Group 1: Overall Situation of Fund Advisory Combinations - As of the end of July 2025, there are a total of 450 fund advisory combinations available on the Tian Tian Fund APP, an increase of 4 from the previous month [2][8] - The distribution of fund advisory combinations includes 399 stock-bond central combinations, 32 track-type combinations, and 19 regional combinations, with stock-bond central combinations being the most prevalent [2][8] - The newly added combinations include one aggressive and one balanced stock-bond central combination, along with two conservative combinations [2][8] Group 2: Performance Tracking of Advisory Combinations - Over the past year, the median return of aggressive stock-bond central combinations outperformed similar FOF products, while balanced and conservative combinations underperformed [14][17] - In July, all track-type combinations showed positive median returns, with military, smart manufacturing, pharmaceuticals, new energy, consumption, dividends, and central state-owned enterprise combinations outperforming their benchmarks [22][23] - The median return of regional strategy combinations, including Hong Kong and overseas strategies, also outperformed their benchmarks in July [22][23] Group 3: Changes in Fund Holdings - The conservative advisory combinations reduced their bond fund holdings while increasing their allocation to QDII funds, with QDII fund average positions rising by 0.48% [32][35] - Balanced advisory combinations decreased their index fund holdings and increased their stock fund allocations, with stock fund average positions increasing by 0.33% [32][35] - Aggressive advisory combinations reduced their mixed fund holdings and increased their index fund allocations, with index fund average positions rising by 0.42% [32][35] Group 4: Tracking of Individual Fund Holdings - The most favored active equity funds by advisory combinations include those managed by value style managers, quantitative strategy managers, and technology theme managers [41] - The top actively increased funds include quantitative strategies and technology themes, with significant increases in holdings for funds managed by Ma Fang, Yi Wei, and Sun Meng [41] - The most favored QDII funds include those targeting global growth industries, particularly the E Fund Global Growth Select [41]

Core Viewpoint - Two more securities firms, Everbright Securities and Guojin Securities, have officially launched their fund advisory services, expanding the number of firms actively offering these services to 19 out of 29 qualified firms [1][4]. Group 1: Launch of Fund Advisory Services - Everbright Securities has introduced the "Jin Yang Guang Guanjia" fund advisory service brand, while Guojin Securities launched its "Guojin 100" brand just a week prior [1][2]. - Both firms received their fund advisory pilot qualifications in July 2021 and have been preparing for nearly a year before launching [2]. Group 2: Service Features and Client Focus - Everbright Securities aims to shift its advisory services from a product-centric approach to a client-centric model, providing tailored fund combinations based on individual investment needs [2]. - Guojin Securities' "Guojin 100" offers five initial combinations and features an intelligent matching system for investment strategies, emphasizing a comprehensive service throughout the investment cycle [4]. Group 3: Expansion of External Channels - Many securities firms are actively expanding their external channels, collaborating with platforms like Ant Financial, Tiantian Fund, and Tencent's Licai Tong to enhance their fund advisory services [1][5]. - Seven firms have already launched fund advisory services on Ant Financial, and some have partnered with financial influencers to gain a competitive edge on third-party platforms [5]. Group 4: Importance of Sustainable Growth - The focus on sustainable growth in fund advisory services is highlighted, with several firms reporting signed advisory agreements exceeding 100 billion yuan [8]. - Firms emphasize that while scale is important, it should not be the primary goal; instead, the focus should be on matching the advisory service to suitable investors to enhance overall wealth management value [8][9].

