Group 1 - The public fund issuance market remains active in April 2025, with equity products being the main driving force [1] - A total of 127 public funds were launched in April, maintaining a stable issuance pace with 84 equity funds accounting for 66.14% of new funds [1] - Bond fund issuance saw significant growth, with 28 new products launched in April, marking a 16.67% increase from March [1] Group 2 - Among bond funds, medium- and long-term pure bond funds were the most popular, with 14 new funds launched, representing 50% of bond fund issuance [2] - Mixed fund issuance showed a clear preference for equity-oriented mixed funds, which made up 90% of the 10 new mixed funds launched in April [2] - The recovery in fund issuance is closely linked to current market conditions, with investors focusing on long-term opportunities despite short-term macroeconomic fluctuations [2] Group 3 - Following the announcement of the US "reciprocal tariff" policy, major Chinese stock indices experienced volatility, with A-shares showing more stability compared to Hong Kong stocks [3] - A-shares are supported by a more stable funding base and lower foreign investment, which contributes to their resilience against external risks [3] - The market is expected to shift focus from external factors to domestic policies, as China has ample policy reserves to address uncertainties in the external environment [3]