Macro Economic Background - The domestic economy shows stable growth with new momentum strengthening, as industrial production increased by 5.8% year-on-year in May, with high-tech manufacturing growing by 8.6% [12][14] - Fixed asset investment maintained a steady growth of 3.7% year-on-year from January to May, with significant contributions from equipment investment, which rose by 17.3% [13][15] - Retail sales increased by 6.4% year-on-year in May, driven by the effectiveness of the "old-for-new" consumption policy [13][15] Domestic Market Review - In June, the A-share market experienced a volatile upward trend, with small-cap growth stocks outperforming, and active trading in advanced manufacturing, finance, and non-ferrous metals [5][21] - The bond market confirmed the central bank's supportive stance, showing a bull steepening trend with a compression of long-term yield spreads [5][19] Domestic Market Outlook - The risk appetite in the domestic market is expected to continue rising in July due to easing external disturbances and positive domestic policy signals [5][21] - The upcoming political bureau meeting at the end of July is anticipated to set the economic work priorities for the second half of the year, potentially releasing new policy signals to boost consumption and stabilize the real estate market [5][21] Foreign Market Review - In June, the U.S. stock market showed a volatile upward trend, reaching new highs, while the dollar index weakened amid fluctuating risk sentiment [5][21] - The bond market in the U.S. experienced a downward trend in yields, maintaining a steep curve, while the Hong Kong stock market benefited from domestic policy support, showing a volatile upward trend [5][21] Foreign Market Outlook - The U.S. market may face disturbances from rising inflation pressures and uncertainties surrounding tariff and budget legislation, leading to a volatile trading environment [8][21] - The bond yields in the U.S. are expected to trend upwards due to short-term stability in the economic fundamentals and a return of rate cut expectations [8][21] Commodity Market - Gold prices are expected to remain volatile in the short term due to easing geopolitical tensions, while long-term prospects for gold remain positive amid ongoing uncertainties [8][21] - Copper prices are anticipated to accelerate due to macroeconomic and fundamental resonance [8][21] - Oil prices may face short-term risks from geopolitical factors, with a bearish outlook in the medium term [8][21]

Group 1 - The core viewpoint of the articles indicates that 17 equity star advisory portfolios collectively reported negative returns over the past month, with only 8 maintaining positive returns in the first four months of the year [1][2] - The top three performing advisory portfolios have shifted their strategies towards defensive positions, increasing allocations in consumer sectors and undervalued assets, reflecting differing responses to market volatility [1][2] - The average return of the 17 equity star advisory portfolios was 0.22%, with the best-performing portfolio, "Yinhua Tianji - Qiaoqiao Ying," leading with a return of 7.65% in the first quarter, focusing on hard technology, medical healthcare, and basic consumer sectors [2][3] Group 2 - The "Yinhua Tianji - Qiaoqiao Ying" portfolio made adjustments in late April, increasing its allocation to consumer sectors while balancing technology categories, and reducing the proportion of index funds [2][3] - The "Jihua Jinqu" portfolio also made adjustments in late April, reducing exposure to bonds and low-volatility assets while increasing investments in undervalued sectors like pharmaceuticals and real estate [3][4] - The "Zhongou Super Stock All-Star Portfolio" conducted a rebalancing in early April, maintaining an overweight position in growth styles while optimizing specific holdings due to macroeconomic uncertainties [4] Group 3 - The global asset direction advisory portfolios showed significant performance divergence, with an average return of approximately -0.62% over the past month, and only 9 out of 27 portfolios reporting gains [4][5] - The "Guotai Jinqi Global Allocation Portfolio" achieved the highest return of 11.84% in the first four months, focusing on the Hong Kong stock market and sectors like innovative pharmaceuticals and gold [5] - The "Time Traveler Portfolio" completed its first rebalancing since 2025 in late April, shifting from high-volatility tech investments to lower-volatility index funds due to anticipated increases in U.S. stock market volatility [5]