低估值优质资产价值凸显 公募推出PB-ROE策略增强产品

Core Viewpoint - The article discusses the challenges faced by active fund managers in capturing stable alpha amidst fluctuating market conditions, emphasizing the integration of Smart Beta strategies to enhance investment performance [1][2]. Group 1: Market Dynamics - The Shanghai Composite Index fluctuated from 3800 to 4000 points and back to 3800 over the past three months, reflecting investor sentiment volatility [1]. - The market is transitioning from a high-growth phase dominated by "growth" to one led by "asset revaluation," prompting investors to rebalance their portfolios based on corporate earnings and valuation levels [2]. Group 2: Investment Strategies - Guangfa Fund's assistant general manager, Yang Dong, has been exploring the combination of subjective and quantitative strategies, introducing Smart Beta strategies to capture structural opportunities and achieve stable excess returns [1][3]. - The Guangfa Stable Strategy employs a mix of subjective long positions and active quantitative strategies, focusing on dividend assets in A-shares and Hong Kong stocks, achieving a cumulative return of 53.94% from January 4, 2024, to November 20, 2024, outperforming its benchmark by 29.14 percentage points [2]. Group 3: New Product Launch - Guangfa Fund plans to launch a new product, Guangfa Quality Selected Stocks, from December 1 to December 19, aiming to help investors capture long-term value from high-quality, low-valuation assets [3]. - The new strategy will utilize a combination of subjective long positions, active quantitative methods, and AI enhancements, focusing on companies with sustainable ROE and growth potential while avoiding value traps [3].