Group 1 - The core viewpoint emphasizes the importance of patient capital and long-term investment strategies in supporting the high-quality development of capital markets as public fund reforms progress [1][2] - The investment strategy focuses on high-quality assets characterized by "high and stable ROE (Return on Equity) + high margin of safety," which are seen as essential for sustainable excess returns [1] - High and stable ROE indicates stronger profitability resilience and intrinsic growth potential during economic cycles, making these core assets vital for long-term compounding growth [1] Group 2 - Looking ahead to the second half of 2025, it is anticipated that domestic economic growth will gain momentum due to ongoing policy support, which should not be underestimated [2] - Enhanced economic growth and structural adjustments are expected to positively impact the marginal profitability growth of listed companies, leading to increased long-term capital allocation in A-shares [2] - The strategy of deeply exploring and firmly holding high-quality core assets with "high and stable ROE + high margin of safety" is viewed as a rational choice to navigate market volatility and a pathway for investors to share in the benefits of China's high-quality economic development [2]