Core Viewpoint - The current market is characterized by a period of oscillation and differentiation, moving away from the previous bull market's straightforward upward momentum, indicating a need for more selective investment strategies [2][3]. Market Conditions - The Shanghai Composite Index is experiencing fluctuations around the 3900-point mark, with a shift in market dynamics from a collective rise to a more segmented performance [2]. - The market is showing signs of structural opportunities, with some high-valuation sectors undergoing adjustments while new opportunities emerge [2]. Investment Strategy - The current market environment requires a more cautious approach, moving away from aggressive trading strategies to a focus on selecting experienced fund managers who can navigate through market volatility [3]. - Trust in seasoned fund managers, like Hu Song from Guotai Fund, is emphasized as a key factor for investors looking to capitalize on market opportunities during this complex phase [3][4]. Fund Performance - Hu Song's fund, Guotai Jinpeng Blue Chip, achieved positive returns during the bear market of 2023, contrasting with the 11.38% decline of the CSI 300 index [4][5]. - Guotai Jinsheng, managed by Hu Song, has reported a year-to-date return of 50.73%, significantly outperforming the CSI 300 index and its benchmark [7]. - Since its inception in February 2024, Guotai Jinsheng has delivered a total return of 55.36% and an annualized return of 30.33% [7]. Future Outlook - Hu Song remains optimistic about a "slow bull" market trend, anticipating a gradual upward adjustment of the index amid improving market conditions [8]. - The domestic market is supported by a combination of stabilizing fundamentals and liquidity easing, while external factors, such as the U.S. Federal Reserve's interest rate cuts, are expected to enhance market risk appetite [9]. - The long-term outlook suggests continued market strength driven by the internationalization of the RMB and improving corporate earnings [9].