Group 1 - The core viewpoint of the article is the personnel adjustment at Guotai Junan Securities, with Xun Yugen no longer serving as the Chief Economist and other key positions [1][2] - Xun Yugen has completed his resignation procedures, but his future plans have not been disclosed [2] - Xun Yugen previously held significant roles at various securities firms, including his recent position as Chief Economist at Haitong Securities before joining Guotai Junan [3] Group 2 - Xun Yugen emphasized a cautious investment approach, comparing the long-term performance of A-shares to other asset classes, noting an annualized return of 9.8% from 2005 to 2024, which is the highest among various asset classes [4] - He pointed out the high volatility of A-shares, indicating that while they have higher returns during bull markets, they also experience deeper declines during bear markets, suggesting a "tortoise" approach to investing [4]

Core Viewpoint - Liquidity is the core element of capital market operations, significantly influencing market cyclical fluctuations [1] - Systematic intervention by stabilizing funds can effectively halt negative feedback loops during extreme risk events, becoming a key force in stabilizing valuation systems [1] - Recent actions by stabilizing funds have successfully restored market sentiment in response to fluctuations in the overseas policy environment, demonstrating their importance in market defense [1] Group 1 - Stabilizing funds' operations provide valuable insights for ordinary investors, suggesting that replicating these strategies could yield substantial returns [1] - The article posits that this approach represents a "broad avenue" for A-share investment, indicating a potential strategy for investors to follow [1]