震荡慢牛行情，以“底仓”思维布局长期阿尔法

Core Viewpoint - The article emphasizes the importance of equity allocation in investment strategies, particularly in the context of the current market environment, which has seen significant volatility and the need for a balanced approach to risk and return [2][4]. Group 1: Market Performance and Trends - Since the rebound began on September 24 last year, the Shanghai Composite Index and CSI 300 have risen by 40.34% and 39.97% respectively, while the growth-style indices represented by the STAR 50 and ChiNext have shown even stronger performance with increases of 108.59% and 88.83% [2]. - Despite the ongoing slow recovery of the fundamentals and potential slowdown in capital inflows, the market is expected to experience increased volatility, as evidenced by significant fluctuations in major indices on September 4 [2]. Group 2: Importance of Equity Assets - Equity markets are crucial for ordinary investors to share in the growth dividends of quality companies and achieve asset preservation and appreciation [4]. - Historical data indicates that, despite cyclical volatility in the A-share market, equity-oriented fund indices have delivered considerable long-term returns, significantly outperforming most traditional financial products [4]. Group 3: Investment Strategy and Portfolio Construction - Investors are advised against blindly chasing market hotspots or single high-volatility sectors, as significant drawdowns can lead to substantial losses [4][7]. - The core objective of constructing an investment portfolio is to manage uncertainty by diversifying across various assets with different risk-return profiles, aiming for risk dispersion and smoother fluctuations [4][7]. Group 4: Bottom Positioning in Bull Markets - In a bull market, it is essential to emphasize a "bottom position" mindset, reserving a portion of the portfolio for stable "bottom-position" funds that do not chase single themes or market hotspots [6][8]. - Bottom-position funds typically exhibit strong risk control through balanced industry allocation and diversified holdings, avoiding high exposure to any single industry or stock [7]. Group 5: Performance of Bottom-Position Funds - Data shows that bottom-position funds may not perform outstandingly in the short term but tend to excel in the medium to long term, characterized by low volatility and drawdown [7][8]. - For instance, two funds managed by Zhao Xiaodong have achieved returns of 43.27% and 41.22% over the past three years, significantly outperforming the Wind mixed equity fund index, which only rose by 5.03% during the same period [8]. Group 6: Strategic Allocation Recommendations - Investors are encouraged to scientifically allocate between bottom-position funds and high-volatility products based on their risk tolerance and investment goals [9]. - It is crucial for investors to maintain a long-term investment philosophy and avoid altering their strategies due to short-term market fluctuations to achieve sustainable returns over time [9].