Market Overview - The market experienced fluctuations in the week before the holiday, with major indices showing mixed results. The Shanghai Composite Index closed at 3279.03 points, down 0.49% for the week, while the Sci-Tech Innovation 50 Index rose 0.78% to 1012.42 points [1] - In terms of sector performance, the Media, Computer, and Electronics indices saw the highest gains, while the Comprehensive, Comprehensive Financial, and Real Estate indices faced the largest declines [1] Valuation Levels and Weekly Performance - The valuation levels (PE TTM) and weekly performance of major A-share indices are as follows: - Sci-Tech Innovation 50: PE 148.32, weekly increase 0.78%, quarterly increase 6.00% [2] - Sci-Tech Innovation and Entrepreneurship 50: PE 39.18, weekly increase 0.52%, quarterly decrease 4.30% [2] - CSI 1000: PE 40.17, weekly increase 0.18%, quarterly increase 1.78% [2] - CSI 500: PE 28.41, weekly increase 0.08%, quarterly increase 0.76% [2] - Other indices such as the ChiNext Index and the Shanghai Composite Index showed declines of 0.04% and 0.49% respectively [2] Sector Performance - The Media Index led with a weekly increase of 2.86%, followed by the Computer Index at 2.66% [3] - Conversely, the Real Estate Index experienced a significant decline of 2.93%, with the Comprehensive Financial Index down 3.21% [3] Global Market Context - The upcoming Federal Reserve meeting on May 7 is anticipated to be a key focus for global financial markets, with a 97.2% probability that interest rates will remain unchanged [4] - The U.S. stock market has shown signs of recovery, attributed to easing tensions and expectations of potential policy shifts from President Trump [4] Fund Performance and Market Sentiment - The performance of active equity funds in the first four months of the year showed a net value growth rate of 1.45%, with the best-performing funds achieving over 64% returns [9] - The market sentiment remains cautious but stable, with a focus on domestic policy support and potential easing of trade tensions [11]

Group 1 - The global stock market experienced a remarkable "V-shaped" rebound in April, with the S&P 500 rising for nine consecutive days, marking the longest streak since November 2004 [1] - Bank of America Chief Investment Officer Hartnett noted that this trend indicates investor expectations for Trump to shift towards a "three lows" policy: lowering tariffs, interest rates, and taxes [1] - Concerns about a U.S. economic recession have eased, as the 2-year U.S. Treasury yield has decreased by 70 basis points since Trump took office, oil prices have fallen by 20%, and the dollar has depreciated by 9%, contributing to looser financial conditions [1] Group 2 - The second quarter is not expected to see a recession, as Hartnett pointed out that as long as employment data does not collapse, market sentiment can remain relatively stable [2] - Key indicators such as the global financial sector ETF (IXG) breaking above $105 suggest that a recession in the second quarter is unlikely [2] - Oil prices remain the only asset indicating a potential recession or slowdown, having dropped 56% since the Russia-Ukraine conflict began and 17% since April 2 [2] Group 3 - Hartnett recommends "going long" in international markets, as concerns about a global recession fade, oil prices are expected to reverse significantly, benefiting oil-importing countries in Asia and Europe [3] - Additionally, he suggests investing in bonds and gold, forming a "BIG" investment portfolio [3]