Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The geopolitical game window has been advanced, and the market has short - term upward support. Attention should be paid to the realization of positive factors in Sino - US economic and trade talks and US sanctions against Russia [2]. - The short - term precious metals are expected to maintain a volatile trend, and focus on the US ADP employment, Q2 GDP and the Fed meeting [3]. - Various commodities show different trends. Some are subject to supply - demand factors, some are affected by policies such as "anti - involution", and some are influenced by international trade negotiations and weather conditions [2 - 46]. Summary by Commodity Categories Energy and Petrochemicals - **Crude Oil**: Overnight crude oil futures rose sharply. Geopolitical factors and trade negotiations have an impact on the market, and the short - term market has upward support [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: Macroeconomic and geopolitical news boosts oil prices, but the cracking spread of fuel oil is expected to be under pressure due to weak fundamentals [22]. - **Asphalt**: The August domestic production volume is expected to decline. Demand recovery is delayed, and the inventory reduction rhythm slows down. The price follows the trend of crude oil with limited upward space [23]. - **Urea**: The futures contract runs at a low level. Domestic downstream demand is weak, and exports are progressing. The short - term market is likely to run in a range [24]. - **Methanol**: The unloading speed of foreign vessels in coastal areas is slow, and the port inventory is unexpectedly reduced. Supply is sufficient, and demand is stable. The market is likely to fluctuate within a range [25]. Metals - **Precious Metals**: Overnight precious metals fluctuated. Reduced risk - aversion demand suppresses the performance of precious metals, and the short - term trend is expected to be volatile [3]. - **Base Metals** - **Copper**: The copper price fluctuated overnight. The market focuses on tariff agreements and the Fed meeting. Short - term support is at the MA40 moving average [4]. - **Aluminum**: Overnight, the price of Shanghai aluminum fluctuated slightly. In the off - season, demand declines, and inventory increases. It is in short - term adjustment with resistance at 21,000 yuan [5]. - **Zinc**: The zinc price is in a callback, with increased supply and weak demand. The short - term direction is unclear, and the medium - term idea is to short on rebounds [8]. - **Lead**: The supply - demand of lead is weak. The price rebounds slowly, and there is support at 16,800 yuan/ton. One can try to go long with a light position [9]. - **Nickel and Stainless Steel**: The nickel price fluctuates. The hype of the "anti - involution" theme cools down, and the nickel price may return to fundamentals. Wait for short - selling opportunities [10]. - **Tin**: The tin price fluctuates. There is short - term support at 265,000 yuan. The long - term supply pressure suppresses the price, and high - level short positions can be held [11]. - **Silicon - based Metals** - **Silicon Manganese**: The price is expected to rise in the short term due to improved manganese ore inventory expectations and "anti - involution" influence [19]. - **Silicon Iron**: The price follows the trend of silicon manganese. There is some upward drive in the short term [20]. Building Materials and Related Products - **Steel Products** - **Rebar & Hot - Rolled Coil**: The night - session steel prices strengthened. Rebar demand improved, and hot - rolled coil demand declined. The market is supported by cost and policy expectations [15]. - **Iron Ore**: The iron ore price rose overnight. Supply and demand are relatively stable, and the price is expected to fluctuate [16]. - **Coke and Coking Coal**: The prices of coke and coking coal rose. The coking industry's fourth - round price increase is in progress, and inventory is decreasing. The "anti - involution" policy has an impact on coking coal [17][18]. - **Glass**: The glass price rose at night. Industry profit slightly recovered, but long - term demand is weak. Wait for policy signals [31]. - **Soda Ash**: The soda ash price rose at night. Inventory declined, and production increased slightly. There is still supply - demand pressure after the emotional boost fades [33]. Agricultural Products - **Grains and Oilseeds** - **Soybeans and Soybean Meal**: The US soybean good - quality rate is high, and the price is under pressure. Sino - US trade negotiations and weather are the focus [34]. - **Soybean Oil and Palm Oil**: The prices of soybean oil and palm oil are expected to be bought on dips. Pay attention to weather and policies [35]. - **Rapeseed and Rapeseed Oil**: The rapeseed price rose, and the rapeseed oil inventory is slowly decreasing. Adopt a short - term neutral strategy [36]. - **Corn**: The US corn is growing well. The domestic corn