宏观均衡组合配置与调仓：Beta的回归

Group 1: Asset Allocation Strategy - The macro asset allocation includes 25% A-shares, 25% H-shares, and 25% cash, with a focus on U.S. and Chinese bonds[1] - Adjustments on February 14 included increasing long-term U.S. Treasury bonds (TLT) while reducing cash to 5% of the initial portfolio[1] - The strategy aims to construct a balanced portfolio under different macroeconomic conditions, emphasizing the importance of Beta acquisition[1] Group 2: Performance Metrics - As of February 23, the overall portfolio achieved a return of 4.57%[4] - Individual asset returns included 1.99% for A-shares, 2.26% for H-shares, and 0.33% for U.S. bonds, while cash and CTA strategies showed negligible returns[4] - The performance of the CTA strategy is tracked weekly, with expectations for improved efficiency through futures replacements in certain asset categories[6] Group 3: Market Outlook - The outlook for March remains optimistic for A+H markets, with expectations of a rebound in U.S. long-term bonds following the release of key economic data[1] - The report anticipates a potential synchronization of inventory replenishment between China and the U.S. around mid-year, which could enhance CTA strategy returns[1][49] - Risks include potential policy support falling short of expectations and stronger-than-expected non-farm payroll data in February[1]