核心资产基金池：低波动质量投资

Group 1 - The report defines core assets in the A-share market from four perspectives: industry leaders, resource endowment, excellent business models, and technological advantages [1][9] - The core asset fund pool has a low volatility profile, with an annualized return of 10.38% from February 2, 2015, to August 7, 2025, outperforming the equity fund index by 2.86% [1][15] - The core asset fund pool has shown excess returns primarily from industry allocation and stock selection, with a focus on large-cap quality investments [2][17] Group 2 - The core asset fund pool is currently concentrated in consumer, cyclical, and financial sectors, with a reduced allocation to cyclical stocks [23][24] - The selection criteria for core asset funds include a high proportion of core asset stocks in the top holdings and a focus on funds with low beta exposure and high operating cash flow relative to market capitalization [26][27] - A list of selected core asset funds is provided, detailing their sizes and year-to-date returns, with the top-performing fund achieving a return of 17.43% [3][27] Group 3 - The report highlights the historical performance of the core asset fund pool, noting that it has generally achieved excess returns in most years, particularly in volatile and bear markets [17][18] - The core asset stock pool has shown a shift in industry distribution, moving from a focus on finance and cyclical sectors to a more balanced allocation including consumption and technology [12][25] - The report emphasizes the importance of selecting funds that prioritize operational quality and minimize market risk exposure [27][28]