Core Insights - The essence of stock investment returns is derived from the intrinsic return rate of assets, which is based on fundamental and valuation analysis [1] - The current investment strategy emphasizes a barbell approach, focusing on low-volatility dividend stocks for defense and key sectors like internet and non-ferrous metals for offense [1] - The necessity for short-term monetary policy adjustments appears to be decreasing, but the fundamental win rate for bond assets remains [1] Investment Strategy - The investment manager does not base returns on predictions of market, competitors, or policy changes, but acknowledges their impact on short-term asset prices [1] - A diverse underlying asset selection is crucial, incorporating different style factors such as growth and value [1] - The current portfolio is underweight in low-volatility dividend and quality dividend sectors, with a focus on business model certainty and valuation cost-effectiveness [1] Asset Allocation - The defensive side of the portfolio continues to favor low-volatility dividend stocks as a solid defensive asset [1] - On the offensive side, there is a focus on leading companies in the internet sector, non-ferrous metals, and a small number of cyclical industries, with future opportunities tied to industry supply-demand fundamentals and improving industry conditions [1] - Long-duration bonds remain a good allocation choice under the barbell strategy, although the overall yield potential has significantly narrowed compared to last year, necessitating careful consideration of risk-reward ratios [1]