Group 1 - The core viewpoint indicates that the market is expected to shift from a defensive to a moderately aggressive stance as external interest rate cuts approach, with a focus on positive changes in both internal and external environments [3] - The China Securities 500 ETF has seen significant growth, with a recent increase in scale by 5.46 billion yuan and a half-year share growth of 20.44 billion shares [3] - Institutions believe that the discount rate for the stock market is entering a downward trend, supporting a positive outlook for the Chinese A/H stock markets [3] Group 2 - The top ten weighted stocks in the CSI Small Cap 500 Index include Jianghuai Automobile, Guangqi Technology, and Shenghong Technology, collectively accounting for 6.4% of the index [4] - Investors can access A-share small-cap investment opportunities through the CSI 500 ETF linked fund (070039) [4]

Group 1 - The A-share market is gradually stabilizing and recovering after the impact of "reciprocal tariffs," with a slight decline for the month. It is suggested that future fund allocations maintain a balanced style while moderately leaning towards growth, emphasizing the importance of fund managers' stock selection and risk control capabilities [1][2] - In April, the manufacturing PMI was 49.0%, a decrease of 1.5 percentage points from the previous month, influenced by the drastic changes in the external environment due to trade friction. The strategy team believes that after the shock, investors' understanding of the economic situation has improved, which is crucial for the stock market's recovery [2] - The focus of Sino-US competition extends beyond economic trade to technological and productivity advantages. In the medium to long term, emerging technology remains a key theme, and the financial cycle is expected to be a dark horse under the influence of declining risk-free interest rates and new capital inflows [2] Group 2 - Global central bank gold purchasing behavior is expected to be long-term and sustained, reflecting changes in the trust foundation of the global monetary system. The rise of trade protectionism and the restructuring of the global economy will increase economic differentiation, supporting residents' demand for gold [3] - The fundamental impact of the US dollar on gold pricing has weakened but still holds some influence. If the US economy weakens, the support for gold prices will strengthen. This gold bull market is characterized by different driving factors and pricing frameworks, suggesting a potentially long cycle [3] - From a long-term investment and risk-hedging perspective, it is recommended to allocate to gold ETFs [3]

Group 1 - The article discusses the stabilization and slight recovery of the A-share market following the impact of "reciprocal tariffs," suggesting a balanced investment strategy with a slight tilt towards growth stocks while emphasizing the importance of stock selection and risk control by fund managers [2] - In April, the manufacturing PMI was reported at 49.0%, a decrease of 1.5 percentage points from the previous month, indicating a shift in economic sentiment due to trade tensions [2] - The article highlights that the focus of Sino-US competition extends beyond trade to technology and productivity advantages, suggesting that emerging technologies will remain a key investment theme in the medium to long term [2] Group 2 - For bond funds, the report recommends focusing on government bonds with specific maturities (7-year or 20-year) and suggests a strategy of "bullet" operations to enhance yields [3] - The article notes that global central bank gold purchasing behavior reflects a long-term restructuring of the global monetary system, driven by rising trade protectionism and economic restructuring [3] - It emphasizes that the current gold bull market is distinct due to changes in driving factors and pricing frameworks, suggesting a prolonged cycle for gold investments [3]

好，非常高兴在大家知道今天这一次的这个春季策略会是我们中介公司第一次非常高兴。为 什么说呢？我觉得这个时间点就特别好因为年度策略会我们是 11 月中旬到中期策略会大概 是一般是在六月份到中间隔了多长时间？七个月。所以这个季度的春季策略会起到个什么作 用呢？我觉得是承上启下。所以这个时间点开票加上最近是什么，你看市场情绪是很好的， 市场情绪什么这个比较兴奋我觉得这个情况是特别让人欣慰的。此时此刻，大家会问，我前 天我昨天录弇客户还在问，你不是年度观点讲什么？ 你不是讲这个走向半通胀吗？那么走向半通胀现在到了什么情况呢？还是不是走向半通胀 了，到了什么程度呢？我们也看了一下，在我们网页上我们年度报告的主题是叫什么走向半 通胀。直到最近还是有人在我们有客户在不停的点击，再点击这个报告，说明大家还是关注 我们的观点的。所以我也是特别高感谢我们这个客户对我们的信任和支持。所以我今天的报 告的主题，我就是什么半通胀的第一步，也就是说我们这个年度报告的观点是走向半通胀。 那半通胀现在什么程度了呢？ 是不是顺利呢？我的观点是到目前来看是比较顺畅的，尤其是半路上的第一步是比较顺畅的。 我记得我们在写这个年度报告的时候，市场情绪 ...