According to the Zhitong Finance app, on October 25, Qiaoqian's Xingquan business model preferred mixed fund disclosed the third quarter report for 2024. Overall, in the third quarter, Xingquan's business model fund adjusted its stock positions slightly. Compared to the end of the second quarter, Ping An Insurance (601318.SH) rose to become the top heavy holding stock of Xingquan's business model, while contemporary amperex technology (300750.SZ) dropped out of the top ten. He stated that with the release of macro policies, many industries that had experienced substantial asset depreciation due to extreme pessimistic expectations in the early stages still have room for recovery, leading to more active fund allocations.

At the same time, sieyuan electric (002028.SZ) and Lens Technology (300433.SZ) entered the top ten heavy holdings. Dongfang Electronics (000682.SZ) and Shenzhen Yanmade Technology Inc. (688312.SH) increased their positions, holding 6.3945 million shares and 1.098 million shares respectively. As for reductions, the fund reduced its holdings of 0.2118 million shares of Milkyway Chemical Supply Chain Service (603713.SH).

As of the end of this reporting period, the net asset value of Xingquan's business model mixed fund (LOF) was 3.369 yuan, with a net asset value growth rate of 9.78% for this reporting period and a benchmark return rate of 13.06% for the same period.

In terms of holdings, as of the end of the third quarter, the top ten heavy holdings of Xingquan's business model mixed fund are: Ping An Insurance (601318.SH), Luxshare Precision Industry (002475.SZ), Tiger Medical (300347.SZ), Sieyuan Electric (002028.SZ), Avary Holding (002938.SZ), Lens Technology (300433.SZ), Huizhou Desay SV Automotive (002920.SZ), Amlogic (688099.SH), Jiangsu Yuyue Medical Equipment & Supply (002223.SZ), and Milkyway Chemical Supply Chain Service (603713.SH).

In the quarterly report, Qiaoqian stated that the market experienced significant volatility in the third quarter. Domestic macro data declined in July and August, leading to low investor sentiment. The market underwent a double adjustment in profit expectations and valuations, with risk aversion accelerating the decline and further increasing structural differentiation in the industry. By the end of September, positive macro policies effectively improved market confidence, leading to a rapid recovery from the extreme pessimism logic seen earlier. With improvements in economic fundamentals and liquidity expectations, investor risk appetite rebounded, and the overall market valuation returned towards the central level of the long-term fundamental cycle.

During the reporting period, the equity position of the fund remained stable. He expressed that he still believes that obtaining long-term returns requires simultaneous attention to both fundamentals and valuation. After the market experiences rapid growth, the focus will shift to the ability of enterprises to match fundamentals with the macroeconomic background adjustments over the medium to long term and the potential range of fluctuations they may face, leading to a more proactive assessment and adjustment. In terms of growth industries, he continues to hold a positive attitude towards the growth potential brought about by technological innovation in improving social efficiency and stimulating nonlinear demand, maintaining an overweight position in related industries like consumer electronics and semiconductors along the industry chain.

Overall, he believes that it is still necessary to adhere to bottom-up stock selection over the long term as the primary foundation, while also considering the changes in intermediate and macro factors as important background considerations, emphasizing stock price protection. This is to aim to seize the long term as much as possible in an environment where short-term uncertainties remain high, striving to secure the part with greater certainty in income.