FOF基金经理：关注科技成长及商品

Core Viewpoint - The article discusses the outlook for asset allocation in the fourth quarter, highlighting a positive sentiment towards equity assets, particularly in technology growth and commodities, while also addressing the challenges in the bond market [2]. Group 1: Equity Market Outlook - The stock market has shown a "slow bull" trend this year, with expectations for continued improvement in corporate earnings, making equity assets attractive [2][4]. - Fund managers believe that if the overseas interest rate cut cycle proceeds smoothly and domestic economic policies become more proactive, the foundation for a "slow bull" market will be strengthened, enhancing the appeal of the stock market [4][7]. - A focus on A-shares and Hong Kong stocks is emphasized, driven by increased capital expenditure in the domestic computing power industry, which supports both industrial logic and profit growth [4][6]. Group 2: Bond Market Perspective - Bond assets have experienced a decline in holding experience due to reduced static yields and increased volatility, leading to a shift in views among fund managers [4]. - The current bond market offers improved value after adjustments, with recommendations to maintain a neutral duration in bond allocations [7]. Group 3: Asset Allocation Strategy - The article suggests an overweight position in A-shares and Hong Kong stocks, with limited exposure to overseas equity assets and commodities [6]. - There is a focus on sectors such as technology, innovative pharmaceuticals, robotics, and energy security, which have seen significant price increases this year [7]. - The article also highlights the potential for valuation recovery in sectors previously constrained by oversupply, such as new energy and chemicals, under the "anti-involution" policy [7].