Core Viewpoint - The recent marginal improvement in overseas disturbances has led to a rebound in global stock markets, positively impacting the A-share market, with private equity firms increasingly optimistic about future market performance [1][2]. Investment Sentiment - Private equity firms have shifted to a more optimistic outlook due to the alleviation of external uncertainties, which is expected to boost China's economic growth momentum in Q2 [2][3]. - The overall export data has shown resilience, highlighting the strength of China's manufacturing sector [2]. - Investors and companies are now better positioned to rationally analyze the impacts of uncertainties and adjust their investment strategies accordingly [2]. Market Dynamics - The marginal improvement in external risks is likely to enhance performance expectations for Chinese export companies, positively affecting market valuations [2]. - The recovery of risk appetite is identified as a core logic for the mid-term market outlook, with funds expected to flow back into the stock market, increasing market activity [2][3]. Portfolio Adjustments - Private equity firms have begun adjusting their portfolios in response to improved market sentiment, with a focus on high-quality, globally competitive stocks [4]. - Heavy investments are being made in sectors with strong performance expectations, particularly in communications and electronics, as well as consumer and financial sectors to balance risk [4][5]. - Some firms are concentrating on technology and pharmaceutical sectors, emphasizing high-quality growth and reasonable valuations [4]. Mid-term Market Outlook - Private equity firms generally hold a "neutral to optimistic" view for the A-share market in Q2 and Q3, anticipating structural opportunities to emerge [6][7]. - The global liquidity environment may increase risks associated with cash assets, highlighting the value of quality equity assets [7]. - The market is expected to experience a "shaky upward" trend, with a focus on cyclical sectors and technology industries [7]. - The emphasis will be on identifying structural opportunities and monitoring corporate earnings recovery as a key investment focus [7].