Group 1 - The new public fund assessment rules may significantly impact the benchmark deviation and the ratio of profitable clients, with only 62% of active funds using the CSI 300 and CSI 800 benchmarks, while over 18% are track-type products [1] - Active public funds have generally underperformed their benchmarks over the past three years, partly due to underweighting banks and frequent trading, leading to a trend towards conservative allocations [1] - Future active public funds are expected to focus more on core asset pricing rather than marginal information flow pricing, indicating a potential overall adjustment in strategy paradigms [1] Group 2 - The recent government stance on capital market policies is positive, particularly supporting technology and consumer sectors, which is expected to boost demand for Hong Kong stocks [2] - The ongoing US-China trade talks may ease tensions, improving market sentiment, while the low valuation and policy support for Hong Kong's technology and consumer sectors remain attractive [2] - Mid-term public fund reforms may further increase domestic capital allocation towards Hong Kong's unique sectors, particularly technology and consumer stocks [2] Group 3 - The A-share market is expected to experience a structural bull market, with demand-side factors influenced by US tariffs and supply-side factors showing high visibility of significant supply clearance [3] - Despite potential disturbances in the capital market, financial easing is expected to stabilize and elevate the market's fluctuation range, with technology sectors showing strong performance in quarterly reports [3] - The A-share market's structural bull requires strong catalysts from technology industries to reinforce market consensus [3] Group 4 - The A-share market is likely to present a structural market trend as the performance verification period ends, but uncertainties from US-China trade negotiations remain a concern [4] - Recommended investment directions include stable dividend-paying sectors, technology narratives, and consumer sectors supported by policy initiatives [4] - The market is expected to maintain a range-bound pattern due to the impact of tariffs on the domestic economic recovery [4] Group 5 - The initial bull market's volatility may extend due to the complexities of US tariffs, with a strategic outlook suggesting a potential breakthrough later in the year driven by policy and capital [5] - The market's current volatility is seen as a digestion of tariff impacts, with limited downside potential as stable capital flows are expected to support the market [6] - The bull market's initial phase may experience prolonged fluctuations, but a return to bear market levels is unlikely [6] Group 6 - The market has recovered to pre-tariff levels, supported by liquidity from state-owned entities, with limited downside pressure from tariff impacts on the economy [7] - The second quarter is expected to see accelerated policy implementation, enhancing market conditions and supporting small-cap growth [7] - Investment focus should include stable dividend stocks and sectors with improvement potential, such as non-ferrous metals and liquor [7] Group 7 - The market's recovery is anticipated to be temporary, with potential for increased volatility as economic conditions evolve [8] - The focus may shift towards financial stability and large-cap stocks under current policies aimed at expanding domestic demand [8] - The structural changes in the market may lead to a transition towards financial and stable sectors, with a focus on consumer industries [8] Group 8 - The bond market may see further declines in interest rates, with a focus on short-term bonds benefiting from a steep yield curve [9] - The stock market is advised to maintain a cautious stance due to ongoing tariff negotiations, with a focus on low-volatility dividend stocks and potential opportunities in technology and new consumption sectors [9] - A strategic approach is recommended, waiting for market adjustments before actively investing in technology and new consumption areas [9] Group 9 - The revaluation of Chinese assets is expected to occur amidst market fluctuations, with A-shares likely to gradually rise [10] - The advantages of China's manufacturing industry and the potential for counter-cyclical policies are highlighted as key factors for market performance [10] - Investment focus should include AI-related industries, innovative pharmaceuticals, and new consumption sectors within the broader consumer market [10] Group 10 - Three main investment themes are identified: TMT sectors expected to perform well throughout the year, low-cycle stocks showing potential for recovery, and stable sectors like public utilities and transportation with strong safety margins [12] - The overall performance of A-shares is stabilizing, with improvements in ROE and profit margins observed across various sectors [12] - The market's focus on growth and recovery is expected to continue, with specific attention to sectors benefiting from policy support [12]