Group 1 - The report highlights the update of the active equity fund pool, which now includes 105 funds, with 24 new additions such as Qianhai Kaiyuan Hong Kong and Shanghai Core Resource A and HSBC Jintrust Small Cap [2][9][8] - The ETF pool has been updated to include new products focusing on robotics and free cash flow, totaling 113 ETFs [12][13] - Year-to-date performance as of April 30 shows positive absolute returns across all four fund combinations, with the monthly report combination yielding 3.21% and the active combination yielding 2.65% [20][19][18] Group 2 - The report reflects on the core positions of the fund combinations, indicating that they are primarily composed of actively managed funds, which may pose tracking difficulties and risks due to changes in fund managers and investment styles [3][21] - The report notes that the bond market is experiencing preemptive pricing and volatility, leading to underperformance of bond products in early 2025 [21][19] - The report suggests optimizing the fund combinations by considering ETF replacements, increasing overseas asset allocation, and adjusting the weight of domestic demand-side equities [22][21]