Group 1 - The report highlights the ongoing recovery in the bond market, driven by the central bank's unexpected MLF operations, but notes that a long-term trend requires further monetary policy easing or changes in economic fundamentals [1][12]. - In the stock market, the report suggests focusing on undervalued sectors such as steel, oil and petrochemicals, and coal, while waiting for further policy initiatives or clarity on U.S. tariff policies before making aggressive investments [2][12]. - The report indicates that the A-share market is experiencing weak fluctuations, with a notable shift of funds from high-valuation sectors to defensive sectors like pharmaceuticals and food and beverage [10][20]. Group 2 - The report mentions that the U.S. consumer confidence index has dropped to its lowest level in over two years, influenced by tariff impacts, while long-term inflation expectations have reached a 32-year high [9][10]. - It notes that the core PCE price index in the U.S. increased by 2.8% year-on-year, marking the highest level since December 2024, which has raised concerns about stagflation [10][12]. - The report emphasizes the importance of monitoring the upcoming U.S. tariff policy announcement on April 2, as better-than-expected outcomes could lead to a short-term recovery in U.S. stocks [13].

| 新股发行及今日交易提示 | 2025/3/28 | 星期五 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/3/28 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | 732210 | 泰鸿万立 | 8.60 | 2025/3/28 | 新股上市 | | | | 证券代码 | 证券简称 | 发行价格 | 920029 | 开发科技 | 30.38 | | | 2025/3/28 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=688739&announcementId=1222921245&orgI | 要约收购 | 688739 | 成大生物 | 要约申报期：2025年3月5日至2025年4月3日 | d=gfbj0831550&announcementTime=2025 | -03-28 | | http://www.cninfo.com.cn ...

| 新股发行及今日交易提示 | 2025/3/27 | 星期四 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/3/27 | 新股上市 | 证券代码 | 证券简称 | 发行价格 | | | | 301616 | 浙江华业 | 20.87 | 301535 | 浙江华远 | 4.92 | | | 2025/3/27 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=688739&announcementId=1222856975&orgI | 要约收购 | 688739 | 成大生物 | 要约申报期：2025年3月5日至2025年4月3日 | d=gfbj0831550&announcementTime=2025 | -03-21 | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=600610&announ ...

Core Insights - The report highlights that the "Evergreen Low Volatility Strategy" is currently outperforming, while overseas equity markets are stabilizing and rebounding [3][4][5]. Group 1: Market Overview - The A-share market experienced a pullback after failing to maintain momentum above 3400 points, with significant adjustments in previously strong sectors like robotics and semiconductors [3][4]. - Defensive sectors, particularly dividend-related stocks, have shown resilience during market weakness, validating previous allocation views [3][4]. - In the overseas market, concerns about economic recession have eased slightly following comments from the Federal Reserve Chairman, leading to a rebound in U.S. stock markets [3][4]. Group 2: Strategy Allocation - The report ranks strategies as follows: Evergreen Low Volatility Strategy > Overseas Equity Strategy > Stock Fund Enhancement Strategy [4]. - The Evergreen Low Volatility Fund Strategy recorded a slight decline of -0.772% this week, while the stock fund enhancement strategy fell by -1.150% [6][18]. - The cash-enhanced fund strategy achieved a return of 0.032%, outperforming the benchmark [7][18]. Group 3: Fund Strategy Performance - The Evergreen Low Volatility Fund has shown strong stability since its inception, with a cumulative return of 9.170% since July 31, 2023 [18][20]. - The Stock Fund Enhancement Strategy has a cumulative return of 10.753% since its launch, indicating potential for excess returns as market conditions improve [18][24]. - The Overseas Equity Allocation Fund has accumulated a high level of excess returns, benefiting from the global technology growth driven by artificial intelligence [18][28]. Group 4: Fund Composition and Selection - The Evergreen Low Volatility Fund focuses on selecting funds with long-term stable returns, emphasizing low volatility and drawdown characteristics [14][20]. - The Stock Fund Enhancement Strategy aims to identify funds with strong alpha generation capabilities, focusing on stock selection and industry exposure [15][24]. - The Cash Enhanced Fund Strategy utilizes a multi-dimensional factor approach to select high-performing money market funds, optimizing short-term cash management [16][27]. Group 5: Global Investment Strategy - The report emphasizes the importance of QDII funds for global asset allocation, utilizing momentum and reversal factors to select overseas equity indices for investment [17][28]. - The Overseas Equity Allocation Fund has been effective in providing additional returns to A-share investments, particularly in the context of the Federal Reserve's interest rate policies [28][29].

