基金配置策略报告（2025年8月期）：“反内卷”推升权益风险偏好-20250812

Group 1 - The report highlights an increase in risk appetite in the equity market during August 2025, with significant gains in various fund indices, including a 6.76% rise in the active equity fund index [5][13][16] - The report notes that the "anti-involution" policy has positively influenced market sentiment, leading to a recovery in equity performance, particularly in sectors like finance and technology [13][19] - The bond market experienced volatility, with a slight positive return of 0.21% in the bond fund index, while the convertible bond index rose by 3.22% due to improved risk appetite [14][16] Group 2 - The report suggests that the equity allocation strategy should focus on sectors impacted by previous policies, awaiting guidance from the "14th Five-Year Plan" and industry-specific plans to clarify future supply-demand relationships [5][21] - The report emphasizes the importance of performance-driven attention during the interim period before the mid-year reports, indicating a potential shift towards high-consensus stocks and opportunities for low-positioned sectors to rebound [5][21] - The report outlines a diversified approach for fixed-income funds, recommending a focus on short-term pure bond funds while monitoring market conditions for potential trading opportunities [30][31] Group 3 - The report indicates that the growth style outperformed value and balanced styles in July, with growth fund indices rising by 7.74% compared to 2.03% for value funds [15][17] - The report identifies strong performance in the pharmaceutical and technology sectors, with the pharmaceutical sector gaining 15.88% and technology rising by 8.02% due to favorable policies and project initiations [17][20] - The report discusses the "anti-involution" policy's focus on alleviating short-term capacity excess and enhancing market efficiency, particularly in emerging sectors like new energy vehicles and photovoltaics [19][21]