配置型基金系列：细分赛道Stablebeta+基金优选

1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Core Viewpoints of the Report - The report proposes an active equity fund product research system for allocation - type funds, aiming to make product research configurable and practical. Allocation - type funds serve allocation goals, focus on controllable excess returns, and provide significant Stable beta+ tool attributes [4]. - The report focuses on the Stable beta+ funds in the sub - sectors of allocation - type funds, and presents a method for selecting such funds, including beta anchoring, Stable optimization, qualitative optimization, etc. [4]. - The selected Stable beta+ funds in the sub - sectors can effectively allocate funds in sub - sectors, becoming good "tool - based" allocation choices and contributing significant excess returns in sub - directions [4]. 3. Summary According to the Directory 3.1 Configuration - Type Funds: Serving Allocation Goals and Providing Stable beta+ - Provide Allocation Attributes and Serve Allocation Goals: Any fund that meets allocation goals from the perspective of allocation attributes belongs to the category of configuration - type funds. From different configuration schemes, various types of configuration - type funds can be selected, including sub - sector Stable beta+ funds, core bottom - position Stable beta+ funds, etc. The goal is to provide high - quality targets for investors' portfolio allocation [11][12]. - Focus on Controllable Excess Returns, Trackable, Sustainable, and Controllable: The rapid development of ETFs has challenged active equity funds in terms of scale, excess returns, and allocation. Active equity funds should focus on controllable excess returns, with stock - selection ability as the foundation. The regulatory policy also guides the industry to return to the origin of value creation [13][14][15]. - Provide Stable beta+ Tool Attributes: Stable beta+ tool - attribute funds are defined as active equity products that exert the true stock - selection ability of fund managers and have stable allocation - attribute excess returns. They can optimize portfolio configuration and enhance returns, filling the gap between traditional passive investment and active management [16]. 3.2 Configuration - Type Funds: Selection of Sub - Sector Stable beta+ Funds - Beta Benchmark Anchoring: Establishing a Sub - Direction Index Map: Select sub - sectors and use effective benchmarks to segment and track industry themes, establishing a sub - sector index map. The selection of sub - directions is based on the existing indexes tracked by passive ETFs, aiming to select the best in each sub - sector for configuration [21]. - Selection Method for Sub - Sector Stable beta+ Funds - Correlation Test: Determine the correlation coefficient threshold according to the correlation between funds and corresponding indexes and the distribution characteristics of funds in different fields, and classify funds within the benchmark range. Use a two - stage threshold method to ensure the flexibility and dynamic optimization of coefficients [30][31][35]. - Tiered Optimization Method Test: Select tiered indicators (information ratio > excess return > tracking error, mean > standard deviation) according to the distribution of rolling tracking error, rolling information ratio, and rolling excess return of funds in each sub - field. Establish tiered sorting rules and verify the tiered results [39][40][44]. - Qualitative Optimization: Qualitative screening mainly considers three dimensions: stable matching, long - term in - depth cultivation, and long - term layout, emphasizing the long - term stability of fund managers [56]. 3.3 Configuration - Type Funds: Results of Selecting Sub - Sector Stable beta+ Funds - Sub - Sector Stable beta+ Funds in the Cycle and Technology Sectors: Based on the established sub - sector index map, select Stable beta+ funds in sub - directions and update them monthly. Present the matching results of sub - sector Stable beta+ funds in the cycle and technology sectors in December 2025, which can be used as good configuration targets for the satellite positions of the current portfolio [57][65]. - High - Win - Rate Sub - Sector Stable beta+ Funds: Introduce the win - rate indicator to further select the best from the Stable beta+ funds in sub - sectors. Select funds with a monthly win - rate of 67% as high - win - rate sub - sector Stable beta+ funds. These funds can effectively allocate funds in sub - sectors and cross - verify the accuracy of the screening results [68][72].