Core Viewpoint - The article provides a comprehensive review of various investment strategies and performance over the past year, highlighting the effectiveness of different asset classes and the importance of liquidity in the market. Group 1: Convertible Bonds - Convertible bonds have been a consistent investment since 2015, with a notable annual return of 37% in 2021 and a current year-to-date return of 11% [1]. Group 2: B Shares - B shares are viewed as a combination of dividend and arbitrage investments, with a current portfolio including Long An B (dividend yield: 9.54%), Guangdong Expressway B (6.69%), and Gujing Gong B (6.12%) [2]. - The overall semi-annual return for the B share portfolio is 5.07%, influenced by policy impacts on the liquor industry [2]. Group 3: Bank Stocks - Bank stocks are characterized by low valuations, with a strategy yielding an annualized return of 25% since 2017 by rotating into the highest dividend yield and return on equity stocks [3]. - Current holdings include Chengdu Bank (50%), China Merchants Bank (20%), Jiangsu Bank (20%), and Nanjing Bank (10%) [3]. Group 4: Micro-cap Growth and Value - A strategy focusing on micro-cap stocks with low P/E ratios and growing net profits has yielded an annualized return of nearly 30% since 2017 [4][5]. Group 5: Other Stocks - Long-term holdings include Gree Electric Appliances, with a reduced cost basis of 50%, and BYD, which was sold due to concerns over market saturation despite initial gains [7]. - Other A-share investments are based on ROE above 15% and PEG below 1, with mixed results [8]. Group 6: Arbitrage - Arbitrage activities have been exploratory, with some losses impacting overall returns, but certain positions like Hangzhou Steam Turbine B and ST Xinchao have shown promise [6][9]. Group 7: Funds and REITs - Investments in North China 50 and Nasdaq funds have yielded around 10% returns, while REITs are seen as a fixed income option worth exploring further [11][12]. Group 8: Future Plans - The strategy for the second half of the year includes maintaining and increasing positions in bank stocks, micro-cap growth, and low-priced convertible bonds, with a focus on high-dividend B shares and REITs as potential alternatives [13].