基金配置策略报告（2025年6月期）：兼顾成长弹性与稳健防御，把握结构性机会-20250610

Group 1 - The report highlights a recovery in equity market sentiment in May 2025, driven by a joint statement between China and the US regarding tariff reductions, which improved market sentiment [3][11][12] - The equity market is expected to continue a rotational pattern due to insufficient trading volume to push indices higher, with a strong support at the bottom [3][19] - The report emphasizes the need for a balanced investment strategy that combines growth potential with defensive stability, focusing on structural opportunities in technology growth, overseas expansion, and defensive sectors [3][19] Group 2 - In the fixed income market, May 2025 saw a narrow fluctuation in bond yields, influenced by tariff easing and significant government bond issuance, leading to a slight recovery in funding rates [12][27] - The report suggests maintaining a slightly higher duration than the market average for long-term perspectives, while balancing allocations between interest rate bonds and credit bonds [5][34] - The report outlines a strategy for fixed income plus funds, categorizing them into low, medium, and high volatility, with a focus on stable returns and risk management [4][41][42] Group 3 - The report notes that the performance of various fund indices showed a divergence, with value and balanced styles outperforming growth styles in May 2025 [14][15] - The medical theme fund led the sector performance with a 5.92% increase, driven by significant advancements in innovative drugs [15][18] - The report indicates that the market is currently in a transitional phase, with a focus on sectors with strong narratives and liquidity rather than those with solid earnings support [18][19]