market has no major contradictions, and the Dalian corn futures may continue to be weak at the bottom [38]. - **Other Agricultural Products** - **Eggs**: The egg price fluctuates slightly. The far - month contracts are stronger. Be cautious of the reverse fluctuation of spot and near - month contracts [40]. - **Cotton**: The US cotton good - quality rate declined, and the Brazilian harvest progress is slow. The Zhengzhou cotton is in high - level oscillation. Temporarily wait and see [41]. - **Sugar**: The US sugar is under pressure, and the domestic sugar production has uncertainties. The short - term sugar price is expected to be volatile [42]. - **Apples**: The new - season early - maturing apples are on the market, and the price has increased. The market focuses on the new - season yield estimate [43]. - **Timber**: The timber price is expected to rise. The demand is improving, and the inventory is low. Adopt a long - biased strategy [44]. - **Paper Pulp**: The paper pulp price is likely to return to low - level oscillation. Supply is relatively loose, and demand is weak [45]. Others - **Container Shipping Index (European Line)**: The market freight rate inflection point is approaching. The Sino - US tariff exemption extension may boost market sentiment [21]. - **Equity Index**: A - shares rose, and the futures index also closed higher. The market focuses on the Fed meeting and domestic policies. Increase the allocation of technology - growth sectors [46]. - **Treasury Bonds**: Treasury bond futures closed down. The bond market may face increased volatility, and the yield curve is likely to steepen [47].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Views of the Report - Copper: Overnight LME copper fluctuated strongly, rising 0.41% to $9,803/ton; SHFE copper rose 0.14% to 79,090 yuan/ton. The domestic spot import is still in a loss state. The labor market shows resilience, and there are certain progresses in Sino - US trade negotiations. However, with the upcoming Fed's July interest - rate meeting and the impending US tariff on copper on August 1st, the market short - term volatility will increase, and the weekly market should be viewed with caution [1]. - Aluminum: Alumina fluctuated higher, while Shanghai aluminum fluctuated weakly. The aluminum alloy fluctuated strongly. The spot price of aluminum ingots remained flat. Due to the rainy season in Guinea, the export of bauxite starts to decline. There is a cost support, and there is a certain risk of short squeeze under low warehouse receipts. The supply - demand of electrolytic aluminum has changed marginally, leading to smooth inventory accumulation. The aluminum alloy currently lacks an independent driver [1][2]. - Nickel: Overnight LME nickel rose 0.62% to $15,325/ton, and Shanghai nickel rose 0.39% to 122,380 yuan/ton. The short - term nickel and stainless - steel prices are affected by market sentiment and show a weak trend. Fundamentally, there is little change, presenting a volatile operation [2]. Group 3: Summary According to Relevant Catalogs 1. Research Views - **Copper**: The labor market data shows little change, indicating resilience. Sino - US trade negotiations have made some progress, and the 24% reciprocal tariffs and China's counter - measures will be extended for 90 days. LME, Comex, and SHFE copper inventories have different changes. The off - season affects consumption, but some enterprises replenish stocks in advance. The Fed's July interest - rate meeting and the upcoming US tariff on copper on August 1st will increase market volatility [1]. - **Aluminum**: Alumina futures and spot prices show different trends. The rainy season in Guinea affects bauxite exports. There is cost support, and there is a short - squeeze risk under low warehouse receipts. The supply - demand of electrolytic aluminum changes, leading to inventory accumulation. The aluminum alloy lacks an independent driver [1][2]. - **Nickel**: LME nickel and Shanghai nickel prices rise. The inventory changes, and the prices of nickel - related products show different trends. The short - term prices are affected by market sentiment, and the fundamentals show little change, presenting a volatile operation [2]. 2. Daily Data Monitoring - **Copper**: The price of flat - water copper decreased, and the scrap - refined price difference decreased. LME, COMEX, and SHFE copper inventories changed, and the social inventory decreased slightly. The LME0 - 3 premium and CIF bill of lading price decreased, and the active - contract import loss decreased [4]. - **Lead**: The average price of 1 lead and the price of recycled lead remained stable, while the price of reduced lead decreased. The LME lead inventory increased, and the SHFE lead inventory increased slightly [4]. - **Aluminum**: The prices of aluminum in Wuxi and Nanhai decreased, and the Nanhai - Wuxi price difference decreased. The LME aluminum inventory increased, and the SHFE aluminum inventory decreased. The social inventory of alumina decreased [5]. - **Nickel**: The prices of electrolytic nickel, nickel - iron, and some new - energy nickel products decreased. The LME nickel inventory increased, and the SHFE nickel inventory decreased. The stainless - steel warehouse receipt decreased [5]. - **Zinc**: The main - contract settlement price decreased, and the spot price decreased. The LME zinc inventory decreased, and the SHFE zinc inventory increased. The social inventory increased [6]. - **Tin**: The main - contract settlement price and LME price decreased. The spot price and tin - concentrate price decreased. The LME and SHFE tin inventories increased [6]. 