Group 1 - The article discusses the recent investment strategies of Pacific Insurance (太保) in the context of a long-term low interest rate environment, highlighting the challenges faced by traditional fixed-income assets [7][8][9] - It emphasizes the necessity for equity investments to enhance overall returns and alleviate pressure from declining interest spreads, citing the long-term annualized return of the CSI Dividend Total Return Index at approximately 14% since 2006 [15][16][21] - The shift from relative return strategies to absolute return strategies is noted, with a focus on passive investment approaches and the increasing importance of Smart Beta strategies [22][28][29] Group 2 - The article outlines the trend of insurance institutions transitioning from traditional financial investors to strategic investors, with a focus on long-term partnerships and governance in listed companies, particularly in undervalued and high-dividend sectors [30][31] - It discusses the impact of new accounting standards on financial reporting, emphasizing the need for insurance companies to carefully consider asset classification to manage volatility and ensure stable returns [33][35] - Key indicators for long-term asset allocation are identified, including sustainable competitive advantage, consistent profitability, operational stability, and shareholder return capabilities [36][37] Group 3 - Recommendations for regulatory adjustments are provided to encourage long-term capital market investments, including capital incentives for long-term equity holdings and differentiation between trading and strategic investments [40][41][42]

Core Viewpoint - The article discusses the evolving dynamics between fund managers and investors, emphasizing the importance of achieving mutual benefits through investment strategies that focus on lower volatility and long-term factors [1]. Group 1: Fund Characteristics - The first key factor for desirable fund returns is lower volatility, which allows investors to achieve better "lifetime return rates" [2]. - The second key factor is the inclusion of long-term factors, such as dividend yield, to align fund uncertainty with investor goals [3]. - The HuaTai BaRui Dividend Low Volatility ETF (512890) has recently surpassed a scale of 20 billion, indicating a shift in investor behavior towards products that combine these two factors [4][5]. Group 2: Market Trends - In the first half of the year, the A-share market presented significant structural opportunities, with the Wande Equity Mixed Fund Index rising by 8.75%, outperforming the CSI 300 Index, which only increased by 1.44% [7]. - Despite this, there has not been a substantial increase in the scale of actively managed equity funds; instead, more low-volatility strategy products are emerging as important alternatives for investors [7][9]. - The market's product innovation is primarily focused on reducing volatility, with strategies including the allocation of low-correlated assets and incorporating gold as a risk-hedging tool [9][10]. Group 3: Performance Analysis - The HuaTai BaRui Dividend Low Volatility ETF has achieved positive returns every year since its inception, outperforming its benchmark in each complete year from 2019 to 2024 [17][18]. - The ETF's annual returns from 2019 to 2024 show that it achieved over 20% returns in 2019 and 2024, and between 10% to 20% in 2021 and 2023, with only 2022 yielding less than 5% [20][25]. - The ETF's performance illustrates that low-volatility strategies can provide stable returns while minimizing risk, aligning with the changing investor demand for long-term wealth growth rather than short-term gains [22][24]. Group 4: Company Development - HuaTai BaRui Fund has demonstrated significant growth, with its ETF total scale exceeding 500 billion as of July 9, 2025, reflecting a successful strategy focused on reducing volatility [24][25]. - The company has established a strong reputation in the industry for its low-volatility products, contributing to its leadership in the market [24][25].

Core Viewpoint - The bond market has experienced significant fluctuations, with a focus on the strong sales performance of fixed-income products, particularly the "Hengying Stable Profit Fixed Income Daily Open 1st Phase A" product, which has accumulated sales of 599 billion yuan over the past three months [1][5]. Group 1: Product Performance - The "Hengying Stable Profit Fixed Income Daily Open 1st Phase A" product has shown a notable increase in net value in mid-March, but the growth rate has slowed since April [4]. - Despite its strong sales, the product's performance in terms of returns is average compared to similar products, particularly over the last three months and one month [4][5]. Group 2: Product Features - The product's appeal lies in its flexible holding period, allowing investors to choose their investment duration from 1 day up to 365 days, which can be adjusted after purchase [5]. - The product maintains a 0 drawdown, attributed to its low volatility strategy, primarily investing in deposits and bonds from high-quality financial institutions [5]. Group 3: Evaluation Metrics - The product received a score of 7 for returns, 100 for risk control, 27 for risk-adjusted returns, and 71 for comprehensive fees, ranking 373rd, 1st, 424th, and 41st respectively among 499 similar products, achieving an overall score that surpasses 42.28% of its peers [5]. - The evaluation process considers four dimensions: return performance (40% weight), risk control (30% weight), risk-adjusted return (20% weight), and comprehensive fees (10% weight), with the aim of identifying relatively strong products in the market [6].

