Core Insights - The A-share market has shown significant upward momentum, with the Shanghai Composite Index rising steadily above 3500 points since July [1] - Investors are divided into different camps regarding market trends, highlighting the need for effective asset allocation strategies to navigate volatility [3][4] Market Performance - The annual returns of major asset classes over the past five years reveal that no asset experiences perpetual growth, as they all undergo varying degrees of volatility influenced by different economic cycles [4] - Specific annual returns for 2020 to 2024 are as follows: - Chinese stocks: 18.61% (2024), -0.56% (2023), -16.19% (2022), -8.79% (2021), 22.63% (2020) - Global stocks: 17.45% (2024), 22.13% (2023), -12.39% (2022), 14.13% (2021), 6.94% (2020) - Domestic bonds: 7.60% (2024), 4.77% (2023), 3.30% (2022), 5.09% (2021), 2.97% (2020) - Global bonds: 4.04% (2024), 9.06% (2023), -4.89% (2022), -4.32% (2021), -0.73% (2020) - Gold: 29.29% (2024), 15.37% (2023), 9.33% (2022), -5.62% (2021), 16.77% (2020) - Oil: -1.42% (2024), -8.76% (2023), 20.77% (2022), 47.02% (2021), -26.71% (2020) - Forex: 3.55% (2024), 4.55% (2023), 10.81% (2022), -0.75% (2021), -3.15% (2020) - Industrial commodities: -5.70% (2024), 2.95% (2023), 21.19% (2022), 25.89% (2021), 8.74% (2020) [5] Asset Correlation and Risk Management - Different asset classes exhibit varying correlations, with the China Bond Index often showing a negative correlation with A-shares and Hong Kong stocks, suggesting that including low or negatively correlated assets can effectively hedge market risks [6] - A proposed "fixed income enhancement" strategy serves as a straightforward asset allocation framework, utilizing bonds as a stable foundation while selectively adding equity assets to capture market upside [7] Fund Performance - The "Guofu Anyi Stable 6-Month Holding Mixed Fund" has demonstrated superior performance in both returns and risk management compared to its peers over the past year, with metrics indicating a maximum drawdown of -1.10% versus -3.61% for the average of similar funds, and an annualized volatility of 2.38% compared to 5.38% [8][9] - The fund's annualized performance for the complete accounting year of 2024 is reported at 7.19% for Class A and 6.83% for Class C, against a benchmark performance of 7.42% [9]
当前市场环境下，如何让投资化繁为简？
Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-07-31 13:00