Core Viewpoint - The recent geopolitical tensions have led to a rise in international oil and precious metal prices, causing noticeable movements in related A-share sectors, but opinions among private equity firms on whether this trend will establish a new market focus are significantly divided [1][2]. Group 1: Oil and Precious Metals - The oil and precious metals sectors have shown strong performance recently, particularly gold, but it is deemed unlikely to become a new main market trend due to limited growth potential and orderly price movements [2][3]. - Historical data suggests that geopolitical factors typically drive resource prices in a pulsing manner, with expectations that oil prices may revert to levels dictated by supply and demand fundamentals as current geopolitical tensions do not directly impact oil infrastructure [3]. - A neutral to slightly bullish outlook is presented by some fund managers, indicating that ongoing global macroeconomic turmoil may allow for further significant increases in international oil prices [3]. Group 2: Precious Metals Investment Focus - There is a concentrated focus on the precious metals sector among private equity firms, with a cautious long-term investment stance on the oil and gas sector due to potential price declines if geopolitical tensions ease [4]. - The demand for gold and gold stocks is expected to remain strong in the short term due to ongoing geopolitical uncertainties, with a potential increase in gold's financial attributes as the Federal Reserve may signal a dovish stance soon [4][5]. - The recent volatility in commodity prices may influence sectors such as chemicals, non-ferrous metals, and precious metals, potentially driving funds towards defensive assets like precious metals [4]. Group 3: Renewable Energy Sector - The recent geopolitical events have highlighted the importance of energy independence, which may accelerate the global transition to renewable energy, providing new opportunities for the sector [7]. - The A-share renewable energy sector is believed to be at a critical turning point, with conditions for valuation recovery becoming favorable due to supportive policies and historical low valuations [7]. - While there are investment opportunities in the renewable energy sector, the overall industry fundamentals are still challenging, and patience is required for capacity digestion in solar and wind energy sectors [7][8].

Core Insights - The market consensus remains fragmented despite the easing of US-China tariffs, with various funds showing interest in different sectors such as dividends, themes, large-cap growth, and export chains [1][2] - Active foreign capital has seen a net outflow, while passive foreign capital continues to flow into the A-share market, indicating a structural divergence in foreign investment [3][56] - Industrial capital is providing support to the A-share market, with significant increases in share buybacks compared to the previous year [4][65] Group 1: Fund Allocation and Market Dynamics - Retail investors have shown a preference for defensive dividend stocks, with net inflows into banking and transportation sectors, while experiencing outflows from electronics and machinery [2][11] - Financing funds are focusing on industries with improving fundamentals and thematic catalysts, such as defense and military [2][19] - Private equity funds are concentrating their research on large-cap growth sectors like pharmaceuticals and electronics [2][50] Group 2: Foreign Investment Trends - In the recent period, foreign capital saw a net inflow of 21.8 billion yuan, with active foreign capital experiencing a net outflow of 7.2 billion yuan, while passive foreign capital recorded a net inflow of 29 billion yuan [3][56] - Regional and global allocation-type foreign funds have increased their positions in A-shares, with Asian allocation funds reaching 89% of their levels since 2020 [3][56] Group 3: Industrial Capital and Market Support - The A-share market has faced four consecutive weeks of net outflows from ETFs, totaling 263 billion yuan, with significant support from industrial capital through share buybacks [4][41] - The average weekly buyback amount in 2025 has risen to 68 billion yuan, compared to 43 billion yuan in 2024, indicating a strong trend in corporate buybacks [4][71] Group 4: Fundraising and Market Activity - The number of new equity funds launched has decreased, with only 48 billion yuan in new equity fund shares issued last week, reflecting a decline in fundraising activity [32][33] - The net reduction of significant shareholders in the secondary market amounted to 43 billion yuan, with a weekly unlock market value of 306 billion yuan [65][74]