary - On the same day, 27 stock ETFs experienced net outflows exceeding 1 billion yuan, with significant losses in broad-based ETFs such as the SSE 50, CSI 1000, and CSI 300 [7][9] - The SSE 50 ETF and CSI 1000 ETF saw the largest outflows, with 1.298 billion yuan and 736 million yuan respectively, while three CSI 300 ETFs collectively lost over 1 billion yuan [7][9] Market Outlook - The overall trend in October has been a net inflow into stock ETFs, with a focus on sectors like brokerage and technology, while broad-based ETFs like the CSI 500 and ChiNext have seen significant outflows [7][8]

Core Insights - The report highlights the performance of the Fuqua Tianhui Select Growth Fund, which increased its holdings in companies like BYD, Ningbo Bank, and Ruifeng New Materials during Q1 2025, with Kweichow Moutai remaining the largest holding [1][2] - The fund's net asset value growth rates for different classes were 3.56% for A/B and D classes, and 3.35% for C class, while the benchmark return was -1.09% across all classes [1] Market Overview - The Shanghai and Shenzhen 300 Index fell by 1.21%, and the ChiNext Index dropped by 1.77% in Q1 2025, indicating a challenging market environment [2] - Despite the downturn, there are signs of recovery in the real economy, with a slowdown in the decline of the real estate sector and indications of investment recovery [2] Investment Strategy - The fund manager emphasizes the importance of focusing on high-quality stocks with strong corporate governance and management, as these are more likely to generate value for investors in the long term [2] - The report suggests that the current market conditions may lead to increased volatility, and a more proactive fiscal and monetary policy is anticipated [2] Top Holdings - As of Q1 2025, the top ten holdings of the Fuqua Tianhui Select Growth Fund include Kweichow Moutai, Ningbo Bank, Midea Group, Chuanfeng Power, Luxshare Precision, CATL, Ruifeng New Materials, BYD, Guocera Materials, and Binjiang Group, with Binjiang Group being a new addition to the top holdings [3]

Core Viewpoint - The report indicates a cautious optimism regarding the recovery of the economy, despite ongoing uncertainties due to trade wars, with a focus on specific investment opportunities in quality growth and dividend value styles [1] Group 1: Fund Performance and Holdings - The fund managed by Zhu Shaoxing increased its positions in BYD (002594), Ningbo Bank (002142), and Ruifeng New Materials (300910) during the first quarter, while Kweichow Moutai (600519) remains the largest holding [1] - The report highlights that the fund is adapting its strategy in response to market conditions, particularly in the context of real estate and consumer sectors [1] Group 2: Economic Outlook - Micro-research feedback suggests a slowdown in the decline of the real estate sector and signs of investment recovery, although consumer spending remains low without further deterioration in inventory levels [1] - Zhu Shaoxing expresses that the entity economy should be on a gradual recovery path, but the significant uncertainties from the trade war may lead to increased market volatility and greater difficulty in stock selection in the future [1] Group 3: Investment Strategy - Zhu Shaoxing believes that under the current valuation, there are good investment opportunities in dividend value styles, while quality growth styles also present numerous investment prospects [1]