量化资产配置月报202603：成长得分降低、整体风格偏均衡-20260301

Group 1 - The growth score has decreased, and the overall style is balanced, indicating a weakening economy, slightly loose liquidity, and deteriorating credit indicators [3][6][9] - The asset allocation view suggests a slight decrease in gold positions, with an improvement in bond perspectives and an increase in US stock positions [3][27] - Economic leading indicators are entering the late stage of a downward cycle, with expectations of slight fluctuations in the next three months before entering another downward cycle in July [3][13] Group 2 - Liquidity is maintained at a slightly loose level, with short-term interest rates stable and long-term rates slightly retreating, indicating a loose monetary signal [3][22][23] - The comprehensive credit indicators have weakened significantly, with both credit volume and structure remaining low, leading to a further decline in the overall credit index [3][26] - The market focus remains highest on PPI, with inflation and liquidity being the most monitored variables, indicating a notable concern for future demand recovery [3][29][30] Group 3 - The industry selection from a macro perspective remains consistent with the previous period, focusing on sectors that are insensitive to economic fluctuations but sensitive to liquidity and credit [3][33] - The top-performing industries based on economic, liquidity, and credit sensitivity scores include electronics, computers, and retail, indicating a strategic focus on these sectors [3][32]