As a stable investment method, the FOF of non-assets will generally consider combination and optimization. The portfolio includes different configurations of investment projects, matching in the early, middle and late stages, dispersion of fund managers with different investment styles, and selection and matching of White Horse (an established investment institution) and Black Horse (a new fund). In the investment field, we will also make diversified investments accordingly. Top-down analysis of the future macro and industry development, select key industries that are worth adding positions, such as TMT, medical care, consumption, energy conservation and environmental protection.