从债券向权益切换！公募基金多元资产配置策略会：看好科技与黄金两大方向

Core Viewpoint - The strategy meeting held by Jianxin Fund at the Service Trade Fair highlighted investment directions for the second half of 2025, focusing on technology sectors and gold assets, while emphasizing a diversified asset allocation strategy to navigate complex market conditions [2]. Group 1: Technology Sector Insights - Jianxin Fund's manager noted that the Sci-Tech Innovation Board (STAR Market) has become a significant part of the A-share market, with 589 listed companies and a total market capitalization exceeding 10 trillion yuan as of August 2025 [3]. - The electronic industry holds a prominent weight in the STAR Market, accounting for nearly two-thirds of the Sci-Tech 50 index, with significant contributions from biomedicine, new energy, and machinery sectors [3]. - The fund has invested in over 1,400 technology-related enterprises, with a 73% increase in the scale of technology financial products since the beginning of 2025 [3]. Group 2: Market Outlook and Investment Strategy - The outlook for the STAR Market remains positive, driven by continuous government support for technological innovation, which has opened capital channels for unprofitable and red-chip companies [4]. - The STAR Market's total market value has surpassed 10 trillion yuan, with a year-to-date increase of over 20%, significantly outperforming other broad-based indices [5]. - Jianxin Fund's latest asset allocation strategy suggests a bullish stance on equities and a structural preference for gold, focusing on high-growth sectors such as AI, domestic substitution (including semiconductors and military industry), innovative pharmaceuticals, and new consumption [7]. Group 3: Gold Asset Allocation - The value of gold assets has become prominent against a backdrop of a weak dollar and global economic uncertainty, with central banks purchasing over 1,000 tons of gold annually since 2022 [8]. - Analysts recognize the long-term allocation value of gold, especially as concerns over U.S. debt credit rise and several regions declare gold as legal tender [8]. - The current economic cycle is transitioning from a bond-dominant phase to one favoring equities, with A-shares and Hong Kong stocks expected to present structural opportunities driven by policy support and profit recovery [8].