第三十二期：如何运用ETF构建中低风险组合？（中）

Group 1 - The strategy for low to medium risk asset allocation includes risk parity and risk budgeting models, where risk parity allocates equal risk weights across different assets, while risk budgeting allows investors to set asset risk weights based on their risk preferences [1] - The correlation between major asset classes such as equities (A-shares, Hong Kong stocks, US stocks), bonds, and commodities (precious metals, energy, chemicals) is relatively low, making it suitable to construct portfolios using corresponding ETFs [1] - The long-term correlation between bonds and equities or commodities ranges from 0 to -30%, indicating a "stock-bond seesaw" effect due to the counter-cyclical nature of interest rates affecting bond yields, while equities and commodities reflect the health or expectations of the real economy [1] Group 2 - A simple construction method for the model involves selecting broad-based indices for equities such as CSI 300 ETF, CSI 500 ETF, ChiNext ETF, and National 2000 ETF, while the bond portion can include government bond ETFs, policy financial bond ETFs, and local government bond ETFs [2] - For the commodity portion, gold ETFs and commodity futures ETFs can be included, with advanced construction methods allowing for a core-satellite approach or sector rotation strategy for equities [2]