长城基金：多元资产配置的必要性正在提升

Core Viewpoint - The domestic stock and bond markets are exhibiting complex yet resilient trends, with diverse investment opportunities available in both asset classes. A diversified asset allocation strategy is suggested as a favorable approach in the current environment [1][2]. Group 1: Market Overview - Both stock and bond markets present good investment opportunities, and a multi-asset layout can enhance risk resistance [2]. - The domestic macroeconomic environment shows signs of weak recovery, with industrial output and manufacturing investment declining, and the manufacturing PMI at 49.5%, indicating a contraction [2]. - Market interest rates may continue to decline, suggesting a favorable bond market outlook [2]. Group 2: Stock Market Insights - Short-term fluctuations are expected in the A-share market, but long-term policies are aimed at stabilizing confidence and expectations, supporting a steady market [3]. - The Central Huijin Company is expected to play a stabilizing role, promoting long-term capital inflow into the A-share market [3]. - Multi-asset strategies are likely to provide better returns across market cycles, with a focus on fixed income-enhanced products [3]. Group 3: Fund Performance - The secondary bond fund index has achieved a cumulative increase of 394.08% and an annualized return of 7.98% since 2004, outperforming both stock and bond indices [3]. - The Longcheng Stable Income Fund, which focuses on a mix of pure bonds, convertible bonds, and stocks, aims to enhance returns while managing risks [4][5]. - The fund manager emphasizes a detailed management approach, focusing on short-duration bonds and high-grade commercial financial bonds for stable income [5]. Group 4: Fund Strategy - The Longcheng Stable Income Fund employs a "pure bond + convertible bond + stock" strategy to enhance returns [4]. - The fund manager dynamically adjusts the asset allocation based on market conditions, comparing stock dividend yields with bond yields to optimize investment [5]. - The fund's one-year return reached 6.77%, surpassing its benchmark and ranking in the top 20% among similar funds [5].