Core Viewpoint - The current A-share market is experiencing a rapid rotation of styles, leading investors to focus on index-enhanced products to achieve stable excess returns [1] Group 1: Market Structure and Investment Strategy - The market is transitioning from a "barbell" structure to a more balanced recovery, with funds beginning to flow back to mid-cap stocks, which have solid fundamentals and reasonable valuations [1] - The China Securities A500 Index is highlighted for its dual advantages in market capitalization style and alpha space, making it a favorable path for capturing excess returns [1] - Approximately 70% of the A500 index constituents overlap with the CSI 300 index, providing stability, while the remaining 30% includes more growth-oriented sectors like TMT, offering higher growth potential [1][2] Group 2: Factor Selection and Risk Management - The investment strategy employs a combination of 60% fundamental factors and 40% price-volume factors, focusing on fundamental momentum and turnaround situations [2] - The risk management approach has evolved from static to dynamic, allowing for adjustments based on individual stock liquidity, estimated impact costs, and fundamental strength [2] - The strategy emphasizes a disciplined and systematic approach to quantitative investment, prioritizing long-term, reusable frameworks over short-term gains [4]
中信保诚基金姜鹏：哑铃行情向均衡修复 中证A500或迎配置机遇