2025年中期策略报告：基本面因子稳定表现，聚焦长线板块与被动投资-20250619

Group 1 - The report emphasizes the stable performance of fundamental factors, focusing on long-term sectors and passive investments, particularly in the context of the recent regulatory framework promoting high-quality development of public funds [4][5][7] - The "Action Plan for Promoting the High-Quality Development of Public Funds" outlines measures to enhance returns and reduce fees, encouraging the innovation of equity funds, including ETFs and FOFs [7][9][10] - The report highlights the importance of long-term investment strategies, with a focus on state-owned enterprises, technology, and consumer sectors, which are expected to yield excess returns through fundamental factor-based stock selection [4][5][44] Group 2 - The report notes that the bond market has outperformed, while stock performance has been mixed, underscoring the significance of industry-themed ETFs [4][5][14] - It identifies that the ETF market is experiencing growth, with a total scale exceeding 10 trillion yuan in the first half of 2023, and emphasizes the increasing importance of industry-themed ETFs [4][5][14] - The report discusses the potential of ETF and investment advisory combinations, indicating a significant opportunity for quantitative strategies in the ETF market [4][5][14] Group 3 - The report details the differentiation among the three main themes: state-owned enterprises, technology, and consumer sectors, highlighting their complementary nature in investment strategies [44][48] - It explains that state-owned enterprises exhibit characteristics of high value and dividends, while technology stocks are associated with high volatility and growth potential, and consumer stocks demonstrate stable profitability [44][48] - The report advocates for a domain-specific stock selection approach, utilizing fundamental factors to enhance the effectiveness of investment strategies across these themes [52][53]