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基金研究周报:抗战胜利80周年纪念活动将举行,军工板块或可布局-20250630
Datong Securities·2025-06-30 13:53

Market Overview - The equity market saw a collective rebound last week, with the North Certificate 50 index rising the most by 6.84%, followed by the ChiNext index at 5.69% and the Wande All A index at 3.56% [5][6] - The TMT sector experienced a collective rebound, with notable increases in the computer sector (7.70%), defense and military industry (6.90%), and non-bank financials (6.66%) [5][6] Equity Product Allocation Strategy - Event-driven strategies include focusing on the upcoming 80th anniversary of the victory in the War of Resistance against Japan on September 3, with recommended funds such as Huashan Manufacturing Pioneer A (006154) and Boshi Military Industry Theme A (004698) [16] - The recent joint issuance of guidelines by six departments to support consumption can lead to investment opportunities in funds like ICBC Consumer Service A (481013) and Jiashi New Consumption A (001044) [17] - The National Medical Insurance Administration's issuance of guidelines for the 2025 basic medical insurance directory may benefit funds like ICBC Medical Health A (006002) and Penghua Medical Technology A (001230) [18] Asset Allocation Strategy - The overall allocation strategy suggests a balanced core plus a barbell strategy, focusing on dividend and technology sectors [19] - High dividend assets are highlighted as having significant allocation value due to the low interest rate environment and government support for dividend-paying companies [20] - The technology growth direction is emphasized due to national policy support, high industry prosperity, and the need for domestic companies to enhance competitiveness [21] Stable Product Allocation Strategy - The central bank's recent net injection of 12,672 billion yuan indicates a continued loose monetary policy, which is expected to support technology innovation and consumption [24] - The profit data from industrial enterprises shows a decline, suggesting potential for more proactive policies to stimulate domestic demand [25] - Convertible bonds are noted for their dual characteristics of debt and equity, maintaining value but with caution advised regarding volatility risks [26] Key Focus Products - Recommended funds include Nord Short Bond A (005350) and Anxin New Value A (003026), which are positioned to benefit from current market conditions [29]