投资者观点反馈多，平安公司债ETF（511030）回撤稳定助力投资者穿越牛熊

Public Funds - The current market is transitioning from liquidity-driven to fundamental verification, with technology growth (AI, robotics) and consumer recovery as core themes, adjusting holdings dynamically based on policy catalysts and earnings realization [1] - Maintaining a bull market mindset while being cautious of short-term technical pullback risks, optimizing risk-reward ratios through diversified allocation and disciplined operations [1] Private Funds - Excluding the real estate market, high-frequency economic data in the U.S. shows robust performance, indicating that the U.S. economy remains in a healthy wage-employment-inflation cycle, with reduced likelihood of a significant cooling in the labor market [2] - The diffusion of AI applications is gradually reflecting in labor productivity improvements, leading to the belief that the U.S. will not enter a recession [2] Overseas LO - At the Jackson Hole meeting, Powell expressed concerns about the labor market, laying the groundwork for a potential interest rate cut in September, which would create a favorable environment for cyclical stocks [3] - Cyclical stocks have recovered recent losses, and computing hardware remains strong, with new growth points emerging as products are updated [3] - Currently, consumer sectors are viewed as less attractive in the existing environment [3] Hedge Funds - The market is flourishing with discussions around interest rate cuts and anti-involution, highlighting increasing disparities between large and small market capitalizations and between economic fundamentals and valuations [4] - Investors are looking for signs of fundamental recovery, particularly improvements in core indicators like PPI and CPI, hoping for China to emerge from deflation [4] - The recent bond market adjustment has seen Ping An's corporate bond ETF (511030) maintain the best performance in terms of controlled drawdown, with minimal market discount and stable net value [4]