Group 1 - The core point of the news is the shift in FOF holdings, with the Hai Fu Tong Zhong Zheng Short-term Bond ETF becoming the most held fund by FOFs in Q4 2025, replacing the Hua An Gold ETF [1][2] - As of the end of Q4 2025, the Hai Fu Tong Zhong Zheng Short-term Bond ETF was held by 119 FOFs, with a total market value of 5.98 billion [2] - Several bond ETFs, including Peng Yang Zhong Dai-30 Year Government Bond ETF and Ping An Zhong Dai-Medium to High Grade Corporate Bond Spread Factor ETF, were among the top holdings by FOFs [2] Group 2 - In Q4 2025, FOFs increased their holdings in resource-related funds, particularly in gold and cyclical themes, with notable performance from the CITIC Securities Rui Xuan 6-Month Holding Mixed Fund [3] - The CITIC Securities Rui Xuan 6-Month Holding Mixed Fund achieved a return of 6.41% in Q4 2025, leading the FOF market [3] - The South China Zhong Zheng Shen Wan Nonferrous Metal ETF became the largest holding for a specific FOF by the end of Q4 2025, indicating a strong interest in nonferrous metals [3] Group 3 - The outlook for the second half of 2026 suggests a potential strengthening of value and blue-chip stocks, with a focus on resource upstream varieties [4] - Fund managers are optimistic about the stock market, expecting a shift from valuation expansion to profit expansion, with strategies including profit-taking and rebalancing [4] - There is a focus on sectors with high certainty, such as cyclical industries and the tourism sector, which are expected to rebound after recent declines [4]

All right. Uh let's uh let's move on to the broader markets. The S&P 500 is pacing for what would be at least if it maintained what it's doing right now, a third straight day of declining.Still, although we're very close to record levels, joining us with his outlook is Michael Caneritz. He's Piper Sandler's chief investment strategist. Nice to have you here, Michael.Thanks. Uh you write um that you expect improving EPS breath to take over after three years of PE expansion. Can you explain what that means an ...