Core Viewpoint - The overall economic demand remains sluggish, indicating a bottoming phase, with most industries showing flat total volume but structural highlights [1] Group 1: Economic Conditions - The global risk appetite has rebounded following the tariff shocks in April, leading to a "structural bull" market in A-shares and Hong Kong stocks [1] - High dividend assets, safe-haven assets, and structurally growing assets are currently the market consensus [1] Group 2: Industry Insights - The government is paying close attention to the negative economic impacts of internal competition, suggesting that some industries may gradually learn from the electrolytic aluminum sector to escape vicious internal competition [1] - This shift could present future investment opportunities [1]