Core Viewpoint - The report reveals significant adjustments in the holdings of five funds managed by Ruiyuan Fund, with notable reductions in major stocks such as China Mobile, Tencent Holdings, and Xiaomi Group compared to the end of last year. However, fund managers remain optimistic about certain sectors, anticipating a positive shift in the macroeconomic environment that could support further stock market growth [1][2][4]. Group 1: Fund Performance and Adjustments - Ruiyuan Fund's three prominent managers, Fu Pengbo, Rao Gang, and Zhao Feng, have made substantial changes to their portfolios in Q1 2025, with only Ruiyuan Growth Value outperforming its benchmark [2]. - Fu Pengbo's Ruiyuan Growth Value A and C recorded net asset growth rates of 2.45% and 2.35%, respectively, underperforming their benchmarks by 0.16 and 0.26 percentage points. The fund maintained a high position and increased allocations in the Hang Seng Technology sector, medical device leaders, and the chip sector [2][3]. - Rao Gang's Ruiyuan Steady Configuration Two-Year Fund significantly reduced its holdings in China Mobile by over 43% and also decreased its positions in Tencent Holdings and Xiaomi Group by 20% and 13.91%, respectively. The fund increased its stake in CATL by nearly 10% and initiated a position in Alibaba [3][4]. - Zhao Feng's Ruiyuan Balanced Value Three-Year Fund showed strong performance with net asset growth rates of 5.79% and 5.71%, outperforming benchmarks by 3.74 and 3.66 percentage points. Zhao Feng also reduced holdings in major stocks but to a lesser extent than his peers, while significantly increasing positions in cyclical and financial stocks like Shanxi Fenjiu and China Pacific Insurance [3][4]. Group 2: Market Outlook and Investment Opportunities - The overall fund sizes have decreased, but there is a focus on emerging investment opportunities, particularly in consumer stocks. The Ruiyuan Fund managers are paying close attention to this sector [4]. - Fu Pengbo highlighted the potential for a new round of domestic consumption stimulus policies, which could positively impact the consumer sector this year [4][5]. - Rao Gang noted that while short-term tariff increases may negatively affect exports, they also present an opportunity for structural adjustments in the domestic economy, with consumption expected to play a crucial role in economic growth [4][5]. Group 3: Key Holdings and Changes - Major stock holdings across the funds include Tencent Holdings, China Mobile, and Xiaomi Group, with significant reductions in their positions. For instance, Ruiyuan Growth Value saw a 20.57% decrease in China Mobile and a 26.25% decrease in Giant Star Technology [2][3][6]. - Ruiyuan Steady Configuration Two-Year Fund's top holdings included Tencent Holdings, China Mobile, and CATL, with notable reductions in their positions [3][9]. - Ruiyuan Balanced Value Three-Year Fund's key holdings featured Tencent Holdings and Alibaba, with a focus on increasing positions in Shanxi Fenjiu and China Pacific Insurance [3][10].