工银瑞信基金周崟： 力争捕捉多重收益 FOF战略配置需量体裁衣

Group 1 - The core viewpoint emphasizes that multi-asset risk hedging is a significant source of capturing multiple returns, with strategic allocation providing systematic beta returns as the main source of portfolio returns [1][3] - The investment strategy should be tailored according to the nature of the funds, with tactical asset allocation focusing on short to medium-term opportunities to achieve alpha returns [1][3] - The growth sectors to watch include those characterized by technology and manufacturing [1][4] Group 2 - As of now, six FOF products managed by the company have shown good returns, with the "工银睿智进取一年A" fund achieving a 14.88% return year-to-date and a 31.62% net value growth over the past year [2] - The fund's asset allocation is diversified, with over 90% of its positions in various ETFs, including those focused on internet, innovative pharmaceuticals, chips, and gold [2] - The investment philosophy combines subjective and quantitative methods, utilizing macroeconomic analysis to assess economic cycles and systematic multi-perspective industry comparisons for asset allocation [2][3] Group 3 - Strategic asset allocation is crucial for investment, requiring an analysis of the risk-return characteristics and correlations of various asset classes to determine allocation ratios [3] - The principles for strategic asset allocation include a preference for equities over the long term and diversification to expand the investment scope [3][5] - The upcoming structural reforms in the capital market, represented by the new "国九条," are expected to reshape the A-share ecosystem positively [4][5] Group 4 - The macroeconomic outlook suggests that the domestic inventory cycle and global semiconductor cycle may be bottoming out, potentially enhancing risk appetite [4] - The focus on structural opportunities in equity assets will depend on policy support and profit recovery, with supply-demand improvements benefiting certain sectors [5] - The company highlights the importance of investing in technology and manufacturing sectors, particularly in the context of the digital economy and AI technology [5]