定量策略周报：风险偏好回落短期转回高股息

Group 1 - The report indicates that risk assets are fluctuating amid expectations of interest rate cuts, with the overall tone set by the decline in the US CPI, alleviating previous stagflation concerns, but the impact is not strong enough [24][38]. - The report highlights that the recent hawkish comments from the Federal Reserve and better-than-expected manufacturing PMI have led to a tightening of the interest rate cut trade, resulting in a rebound in US Treasury yields and the dollar [24][38]. - It is noted that the domestic market has seen a rebound since April, driven by concerns over overseas stagflation and Asian currency worries, with the Hang Seng Technology index leading the decline at -7.61% [24][38]. Group 2 - The report suggests maintaining an 80% allocation in the current market environment, focusing on high-quality styles and sectors that are expected to benefit from policy expectations, particularly in the real estate chain and large financial sectors [31][36]. - It emphasizes the importance of dividend defensive sectors, recommending a focus on large financials, real estate chains, and increasing exposure to electricity and power equipment [46][62]. - The report advises on sector adjustments, including adding positions in public utilities and agriculture while reducing exposure to telecommunications and computers [62]. Group 3 - The report identifies key sectors for investment, including state-owned enterprises in electricity, oil and petrochemicals, chemicals, and banking, as well as global liquidity easing sectors like precious metals and innovative pharmaceuticals [40][41]. - It highlights the potential for resource and export sectors, such as the pig cycle, shipping, and home appliances, to provide investment opportunities [40][41]. - The report also suggests that the current market environment favors a defensive approach, focusing on dividend-paying stocks and sectors with stable earnings [41].