Group 1 - The risk premium percentile of the CSI All Share Index is 71.95%, indicating that the market has returned from a high return area to a normal return area [1][8] - The price-to-book ratio percentile of the CSI All Share Index is 21.54%, suggesting that the market has returned from an undervalued state to a normal but slightly undervalued state [12] - The Shanghai Composite Index and CSI 800 are still in an undervalued state, warranting close attention [13] Group 2 - The CSI All Share Index's deviation rate is -0.03%, indicating that the overall price level of the market is in a normal range [16] - The ChiNext 50 has returned to a basic normal range after two months of recovery from an oversold state [19] - Over the past six months, the performance of value and growth styles has varied, and the value vs. growth style has yet to be defined, with future trends still to be observed [23] Group 3 - The performance of low valuation styles has generally been superior over the past six months, but high valuation styles have shown strong performance in the past month, suggesting investors should closely monitor the potential transition between high and low valuation styles [27] - Small-cap styles have significantly outperformed over the past six months, indicating a need for future focus on small-cap style targets [29] Group 4 - There has been a certain degree of excess return for convertible bonds relative to the CSI All Share Index over the past six months, suggesting that investors should consider convertible bond varieties from an asset allocation perspective [2][44] - Different types of convertible bonds have shown varying performance over the past six months, with a recommendation to focus on equity-oriented targets [48] Group 5 - The report emphasizes the importance of market style rotation, highlighting the differences in performance between value vs. growth, low vs. high valuation, and large vs. small capitalization stocks [20][21] - The report identifies that the performance of small-cap stocks has been notably superior, suggesting a focus on small-cap style targets moving forward [29] Group 6 - The report discusses industry/theme index rotation, focusing on low valuation rotation and dual momentum rotation strategies [33][34] - A selection of reference targets based on valuation factors or momentum factors is provided for investors to consider [37]

Key Points - The report indicates that the risk premium percentile of the CSI All Share Index is 80.41%, suggesting that the market is in a high return zone [1][5] - The report highlights that the price-to-book ratio percentile of the CSI All Share Index is 8.98%, indicating that the market is in a state of severe undervaluation [1][10] - The report notes that the deviation rate of the CSI All Share Index is -4.03%, suggesting that the overall price level of the market is in a normal range [1][13] - The report suggests that the performance of the value style has been significantly superior over the past six months, recommending a focus on value style targets [1][21] - The report also indicates that the performance of the low valuation style has been notably superior over the past six months, advising attention to low valuation style targets [1][24] - The report states that the performance of the small-cap style has been significantly superior over the past six months, recommending a focus on small-cap style targets [1][26] - The report identifies that there has been a certain degree of excess return for convertible bonds relative to the CSI All Share Index over the past six months, suggesting investors pay attention to convertible bond varieties from an asset allocation perspective [1][40]

Group 1 - The risk premium percentile of the CSI All Share Index is 80.66%, indicating that the market is in a high return zone [1][8] - The current values of the Shanghai Composite Index, CSI 300, and CSI 800 have a good match with their risk premium percentiles, warranting close attention [1][8] - The price-to-book ratio percentile of the CSI All Share Index is 13.58%, suggesting that the market is generally undervalued [1][12] Group 2 - The undervaluation of the Shanghai Composite Index is the most significant among the broad indices being monitored, making it a focal point [1][13] - The deviation rate of the CSI All Share Index is -3.13%, indicating that the overall price level of the market is in a normal range [1][17] - In the past six months, the growth style represented by the STAR 50 has achieved significant excess returns, but this changed in March, necessitating observation of potential shifts between value and growth styles [1][22] Group 3 - The performance of high and low valuation styles has been mixed over the past six months, with low valuation styles showing a clear advantage in March, which should be monitored for sustainability [1][26] - Small-cap styles have outperformed in the last six months, but this trend changed in March, indicating a need to observe potential shifts between large and small-cap styles [1][30] Group 4 - Investors are advised to pay attention to convertible bonds from an asset allocation perspective, as they have shown excess returns relative to the CSI All Share Index over the past six months [2][42] - The performance of bond-oriented portfolios has been notably superior, suggesting a focus on bond-oriented convertible bonds moving forward [2][44]