20260119多策略及理财配置周报：CTA策略仍强，指增和中性策略回暖-20260122

Group 1 - The report indicates that multi-strategy approaches, particularly A-share equity strategies and CTA strategies, are currently favored. Equity assets have returned to a state of fluctuation, with enhanced index strategies showing signs of recovery, and there are still opportunities for allocation in A-share equity strategies. In the context of ongoing trends in precious metals like gold and silver, as well as increased volatility in non-ferrous metals, CTA strategies continue to play a role in enhancing returns and reducing volatility in asset allocation [7][55]. - The performance of bank wealth management products has been positive overall, but there has not been a corresponding expansion in scale. Products in the commodity and derivative categories, as well as equity-related wealth management products, have led the gains. However, aside from a slight net increase in mixed wealth management products, the remaining categories have generally seen a decline in their existing scale [32][55]. Group 2 - In the recent week, the performance of multi-strategy approaches showed that small-cap index enhancement and CTA strategies led the gains, with the median return of public neutral strategies turning positive. Large-cap index enhancement strategies, however, showed weaker returns [10]. - The report highlights that the public neutral strategy products have seen an overall recovery in returns, with the highest, lowest, and median returns for public neutral strategy products being 2.39%, -1.05%, and 0.18% respectively. Private neutral strategy products had returns of 3.38%, -5.26%, and -0.43% respectively [26][27]. - The private CTA strategy remains strong, with the highest, lowest, and median returns for private CTA strategy products being 6.09%, -1.94%, and 0.35% respectively, indicating robust performance in the context of ongoing trends in precious metals and increased volatility in commodities [29][31].