基金研究周报：对美芯片反倾销调查启动，可关注国产替代方向-20250915

Market Review - The equity market saw most major indices rise, with the STAR 50 index showing the largest increase of 5.48% [4][5] - The bond market experienced an upward trend in both short and long-term interest rates, with the 10-year government bond yield rising by 4.10 basis points to 1.867% [8][12] - The TMT sector rebounded collectively, while the majority of the 31 industries tracked by Shenwan saw gains [4][5] Equity Product Allocation Strategy - Event-driven strategies include monitoring the anti-dumping investigation initiated by the Ministry of Commerce against imported chips from the US, which may benefit funds like Bosera Semiconductor Theme A (012650) and ICBC Emerging Manufacturing A (009707) [18] - The automotive industry is highlighted due to the "Automotive Industry Stabilization Growth Work Plan (2025-2026)" released by multiple departments, with funds such as Huaxia Automotive Industry A (017721) being of interest [19] - The upcoming World Energy Storage Conference from September 16 to 18 in Ningde, Fujian, is expected to spotlight funds like Jiashi Intelligent Automotive (002168) [20] Asset Allocation Strategy - A balanced core plus barbell strategy is recommended, focusing on dividend and technology/high-end manufacturing sectors [22] - The attractiveness of dividend assets is emphasized due to the low interest rate environment and government support for regular dividend distributions [22][23] - The technology growth direction is supported by national policies and the urgency for domestic alternatives due to overseas technology export restrictions [23][24] Stable Product Allocation Strategy - The central bank's recent net injection of 196.1 billion yuan indicates a shift from a tight to a loose monetary environment [28] - August inflation data shows a year-on-year decrease of 0.4%, suggesting early signs of anti-involution effects [28] - The total social financing data for August indicates a broad money (M2) balance of 331.98 trillion yuan, growing by 8.8% year-on-year [28] Key Focus Products - Recommended funds include Nord Short Bond A (005350) and Guotai Li'an Medium and Short Bond A (016947) for stable returns [2][33] - For those looking to enhance overall returns, it is suggested to consider fixed income plus funds while being mindful of associated risks [32][33]