ETF配置系列（一）：恰逢其时：丰富的资产多元的配置

• The report focuses on ETF allocation strategies, highlighting the performance of various ETF configurations, including 3% and 5% target volatility strategies, equity-enhanced asset allocation strategies, and macro scoring-based allocation strategies[79][86][91][96][106] - The 3% target volatility strategy achieved an average annual return of 6.74% from 2015 to 2025, with a maximum drawdown of -3.72% and an IR of 1.38, demonstrating stable performance under low-risk conditions[86] - The 5% target volatility strategy delivered an average annual return of 8.04% during the same period, with a maximum drawdown of -4.41% and an IR of 1.33, indicating higher returns with moderate risk[91] - The equity-enhanced asset allocation strategy achieved an average annual return of 11.66% from 2015 to 2025, with a maximum drawdown of -8.64% and an IR of 1.67, showcasing its ability to generate higher returns through equity exposure[96] - The macro scoring-based allocation strategy for domestic assets recorded an average annual return of 6.98% from 2017 to 2025, with a maximum drawdown of -4.21% and an IR of 1.77, emphasizing its effectiveness in balancing risk and return[101] - The global macro scoring-based allocation strategy achieved an average annual return of 11.15% from 2017 to 2025, with a maximum drawdown of -3.40% and an IR of 2.76, highlighting its strong performance in a diversified global context[106] - The report also discusses style rotation strategies, including multi-dimensional scoring for ETF style rotation and sector rotation strategies, which leverage fundamental and market indicators to construct high-momentum ETF portfolios[110][127][133]