Core Viewpoint - The article highlights a shift in investment strategies among leading public funds in June, indicating a transition towards value-oriented and low-valuation themes in response to changing market conditions [1][2][11]. Group 1: New Product Launch Strategies - Major public funds such as GF Fund, Fuguo Fund, and Huatai-PB Fund launched new balanced theme funds focused on value and low valuation in late June [2][4]. - The cautious approach in building positions for new funds, such as the Ping An Value Enjoyment Mixed Fund, reflects a strategy to navigate the current market volatility [4][5]. - The emergence of terms like "valuation advantage" and "balanced strategy" in new fund names suggests a growing emphasis on performance expectations for mid-term financial results [7][11]. Group 2: Market Trends and Performance Expectations - The article notes a significant cooling in the innovative pharmaceutical sector, with many companies experiencing rapid valuation increases that may not be sustainable [8][11]. - As the market approaches mid-2025, there is a shift in focus towards low-valuation companies that have shown performance improvement trends, making them attractive for institutional investors [8][11]. - The performance of stocks like Shangmei Co., which saw a 74% increase in net profit for 2024, illustrates the connection between market movements and mid-term financial expectations [8]. Group 3: Rebalancing Strategies and Future Outlook - The rebalancing of fund holdings indicates a potential influx of capital into low-valuation sectors, particularly in the Hong Kong non-bank sector, which currently has a PB of 0.98X and a dividend yield of 3.2% [12]. - The article suggests that the current market trend is moving away from thematic investments towards larger-cap stocks, with a preference for value stocks over growth stocks [11][12]. - The anticipated policy trading in early July may further influence market dynamics, with larger-cap stocks expected to exhibit greater elasticity compared to smaller-cap stocks [12].