量化资产配置月报：持续配置反转因子-20250701

Group 1 - The report emphasizes the continuous allocation of reversal factors, indicating that the current economic downturn, slightly loose liquidity, and improved credit indicators suggest a preference for growth-oriented stocks in the investment strategy [2][5][7] - The macro asset allocation viewpoint suggests a slight increase in US stock allocation by 5%, maintaining the equity position unchanged due to the current economic conditions [2][24][26] - Economic leading indicators are in the early stages of a decline, with predictions indicating a continued downward trend through July 2025 [13][14][16] Group 2 - Liquidity conditions are improving, with monetary supply rebounding and interest rates remaining below the 12-month average, indicating a slightly loose liquidity environment [20][21][23] - Credit indicators show a mixed picture, with overall credit metrics remaining high despite some structural weaknesses, suggesting a cautious but optimistic outlook [24][25] - The report highlights that liquidity remains the most closely monitored variable in the market, especially following recent market fluctuations driven by liquidity changes [28][30] Group 3 - The industry selection is focused on sectors that are less sensitive to economic fluctuations but more sensitive to credit conditions, with a high growth attribute across selected industries [32][29] - The top industries identified for investment based on their sensitivity to credit and economic conditions include electronics, media, and power equipment, indicating a strategic focus on growth-oriented sectors [29][32]