新成立ETF不急于建仓均衡配置成核心策略

Core Viewpoint - The recent cautious stance of newly established ETFs contrasts sharply with the heated market environment, indicating a more prudent attitude among institutional investors as they navigate market volatility and style rebalancing [1][5]. ETF Positioning - Several newly launched ETFs are adopting a "low position" strategy, with some having equity positions as low as 10% or even close to zero, reflecting a wait-and-see approach before fully deploying their capital [1][3]. - For instance, the Huaxia CSI Photovoltaic Industry ETF had an equity position of 33.19% as of November 11, which is below the required thresholds set by its fund contract [2]. - Other ETFs, such as the Jiashi CSI Sub-Sector Chemical Industry Theme ETF and the Yifangda CSI Satellite Industry ETF, reported equity positions of only 19.99% and 10.02%, respectively [2]. Market Dynamics - The cautious approach of ETFs comes amid a backdrop of the Shanghai Composite Index fluctuating around the 4000-point mark, with a notable shift in market styles as technology stocks face adjustments while new energy and cyclical sectors show improved performance [4][6]. - The market is currently experiencing a "rebalancing" rather than a complete "switch," with institutions returning to more balanced strategies after a period of aggressive growth-focused investments [6]. Investment Strategies - The "balanced allocation" and "barbell strategy" are re-emerging as core investment strategies among institutions, emphasizing a mix of dividend-paying assets and high-quality growth assets [5][6]. - Historical data suggests that after a strong performance in growth styles during the third quarter, a shift towards value styles in the fourth quarter is common, reinforcing the need for a balanced approach [6]. Recommendations - Fund managers are encouraged to consider increasing allocations to high-dividend stocks while maintaining a focus on quality growth assets, particularly in the context of the current market dynamics [7].