Core Viewpoint - The A-share market continues to show a slight decline under the influence of international geopolitical risks, but overall support remains strong, with opportunities for low-cost positioning in quality dividend sectors [2][3] Market Overview - The A-share market has experienced a slight pullback, with the Shanghai Composite Index reaching a low near 3350, but the decline is limited, indicating some support [2] - The overseas US stock market shows similar characteristics, with slight declines due to geopolitical influences and resistance at previous highs [2] - Increased risk aversion and a preference for quality dividend sectors have led to strong performance in low-volatility strategies [2] Quantitative Strategy Allocation - The recommended strategy allocation is: Enhanced Equity Strategy > Evergreen Low-Volatility Strategy > Overseas Equity Strategy [3] - The A-share market is showing signs of stabilization in technology growth sectors after adjustments, leading to a relatively optimistic outlook [3] - The performance of dividend and low-volatility sectors remains strong, but there may be a potential reduction in upward momentum due to the risk of declining dividend yields [3] Overseas Market Insights - The easing of US tariff attitudes has led to a rebound in the US stock market and other regions, with economic data exceeding expectations [4] - Short-term opportunities in overseas markets may arise from further easing of tariff risks and progress in trade negotiations [4] - The Nasdaq is approaching its early-year highs, and while upward momentum is expected, caution is advised due to high index levels [4] Fund Strategy Performance - The Evergreen Low-Volatility Fund Strategy recorded a return of -1.042% this week, with a cumulative excess return of 0.631% [5] - The Enhanced Equity Fund Strategy also saw a decline of -1.235%, with a cumulative excess return of 0.438% [5] - The Cash Growth Fund Strategy achieved a return of 0.031%, outperforming the benchmark [6] Fund Composition Insights - The Evergreen Low-Volatility Fund has maintained low volatility and drawdown characteristics, providing stable returns [12] - The Enhanced Equity Fund is still in its early stages, with performance closely aligned with the benchmark, but potential for stronger returns as market conditions improve [14] - The Cash Growth Fund has consistently outperformed its benchmark since its strategy launch, providing effective cash management options [15] - The Overseas Equity Allocation Fund has accumulated significant excess returns, benefiting from the global technology sector's growth [17]

Group 1 - The core viewpoint of the article highlights the current fluctuations in the A-share market, with the Shanghai Composite Index showing slight declines influenced by international geopolitical conflicts, while certain technology sectors are beginning to rebound after previous adjustments [2][4] - The quantitative strategy configuration suggests a preference for stock-based enhancement strategies over low-volatility strategies and overseas equity strategies, indicating a more optimistic outlook for A-shares despite potential risks in defensive sectors [3][4] - The article emphasizes the performance of various fund strategies, noting that the low-volatility fund strategy has shown strong stability and excess returns during recent market fluctuations, while the stock-based enhancement strategy is expected to gain traction as market conditions improve [5][6] Group 2 - The low-volatility fund strategy has maintained its characteristics of low volatility and small drawdowns, outperforming the benchmark indices since its inception, demonstrating effective risk management and stable returns [10][21] - The stock-based enhancement fund strategy, while still in its early stages, is expected to show stronger performance as market conditions improve, focusing on funds with strong alpha generation capabilities [11][22] - The cash-enhancing fund strategy has consistently outperformed its benchmark, accumulating excess returns since its launch, providing effective cash management solutions for investors [14][23] - The overseas equity allocation fund strategy has benefited from the easing of tariff risks and the growth of technology sectors, indicating a positive outlook for global investments despite short-term volatility [15][24]

