华商基金张雨迪：权益市场指数或延续波动向上

Group 1 - The core viewpoint is that the combination of policy expectations, liquidity, and fundamentals has led to increased investor optimism in the securities market, with expectations for continued economic stabilization and recovery in corporate earnings [1] - Zhang Yudi, the fund manager of Huashang Stable Hongli One-Year Holding Mixed Fund, anticipates that growth-stabilizing policies will continue to be effective, leading to improved economic growth perception [1] - The bond market is expected to exhibit a balanced supply and demand dynamic, likely continuing to show characteristics of a volatile market [1] Group 2 - Zhang Yudi focuses on cyclical industries, employing in-depth research and multi-dimensional validation to transform high-risk cyclical stock investments into low-risk, high-probability quality investment opportunities [2] - Emphasis is placed on continuous industry research and tracking to identify sectors and companies with stable business models and competitive advantages, while also monitoring valuation risks and market expectation changes [2] - The goal is to achieve steady portfolio appreciation by actively seeking opportunities for simultaneous valuation and performance improvements [2] Group 3 - In the recent fund report, it is noted that by the fourth quarter of 2025, the intensification of the US-China trade conflict may strengthen easing expectations, while weak economic data could open a window for interest rate cuts [3] - The 10-year government bond yield fell to around 1.8% but later fluctuated back to approximately 1.85% due to concerns over new public fund fee regulations and weakened rate cut expectations [3] - The equity market showed a volatile upward trend, with the aerospace equipment sector emerging as a strong market direction, while the communication and non-ferrous sectors remained robust [3]