Group 1 - The core investment strategy focuses on industries with upward trends, aiming to identify 3 to 5 main directions annually that have strong fundamentals and significant growth potential [2][3] - The investment approach includes selecting leading companies within chosen industries, emphasizing sectors such as technology, new energy, consumption, and pharmaceuticals [3][4] Group 2 - The portfolio management strategy involves adjusting the weight of value and growth assets based on market conditions and industry trends, while maintaining a balanced risk profile [4] - The current A-share market is viewed as undervalued, with growth assets expected to perform well due to supportive policies, ample liquidity, and steady economic recovery [5] - In the technology sector, there is a strong demand for optical modules and PCBs, with leading companies showing low valuations and high growth rates [5] - The new consumption sector is considered an important investment direction, particularly in areas with strong emotional attributes and significant overseas potential [5][6]

Core Viewpoint - The article discusses the performance of dividend assets compared to growth assets in different market phases, highlighting the potential risks of dividend assets under certain market conditions, particularly during bull markets [4][26]. Market Phases Analysis - From 2014 to present, dividend assets have shown low volatility and steady growth, while growth assets like the ChiNext have experienced more dramatic fluctuations [6]. - In the early bull market phase (2014-2015), the dividend index rose by 177%, but growth stocks outperformed with a 194% increase in the ChiNext index [8]. - During the 2015 stock market crash, the dividend index fell by 44%, similar to the declines in the CSI 300 and ChiNext indices [11]. - In the structural bull market phase (2016-2017), the dividend index increased by 44%, matching the CSI 300, while the ChiNext index only rose by 6% [14]. - In the bear market of 2018, the dividend index decreased by 25%, but it had the smallest decline compared to other indices [17]. - From 2019 to 2021, the dividend index only increased by 24%, significantly lagging behind the ChiNext's 170% rise [19]. - During the adjustment period (2021-2022), the dividend index fell by 4%, outperforming the CSI 300 and ChiNext indices [21]. - In the current oscillation phase (2022-2024), the dividend index has risen by 4%, while other indices have declined [23]. - Looking ahead to the potential explosive phase starting in Q4 2024, the dividend index is expected to lag behind growth styles due to a lack of valuation elasticity [25]. Investment Strategy Insights - The article concludes that while dividend assets may underperform in bull markets driven by risk appetite, they can perform well in structural bull markets where both valuation and earnings recover [26]. - Historical market trends indicate that a balanced asset allocation is essential for navigating different market environments and achieving sustainable returns [27].

Group 1 - Public funds are preparing for the second half of the year, with a significant increase in attention towards dividend assets, which are viewed as stable components in investment portfolios [1][2] - The average returns of active equity funds have shown recovery, with ordinary stock funds and mixed equity funds returning 2.13% and 2.28% respectively year-to-date as of April 30, and a one-year return of 6.95% [1] - The price-performance ratio of dividend assets, such as the CSI Dividend Index, is at the 99th percentile of the past decade, indicating that these assets are currently among the most cost-effective options [2] Group 2 - Certain low-volatility sectors with high dividend yields, such as banking, ports, hydropower, and logistics, are expected to perform steadily due to stable earnings and favorable dividend sustainability [3] - The Hong Kong stock market shows a valuation advantage for high-dividend stocks, supported by a conducive market environment for their performance [3] - Regulatory policies enhancing dividend oversight, combined with a low-interest-rate environment, are likely to accelerate the entry of long-term capital into the market, maintaining the investment value of Hong Kong dividend stocks [3]