资产配置及A股风格月报：8月市场或重回杠铃结构-20250808

Group 1 - The report indicates that the asset allocation for August shows a marginal increase in risk assets, with a corresponding decrease in safe-haven assets. The allocation to U.S. stocks and commodities has been raised, while U.S. Treasuries and dollar allocations have been reduced [3][5][6] - The A-share market is expected to revert to a barbell structure in August, with a shift towards low valuation, weak profitability, and small-cap stocks becoming the dominant market styles [9][14][16] - The report highlights that the high profitability and valuation factors observed in July may face a phase of adjustment, with the market likely to experience a temporary recovery in the barbell style [14][16] Group 2 - The report's analysis based on the improved BL model suggests that the relative strength of risk assets is likely to continue, with commodity asset allocations being increased and safe-haven asset allocations being reduced compared to July [3][5][9] - The report anticipates that the internal dynamics of risk assets will show a slight decrease in stock asset allocations, while commodity asset allocations will see an increase. This aligns with the forecast of a "two up, one down" trend in the A-share market for August [5][9][14] - The report emphasizes that the macroeconomic environment, including monetary and credit conditions, will play a crucial role in shaping market dynamics, with expectations of a stable monetary environment and a gradual recovery in credit conditions [14][16]