Institution: Growth style is still in trend.

According to Liu Xingwang, the fund manager of Fuguo Fund, once a trend is formed, it is difficult to reverse in the short term, but index fluctuations will amplify, and the style will continue to be driven by liquidity, with the growth style still in trend. Xia Linfeng, deputy general manager of equity investment at Huabao Fund, stated that the A-share market has clearly shown a shift in policies and stable performance, stabilizing demand in the real estate and stock markets, regulatory measures to address internal competition, the AI industry leading a new innovation cycle, new consumption becoming a new carrier, and new energy breaking out of internal competition. In response to this, it is recommended to adopt an investment strategy of "digging deep for Alpha and waiting for Beta." Yi Zhiquan, fund manager of Fuguo Fund, stated that Chinese assets are facing a new valuation reassessment. "In the high-end manufacturing industry, many Chinese companies have market values that are more than an order of magnitude below those of benchmark overseas companies, with tremendous growth potential." Yi Zhiquan stated that with the increasing expectation of interest rate cuts in the United States, foreign capital is shifting from being over-allocated to the US to replenishing European, Japanese, and Chinese markets. In addition, with excess savings entering the fields of finance, insurance, and funds, A-shares and Hong Kong stocks markets are expected to attract more incremental funds.