Group 1 - The core concept of fund advisory is to address the issue where funds make profits, but investors do not [4] - Fund advisory services are designed to help investors achieve better returns through professional guidance [5] - The article emphasizes the importance of having advisors in various fields, such as healthcare and law, drawing parallels to fund investment [6] Group 2 - The article discusses the limitations of dollar-cost averaging (DCA) in investment, highlighting that it is not an infinite process due to the finite nature of human life [8] - It estimates that an individual has approximately 4000 weeks if they live to 80 years old, but not all of this time can be allocated to investing [9] - The primary period for effective investing through DCA is between the ages of 25 and retirement, allowing for about 2000 weekly investments or 500 monthly investments for younger generations [11][12]

Quantitative Models and Construction Methods Model 1: Industry Rotation Model - **Model Name**: Industry Rotation Model - **Model Construction Idea**: The model aims to capture excess returns by rotating investments across different industries based on their performance trends - **Model Construction Process**: - Identify industry sectors with strong performance trends - Allocate investments to these sectors while reducing exposure to underperforming sectors - Monitor and adjust the portfolio periodically to maintain optimal sector allocation - **Model Evaluation**: The model has shown to perform well in capturing excess returns by timely rotating across industries[11][13][17] Model 2: Macro-Driven Model - **Model Name**: Macro-Driven Model - **Model Construction Idea**: This model leverages macroeconomic indicators to guide investment decisions - **Model Construction Process**: - Analyze macroeconomic data such as GDP growth, inflation rates, and employment figures - Adjust portfolio allocations based on the expected impact of these indicators on different asset classes - Continuously update the model with new macroeconomic data to refine investment decisions - **Model Evaluation**: The model has demonstrated effectiveness in aligning investments with macroeconomic trends, leading to favorable returns[11][13] Model Backtesting Results - **Industry Rotation Model**: - Absolute return in July: 5.85%[13] - One-year return: 30%[17] - **Macro-Driven Model**: - Absolute return in July: 3.99%[13] - One-year return: 25%[17] Quantitative Factors and Construction Methods Factor 1: Duration Extension - **Factor Name**: Duration Extension - **Factor Construction Idea**: Increase the duration of bond holdings to enhance returns in a declining interest rate environment - **Factor Construction Process**: - Identify bonds with longer maturities - Increase the allocation to these bonds while reducing exposure to shorter-term bonds - Monitor interest rate trends and adjust the duration accordingly - **Factor Evaluation**: This factor has been effective in enhancing returns during periods of declining interest rates[4][28][32] Factor 2: Equity Allocation Adjustment - **Factor Name**: Equity Allocation Adjustment - **Factor Construction Idea**: Adjust the allocation between equity and debt based on market conditions - **Factor Construction Process**: - Increase equity allocation during bullish market conditions - Reduce equity allocation and increase debt holdings during bearish market conditions - Continuously monitor market indicators to adjust allocations - **Factor Evaluation**: This factor has shown to improve portfolio performance by dynamically adjusting to market conditions[5][34][37] Factor Backtesting Results - **Duration Extension**: - Increase in duration for pure bond products: 0.10 years[32] - Increase in duration for fixed income plus products: 0.05 years[32] - **Equity Allocation Adjustment**: - Increase in equity allocation for mixed bond products: 1.74%[36] - Increase in equity allocation for stock products: 0.97%[36]

Core Viewpoint - The article discusses the rapid growth of bond ETFs, which have surpassed 100 billion in scale, and highlights their advantages as a diversified and transparent investment tool in the current economic environment [1][4][20]. Summary by Sections Introduction to Bond ETFs - Bond ETFs are index funds traded on exchanges that track bond indices, combining the benefits of ETFs and bond investments [1]. - Key characteristics include diversification, high transparency, good liquidity, low entry barriers, and lower costs compared to actively managed bond funds [2]. Types of Bond ETFs - There are four main categories of bond ETFs: - Interest Rate Bonds ETF: Invests mainly in government and policy financial bonds, with low credit risk and price influenced by interest rates [3]. - Credit Bonds ETF: Invests in corporate bonds, offering higher yields but with associated credit risks [3]. - Convertible Bonds ETF: Tracks convertible bond indices, providing downside protection with potential equity upside [3]. - Sci-Tech Bonds ETF: Focuses on bonds issued by technology innovation enterprises, requiring attention to growth risks [3]. Growth Drivers of Bond ETFs - The growth in bond ETFs is attributed to several factors: - Declining interest rates leading to asset scarcity [4]. - The effectiveness of the market-making system for credit bond ETFs [4]. - Increased supply and policy support for sci-tech bond ETFs [4]. - Accelerated allocation of funds from banks and insurance institutions [4]. Investment Considerations - Bond ETFs are valuable for long-term asset allocation, especially in a weak economic recovery and deflationary environment, serving as a stabilizing asset [4]. - For short-term trading, investors should closely monitor liquidity, supply-demand dynamics, and market sentiment, avoiding linear extrapolation of past returns [6][7]. Economic Context - The economy is undergoing a transition with insufficient internal growth momentum and external uncertainties affecting exports [8]. - Monetary policy remains moderately accommodative, while fiscal policy is actively supportive [8]. Participation in Bond ETFs - Investors can participate in bond ETFs through a securities account, with options available via the "申财有道" app or through offline consultation [10][21]. - For those who find it complex to research and select specific ETFs, professional fund advisory services like "星基汇" can provide tailored investment strategies [11][19]. Performance of Fund Advisory Services - The "货币+" and "纯固收" strategies under "星基汇" have shown promising annualized returns, with the "货币+" strategy targeting a mix of 60% money market funds and 40% short-term bond funds [15][19]. - The "纯固收" strategy focuses entirely on bond funds, aiming for higher long-term stable returns [20].