3. Chart Analysis - **Spot Premium**: Charts show the spot premiums of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [8][10][13]. - **SHFE Near - Far Month Spread**: Charts show the near - far month spreads of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [16][18][20]. - **LME Inventory**: Charts show the LME inventories of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [22][24][26]. - **SHFE Inventory**: Charts show the SHFE inventories of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [29][31][33]. - **Social Inventory**: Charts show the social inventories of copper, aluminum, nickel, zinc, stainless - steel, and 300 - series from 2019 - 2025 [35][37][39]. - **Smelting Profit**: Charts show the copper concentrate index, rough - copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit rate from 2019 - 2025 [42][44][45]. Group 4: Team Introduction - The non - ferrous metal research team of Everbright Futures includes Zhan Dapeng, the director of non - ferrous research, a senior researcher of precious metals, etc.; Wang Heng, a researcher focusing on aluminum and silicon; and Zhu Xi, a researcher focusing on lithium and nickel [47][48].

1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The global trade situation is stabilizing with positive progress in tariff negotiations between the US and its major trading partners, which has led to a decline in market risk - aversion sentiment. The market is waiting for the Fed's interest - rate decision and the progress of Sino - US trade negotiations. Different commodities are expected to show various trends based on their own fundamentals and macro - economic factors [2][5]. 3. Summary According to Related Catalogs 3.1 Macro - Overseas: Tariff negotiations have made progress. The US and China plan to extend reciprocal tariffs and counter - measures for 90 days. Trump advanced the Russia - Ukraine agreement deadline and threatened to raise taxes on Russia, causing oil prices to soar. India postponed concessions and aims to reach an agreement with the US in September - October. The US labor market is cooling but remains robust. The US 6 - month job openings dropped to 7.437 million, and the hiring rate fell to 3.3%. - Domestic: Market sentiment is positive, actively speculating on policy expectations. Commodity fluctuations have intensified. A - shares opened lower and closed higher with heavy trading volume. The bond market significantly adjusted under pressure. In the long - term, social security policies are expected to ease over - capacity and involution problems, and domestic demand policies may continue to strengthen. In the short - term, beware of market adjustments after the fading of sentiment and the realization of policy benefits [2][3]. 3.2 Precious Metals - On Wednesday, international precious metal futures prices showed mixed performance. COMEX gold futures rose 2.08% to $3383 per ounce, while COMEX silver futures fell 0.09% to $38.33 per ounce. The market is concerned about Sino - US economic and trade negotiations and the Fed meeting. The US and China will extend reciprocal tariffs and counter - measures for 90 days. The EU may purchase 40 billion euros of AI chips in the US - EU trade agreement. The US labor market data is weak, and the trade deficit has narrowed. The market expects the Fed to keep interest rates unchanged this week but is highly concerned about its policy outlook. If more Fed members support a rate cut in September, it may boost gold prices. Short - term gold and silver prices are expected to fluctuate [4][5][6]. 3.3 Copper - On Tuesday, SHFE copper was weakly volatile, and LME copper sought support at the $9700 level. The spot market trading of electrolytic copper improved slightly, and domestic trade copper rose to a premium of 110 yuan/ton. The Sino - US economic and trade talks made positive progress, and the IMF significantly raised China's economic growth forecast for this year to 4.8%. The market is concerned that the US may impose a 50% copper import tariff starting from Friday. Fundamentally, overseas concentrate supply is tight, and domestic social inventories are at a low level. It is expected that copper prices will stabilize and rebound in the short - term [7][8]. 