Core Viewpoint - The article highlights the increasing pressure on funds with low equity exposure, as investors are shifting their expectations towards a rebound in equity assets, leading to potential contract termination risks for several funds [1][2][3]. Group 1: Fund Performance and Strategy - Many funds are facing redemption pressure due to a significant mismatch between their investment strategies and market expectations, particularly those with a "heavy debt, light equity" approach [1][2]. - Funds like 德邦新回报灵活基金 have reported stock allocations as low as 8%, with a substantial 72% of their assets allocated to bonds, which contrasts sharply with the rising market expectations for equities [3]. - 博时恒润6个月持有期基金 has seen its equity allocation drop from 25.7% a year ago to approximately 7% currently, indicating a trend of reduced equity exposure among certain funds [3]. Group 2: Market Sentiment and Fund Size - The market's overall performance is influencing fund sizes, with investors increasingly favoring funds that have higher equity allocations, as evidenced by the performance of偏债型基金 products that have increased their equity exposure [4][5]. - The招商智安稳健配置FOF fund has also faced risks due to its heavy allocation to bond funds (62%), with only 6% in equity funds, reflecting a broader trend of investor dissatisfaction with low equity exposure [4][5]. Group 3: Economic Indicators and Policy Impact - The article discusses how the recent monetary policy changes have positively influenced market risk appetite, with expectations of continued support for financial and real estate sectors [6][7]. - The decline in risk-free rates has reduced the opportunity cost of investing in equities, encouraging new capital inflows into the Chinese stock market [6][7]. - The overall sentiment is that the Chinese stock market is entering a phase of systematic decline in discount rates, which is expected to enhance investment prospects in A/H shares [6].