避险情绪上升！公募“换季”策略强调守成

Core Viewpoint - The public funds are shifting their investment strategies from an aggressive approach in the first half of the year to a more defensive stance in the second half, emphasizing the need to protect gains and avoid losses [2][3][7]. Group 1: Market Sentiment and Strategy - Fund managers are increasingly adopting a "guarding" strategy, reflecting a rise in risk aversion despite optimistic market expectations for the second half of the year [2][3]. - The overall market is expected to maintain a high-level fluctuation, with the upcoming semi-annual reports serving as a significant sentiment indicator [4]. - The anticipated economic recovery is expected to improve, but the policy expectations from important meetings in July may be limited [4]. Group 2: Investment Focus - The focus is on a balanced strategy that combines both offensive and defensive positions, with an emphasis on stable dividend assets to mitigate short-term volatility [5][6]. - Investment opportunities are identified in high-growth sectors such as AI, robotics, autonomous driving, innovative pharmaceuticals, and semiconductors [5][6]. - The strategy includes pairing dividend stocks with small-cap tech stocks, focusing on stable earnings and sectors benefiting from long-term value and reform [6]. Group 3: Performance and Themes - The high returns of public funds in the first half of the year have led to a focus on maintaining performance and managing market volatility in the second half [7][8]. - The theme-based investment approach seen in the first half, which included sectors like robotics and innovative drugs, is now being scrutinized for its sustainability and alignment with fundamental performance [9][10]. - The underlying theme of technological evolution, particularly in AI, remains a critical focus for investors, indicating a shift towards sectors that drive industrial transformation [10].