国泰海通｜基金评价：8月基金投资策略：A股稳步上涨，相对偏向成长配置风格

Core Viewpoint - The domestic economy showed strong resilience in the second quarter, and with the central government's ongoing "anti-involution" policy, the A-share market continued its upward trend in July, suggesting a shift towards growth-oriented fund allocation while emphasizing the importance of stock selection and risk control by fund managers [1][2]. Fund Investment Strategy - Equity Mixed Funds: In July, the manufacturing PMI was 49.3%, a decrease of 0.4 percentage points from the previous month, aligning with seasonal trends. The long-standing economic transformation pains and high risk-free returns have hindered stock market performance and investor sentiment. Despite these challenges, stock prices reflect investor expectations for the future, and there is potential for new highs in stock indices. It is recommended to increase Chinese equity positions during market pullbacks, focusing on technology growth, cyclical consumption recovery, and high-dividend sectors [2]. - Bond Funds: With narrowing trend trading opportunities, there is a need to focus on trading opportunities in the bond market. This includes short-term adjustments driven by market sentiment and structural strategies involving 30-year and 10-year government bonds to enhance portfolio returns. As the equity market recovers, fixed income plus funds also hold certain allocation value [3]. - QDII and Commodity Funds: Looking ahead, global central bank gold purchases indicate a long-term trend reflecting changes in the global monetary system. The rise of trade protectionism and global economic restructuring will increase economic differentiation, supporting demand for gold. The current gold bull market is characterized by different driving factors and pricing frameworks, suggesting a potentially long cycle. Therefore, it is advisable to consider allocating to gold ETFs for long-term and hedging investments [3].