New Stock Listings - New stock "胜科纳米" (688757) listed at an issuance price of 9.08 on March 25, 2025[1] - "成大生物" (688739) is in the offer period from March 5 to April 3, 2025[1] Market Alerts - "国脉科技" (002093) reported severe abnormal fluctuations[1] - "襄阳轴承" (000678) and "中信重工" (601608) also flagged for abnormal trading activities[1] Recent Announcements - "佛山照明" (000541) and "海洋王" (002724) issued announcements on March 25, 2025[1] - "明牌珠宝" (002574) and "ST柯利达" (603828) also released updates on the same date[1] Additional Information - Multiple companies including "先锋电子" (002767) and "惠博普" (002554) have recent disclosures[1] - The report includes links to detailed announcements for each stock mentioned[1]

Investment Rating - The report does not provide a specific investment rating for the industry or companies mentioned [1]. Core Insights - The report highlights the recent IPOs and trading activities in the market, indicating a vibrant new stock issuance environment [1]. - It lists various companies along with their stock codes and recent announcements, suggesting active market participation and potential investment opportunities [1]. Summary by Sections New Stock Issuance - Jiangnan New Materials (603124) listed at a price of 10.54 on March 20, 2025 [1]. - A total of 30 companies are mentioned with their respective stock codes and recent announcements, indicating a significant number of new listings and corporate actions [1]. Corporate Actions - Companies such as Chengda Biological (688739) and HNA Technology (600751) are involved in tender offers, with specific dates for declaration [1]. - The report includes links to detailed announcements for each company, providing transparency and access to further information for investors [1].

Investment Rating - The report does not provide a specific investment rating for the industry or companies mentioned [1]. Core Insights - The report highlights the recent IPOs and trading activities in the market, indicating a dynamic environment for new stock listings and potential investment opportunities [1]. - It includes a list of companies with their respective stock codes and recent announcements, suggesting active market participation and investor interest [1]. Summary by Sections - **New Stock Listings**: The report lists several new stock listings, including 恒鑫生活 (stock code: 301501) with an issue price of 39.92, indicating a new entry into the market [1]. - **Tender Offers**: The report mentions companies like 成大生物 (stock code: 688739) and 海航科技 (stock code: 600751) that are currently involved in tender offers, which may present investment opportunities [1]. - **Recent Announcements**: A variety of companies have made recent announcements regarding their stock activities, including 海洋王 (stock code: 002724) and 爱婴室 (stock code: 603214), reflecting ongoing corporate actions that could impact stock performance [1].

| http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002693&announcementId=1222637891&orgI | 002693 | 双成药业 | d=9900022952&announcementTime=2025 | -02-26 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=603608&announcementId=1222819921&orgI | 603608 | *ST天创 | d=9900024757&announcementTime=2025 | -03-18 | | | | | | | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002310&announcementId=122280 ...

Core Insights - The report emphasizes the grid trading strategy as a method to capitalize on price fluctuations without predicting market trends, making it suitable for volatile markets [3][11] - It identifies equity ETFs as ideal candidates for grid trading due to their characteristics such as low transaction costs, high liquidity, and significant volatility [3][11] ETF Grid Strategy Focused Targets - The report highlights the "ChiNext Growth ETF (159967.SZ)" which tracks the ChiNext Growth Index and focuses on high-growth sectors like electronics and telecommunications, benefiting from national policies aimed at developing new industries [5][12] - The "France CAC 40 ETF (513080.SH)" is noted for its representation of the largest and most active companies in France, with a PE-TTM of 20.8, making it more attractive compared to the S&P 500's 25.65 [6][14] - The "Tourism ETF (159766.SZ)" is positioned as a key player in China's shift from investment-driven to consumption-driven growth, supported by government policies aimed at enhancing service consumption [7][15] - The "Photovoltaic ETF (515790.SH)" is highlighted for its strong growth potential, with a record 277.17 GW of new installations in 2024, indicating a significant recovery in the sector after a period of destocking [8][17]