3.4 Aluminum - On Tuesday, SHFE aluminum closed at 20,615 yuan/ton, down 0.65%, and LME aluminum closed at $2606 per ton, down 0.95%. The spot market supply has slightly increased, but consumer buying willingness is still low due to high - price concerns and the off - season. The market is waiting for the Fed's interest - rate decision and the progress of Sino - US trade negotiations. It is expected that aluminum prices will fluctuate and adjust in the short - term [9][10]. 3.5 Alumina - On Tuesday, the alumina futures main contract closed at 3307 yuan/ton, up 1.01%. The spot alumina national average price rose to 3267 yuan/ton. The Australian alumina FOB price increased to $379 per ton. A strike occurred at the Friguia alumina plant in Guinea, affecting production. The deliverable alumina supply is limited, and the warehouse receipt inventory has decreased to a new low. Alumina's downward trend has slowed, and it is expected to fluctuate at a high level [12][13]. 3.6 Zinc - On Tuesday, SHFE zinc showed narrow - range fluctuations, and LME zinc stabilized. The downstream buying willingness is low, and the spot market maintains a small premium. The Sino - US trade negotiations have not made a major breakthrough. The market is waiting for the Fed's interest - rate decision and domestic important meetings. Although heavy rain in the north has not affected galvanizing plant production, terminal demand is insufficient. It is expected that zinc prices will fluctuate narrowly in the short - term [14][15]. 3.7 Lead - On Tuesday, SHFE lead showed narrow - range fluctuations. Heavy rain in the Beijing - Tianjin - Hebei region has affected raw material transportation. The supply shortage in some areas has slightly improved. The supply is mixed with both positive and negative factors, and consumer demand has changed little. It is expected that lead prices will consolidate horizontally in the short - term [16][17]. 3.8 Tin - On Tuesday, SHFE tin was volatile. The rainy season in Myanmar may disrupt tin ore transportation, intensifying the shortage of raw material supply. Domestic refined tin smelter operations have marginally improved but remain at a low level. The off - season for downstream consumption continues, and high - price buying is insufficient. Domestic inventories have increased, but LME inventories are at a low level. It is expected that tin prices will adjust, but the adjustment range will be limited [18]. 3.9 Industrial Silicon - On Tuesday, the industrial silicon main contract continued to rebound. The spot price of East China oxygen - blowing 553 silicon has a premium over the 2509 contract. The warehouse receipt inventory has been continuously declining. The supply side is contracting, and the demand side is affected by various factors. It is expected that the futures price will continue to rebound in the short - term [19][20]. 3.10 Steel and Iron - **Screw and Coil**: On Tuesday, steel futures rebounded. The Sino - US trade negotiations reached a consensus to extend reciprocal tariffs and counter - measures for 90 days. The macro - situation is positive, and supply is expected to shrink in mid - August due to parade - related production restrictions. It is expected that steel prices will fluctuate strongly [21][22]. - **Iron Ore**: On Tuesday, iron ore futures rebounded. Port inventories decreased, mainly due to reduced arrivals and resilient steel mill purchases. Steel mills are profitable, and iron ore supply remains stable. It is expected that iron ore prices will fluctuate and rebound [23]. 3.11 Agricultural Products - **Soybean and Rapeseed Meal**: On Tuesday, soybean meal and rapeseed meal futures showed different trends. The weather in the US soybean - producing areas is favorable, increasing the expectation of high yields. The US and China will extend reciprocal tariffs and counter - measures for 90 days. China mainly purchases South American soybeans recently, and there is a concern about supply shortage in the fourth quarter. It is expected that domestic soybean meal futures will stop falling and fluctuate [24]. - **Palm Oil**: On Tuesday, palm oil futures rose. The EU and Indonesia reached an agreement on palm oil trade tariff quotas. India may increase imports due to low inventories and holiday demand. Crude oil prices have risen. It is expected that palm oil prices will fluctuate strongly in the short - term [25][26]. 3.12 Metal Trading Data - The report provides the closing prices, price changes, price change percentages, trading volumes, and open interest of various metal futures contracts such as SHFE copper, LME copper, SHFE aluminum, etc., on July 29 [27]. 3.13 Industrial Data - The report presents detailed industrial data for various metals including copper, nickel, zinc, lead, aluminum, alumina, tin, precious metals, steel, iron ore, etc., such as contract prices, warehouse receipt inventories, spot prices, and price differentials between different dates [28][31][33].