投资要点 A股在关税冲击后有所反弹，本周持续反弹力量有所减弱，本周中证全指小幅收涨0.3%，由于行情的支撑主要来源于大盘权重风格，代表 基金表现的中证主动股基表现较弱些，小幅收跌0.23%。常青低波策略持续受益于波动行情，稳健风格持续受到资金青睐，本周逆市上涨 0.87%，录得超额收益1.1%。 量化策略配置观点： 常青低波策略 > 海外权益策略 > 股基增强策略 A股方面，近期受到美国关税等因素影响，市场波动较大，资金避险情绪以及市场稳定资金力量支撑A股行情表现较为稳定，相应红利风 格等防御属性板块表现较优，常青低波策略也在此期间积累了一定超额收益。A股工具策略内部，常青低波策略依旧有望获得更高的性价 比，当前仍处于相对左侧区域，更适合配置于攻守兼备的策略。可以随着紧张局势有逐步缓解的迹象，再逐步切换至更具有进攻性的策略 中。 海外方面，目前市场已经计价大部分关税比例大超预期以及我国强硬反制的措施，随着关税延期以及市场对于美国进一步加征中国关税的 反应敏感度降低，美股市场或接近短期底部，短期的机会或来源于美国关税态度的边际缓和，对于海外仓位较低的投资者可适当布局底部 区域。但是短期内谈判进展不确定性、政策不 ...

Investment Insights - A-shares have rebounded after tariff impacts, but the momentum has weakened, with the CSI All Share Index rising 0.3% this week, while the CSI Active Equity Fund Index fell 0.23% [1] - The Evergreen Low Volatility Strategy continues to benefit from volatile markets, gaining 0.87% this week and recording excess returns of 1.1% [1] Quantitative Strategy Allocation - The Evergreen Low Volatility Strategy is favored over overseas equity strategies and enhanced equity strategies due to its performance during recent market volatility [2] - Defensive sectors, such as dividend styles, have performed well, and the Evergreen Low Volatility Strategy has accumulated excess returns during this period [2] - The overseas market has priced in most tariff impacts, and with a potential easing of tensions, there may be short-term opportunities for investors with low overseas exposure [2] Fund Strategy Performance - The Evergreen Low Volatility Fund Strategy recorded a return of 0.873% this week, with excess returns of 1.103%, demonstrating strong stability since February 2025 [3] - The Enhanced Equity Fund Strategy also rose by 0.345% this week, with excess returns of 0.575%, but its performance may improve as market conditions evolve [3] - The Cash Growth Fund Strategy achieved a return of 0.031%, outperforming the benchmark, with cumulative excess returns of 0.384% since its inception [3] Overseas Equity Fund Strategy - The overseas equity allocation strategy rebounded with a return of 3.463% this week, despite ongoing concerns in the U.S. market [4] - The U.S. economy has not shown significant signs of recession, and technological advancements may drive a new market cycle [4] Fund Performance Summary - Evergreen Low Volatility Fund Strategy: 0.873% this week, -3.214% over the past month, 6.563% year-to-date [5] - Enhanced Equity Fund Strategy: 0.345% this week, -5.363% over the past month, 6.080% year-to-date [5] - Cash Growth Fund Strategy: 0.031% this week, 0.146% over the past month, 3.389% year-to-date [5] - Overseas Equity Fund Strategy: 3.463% this week, -5.819% over the past month, 18.540% year-to-date [5] Fund Strategy Construction - The Evergreen Low Volatility Fund aims to select funds with long-term stable returns, focusing on low volatility and drawdown characteristics [6][16] - The Enhanced Equity Fund seeks to identify funds with strong alpha generation capabilities, aiming for higher returns in improving market conditions [8][18] - The Cash Growth Fund focuses on selecting high-yield money market funds to optimize short-term cash management [10][19] - The Overseas Equity Allocation Fund utilizes momentum and reversal factors to select international equity indices for diversified investment [12][20]

