1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The complexity of alternative strategies in the US ETF innovation products is increasing. Gold ETFs have seen a resurgence in inflows, and gold mining ETFs have risen by about 50% this year. US domestic stock funds have experienced outflows, while bond products have maintained high - level inflows [1]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Increasing Complexity of Alternative Strategies - Last week, 8 new products were launched in the US, with the complexity of alternative strategies rising. For example, First Trust issued a configuration product with about 60% in covered - call strategy stock products, 35% in bonds, and 5% in commodities. Tidal expanded its Return Stacked series by mixing US stocks with gold/bitcoin strategies [1][6][7]. - Rex issued a NVIDIA options strategy product, providing 105 - 150% exposure and weekly dividends through the covered - call strategy [6]. - Simplify and Kayne Anderson co - issued a credit - bond ETF in the energy and infrastructure sectors, using swaps to control downside risks [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Gold ETFs Re - enter Inflows - Last week, US stock ETFs had a large - scale re - inflow of over $10 billion, and other asset ETFs also had small inflows. The Nasdaq 100 ETF had the largest inflow. Gold ETFs re - entered inflows during the gold rebound, and short - term bond ETFs had more outflows than long - term bond ETFs [1][8][11]. - Last week, the risk appetite of funds increased, with inflows into broad - based stocks and credit - bond products. Among S&P 500 ETFs, the iShares product had the most outflows [13]. 3.2.2 US ETF Performance: Gold Mining ETFs Up about 50% This Year - Since the beginning of this year, gold has risen by nearly 30%, and gold - related stocks are more elastic. Gold mining ETFs have risen by about 50%, making material - related ETFs the highest - rising sector. Uranium ETFs have also risen by about 20% [1][14]. 3.3 Recent US Ordinary Public Fund Fund Flows - In April 2025, the total amount of non - money public funds in the US was $21.06 trillion, a decrease of $0.12 trillion from March 2025. The scale of US domestic stock products declined by 0.88%, slightly more than the 0.76% decline of the S&P 500 [1][18]. - From May 14th to May 21st, US domestic stock funds had a total outflow of $1.13 billion, with a relatively stable outflow, while bond products maintained a high - level inflow [1][18].

Core Viewpoint - The "fixed income +" funds are experiencing a resurgence, with significant net subscriptions and a return to a total scale of over 2 trillion yuan for the first time since 2024 [1][2]. Group 1: Market Performance - As of the end of the first quarter, there were 2,161 "fixed income +" funds with a net subscription of 49.9 billion units, marking a 6.7% quarter-on-quarter increase [1]. - The CSI Convertible Bond Index achieved a year-to-date increase of 3.08%, outperforming the pure bond fund index, which only rose by 0.38% [2]. - Specific funds managed by Huafu Fund, such as Huafu Convertible Bond A and Huafu Anxin A, reported year-to-date returns of 6.13% and 6.45%, respectively, with one-year returns of 11.49% and 11.09% [2]. Group 2: Investment Strategy - The strong performance of "fixed income +" products is attributed to several factors, including the optimization of supply and demand for convertible bonds and positive contributions from bond investments [3]. - The investment strategy emphasizes a systematic approach, focusing on macro hedging and risk parity to manage market volatility and control drawdowns [4]. - The strategy also includes a diversified asset allocation, targeting structural opportunities in AI technology, new consumption, and value dividend stocks [5]. Group 3: Fund Management Insights - Fund manager Dai Hongyi highlights the importance of disciplined investment strategies, including clear risk budgets and dynamic safety margins to manage risk exposure [4][6]. - The investment approach is inspired by Bridgewater's all-weather strategy, tailored to the Chinese market, utilizing macroeconomic indicators to construct diversified asset portfolios [6]. - Huafu Fund has developed a robust team with extensive experience in product creation and investment management, contributing to its growth and innovation in the asset management industry [7].

Core Viewpoint - The report aims to capture global multi-asset investment opportunities based on market conditions and design corresponding investment strategies, including equity and bond target allocation, low-volatility fixed income combinations, and global asset allocation strategies [1][2]. Group 1: Investment Strategies - The equity-bond target allocation strategy utilizes a risk budget design method to construct a portfolio that achieves the desired allocation level while providing a better long-term risk-return profile compared to fixed allocation portfolios [2]. - The low-volatility "fixed income +" strategy constructs a portfolio with a target allocation of equity: gold: bonds = 1:1:4, achieving an annualized return of 6.91% and a maximum drawdown of -4.92% over the backtest period from January 1, 2015, to April 30, 2025 [2]. - The global asset allocation strategy I, which includes A-shares, bonds, gold, and US stocks, achieved an annualized return of 11.22% with a maximum drawdown of -7.97% over the backtest period from January 2, 2014, to April 30, 2025 [3]. Group 2: Market Outlook and Recommendations - As of May 2025, the report suggests a cautious approach to A-shares due to ongoing tariff impacts, recommending a "barbell strategy" focusing on stable cash flow assets and technology + domestic demand as key themes [5]. - The domestic bond market is expected to benefit from a broad interest rate decline due to the central bank's monetary policy easing, with a focus on short-term securities and potential adjustments in long-term bonds [5]. - For US stocks, the uncertainty surrounding Trump's policies remains, with short-term fluctuations expected as the market reacts to tariff impacts on the US economy [5]. - Japanese stocks may present short-term opportunities due to easing tariffs and improving economic conditions [5]. - Indian stocks are anticipated to experience upward movement due to economic resilience and foreign capital inflows [5][6].

