富国基金王保合：适配风险偏好，指数基金的科学配置之道

Core Insights - The article emphasizes the importance of factor-based investing and index funds as essential tools for asset allocation and dynamic adjustment in a complex market environment [1] Group 1: Index Fund Market Development - The domestic ETF market has experienced explosive growth, with passive index products surpassing active fund sizes for the first time in 2024, reaching a scale of 4.5 trillion, significantly higher than active funds even after excluding the 1.2 trillion held by state-owned entities [2] - There are over 1,500 ETFs available in the market, covering a wide range of categories, with TMT (Technology, Media, Telecommunications) accounting for 37% and financials for 15% [2] - ETFs provide diverse investment options, allowing investors to access overseas markets without QDII and meet asset allocation needs through gold ETFs [2] Group 2: Aggressive Investor Strategies - For aggressive investors, equity assets are expected to outperform in 2026, supported by three key factors: recovery in fixed asset investment, stabilization of the real estate market, and robust export performance [3][4] - The A-share market is characterized by structural valuation, with the CSI 300 index at a 12 times valuation compared to around 30 times for the Nasdaq, indicating significant value [4] - The investment strategy suggests a focus on technology sectors first, followed by cyclical sectors, with an emphasis on areas like overseas computing power and AI applications [4] Group 3: Conservative Investor Strategies - For conservative investors, a multi-asset and multi-strategy approach is recommended for long-term goals, emphasizing balanced allocation across different asset classes to mitigate risks [6] - The suggested asset allocation hierarchy is equities > commodities > bonds, with adjustments based on market conditions to optimize risk-return profiles [6] - The current market offers a variety of low-correlation assets, such as A-shares, Hong Kong stocks, U.S. stocks, bonds, and gold, providing a solid foundation for multi-asset allocation [6]