Report Investment Rating No investment rating information is provided in the report. Core Viewpoints - A-shares rebounded after the tariff shock, but the continued rebound momentum weakened this week. The CSI All-Share Index rose slightly by 0.3%, while the CSI Active Equity Fund Index, representing fund performance, declined slightly by 0.23%. The Evergreen Low-Volatility Strategy continued to benefit from the volatile market, rising 0.87% this week and recording an excess return of 1.1% [3]. - The quantitative strategy allocation preference is: Evergreen Low-Volatility Strategy > Overseas Equity Strategy > Equity Fund Enhancement Strategy. The Evergreen Low-Volatility Strategy in A-shares is expected to have higher cost-effectiveness and is suitable for a defensive and offensive strategy. Overseas, the US stock market may be near a short-term bottom, and investors with low overseas positions can consider appropriate layout. In the long term, the US stock market is still optimistic [4]. - Among equity fund strategies, the Evergreen Low-Volatility Fund Strategy rose by 0.873% and recorded an excess return of 1.103%. The Equity Fund Enhancement Fund Strategy also rose, with a return of 0.345% and an excess return of 0.575%. The Cash Enhancement Fund Strategy achieved a return of 0.031%, better than the benchmark. The Overseas Equity Allocation Fund Strategy rebounded, recording a return of 3.463%. Global investment still has strong diversification value [5][6]. Summary by Directory 1. Toolized Fund Portfolio Performance Tracking - **1.1 Evergreen Low-Volatility Fund Portfolio**: It has maintained low volatility characteristics for a long time, with both portfolio volatility and maximum drawdown significantly better than the CSI Active Equity Fund Index. Since the strategy started on July 31, 2023, it has achieved significant excess returns, demonstrating both defensive and offensive capabilities [14]. - **1.2 Equity Fund Enhancement Fund Portfolio**: The strategy has been running for a short time, and its performance is similar to the CSI Active Equity Fund Index. It is expected to have stronger elasticity after the market environment improves and can maintain a similar trend to the benchmark in a weak market [17]. - **1.3 Cash Enhancement Fund Portfolio**: After double screening of risk elimination and scoring optimization, it has continuously outperformed the benchmark. Since the strategy started at the end of July 2023, the cumulative excess return has exceeded 0.29%, providing a reference for investors in cash management [18]. - **1.4 Overseas Equity Allocation Fund Portfolio**: Since July 31, 2023, in the context of the Fed's interest rate cut cycle and the drive of artificial intelligence on global technology stocks, it has accumulated a high level of excess returns. Global allocation can enhance the returns of equity portfolios [21]. 2. Toolized Fund Portfolio Construction Ideas - **2.1 Evergreen Low-Volatility Fund Portfolio**: The strategy aims to select funds with long-term stable returns from high-equity-position actively managed funds. By adding restrictions on fund valuation levels, it constructs an actively managed equity fund portfolio with low volatility characteristics from both the net value performance and position characteristics dimensions [26]. - **2.2 Equity Fund Enhancement Fund Portfolio**: The strategy aims to further meet the needs of equity fund investors with different risk preferences. It constructs a portfolio with a higher risk - volatility level and offensive capabilities by digging into fund managers with stronger Alpha - mining capabilities in actively managed equity funds [27]. - **2.3 Cash Enhancement Fund Portfolio**: Based on multi - dimensional characteristic factors of money market funds, it constructs a money market fund screening system to help investors optimize the returns of short - term idle funds and reduce return volatility risks [23][28]. - **2.4 Overseas Equity Allocation Fund Portfolio**: Based on overseas equity market indices, it constructs an overseas equity allocation fund portfolio by using long - term momentum and short - term reversal factors to select appropriate QDII funds, providing an auxiliary tool for investors to expand global investment [25][29].

