【三季度ETF投资策略】热八月·金九月，咬定主线不放松

Macro Environment - The overall macro environment is showing an upward trend [1] - There is a phase of abundant monetary conditions and the beginning of wide credit [2] - Global economic policy uncertainty is decreasing [3] Investment Direction - The risk appetite for incremental funds is leading to a favorable outlook for equity assets, which are currently at a relative high in terms of cost-effectiveness compared to fixed income assets [4] - The top five industries in terms of recent economic performance are computer, non-ferrous metals, steel, light manufacturing, and pharmaceuticals [6] - Industries with room for growth include TMT (Technology, Media, and Telecommunications), finance, and consumer sectors [4][6] Market Dynamics - The public equity fund positions have not yet reached historical highs, indicating potential for further growth [4] - Increased risk appetite is expected to elevate the performance of growth stocks, particularly in innovative technologies such as artificial intelligence and robotics [6] - Key industries mentioned by the National Development and Reform Commission, such as steel, non-ferrous metals, building materials, and petrochemicals, are expected to see significant improvements in fundamentals [6] Capital Expenditure Trends - Domestic and international tech giants are experiencing a surge in capital expenditure, particularly in AI infrastructure, while traditional mobile communication infrastructure spending is stabilizing [8] ETF Strategies - The company suggests a focus on leading ETFs and a grid trading strategy that targets products with sufficient volatility and relatively large capacity [10] - A balanced allocation strategy across broad-based, Smart Beta, industry, and cross-border ETFs is recommended [10]