行业配置策略月度报告（2024/9）：8月多策略录得正向超额，9月推荐关注周期和TMT方向

Group 1 - The report indicates that the dynamic balance strategy has achieved an annualized absolute return of 14.89% and an annualized relative return of 13.13% from January 2015 to August 30, 2024, with a maximum drawdown of only 5.6% [16][27]. - In September, the recommended industries for the dynamic balance strategy include non-ferrous metals, electronics, power equipment and new energy, transportation, automobiles, and oil and petrochemicals [16][26]. - The absolute return for the dynamic balance strategy in August was -2.91%, underperforming the benchmark with an excess return of -1.19% [27]. Group 2 - The multi-strategy approach has achieved an annualized relative return of 7.99% from May 3, 2011, to August 30, 2024, with a maximum drawdown of 13.03% [2][33]. - Recommended industries for the multi-strategy in September include oil and petrochemicals, food and beverage, communications, construction, banking, electronics, power and utilities, and transportation [2][31]. - The absolute return for the multi-strategy in August was -3.93%, with an excess return of 0.64% [33]. Group 3 - The macro-driven strategy has achieved an annualized excess return of 4.42% from early 2016 to August 30, 2024, with a maximum drawdown of 9.51% [2][24]. - Recommended industries for the macro-driven strategy in September include coal, computers, steel, communications, electronics, and commercial retail [2][24]. - The absolute return for the macro-driven strategy in August was -4.29%, with an excess return of 0.22% [18]. Group 4 - The report highlights that the industry crowding factor indicates potential risks in sectors such as coal, building materials, defense and military, commercial retail, consumer services, pharmaceuticals, agriculture, communications, and media [35]. - The crowding factor is characterized by increased turnover rates and price volatility, which can lead to significant price deviations from normal trends [35].