睿远基金饶刚、侯振新：优选高性价比资产

Group 1 - The core viewpoint of the report emphasizes a positive outlook on equity assets in a low-risk interest rate environment, while also considering the organic integration of bonds and stocks to improve the risk-return profile of the portfolio [1][3] - The report highlights that the domestic economy has shown resilience and elasticity in 2025, with notable contributions from exports and consumption, where the export growth rate reached +6.0% and retail sales growth was +5.0% from January to May [1][3] - The domestic stock market experienced a volatile V-shaped trend in Q2, with the Hang Seng Index and Shanghai Composite Index rising by 4.1% and 3.3% respectively, while the U.S. dollar index weakened significantly, allowing for monetary policy space in China [1][2] Group 2 - The report details the operational status of the Ruiyuan Stable Configuration Two-Year Holding Mixed Fund, which maintains a high stock position, focusing on undervalued stocks with high expected returns, such as leading consumer electronics and quality insurance stocks [2] - In the convertible bond segment, the fund has reduced its position due to high market valuations and is now primarily focused on low-valuation convertible bonds, seeking structural opportunities from the bottom up [2] - The report anticipates challenges and opportunities in the second half of the year, including potential pressure on demand due to the front-loading effects of the first half and high base challenges from consumption policies, while also noting the possibility of tax rate reductions from U.S.-China negotiations [3]