Liu Gesong's fund announced its quarterly report, significantly increasing its holdings in Tencent, with investments still primarily focused on the technology sector

According to Zhitong Finance APP, on April 21, Liu Gesong, the deputy general manager of GF Fund, released the Q1 2025 report for his products. In this quarter, Liu Gesong made significant adjustments to his portfolio, with noticeable reductions in holdings of Seres, EVE Energy, and Northern Huachuang. At the same time, he increased his positions in Hong Kong stocks, such as Tencent, and some funds newly invested in stocks like Trina Solar, Guangdong Hongda, and Zhenhua Technology. Liu Gesong believes that the A-share market is still evolving under the logic of technological innovation leadership, and with support and guidance from industry self-discipline, policy subsidies, and technological support, the fundamentals of the industry will improve, and the market style will shift towards performance-driven.

In Q1, Liu Gesong's funds underwent significant portfolio adjustments, with Seres, EVE Energy, and Northern Huachuang being some of the main stocks he reduced his holdings in during the quarter.

Taking GF Dual Engine as an example, the number of shares held in Northern Huachuang at the end of Q1 decreased to 303,900 shares, a reduction of about 33.83% compared to the end of last year; GF Multi-Dimensional Emerging significantly reduced its holdings in AVIC Optoelectronics, with the number of shares held at the end of Q1 decreasing by about 32.03% compared to the end of last year. Additionally, stocks like Zhongwei Company and Shengbang Shares also saw significant reductions in holdings by some of Liu Gesong's funds.

From an industry perspective, Liu Gesong's funds continue to focus on the globally competitive manufacturing sector, with major allocations in industries including new energy vehicles, electronics, lithium batteries, photovoltaics, and military industry.

Liu Gesong believes that from the long-term development trend of the industry, the new energy sector has shown signs of bottoming out after experiencing a period of low. Currently, companies in the industry are actively forming industrial alliances, leveraging various resource advantages, and engaging in deep cooperation in technology research and development and market expansion, helping the new energy sector move towards a new stage of development. Meanwhile, the military industry has optimized its internal structure during the adjustments of the past three to four years, and now the order volume has significantly improved, further stimulating the vitality of the industry.

From the perspective of GF Multi-Dimensional Emerging, the fund's Q1 report shows that among the top ten heavy stocks, seven are newly added heavy stocks, including China Merchants Bank (600036.SH), Nengte Technology (002102.SSZ), Aerospace Electric (002025.SZ), and Xiechuang Data (300857.SZ); GF Innovation Upgrade also shows six newly added heavy stocks at the end of Q1, including Zhaoyi Innovation, Guanghuan New Network, and Wangsu Technology.

The holdings of GF Innovation Upgrade at the end of Q1 also show six newly added heavy stocks, including Zhaoyi Innovation (603986.SH), Guanghuan New Network (300383.SZ), and Wangsu Technology (300017.SZ).

In terms of new investments and increased positions, Hong Kong stocks have attracted attention. The Q1 report of GF Industry Selection shows that the number of shares held in Tencent at the end of the quarter reached 1,100,900 shares, an increase of about 21.12% compared to the number of shares held at the end of last year The increase in other stocks held is relatively small, while some funds have a larger number of newly increased heavy positions.

From the holdings, the top ten stocks of GF Industry Selection include Shengbang Technology (300661.SZ), Yiwei Lithium Energy (300014.SZ), Tencent Holdings (00700), Sungrow Power Supply (300274.SZ), Seres (601127.SH), JinkoSolar (688223.SH), Xiaomi Group-W (01810), Alibaba-W (09988), Zhongwei Company (688012.SH), and Zhenhua Technology (000733.SZ).

Liu Gesong stated that the main investment direction remains focused on the technology sector, and in some sub-sectors, he is making adjustments and switching stocks, but there are no obvious signs of a shift in tracks. He also summarized in multiple quarterly reports that the A-share market continues to evolve under the logic led by technological innovation. With support and guidance from industry self-discipline, policy subsidies, and technological support, the fundamentals of the industry are expected to improve, and the market style will gradually shift towards performance-driven.

Looking ahead to the second quarter, Liu Gesong said he will focus on the performance of the domestic macro economy and the actual impact of U.S. tariff policies on the global economy. From a policy perspective, the government's attention to people's livelihood, consumption, real estate, and local government debt reduction continues to increase, and it is expected that the domestic economy will steadily recover.

On the industrial level, with the implementation of AI capital expenditures by domestic internet giants and the launch of multimodal large models, domestic AI is expected to achieve a transition from expectation to reality. In the future, under the background of high capital investment, areas such as AI edge computing, applications, domestic computing power, and autonomous driving are worthy of in-depth research.

In addition, he believes that the industrial trends in the technology growth sector are likely to be independent of the economic cycle, and the probability of emerging with a unique prosperous market is increasing.

It is worth noting that Liu Gesong also proposed a different investment perspective in the fund's quarterly report, which is the "Millet Economy." He pointed out that in the face of the vigorous rise of new consumption sectors such as the "Millet Economy" and the national trend, it is essential to explore the rich sub-investment opportunities within and select potential growth-oriented enterprises for investment, aiming to grow together with the enterprises and strive to allow investors to share the substantial capital gains generated by the changes of the times