Group 1 - The core point of the news is the announcement of a new tariff agreement between the United States and the European Union, which ends a prolonged trade standoff and sets the tariff rate at 15% instead of the threatened 30% [1] - The agreement includes a commitment from the EU to increase investments in the U.S. by $600 billion and to purchase $750 billion worth of U.S. energy products [1] - The negotiations were challenging, with both sides having differing expectations on tariff levels, but ultimately resulted in a deal that both parties deemed beneficial [1] Group 2 - Various European leaders have responded to the agreement, with some expressing reservations about the terms, indicating that the high tariff levels still pose challenges for bilateral trade [2] - The European Parliament's International Trade Committee Chairman expressed strong dissatisfaction with the agreement, labeling it biased and potentially harmful to Europe's long-term interests [2] - A German publication noted that this is the first time the EU has accepted a trade agreement that increases export tariffs, suggesting that transatlantic trade relations may become more difficult and costly [2]

Core Viewpoints - The report indicates that the A-share market is expected to exhibit a "slow bull" pattern characterized by structural opportunities, driven by favorable tariff negotiations, continuous policy support, and an overall improvement in liquidity conditions [2][8][10] - The report emphasizes the importance of avoiding high-flying stocks and suggests focusing on low-performing sectors that are likely to rotate, which is a key trend in the current market dynamics [2][9] Market Overview - The A-share market is currently experiencing fluctuations around the 3600-point mark, with no significant signs of weakness despite some index divergence [2][9] - The report notes that the market is likely entering a period of consolidation, with indices expected to oscillate around 3600 points to digest previous pressures [4][8] - Key characteristics of the market include a "weak Shanghai, strong Shenzhen" trend, with the ChiNext index performing particularly well, reaching new highs for the year [8][10] Sector Analysis Pharmaceutical Sector - The pharmaceutical sector, particularly innovative drugs, is highlighted as a growth area, with recent policy changes from the National Medical Insurance Administration expected to support this segment [6][7] - The report suggests that the pharmaceutical sector has significant investment value due to its previous downturn, low price-to-earnings ratios, and the increasing demand driven by an aging population [6] Semiconductor Sector - The semiconductor sector is noted for its strong performance, with government policies supporting the industry and a projected global market growth of over 15% by 2025 [7] - The report encourages investment in the semiconductor sector, particularly in companies that are leading in technology and can adapt quickly to industry changes [7] Trading Strategy - The report advises investors to maintain a rational approach, avoiding blind speculation and focusing on sector rotation, especially in low-performing areas [2][9] - It suggests that investors should consider reducing positions in stocks that have seen significant gains and look for opportunities in sectors that have lagged behind [2][9]

Group 1 - The core issue is the ongoing trade negotiations between the US and China, with a focus on tariffs and economic strategies [2][4] - The EU has agreed to a 15% tariff and committed to investing $600 billion in the US, along with purchasing $750 billion in energy over the next three years [2][3] - Japan has also agreed to a 15% tariff and will invest $550 billion in the US, while reducing tariffs on agricultural products [3][4] Group 2 - China is expected to take a firmer stance in negotiations, learning from past experiences where concessions led to further demands from the US [4] - The upcoming Central Economic Work Conference is crucial for determining China's economic policy direction for the second half of the year [5][6] - The focus will shift from export-driven growth to domestic demand, with an emphasis on stimulating consumption and economic recovery [7][8] Group 3 - The policy framework will prioritize inflation control, as rising prices are seen as essential for economic recovery and consumer spending [8] - Investment will be directed towards urban infrastructure and public services, indicating a shift in focus from large-scale infrastructure projects to urban quality improvement [8][9] - A new wealth model is anticipated, where housing policies will resemble those in Singapore and Hong Kong, with a significant portion of the population living in government-subsidized housing [9]

