【公募基金】常青低波策略占优，海外权益企稳反弹——公募基金量化遴选类策略指数跟踪周报（2025.03.23）

Investment Insights - The A-share market experienced a pullback from high levels, with the Shanghai Composite Index failing to maintain momentum after breaking through 3400, leading to significant adjustments in previously strong sectors like robotics and semiconductors [1] - The previously crowded Chinese concept internet sector also saw a considerable decline, while dividend-related sectors, which had lower previous attention, performed strongly during the market's weaker phase, validating prior allocation views [1] - In the overseas market, concerns about economic recession eased slightly following comments from Federal Reserve Chairman Jerome Powell, leading to stabilization and rebound in the US stock market [1] Quantitative Strategy Allocation Views - A neutral and cautious stance is maintained for the A-share market in the short to medium term, with a shift in internal structure favoring defensive styles like dividends, particularly in food and beverage and banking sectors, which provided stability to the index [2] - The previously strong semiconductor and technology sectors saw reduced momentum, indicating potential overheating risks as the market has fully priced in related positive news [2] - The low volatility strategy is recommended as a better allocation tool amidst potential market pullback risks, with long-term investment logic in dividend-related sectors remaining unchanged [2] Overseas Market Analysis - The US stock market has been oscillating within a certain range since December, with recent risk factors such as lower-than-expected PMI and increased recession probabilities contributing to heightened risk aversion [3] - Despite short-term uncertainties, some quality companies have returned to lower valuation levels, presenting potential investment opportunities [3] - The long-term outlook for the US stock market remains positive, with expectations of upward trends as the market digests short-term risks and benefits from technological growth [3] Fund Strategy Performance - The Evergreen Low Volatility Fund strategy recorded a slight decline of -0.772% this week, while the previously hot technology growth sectors saw reduced interest, and banking sectors gained attention with excess returns of 1.346% [4][5] - The Cash Growth Fund strategy achieved a return of 0.032%, outperforming the benchmark, while the Overseas Equity Allocation Fund strategy recorded a return of 0.706% amidst a challenging US market environment [6] - The performance of various fund strategies indicates a need for careful selection and adjustment based on market conditions, with a focus on low volatility and defensive attributes [5][6] Tool-Based Fund Combination Construction - The company is developing a quantitative method to construct a fund selection pool that meets the diverse needs of investors in different market environments and risk preferences [9] - The focus is on creating low volatility fund combinations to cater to investors seeking stable returns in high-risk environments, while also optimizing cash management through superior money market fund selection [14] - The overseas equity allocation strategy aims to provide investors with a diversified global investment tool, enhancing returns through strategic selection of international funds [15]