第一财经网·2025-05-28 13:47Group 1 - The core viewpoint is that the Chinese capital market is showing unique resilience amidst global market turbulence, with increasing attractiveness for assets [1] - The quality of listed companies and investment returns are fundamental to capital market development, with total dividends expected to reach 2.4 trillion yuan in 2024 and share buybacks nearing 150 billion yuan, both setting historical records [1] - The regulatory efficiency across the entire chain of issuance, information disclosure, corporate governance, mergers and acquisitions, and trading has improved, leading to stricter penalties for serious violations such as financial fraud and insider trading [1] Group 2 - Uncertainty is expected to persist throughout 2025, with tariff impacts potentially leading to price declines or demand shocks for certain industrial products, indicating a continuation of low price trends [2] - In terms of asset allocation, A-shares are still considered to have superior valuation levels, while government bond yields have room to decline, with an anticipated "steep then flat" yield curve [2] - The RMB exchange rate is expected to show a fluctuating but generally strong trend in the second half of the year, given the balance of disruptive and supportive factors [2]