The six funds managed by Liu Gesong, a fund manager under GF Fund, announced their first quarter reports, and they are still focused on new energy vehicles, electronics, lithium batteries, photovoltaics, military industry and other fields. Liu Gesong made a large adjustment in this quarter, and Seres, Yiwei Lithium Energy and North China Huachuang were significantly reduced. At the same time, he increased his holdings in Hong Kong stocks, such as Tencent Holdings, and some funds newly entered stocks such as Trina Solar, Guangdong Hongda and Zhenhua Technology. Liu Gesong believes that the A-share market is still interpreting the logic of technological innovation. Under the guidance of industry self-discipline, policy subsidies, scientific and technological support and other aspects, the fundamentals of the industry will pick up and the market style will shift to performance-driven.