Group 1: Macro Insights - The central government is actively increasing spending to expand domestic demand and ensure people's livelihoods, with a notable divergence in spending growth between central and local levels [3] - The macro policy is expected to maintain a positive direction in the second half of the year, with potential marginal increases in support [3] Group 2: Market Strategy - Recent stock index adjustments appear to be a normal risk release due to structural trading congestion, with China's stability and gradual upward trend remaining crucial for the stock market [5] - The focus remains on financial, growth, and certain cyclical sectors as key investment areas [5] Group 3: Overseas Strategy - The AH premium is expected to trend downward due to the narrowing liquidity gap and the influx of quality assets from A-shares into Hong Kong stocks [7][9] - Historical correlations show that Hong Kong stocks have become more aligned with A-shares, while previously being more influenced by U.S. stocks [11] Group 4: Fixed Income - The strategy for investing in science and technology bonds ETF involves focusing on the transmission mechanism of corporate bonds and exploring opportunities in the primary market [13] Group 5: Retail and Services - The duty-free industry is showing signs of recovery, with a significant reduction in sales decline and a strong rebound in average transaction value, indicating a new window for investment [15] Group 6: Materials - The lithium market is maintaining supply resilience despite ongoing price pressures, with a notable slowdown in production expansion from Australian mines and stable operations in South American salt lakes [17]