8月基金配置展望：成长风格占优

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report recommends maintaining a high allocation to equity assets in August, with small-cap and growth styles expected to be dominant. It also suggests focusing on relatively stable "Fixed Income +" funds and short-duration bond funds [3][69]. Summary by Directory 7 - Month Review Stock Market - A - shares and U.S. stocks rose. The Shanghai Composite Index rose 4.33%, the Science and Technology Innovation 50 rose 5.06%, the Dow Jones Index rose 1.83%, and the Nasdaq Index rose 3.63%. Positive signals drove A - shares up, and the U.S. economy's resilience led to U.S. stock gains [9][11]. Bond Market - U.S. Treasury and Chinese government bond yields increased. The 1 - year U.S. Treasury yield rose to 4.09%, the 10 - year to 4.40%; the 1 - year Chinese government bond yield rose to 1.38%, and the 10 - year to 1.73% [9]. Commodity Market - Commodity prices increased. The CRB Commodity Index rose 1.67%, the Nanhua Commodity Index rose 6.22%, and COMEX gold rose 0.71%. Crude oil prices also slightly increased [9]. Foreign Exchange Market - The U.S. dollar index rose to 97.67, and the RMB exchange rate fluctuated slightly, remaining around 7.17 [9]. Fund Market - The fund market performed well in July, but the issuance scale decreased. As of July 25, the total fund issuance scale was 81.9 billion yuan, a 33% decrease from the previous month. Equity - type funds accounted for 38% of the issuance, with a 30% decline in scale compared to the previous month. Ordinary stock - type funds performed outstandingly. In addition, on - exchange funds had a net inflow, while equity - type ETFs and LOFs had net outflows [29][34]. - Active equity funds increased their positions in the prosperity, dividend, and quality styles, with median positions of 33%, 24%, and 30% respectively, up 12%, 10%, and 9% from the end of the previous month, and reduced their positions in the value - potential style, with the median position dropping 13% to 2% [35]. 8 - Month Outlook Asset Allocation Logic - The stock - bond rotation model indicates that the private - sector financing growth rate continued to rise in June, with growth and inflation factors increasing, suggesting significant fundamental improvement and continued bullishness on equity assets. The A - share market sentiment index shows that sentiment indicators are oscillating at a high level, and overall market sentiment remains optimistic [3][69]. Market Style - The growth - value style rotation model recommends the growth style, as market factors and U.S. Treasury yields are favorable for growth, although style momentum favors value [59]. - The small - and large - cap style rotation model suggests the small - cap style, as the current monetary environment and short - and long - term style momentum still recommend small - cap stocks [64]. Fund Allocation Strategy - It is recommended to maintain a high allocation to equity assets, focus on small - cap and growth styles, pay attention to relatively stable "Fixed Income +" funds, and short - duration bond funds. Specific funds recommended include Dongwu Mobile Internet (001323.OF, medium - high risk), Anxin Advantage Growth (001287.OF, medium - high risk), Huaxia Innovation Frontier (002980.OF, medium - high risk), Bank of China Steady Income (380009.OF, medium risk), and Penghua Stable Income Short - Term Bond (007515.OF) [3][69].