Group 1 - The core viewpoint indicates that the A-share market is currently in a systematic slow bull phase, with ongoing mid-term capital migration and expected inflows of new capital, leading to a promising wealth effect [1] - The A500 index closed down by 0.5%, the A100 index down by 0.7%, and the A50 index down by 0.8%, while the A500 ETF from E Fund saw a net subscription of 220 million units throughout the day [1] - The report from Zheshang Securities suggests maintaining a positive and optimistic position while increasing the decision-making weight of mean reversion factors, and emphasizes the importance of style balance in asset allocation [1]