Haitong Securities(SH:600837) GUOTAI HAITONG SECURITIES·2026-03-26 13:09Group 1 - The report indicates that the stock side employs a small-cap value portfolio combined with a non-timing stock-bond monthly rebalancing strategy of 10/90 and 20/80, with cumulative returns of 1.66% and 2.93% respectively by 2026 [1] - As of March 20, 2026, the total market size of fixed income + funds reached 23,828.50 billion, with 1,179 products, and 100 of these funds reached historical net value highs last week [2][10] - The performance median of various fund types showed divergence, with mixed bond type I at -0.03%, mixed bond type II at -0.62%, and other types showing negative returns [2][14] Group 2 - The macro environment forecast for Q1 2026 indicates a slowdown, with the CSI 300 index down 3.05% and the total wealth index of government bonds down 0.25% in March 2026 [3] - Recommended industry ETFs for March 2026 include coal, petrochemical, infrastructure engineering, communication equipment, and steel ETFs, with a combined return of -5.80% last week [3] - The absolute return strategy performance tracking shows that the macro-timing driven stock-bond 20/80 rebalancing strategy had a return of -0.18% last week, while the stock-bond risk parity strategy returned -0.08% [4] Group 3 - The small-cap value style performed best in the stock-bond 20/80 combination with a year-to-date return of 2.93%, while other strategies showed lower returns when adjusted to a 10/90 allocation [4] - The report highlights that the absolute return products have a total of 100 funds reaching historical highs, including 83 mixed bond type I funds and 12 mixed bond type II funds [22] - The report also notes that conservative funds outperformed balanced and aggressive funds in terms of holding experience, with median quarterly win rates of 80.0% for mixed bond type I funds [18][19]