Group 1 - The report highlights that active equity funds are expected to experience a value reassessment due to favorable market conditions and policy support, despite previous underperformance [4][6][10] - The active equity funds have shown significant excess returns in a structural bull market, particularly those focused on advanced manufacturing themes [4][5][6] - The report suggests a "core + satellite" investment strategy to capitalize on the current market environment, emphasizing the importance of thematic investments in state-owned enterprises, technology, and consumption sectors [4][5][6] Group 2 - The ETF market has seen a substantial breakthrough in both quantity and scale, with the total ETF size surpassing 1 trillion yuan, indicating a shift towards high-quality development [4][5][10] - The report notes that the growth of passive products is driven by policy support, technological advancements, and increased demand, particularly in the non-ferrous metals and TMT sectors [4][5][10] - The report anticipates a continued trend of strong performance in popular sectors, with a focus on technology and financial real estate, as well as the potential for expansion in niche ETFs [4][5][10] Group 3 - The report outlines a multi-dimensional ETF quantitative allocation strategy that leverages macro timing, momentum, and advanced modeling techniques to capture diverse returns [4][5][10] - It emphasizes the importance of asset allocation to achieve stable risk-adjusted returns, particularly in a "slow bull" market [4][5][10] - The report suggests that the focus should be on sectors with strong momentum and lower crowding, especially in technology, to capture excess returns [4][5][10]
主动管理的价值发现与被动策略的配置升维