公募基金量化遴选类策略指数跟踪周报（2025.05.18）：海内外权益市场近短期前高，分歧阻力或带来逢低布局机会-20250520

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - After the Sino - US economic and trade talks, the A - share market is close to the previous high with increased divergence and resistance, but there are good layout opportunities after short - term adjustments. Overseas, the US stock market has shown a relatively strong performance, and there are opportunities for overseas investment, but short - term risks need to be noted [3][4][5]. - The quantitative strategy configuration view is: stock fund enhancement strategy > evergreen low - volatility strategy > overseas equity strategy. In the A - share market, the evergreen low - volatility strategy can be used as a base configuration, and part of the low - volatility strategy can be switched to the enhancement strategy. For overseas investment, investors with low overseas positions can appropriately buy on dips, while those with high positions can take profits [4]. - In the long - term, the US stock market is still expected to reverse and rise, and its long - term allocation value remains unchanged [5]. Group 3: Summary of Relevant Sections 3.1 Tool - based Fund Portfolio Performance Tracking - Evergreen Low - Volatility Fund Portfolio: Since the strategy started on July 31, 2023, it has maintained low - volatility characteristics, with significant excess returns. It has low drawdowns in volatile markets and good gains in rebound markets, combining defense and offense [15]. - Stock Fund Enhancement Fund Portfolio: The strategy has been running for a short time. Its performance is close to the CSI Active Stock Fund Index. It is expected to show stronger elasticity after the market environment improves and can maintain a similar trend to the benchmark in a weak market [17]. - Cash - Enhancing Fund Portfolio: After double - screening, it continuously outperforms the benchmark. Since the strategy started at the end of July 2023, the excess return has been continuously accumulated, exceeding 0.39%, providing a reference for cash management [18]. - Overseas Equity Allocation Fund Portfolio: Since July 31, 2023, in the context of the Fed's interest - rate cut cycle and the boost of artificial intelligence, it has accumulated high - level excess returns, and global allocation can increase the returns of equity portfolios [21]. 3.2 Tool - based Fund Portfolio Construction Ideas - Evergreen Low - Volatility Fund Portfolio: It is constructed by combining fund position - dimension factors and net - value dimension factors to meet the defensive needs of investors in high - risk markets and the needs of investors with moderate risk preferences [22]. - Stock Fund Enhancement Fund Portfolio: It aims to find funds with higher Alpha returns, combining restrictions on industry balance and position style exposure, providing a more offensive choice for investors with high - risk preferences [22]. - Cash - Enhancing Fund Portfolio: Based on multi - dimensional characteristic factors of money funds, a money - fund screening system is constructed to help investors optimize short - term idle funds [23]. - Overseas Equity Allocation Fund Portfolio: Based on overseas equity market indices, it selects QDII equity funds according to long - and short - term technical indicators, providing an auxiliary tool for global investment [25].