Group 1 - The core viewpoint of the news is that Japan and the United States have reached an agreement on tariffs after extensive negotiations, but the lack of a legally binding document and Japan's political instability pose challenges for the implementation of the agreement [1][3][6] - The agreement includes a reduction of mutual tariffs and tariffs on automobiles and auto parts to 15% by the U.S., while Japan will increase imports of U.S. agricultural products by $8 billion and commit to significant investments in U.S. industries [2][4] - Japan's commitment to invest $550 billion is controversial, as the U.S. expects 90% of the returns to go to them, while Japan argues that this figure refers to financing and guarantees rather than direct government spending [5][6] Group 2 - The absence of a formal agreement document has led to differing interpretations of the terms, raising concerns about future compliance and potential disputes [3][6] - The political landscape in Japan, with the ruling coalition losing power, complicates the situation, as the government may struggle to implement the agreement effectively [1][7] - The U.S. has threatened to impose additional tariffs if Japan does not meet the terms of the agreement, further increasing uncertainty around the deal [6][7]

Group 1: Federal Reserve Rate Decision Insights - The market anticipates a 97% probability that the Federal Reserve will maintain interest rates during the July meeting[3] - Since the beginning of 2025, the Federal Reserve has kept rates unchanged due to mixed economic data and tariff concerns[3] - President Trump has increased pressure on the Federal Reserve for rate cuts, indicating a strong desire for lower rates[3] Group 2: Future Rate Cut Conditions - The upcoming meeting may clarify conditions for potential rate cuts, with Powell likely to outline specific criteria[3] - Three scenarios are considered for Powell's communication: maintaining ambiguity, indicating a possible September cut, or outlining conditions for future cuts[3] - The likelihood of maintaining a vague stance is deemed low due to increasing pressure from Trump and potential market volatility[3] Group 3: Market Volatility and Risks - The FOMC meeting precedes significant earnings reports from major tech companies and ongoing US-China trade talks, which may heighten market volatility[3] - Risks include unexpected inflation rebounds, weaker global economic conditions, and geopolitical tensions that could lead to increased market fluctuations[6]

Core Insights - The report indicates that the public fund quantitative selection strategy index continues to reach new highs, with equity fund enhancement strategies maintaining high elasticity [1][3] - The A-share equity market has shown strong performance, with the Shanghai Composite Index breaking through key resistance levels, supported by multiple favorable factors that enhance market sentiment [3][4] - The report highlights that various strategy indices have recorded positive returns, with the Evergreen Low Volatility Strategy and Equity Fund Enhancement Strategy yielding returns of 1.990% and 2.284% respectively, indicating the latter's stronger elasticity [3][5] Quantitative Strategy Allocation Views - The preferred strategy ranking is Equity Fund Enhancement Strategy > Evergreen Low Volatility Strategy > Overseas Equity Strategy [4] - The report notes that the A-share market is experiencing a positive upward trend, with the technology growth sector gaining more attention and funds shifting towards related low-position sectors [4][5] - The Evergreen Low Volatility Strategy has shown strong stability since its inception, effectively reducing portfolio volatility while maintaining decent returns [5][15] Performance Tracking of Fund Strategies - The Evergreen Low Volatility Fund Strategy has achieved a return of 1.990% this week, 4.909% over the past month, and 6.627% year-to-date, with a total return of 14.953% since its inception [13] - The Equity Fund Enhancement Strategy has recorded a return of 2.284% this week, 7.292% over the past month, and 11.397% year-to-date, with a total return of 19.794% since its inception [13] - The Cash Growth Fund Strategy has achieved a return of 0.028% this week, outperforming the benchmark, with cumulative excess returns exceeding 0.41% since its inception [18] Fund Strategy Construction Ideas - The report emphasizes the need for a quantitative approach to construct a fund selection pool that meets the diverse needs of investors in different market environments and risk preferences [22][29] - The Evergreen Low Volatility Fund Strategy aims to select funds with long-term stable return characteristics, focusing on funds with low volatility and drawdown levels [26] - The Equity Fund Enhancement Strategy seeks to identify funds with strong alpha generation capabilities, aiming for higher returns in improving market conditions [27]

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