基金投顾产品月报系列（19）：基金投顾产品6月调仓一览-20250704

• The June 2025 performance of stock-oriented investment advisory products outperformed the CSI 300 index, with absolute average returns of 3.47% for stock-oriented products, 1.90% for mixed stock-bond products, 0.79% for fixed-income plus products, and 0.28% for pure bond products [3][11][13] - Among stock-oriented investment advisory products, sector rotation strategies performed the best in June 2025, achieving an absolute return of 4.41%, followed by index-driven strategies at 3.50%, actively selected strategies at 3.41%, and macro-driven strategies at 2.71% [13][17][18] - For pure bond investment advisory products, June 2025 saw a shift from money market funds (-1.09%) and secondary mixed bond funds (-1.44%) to short-term pure bonds (+1.51%) and medium-to-long-term pure bonds (+1.63%) [27][28][30] - Fixed-income plus investment advisory products increased allocations to medium-to-long-term pure bonds (+3.15%) and primary mixed bond funds (+1.85%), while reducing allocations to flexible allocation funds (-5.60%) and money market funds (-0.99%) [27][28][30] - The duration of pure bond investment advisory products decreased by an average of 0.05 years in June 2025, while fixed-income plus products increased their duration by an average of 0.11 years [30][31] - Stock-bond mixed investment advisory products increased allocations to active equity funds (+2.06%) and flexible allocation funds (+1.19%), while reducing allocations to index funds (-2.75%) [33][35] - Stock-oriented investment advisory products reduced allocations to QDII funds (-1.49%) and increased allocations to flexible allocation funds (+1.54%) [33][35] - Sector allocation changes in June 2025 included increased exposure to non-ferrous metals (+1.29%) and pharmaceuticals (+1.16%), while reducing exposure to real estate (-1.22%) and electronics (-0.40%) [35][36][38] - Dividend-focused funds saw an increase in allocation, with the average proportion rising from 5.17% to 5.38% in June 2025, reflecting optimism about domestic economic recovery [37][39][40] - Micro-cap stock allocations slightly increased from 5.48% to 5.52%, while small-cap stock allocations decreased from 10.81% to 10.79% in June 2025 [41][42] - Hot sector allocations showed a decrease in the average proportion of ChiNext stocks from 6.75% to 6.69% and a slight decrease in STAR Market stocks from 6.94% to 6.92% in June 2025 [43][46][48] - Hong Kong stock allocations increased, with the average proportion rising from 8.39% to 9.37% in June 2025 [49][52] - QDII and macro-driven investment advisory products in June 2025 increased allocations to silver funds (+4.0%), global bonds (+2.8%), and oil and gas funds (+0.6%), while reducing allocations to Hong Kong stocks (-5.3%) and Vietnam funds (-4.4%) [49][50][54]