长盛基金杨衡：中证A500之“266策略”有望持续创造超额收益

Core Insights - The "266 strategy" (CSI A500 - CSI 300) has shown remarkable excess returns this year, positioning Changsheng Shengfeng Fund as a representative of specialized index investment [1][2] - The CSI 300 index is primarily driven by the "financial + consumption" sectors, while the CSI A500 index reduces the weight of these sectors and includes more high-end manufacturing and strategic emerging industries, resulting in greater elasticity and stronger sector rotation capabilities [1] - The CSI A500 index's components are all included in the Stock Connect list and have undergone ESG negative screening, allowing international funds to allocate without barriers and reducing passive adjustment costs [1] Strategy Details - The "266 strategy" distills the asset allocation model of the CSI A500, focusing on strategic emerging sectors such as power equipment, biomedicine, and national defense, while emphasizing more elastic small and medium-sized leading companies [2] - When the CSI A500 shows excess returns relative to the CSI 300, the "266 strategy" amplifies this advantage through a "doubling effect" [2] - The investment logic focusing on new productive forces remains unchanged under the theme of high-quality economic development, with confidence in the long-term value of the CSI A500 index and the ability of the "266 strategy" to continuously create excess returns during structural transformation [2]