Group 1: Fund Overview - Chunhou Modern Service Industry A Fund, established on August 24, 2021, has a total management scale of 2.398 billion yuan [1] - The fund manager, Xue Lili, has been in charge since inception, focusing on investments in modern service industry listed companies while strictly controlling risks [1] - As of April 8, 2025, the fund achieved a one-year return of 12.10%, outperforming the benchmark growth rate of 9.93% and the CSI stock fund index return of 2.82% [1] - The fund's maximum drawdown over the past three years was 23.55%, ranking it in the top 15 among similar stock funds [1] - The fund's scale reached 114 million yuan by December 31, 2024, with a total of 109 million shares outstanding [1] Group 2: Economic Outlook - The company anticipates that domestic economic policies will focus on stabilizing growth, with room for further central fiscal efforts [2] - Despite uncertainties in international trade policies, the overall global economic and financial environment is improving [2] - The company is optimistic about the A-share market's performance due to low valuations and sees good allocation value in the Hong Kong stock market [2] - The emergence of companies like Deepseek has led to a reassessment of the value of Chinese technology assets globally [2] - There is an expectation for an increase in market risk appetite and a potential turning point in the fundamentals supported by fiscal and monetary policies [2] Group 3: Company Research - Chunhou Fund conducted research on Wolong Electric Drive from March 4 to March 28, 2025 [3] Group 4: Wolong Electric Drive Insights - Wolong Electric Drive has integrated digital and service technologies through its iMotorLinx industrial internet platform, providing lifecycle services to nearly a thousand industrial enterprises, reducing unplanned downtime by 80% and overall maintenance costs by over 30% [4] - The company has deployed the DeepSeek-R1-Distill-Qwen-14B model on its iMotorPHM platform, enhancing industrial equipment diagnostic reports [4] - Wolong Electric Drive is actively developing its marine equipment business, offering a range of ship motor products and lightweight generators suitable for harsh marine environments [4] - The company has high-efficiency products for data centers, including EC motors and battery products, already delivered to clients like Daikin and BYD [4] - Wolong Electric Drive has made significant advancements in robotics, developing a range of digital servo drive products and forming strategic partnerships to enhance its capabilities in the field [5] - The company aims to optimize its bionic robot joint modules, focusing on high power density and customization to support the industrialization of humanoid robots [5]