Group 1 - The stock market is experiencing a volatile rebound with a narrow breadth of gains, indicating an unhealthy rise, suggesting a "tentative entry" rather than a "full commitment" strategy for stock selection [1] - 95% of the components in the European benchmark index are above their 10-day moving average, a rare phenomenon that typically signifies that "easy upward space" has been exhausted [1] - U.S. President Donald Trump's softened tone on tariffs has helped the Stoxx 600 index reach its highest point since early April, while the S&P 500 recorded its best weekly performance of 2023 [1] Group 2 - Major stock indices have recovered over half of their declines since Trump's "liberation day" tariff announcement, largely due to short covering [3] - If volatility continues to ease, investors may further increase their stock exposure, although defensive positioning remains emphasized, particularly in healthcare stocks [3] - The market structure has improved recently, with hedge funds and some long-term investors returning to the buying side after a sharp sell-off due to rapid tariff increases by the U.S. [3] Group 3 - Hedge funds are currently more inclined to participate in the stock market rebound, but the "recession alert" has not been lifted, indicating that recent purchases are primarily for short covering rather than strong bullish sentiment [5] - Trend-following CTAs, risk-parity, and volatility control funds have significantly reduced their stock exposure, with expectations of asset reallocation to support the rebound, though this support is limited by the need for lower volatility and market stabilization [5] Group 4 - Recent client feedback indicates a hesitance to "follow new news," with buying behavior resembling "trial balloons" rather than a genuine trend reversal [7] - Market sentiment has shifted from panic risks to chronic risks, making it difficult to find "consensus trades" [7] - Two potential themes are emerging: capital is flowing out of U.S. stocks into other international markets, and there is a search for severely beaten-down stocks with the highest potential returns [7] Group 5 - JPMorgan's market intelligence team maintains a constructive view on international equities tactically, noting that while risks have receded and the holding environment is relatively favorable, the market has not yet emerged from its troubles [8]

Core Insights - Over 630 "fixed income +" products have reached new net asset value highs this year, with a net value growth rate exceeding 10% for some products [1][2] - The "fixed income +" strategy is becoming more refined due to increased market volatility and challenges in asset allocation [1][4] Performance of "Fixed Income +" Products - As of April 25, over 60% of "fixed income +" products have positive year-to-date net value growth rates, with some funds like FuGuo JiuLi Stable Allocation A achieving a growth rate of 10.55% [2] - The overall performance of "fixed income +" products is attributed to the favorable performance of convertible bonds and bonds, with the China Convertible Bond Index recording a return of 1.67% this year [2][3] Market Conditions and Challenges - The rapid decline in bond yields has led to a net value increase for fixed income products, while equity markets face risks due to tariff policies [3] - Increased asset volatility has made timing and asset switching more challenging, necessitating a more precise approach to the "fixed income +" strategy [4] Investment Strategy Adjustments - Investment strategies are shifting towards more diversified and tactical approaches, focusing on low-volatility assets and adjusting allocations based on market conditions [4][5] - Fund managers are emphasizing the importance of macro hedging and risk parity strategies to achieve stable long-term returns in uncertain market environments [5] Focus Areas for Investment - In the current market, fund managers suggest focusing on structural opportunities in AI technology, new consumption, and value dividend stocks [5][6] - Fixed income investments should prioritize government bonds, local government bonds, and policy financial bonds for stable returns, while also considering convertible bonds for their dual characteristics [6]

Group 1 - The A-share market experienced significant adjustments on April 7, prompting major state-owned enterprises like Central Huijin, China Chengtong, and China Guoxin to increase their holdings in Chinese stocks to stabilize the market [1][2] - China Electronics Technology Group announced it has completed a stock repurchase of over 2 billion yuan, reinforcing its commitment to the capital market and supporting high-quality development of listed companies [1] - China Chengtong's subsidiaries increased their holdings in ETFs and central enterprise stocks, expressing confidence in the future of the Chinese capital market [1] Group 2 - Central Huijin reaffirmed its positive outlook on the Chinese capital market and has increased its holdings in ETFs, indicating a commitment to maintaining market stability [2] - A number of A-share listed companies announced share repurchases, including CATL, which plans to repurchase between 4 billion and 8 billion yuan of its shares [3] - Haier Smart Home's executives plan to increase their holdings by approximately 20.85 million to 41.7 million yuan [3] Group 3 - Wanhuah Chemical's chairman proposed a share repurchase of 300 million to 500 million yuan, while Guodian NARI's chairman suggested a repurchase of 500 million to 1 billion yuan [4] - Several companies, including China Merchants Shekou and China Merchants Jinling, announced accelerated share repurchase plans based on confidence in their future development [4] - Jiashi Fund emphasized the importance of maintaining a balanced investment strategy in response to market volatility [4] Group 4 - Jiashi Fund recommended strategies to enhance portfolio resilience, including global multi-asset allocation and structured strategies with a focus on dividend yield [5] - The investment opportunity in cross-border municipal bonds is highlighted due to their attractive yields in a low domestic interest rate environment [8] - The importance of macro-hedging strategies to seize unique opportunities in the market is also noted [8]