Core Insights - The chairman of Qikai Asset, Zhong Weiwei, expresses a strong optimism for the technology industry revolution, particularly in artificial intelligence, humanoid robots, and consumption in the two-dimensional and IP sectors [1][4] Investment Philosophy - Zhong Weiwei emphasizes a grounded investment approach, focusing on fundamental research and ensuring that his investments allow for peace of mind [3] - His investment philosophy was reshaped by recognizing the information advantages held by top-tier capital, leading him to refine his focus on companies within his capability circle [3] Market Analysis - The global economic landscape is undergoing significant changes, with a trend of "East rising, West falling," indicating unprecedented opportunities for the Chinese capital market [4][5] - Western economies are facing challenges such as high inflation, heavy debt burdens, and structural imbalances, which are impacting corporate profitability and consumer purchasing power [4][5] Chinese Market Strengths - China's economy demonstrates resilience and vitality, with R&D spending exceeding 3.5 trillion yuan in 2024, accounting for 2.65% of GDP, and leading in several technological fields [5][6] - The influx of global capital into China is accelerating, with significant increases in northbound capital transactions and the scale of social security funds [5][6] Sector Opportunities - The artificial intelligence and humanoid robot sectors are experiencing rapid advancements, with numerous companies launching innovative products and attracting substantial capital [7][8] - The new consumption wave, particularly in two-dimensional and IP consumption, is gaining momentum, evidenced by successful marketing campaigns and strong sales figures [7][8] Future Outlook - Zhong Weiwei anticipates that the investment landscape will continue to evolve, with a focus on high-end manufacturing sectors such as semiconductors, artificial intelligence, and new energy [9][10] - He advises investors to maintain a rational perspective, conduct thorough research on business models, and be prepared to capitalize on opportunities when market sentiments diverge from intrinsic value [9][10]

Core Viewpoint - A-shares show resilience amid external market adjustments, indicating a strengthening internal trend supported by recent monetary policy changes and trade negotiations [1][2]. Market Outlook - The current market has largely priced in the tariff events and the first phase of trade negotiations, with a need for additional catalysts to break through March highs [2]. - The extreme drop on April 7 was a one-time reaction to the "equal tariffs" event, and the market has since undergone substantial recovery [2]. - Future challenges to March highs will require new policies, trade negotiation progress, or significant economic indicators [2]. Hot Sectors - June is expected to be driven by event-based thematic trading, with focus on low-position sectors like consumption and pharmaceuticals, as well as adjusted technology growth [3]. - Key areas of interest include: 1. Consumption expansion and domestic demand as a priority for 2025, with expectations for policy support in sectors like dairy, IP consumption, leisure tourism, and medical aesthetics [3]. 2. The trend of robot localization and integration into daily life, with opportunities in sensors, controllers, and dexterous hands [3]. 3. The ongoing trend of semiconductor localization, focusing on semiconductor equipment, wafer manufacturing, materials, and IC design [3]. 4. The military industry is expected to see order recovery by 2025, with signs of bottoming out in various sub-sectors [3]. 5. Innovative drugs are entering a recovery phase after four years of adjustment, with positive net profit growth expected to continue into 2025 [3]. Market Review - A-shares experienced narrow fluctuations with reduced trading volume, while consumption and pharmaceuticals rebounded [4]. - The market showed overall weakness, with 31 primary sectors exhibiting mixed performance, led by textiles, pharmaceuticals, beauty care, environmental protection, and real estate [4].