分析师：刘芳 投资要点 2025 年 03 月 09 日 证券研究报告 | 策略周报 科技主线重燃，二次上行可期 策略周报 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 021-20515355 报》2025-02-23 2、《市场情绪持续回暖，春季躁动有望 延续 —策略周报》2025-02-16 3、《春节国内外大事速递—策略点评》 2025-02-05 4、《情绪延续降温，静待市场企稳 —策 略周报》2025-01-12 5、《政策继续发力，市场活力进一步释 放—策略周报》2024-10-27 基本面回顾与资产配置展望：3 月 5 日《政府工作报告》提及"稳住楼市股 市"，延续了去年 9 月以来对于楼市和股市的政策基调，预计在政策持续发力 托底的背景下，这一趋势有望保持。3 月 6 日经济主题记者会释放出多重利好 信号。海外来看，3 月 7 日美国财长贝森特明确表态将继续压低 10 ...

2025 年 03 月 05 日 证券研究报告 | 市场点评报告 政府工作报告的三条重要线索 2025 年两会政府工作报告点评 分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 021-20515355 1、《中长期资金从哪来、有多少、到哪 去？—资本市场政策点评》2025-01-23 2、《政策"组合拳"出台，权益迎反弹、 债 市 需 休 整 — 金 融 政 策 点 评 》 2024-09-24 投资要点 此次政府工作报告重点突出了三条政策线索： 1、在总量方面展示出宏观政策更加积极有为的态度，突出了提质效，且根据 形势变化动态调整政策的特征。 分析师：郝一凡 2、应对当前经济面临的内外部压力和挑战，我国后续经济增长的三大"破局" 方向：内需消费、科技创新、改革开放。 风险提示：经济修复不及预期的风险，政策效果不及预期的风险，地缘风险， 海外衰退风险，外部政策不确定性风险。 敬请 ...

2025 年 03 月 04 日 证券研究报告 | 公募基金周报 低波策略回撤控制能力占优，海外避险情绪持续高涨 公募基金量化遴选类策略指数跟踪周报（2025.03.02） 分析师：李亭函 A 股方面，对中短期保持中性偏谨慎态度，我们对常青低波策略的推荐本周初 获成效，前期多方面利好给芯片、半导体、港股等板块持续上涨的动力，强势 突破 10 月份的高点。在当前市场充分交易相关利好后，需要关注科技成长板 块潜在过热情绪所隐藏的风险。反之，红利相关防御板块在春节后的交易中关 注度较低，相关行业表现较弱，但是银行等红利板块中长期维度的投资逻辑没 有发生改变，回调下跌后相比充分交易的热门板块依旧具有较高性价比，同时 考虑到临近两会关键节点，低波策略所配置行业有望受到带动，当前依旧推荐 低波策略为更佳配置工具。 销售服务电话： 021-20515355 相关研究报告 1 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/2/28》2025-03-03 2、《互联网财报再燃权益热情，美国再 起经济衰退担忧—公募基金量化遴选类 策 略 指 数 跟 踪 周 报 （ 2025.02.23 ）》 2025-02-25 ...

2025 年 03 月 02 日 证券研究报告 | 策略周报 "两会行情"来临，如何应对？ 策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 021-20515355 | | | 1、《春季躁动已至，科技领衔 —策略周 报》2025-02-09 2、《当"春季躁动"遇上特朗普就任 — 策略周报》2025-01-19 3、《市场情绪转弱，防守待反击 —策略 周报》2025-01-05 4、《成交量延续回落，再回"哑铃型" 配置 —策略周报》2024-12-29 5、《政策博弈暂歇，静待扩内需政策加 码—策略周报》2024-12-22 投资要点 2025 年"春季躁动"行情中科技成长风格引领市场走强，但随着两会临近，市 场内部或迎来阶段性的风格切换。从"两会"行情的季节性特征看，从成长向稳定 风格切换的概率较高，两会后"科技行情"仍有望再度上行。 分析师：刘芳 结合当前情况来看，2 ...

2025 年 02 月 25 日 证券研究报告 | 公募基金周报 互联网财报再燃权益热情，美国再起经济衰退担忧 公募基金量化遴选类策略指数跟踪周报（2025.02.23） 分析师：李亭函 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师登记编码：S0890524110001 电话：021-20321391 邮箱：huanghao@cnhbstock.com 销售服务电话： 021-20515355 相关研究报告 2025/2/21》2025-02-24 2、《如何利用港股基金增强哑铃型配 置？—金融产品观察》2025-02-19 3、《常青低波优势初显，关注低波策略 短期抗风险优势—公募基金量化遴选类 策 略 指 数 跟 踪 周 报 （ 2025.02.16 ）》 2025-02-18 4 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/2/14》2025-02-17 5、《AI 大模型点燃"春季攻势"，热情 高涨后低波板块性价比显现—公募基金 量 化 遴 选 类 策 略 指 数 跟 踪 周 报 投资要点 分 ...

