ETF主观配置策略月报（四）：大市值+科技成长“杠铃”配置-20250520

Market Outlook and ETF Strategy - The current phase of the A-share market indicates a stabilization of external disturbances, with support on the downside and potential catalysts on the upside, leading to an expected short-term oscillating trend [2] - Following the Geneva talks between China and the US, tariff trade risks have eased, and the index has returned to pre-tariff levels, showcasing the A-share market's resilience against global risks [2] - Despite a recent decline in market volume and rapid sector rotation, the A-share market is expected to maintain a primary oscillating trend due to the lack of strong catalysts for further upward movement [2] - The recommended investment strategy is a "barbell" approach, focusing on large-cap stocks and technology growth sectors, with a dual emphasis on public fund allocation and defensive strategies [2] Industry and Thematic Trends - Currently, the market lacks a clear mainline, with dispersed hotspots and no single sector attracting significant monthly trading consensus [2] - In the medium term, under the "broad monetary + weak dollar" framework, technology growth styles are expected to perform well, particularly in areas such as self-sufficiency, AI, and robotics [2] - The report suggests focusing on two main directions for industry/theme ETF allocations: self-sufficiency and industry trends, particularly in semiconductor equipment and high-end manufacturing ETFs [2][3] ETF Recommendations - The report lists specific ETFs for investment, including: - Large-cap ETFs such as the Huaxia SSE 50 ETF (规模: 1649.7 million) and the Huatai-PB CSI 300 ETF (规模: 3800.7 million) [4] - Dividend-focused ETFs like the CCB CSI 300 Dividend ETF (规模: 2.8 million) and the Invesco CSI 100 Low Volatility Dividend ETF (规模: 62.1 million) [4] - Thematic ETFs including the Huaxia National Semiconductor Equipment ETF (规模: 22.8 million) and the E Fund National Robotics Industry ETF (规模: 13.9 million) [4][13]