Group 1 - The report identifies that the stock-bond seesaw effect is more common than both stocks and bonds being strong or weak simultaneously, with a higher probability of returning to the seesaw state after periods of dual strength or weakness [3][8]. - Growth expectations drive the stock-bond seesaw, while liquidity expectations can terminate it. Weak growth expectations lead to weak stocks and strong bonds, while strong growth expectations can result in strong stocks and weak bonds [3][8]. - A four-quadrant framework based on growth and interest rate expectations can be constructed to illustrate the relative relationship between stocks and bonds, showing how these expectations influence market dynamics [3][8]. Group 2 - The report suggests that when the stock-bond seesaw is present, there are strong price signals within equity sectors, allowing for effective industry strategies to be constructed [3][8]. - Current liquidity expectations are stable, indicating a foundation for a slow bull market, and the report continues to recommend a dynamic all-weather strategy under the seesaw market conditions [3][8]. - Historical data shows that fast bull markets are typically accompanied by rising equity volatility, while the current market exhibits stable equity volatility, supporting the slow bull market outlook [3][8]. Group 3 - The report outlines various scenarios following the stock-bond seesaw, including transitions from strong stocks and weak bonds to dual strength, and from weak stocks and strong bonds to dual weakness [21][37]. - The transition from strong stocks and weak bonds to weak stocks and strong bonds is often accompanied by a decline in growth expectations, while the reverse transition typically requires an increase in growth expectations [26][45]. - The report emphasizes that the core factors determining market direction after the seesaw are liquidity expectations and growth expectations, which can lead to different outcomes based on their movements [36][45].

四是深化投资者陪伴与教育。通过多层次、多形式的投教内容与服务，人保公募基金引导投资者树立理 性投资、长期投资理念，帮助投资者应对市场波动，践行"长期正确"的资产配置策略。 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 近日，在北京证监局指导下，北京证券业协会联合四十余家公募基金管理人、销售及评价机构与主流媒 体，共同启动"北京公募基金高质量发展系列活动"。本次活动以"新时代·新基金·新价值"为主题，聚焦 投资者教育与保护，推进行业转型升级，增强服务实体经济能力，助力北京打造金融高质量发展新名 片。 当前，我国公募基金行业正处于从"规模扩张"向"回报为王"转变的关键时期。2025年5月，证监会印发 《推动公募基金高质量发展行动方案》，进一步明确行业应以提升投资者获得感为核心，实现与国家战 略和人民财富管理需求同频共振。 一是强化投研核心能力建设。人保公募基金充分发挥保险资管背景优势，构建了以宏观、产业和信用研 究为支撑的投研体系，注重资产配置与风险控制协同，致力于实现持续稳健的投资回报。 二是持续优化指增产品布局。现已形成涵盖中证800、A500、红利低波等多类宽基指数的"基础层+创新 层"产品 ...

Market Overview - The Shanghai Composite Index opened at 3380.08 points, down 0.04% [1] - The Shenzhen Component Index opened at 10074.27 points, up 0.26% [1] - The ChiNext Index opened at 2024.70 points, up 0.35% [1] - The CSI 300 opened at 3862.39 points, up 0.12% [1] - The STAR 50 opened at 963.79 points, up 0.24% [1] - The CSI 500 opened at 5683.46 points, up 0.16% [1] - The CSI 1000 opened at 6082.74 points, up 0.07% [1] Index Performance - The Shanghai Composite Index recorded a trading volume of 4.5 billion with a year-to-date increase of 0.84% [2] - The Shenzhen Component Index had a trading volume of 7.6 billion with a year-to-date decrease of 3.27% [2] - The ChiNext Index had a trading volume of 3.4 billion with a year-to-date decrease of 5.46% [2] - The CSI 300 had a trading volume of 1.6 billion with a year-to-date decrease of 1.84% [2] - The CSI 500 had a trading volume of 0.91 billion with a year-to-date decrease of 0.74% [2] - The CSI 1000 had a trading volume of 2.7 billion with a year-to-date increase of 2.10% [2]

Market Overview - The Shanghai Composite Index opened at 3374.24 points, down 0.02% [1] - The Shenzhen Component Index opened at 10278.91 points, down 0.09% [1] - The ChiNext Index opened at 2062.27 points, unchanged [1] - The CSI 300 Index opened at 3894.84 points, down 0.04% [1] - The STAR 50 Index opened at 1014.10 points, up 0.44% [1] - The CSI 500 Index opened at 5778.08 points, down 0.06% [1] Index Performance - Shanghai Composite Index: Current price 3374.24, down 0.64 points, with a trading volume of 3.3 billion, year-to-date change of 0.67% [2] - Shenzhen Component Index: Current price 10278.91, down 9.18 points, with a trading volume of 6.3 billion, year-to-date change of -1.30% [2] - North Star 50: Current price 1402.73, down 3.07 points, with a trading volume of 260 million, year-to-date change of 35.16% [2] - CSI All A: Current price 5130.13, down 2.99 points, with a trading volume of 9.9 billion, year-to-date change of 2.16% [2] - STAR 20: Current price 1014.10, up 4.41 points, with a trading volume of 170 million, year-to-date change of 2.54% [2] - ChiNext Index: Current price 2062.27, up 0.01 points, with a trading volume of 2.5 billion, year-to-date change of -3.70% [2] - CSI 300: Current price 3894.84, down 1.42 points, with a trading volume of 1.3 billion, year-to-date change of -1.02% [2] - CSI 500: Current price 5778.08, down 3.59 points, with a trading volume of 1 billion, year-to-date change of 0.91% [2] - CSI 800: Current price 4204.14, down 1.81 points, with a trading volume of 2.4 billion, year-to-date change of -0.53% [2] - CSI 1000: Current price 6144.25, down 6.76 points, with a trading volume of 1.9 billion, year-to-date change of 3.13% [2] - CSI 2000: Current price 2559.85, down 3.07 points, with a trading volume of 3.5 billion, year-to-date change of 9.02% [2] - Wind Micro-Stock Index: Current price 382307.29, up 11.11 points, with a trading volume of 2.917 billion, year-to-date change of 21.02% [2]

Group 1 - The risk premium percentile of the CSI All Share Index is 80.66%, indicating that the market is in a high return zone [1][8] - The current values of the Shanghai Composite Index, CSI 300, and CSI 800 have a good match with their risk premium percentiles, warranting close attention [1][8] - The price-to-book ratio percentile of the CSI All Share Index is 13.58%, suggesting that the market is generally undervalued [1][12] Group 2 - The undervaluation of the Shanghai Composite Index is the most significant among the broad indices being monitored, making it a focal point [1][13] - The deviation rate of the CSI All Share Index is -3.13%, indicating that the overall price level of the market is in a normal range [1][17] - In the past six months, the growth style represented by the STAR 50 has achieved significant excess returns, but this changed in March, necessitating observation of potential shifts between value and growth styles [1][22] Group 3 - The performance of high and low valuation styles has been mixed over the past six months, with low valuation styles showing a clear advantage in March, which should be monitored for sustainability [1][26] - Small-cap styles have outperformed in the last six months, but this trend changed in March, indicating a need to observe potential shifts between large and small-cap styles [1][30] Group 4 - Investors are advised to pay attention to convertible bonds from an asset allocation perspective, as they have shown excess returns relative to the CSI All Share Index over the past six months [2][42] - The performance of bond-oriented portfolios has been notably superior, suggesting a focus on bond-oriented convertible bonds moving forward [2][44]