2025 年 02 月 23 日 证券研究报告 | 策略周报 从关税博弈到 AI+突围 策略周报 分析师：刘芳 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 021-20515355 1、《市场情绪持续回暖，春季躁动有望 延续 —策略周报》2025-02-16 2、《春节国内外大事速递—策略点评》 2025-02-05 3、《情绪延续降温，静待市场企稳 —策 略周报》2025-01-12 4、《政策继续发力，市场活力进一步释 放—策略周报》2024-10-27 投资要点 分析师：郝一凡 2 月 21 日，中美经贸中方牵头人、国务院副总理何立峰应约与美国财长贝森特 举行视频通话。双方均表示愿意继续就贸易问题进行沟通，显示出一定的谈判意 愿。预计在 4 月 1 日美国发布相关贸易调查报告之前，关税政策的实施节奏或较为 缓和。双方或维持"谈判试探+局部施压"的策略，对华快速上调关税的概率较 低，风险相对可控 ...

Core Insights - The report emphasizes the effectiveness of grid trading strategies in volatile markets, allowing investors to capitalize on price fluctuations without predicting market trends [3][12] - It identifies equity ETFs as suitable instruments for grid trading due to their liquidity, low transaction costs, and significant price volatility [3][12] Group 1: Grid Trading Strategy Overview - Grid trading is characterized as a high buy-low-sell strategy that leverages natural price fluctuations within a defined range to generate profits [3][12] - The report outlines the ideal characteristics for assets suitable for grid trading, including being exchange-traded, having stable long-term trends, low trading costs, good liquidity, and high volatility [3][12] Group 2: ETF Grid Strategy Target Analysis - The military industry ETF (512660.SH) is highlighted, noting significant advancements in China's military capabilities during the 14th Five-Year Plan, including breakthroughs in aircraft and shipbuilding, indicating strong mid- to long-term investment potential [5][13] - The photovoltaic ETF (515790.SH) reports a record high of 277.17 GW in new installations for 2024, with a year-on-year growth of approximately 28%, suggesting a recovery in sentiment and valuation in the sector [6][15] - The Southeast Asia Technology ETF (513730.SZ) tracks major tech companies in Southeast Asia, with the region expected to be one of the fastest-growing economies globally over the next five years, benefiting from a youthful demographic and supply chain advantages [7][16] - The French CAC 40 ETF (513080.SH) is noted for its attractive valuation at a PE-TTM of 22.1, compared to 29.94 for the S&P 500, making it a viable option for investors seeking exposure to European blue-chip stocks [8][19]

Group 1 - The report highlights the short-term risk resistance advantage of low-volatility strategies, particularly the Changqing Low-Volatility Fund strategy, which has shown strong performance in a volatile market environment [3][4][6] - The report indicates that the U.S. stock market is currently influenced by inflation-related economic data and tariff policies, with the Nasdaq 100 futures reaching new highs [3][5] - The report suggests a cautious stance on the A-share market in the short to medium term, while recommending a shift from high-volatility strategies to low-volatility strategies due to better cost-effectiveness [4][6] Group 2 - The Changqing Low-Volatility Fund strategy recorded a positive return of 1.338% this week, demonstrating strong stability and performance amid market fluctuations [6][17] - The report notes that the Cash Growth Fund strategy achieved a return of 0.032%, outperforming the benchmark, indicating effective cash management [7][24] - The Overseas Equity Allocation Fund strategy has accumulated significant excess returns since its inception, benefiting from the global technology sector's growth and the Fed's interest rate policies [7][26]

Group 1 - The report indicates that the equity market experienced a recovery after a sharp decline at the beginning of January 2025, with small-cap technology growth stocks becoming market hotspots [3][11][14] - The report highlights that the market sentiment improved slightly due to the release of economic data and supportive policies, although the A-share market did not fully recover from the initial drop by the end of January [3][11] - The report notes that the commodity market showed significant rebound in January, driven by geopolitical tensions and policy changes, particularly in the energy sector [3][11][12] Group 2 - The report states that the market environment is currently suitable for quantitative strategies, although the concentration of market hotspots may negatively impact alpha strategies [4][14] - It mentions that the trading concentration in the market has reached historical extremes, which may hinder the performance of diversified investment strategies [4][24] - The report suggests that the current market conditions may be a good time for profit-taking, while those optimistic about future equity market trends may consider holding positions [4][14] Group 3 - The report provides performance statistics for various public quantitative funds, indicating that the strict constraint type funds in the CSI 500 index had a monthly excess return of 1.67% in January 2025 [48][53] - It highlights that the smart beta type funds in the CSI 500 index achieved a monthly excess return of 1.75%, while the rotation type funds had a lower excess return of 1.41% [48][53] - The report also details the performance of the CSI 300 index enhanced products, with a monthly excess return of 1.04% for strict constraint type funds [48][52]

2025 年 02 月 11 日 证券研究报告 | 公募基金周报 AI 大模型点燃"春季攻势" ，热情高涨后低波板块 性价比显现 公募基金量化遴选类策略指数跟踪周报（2025.02.09） 分析师：李亭函 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师：黄浩 分析师登记编码：S0890524110001 电话：021-20321391 邮箱：huanghao@cnhbstock.com 销售服务电话： 021-20515355 1、《DeepSeek 概念火热，基金投资有 哪些机遇—金融产品观察》2025-02-10 2 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/2/7》2025-02-10 3 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/1/27》2025-02-05 4、《权益市场企稳反弹，持续关注布局 中长期机会—公募基金量化遴选类策略 指数跟踪周报（2025.01.19）》2025-01- 21 5 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/1/17》2025 ...