Group 1 - The core viewpoint of the article highlights the performance of the A-share market, which has shown some support after a pullback from high levels, with the Shanghai Composite Index fluctuating around 3370, indicating a cautious market sentiment [2][3] - The article discusses the strong performance of heavyweight stocks and related industries, which have provided significant support to the index during this volatile period, while the semiconductor and technology sectors have seen a decrease in momentum [3][4] - Concerns about the U.S. economy's stagnation have increased following the release of economic data such as the PCE, leading to a significant pullback in U.S. stocks, with the market remaining sensitive to negative news and risk factors [2][4] Group 2 - The article outlines a quantitative strategy allocation perspective, favoring the Evergreen Low Volatility Strategy over overseas equity strategies and enhanced equity fund strategies, indicating a preference for defensive investment approaches in the current market environment [3][5] - The Evergreen Low Volatility Fund Strategy has recorded a positive return of 0.087% despite the overall market decline, demonstrating its defensive attributes and stability in performance [5][20] - The Cash Management Fund Strategy has achieved a return of 0.033%, outperforming the benchmark, and has accumulated excess returns since its inception [6][20] Group 3 - The article emphasizes the importance of constructing a tool-based fund combination to meet the diverse needs of investors in different market environments, utilizing quantitative methods to select funds with low volatility characteristics [9][11] - The Overseas Equity Allocation Fund Strategy is highlighted as a crucial tool for global asset allocation, focusing on selecting QDII funds based on long-term momentum and short-term reversal factors [10][14] - The performance tracking of various fund combinations indicates that the Evergreen Low Volatility Fund has maintained its low volatility characteristics while achieving significant excess returns since its strategy launch [16][21]

Investment Insights - The equity market experienced a rise followed by a decline, with A-shares showing significant pullback starting Friday, indicating a potential pause in the previously heated "spring offensive" [1] - The overall equity market fell by 2.53% for the week, while the Zhongzheng Active Equity Fund Index dropped by 2.70%. In contrast, the Evergreen Low Volatility strategy showed resilience with only a slight decline of 1.13% [1] - The U.S. stock market continued to exhibit risk-averse sentiment, experiencing a notable pullback, although a rebound occurred on Friday. Concerns regarding risk factors remain unresolved [1] Quantitative Strategy Allocation - The recommended strategy hierarchy is Evergreen Low Volatility Strategy > Overseas Equity Strategy > Enhanced Equity Strategy [2] - A cautious stance is maintained for the A-share market in the short to medium term, with the Evergreen Low Volatility strategy showing effectiveness early in the week. Attention is drawn to potential overheating risks in the technology growth sector [2] - Defensive sectors, such as banks, remain attractive for long-term investment despite recent underperformance, especially as the market approaches key political events [2] Overseas Market Analysis - The U.S. stock market has been in a prolonged range-bound phase since December, with recent risk factors leading to heightened risk-averse sentiment and a continued pullback [3] - Despite short-term uncertainties, some quality companies have reached attractive valuation levels, presenting potential investment opportunities [3] - The Evergreen Low Volatility Fund strategy recorded a weekly decline of 1.127%, outperforming the benchmark with an excess return of 1.572% [3] Fund Strategy Performance - The Evergreen Low Volatility Fund has demonstrated strong stability since its inception, maintaining low volatility and drawdown levels while achieving decent returns [4] - The Enhanced Equity Fund strategy has shown a close performance to the benchmark, with potential for stronger returns as market conditions improve [4] - The Cash Growth Fund strategy achieved a return of 0.032%, outperforming the benchmark, with cumulative excess returns since inception [4] Global Investment Strategy - The Overseas Equity Allocation Fund strategy recorded a decline of 2.217%, influenced by various market disturbances, but still holds potential for future growth as the U.S. economy remains stable [5] - The strategy aims to provide diversified global investment opportunities, particularly in the context of ongoing technological advancements and economic conditions [5] Fund Performance Tracking - The Evergreen Low Volatility Fund strategy has maintained a return of 7.158% since its inception, significantly outperforming the Zhongzheng Active Equity Fund Index [15] - The Enhanced Equity Fund strategy has shown a return of 8.016% since inception, indicating strong potential for future performance [15] - The Cash Growth Fund strategy has accumulated an excess return of over 0.29% since its launch, providing effective cash management solutions [19]