全天候配置，穿越周期：联博朱良的“反脆弱”投资之道

Core Viewpoint - The article discusses the impact of tariff policies on the A-share market and highlights the investment opportunities arising from the current market conditions, particularly through the lens of the "humidity" concept introduced by Zhu Liang, the Deputy General Manager and Investment Director of Lianbo Fund [2][3]. Market Conditions - The "humidity" indicator reached a peak of 81% on April 7, indicating a high level of market sentiment, which has since shown signs of mean reversion [2]. - Historical comparisons show that during previous market turmoil, such as the trade war in October 2018 and the market fluctuations in September 2022, the humidity indicators reached even higher levels, suggesting that the negative impacts of the current tariff events may have largely been priced in [3]. Investment Strategy - Lianbo Fund's new public offering, Lianbo Zhiyuan Mixed Fund, aims to provide an "all-weather" investment solution through a balanced allocation strategy that combines both growth and value stocks [4]. - The fund seeks to minimize volatility by finding a "greatest common divisor" in style switching, ensuring a reasonable allocation between growth and value stocks [6][8]. Stock Selection - The fund emphasizes selecting stocks with "anti-fragile" characteristics, focusing on companies with predictable earnings models and stable cash flows, which are more likely to thrive across different economic cycles [10]. - Zhu Liang stresses the importance of buying high-quality companies during market lows, as valuation is seen as a dynamic expectation rather than a static number [11]. Historical Context - Lianbo's long-term commitment to the Chinese market is highlighted, with a history of over 30 years of investment and research in the region, demonstrating a deep understanding of local market dynamics [12][13]. - The article draws parallels between past market recoveries and the current situation, suggesting that sectors like consumer goods may emerge as leaders once the current turmoil subsides [15][16].