Group 1 - The current A-share and Hong Kong stock indices are highlighted as high-return assets with significant cost-effectiveness, even amid economic pressure and ongoing deflation [1][4] - The core index's ROE (Return on Equity) has stabilized and will not decline further, providing crucial support for the market [1][4] - A-shares and Hong Kong stocks exhibit a notable return advantage compared to global assets, with the CSI 300 index's PE (Price-to-Earnings ratio) at approximately 13 times, implying a return of 7% [1][4] Group 2 - Despite concerns about economic downturns and deflation impacting profits, the core index's ROE has remained flat over the past two years, not following the economic decline [4] - Historical data shows that during significant economic downturns, the core index's ROE tends to find strong support at current levels, preventing further declines [4] - The profitability of leading companies remains robust during economic lows, as they outperform smaller firms, leading to a natural industry clearing process [4] Group 3 - The construction materials industry is cited as an example where leading companies are showing signs of profit improvement despite overall industry challenges [4] - The profitability of leading firms has started to recover from around 6%, while the second-tier companies are struggling with only 1% net profit [4] - This resilience in leading companies' profits is a key reason for the core index's ability to stabilize its ROE without significant downward risk [4][5]