Core Viewpoint - The report aims to capture global multi-asset investment opportunities based on market conditions and design corresponding investment strategies, including stock-bond target allocation, low-volatility fixed income combinations, and global asset allocation strategies [1][2]. Group 1: Investment Strategies - Stock-bond target allocation strategy utilizes a risk budget design method to construct a stock-bond portfolio, achieving expected levels while providing a better long-term risk-return profile compared to fixed allocation [2]. - Low-volatility "fixed income +" strategy constructs a portfolio with a target allocation of stocks: gold: bonds = 1:1:4, achieving an annualized return of 6.89% and a maximum drawdown of -4.92% over the backtest period [2]. - Global asset allocation strategy I combines A-shares, bonds, gold, and US stocks, achieving an annualized return of 11.30% and a maximum drawdown of -7.97% [3]. Group 2: Performance Metrics - Global asset allocation strategy II, which includes Japanese and Indian stocks, has an annualized return of 10.05% and a maximum drawdown of -9.97% over the same backtest period [4]. - As of June 2025, the performance metrics for the low-volatility strategy show a return of 0.74% for the month and 3.88% year-to-date [2]. - The global asset allocation strategy I recorded a June return of 1.55% and an 8.32% year-to-date return [3]. Group 3: Market Outlook and Recommendations - For July 2025, the report suggests that A-shares may remain in a range-bound pattern due to moderate economic recovery and external disturbances, with a focus on structural opportunities driven by policy expectations [5]. - The report indicates that the domestic bond market continues to face pressure, recommending a focus on short-term products while considering mid to long-term bonds during adjustments [5]. - The outlook for US stocks suggests continued wide fluctuations due to uncertain economic policies, while Japanese stocks may present some allocation opportunities due to improving economic conditions [5].

Market Review - The A-share market saw all major broad-based indices rise last week, with the CSI 1000, STAR 50, and CSI 500 indices leading with returns of 3.79%, 2.67%, and 2.63% respectively, while the CSI 300, SSE Composite, and ChiNext indices lagged behind with returns of 1.39%, 1.56%, and 1.61% respectively [7][11] - The trading volume of major broad-based indices decreased last week, with all indices positioned at 75%-90% of their historical percentile levels over the past 52 weeks [12][13] - The defense, aerospace, and computer sectors performed well, with returns of 7.44%, 7.07%, and 6.46% respectively, while the oil, real estate, and utilities sectors underperformed with returns of -1.28%, -0.74%, and -0.02% respectively [14][15] Fund Issuance - A total of 25 new funds were established last week, with a combined issuance scale of 20.856 billion yuan, showing a decrease compared to the previous week [3] - 36 funds were reported for issuance last week, including various ETFs and thematic funds [4][7] Fund Performance - The median returns for active equity, flexible allocation, and balanced mixed funds last week were 2.92%, 2.03%, and 1.61% respectively [22] - Alternative funds have shown the best performance this year, with a median return of 7.41%, while active equity, flexible allocation, and balanced mixed funds had median returns of 6.70%, 3.35%, and 1.02% respectively [22] Bond Market - The central bank's reverse repos net drained 881.3 billion yuan last week, with a total of 1.6592 trillion yuan maturing [16] - The median premium rate for convertible bonds was 28.81%, a decrease of 2.12% from the previous week [20] Fund Manager Changes - Last week, 41 fund companies had changes in the fund manager for 108 fund products, with notable changes in companies like Harvest Fund, Citic Prudential Fund, and Fortune Fund [29]