Group 1 - The core viewpoint emphasizes that while fund advisory performance has been recognized by investors, the focus is increasingly on the importance of "three parts investment, seven parts advisory" [3] - Fund advisory combinations have shown impressive performance, with equity funds and stock fund indices achieving a nearly 29% increase over the past year, benefiting from the market recovery [1][2] - Specific fund advisory combinations have outperformed their benchmarks significantly, such as the "Advantage Industry All-Star" combination with a 41% return, exceeding its benchmark by 17 percentage points [1] Group 2 - The rise of index funds as a foundational asset in equity fund advisory has led to notable returns, with the "China Europe Index Pioneer" combination achieving a 33.67% return, surpassing its benchmark by 9 percentage points [2] - The focus on "three parts investment, seven parts advisory" highlights the need for advisory firms to guide investors rationally, especially during volatile market conditions [3] - Industry experts stress the importance of maintaining investor confidence and managing their financial interests, distinguishing fund advisory from public FOFs [3]

Group 1 - The core concept of fund advisory is to serve as an investment consultant for funds [1] - Fund advisory emerged to address the issue where "funds make money, but investors do not" [4] - Fund advisory has advantages in helping investors achieve better returns through its dual role of "advising" and "investing" [5] Group 2 - Various industries utilize consultants, especially those with high specialization [2] - The article suggests that just as one needs a doctor for medical issues or a lawyer for legal problems, fund advisory serves a similar purpose in investment [7]

Group 1 - The core concept of fund advisory is to address the issue where "funds make money, but investors do not" [4] - Fund advisory services are designed to help investors achieve better returns through professional guidance [5] - The emergence of fund advisory reflects the need for specialized advice in the investment sector, similar to other professional fields [2][3] Group 2 - Fund advisory offers advantages by combining investment strategies ("投") and advisory services ("顾") to enhance investor outcomes [5] - There is a free course available that covers various aspects of fund advisory, aimed at educating investors [5][6]

Group 1 - The core concept of fund advisory is to serve as an investment consultant for funds [1] - Fund advisory emerged to address the issue where "funds make money, but investors do not" [4] - Fund advisory has advantages in helping investors achieve better returns through its dual role of "advising" and "investing" [5] Group 2 - Various industries utilize consultants, especially those with high specialization [2] - The article suggests that just as one needs a doctor for medical issues or a lawyer for legal problems, fund advisory serves a similar purpose in investment [7]

Group 1 - The core concept of fund advisory is to address the issue where "funds make money, but investors do not" [4] - Fund advisory services are designed to help investors achieve better returns through professional guidance [5] - The emergence of fund advisory reflects the need for specialized advice in the investment sector, similar to other professional fields [2][3] Group 2 - Fund advisory is compared to other advisory roles, such as doctors for health issues and lawyers for legal problems, highlighting the importance of expert guidance [7]