【公募基金】关注景气线索，多元配置防御风险——基金配置策略报告（2025年9月期）

Core Viewpoint - The article highlights the recent performance of equity and bond markets, emphasizing the strong growth in the equity market driven by technology sectors, particularly AI and semiconductor industries, while the bond market faces pressure due to rising yields and macroeconomic factors [3][6][7]. Equity Market Overview - In August 2025, the equity market experienced a broad rally, with major indices reaching new highs, particularly in the technology sector, driven by AI hardware and domestic semiconductor stocks [6][10]. - The overall performance of major equity fund indices was positive, with notable increases of 12.26%, 11.91%, and 11.81% for various fund indices [6][10]. Bond Market Overview - The bond market saw a steep rise in yields, influenced by the strong performance of the equity market and changes in monetary policy expectations [7][20]. - Major bond fund indices showed varied performance, with convertible bond funds outperforming pure bond funds, reflecting the impact of equity market dynamics [7][20]. Fund Performance Review - The article discusses the performance of public funds, noting that growth and small-cap style funds significantly outperformed, with growth funds rising by 14.86% and small-cap funds by 17.67% in August [8][9]. - The article also highlights the increasing differentiation among industry-themed funds, with hard technology sectors leading the gains, driven by supportive policies and strong earnings from leading companies [9][10]. Investment Strategy Insights - The article suggests a focus on stock selection, valuation, and EPS growth potential in a stable macro environment, with opportunities in sectors like anti-involution, cyclical recovery, and technology [11][12]. - Specific strategies for equity and fixed-income funds are outlined, emphasizing the importance of maintaining a diversified approach to manage risks and capture market opportunities [25][27][28]. Historical Performance of Selected Indices - The active equity fund selection index has shown a cumulative net value of 1.3375 since its inception, outperforming the active equity fund index by 15.40% [17]. - The short-term bond fund index has achieved a cumulative net value of 1.0419, exceeding its benchmark by 0.62% since its inception [21].