Core Viewpoint - The article discusses the importance of multi-asset allocation strategies in balancing holding experience and long-term returns, emphasizing a macro-quantitative framework and risk budgeting system as key components of effective asset allocation [1][2]. Asset Allocation Strategy - The asset allocation is divided into two levels: the first level focuses on major asset allocation, which establishes the foundational risk-return characteristics of the portfolio; the second level involves the selection of underlying funds and fund managers to achieve excess returns within the established framework [1][2]. - Strategic asset allocation sets the long-term risk-return characteristics and investment horizon, while tactical asset allocation involves adjustments based on market conditions using a "five-dimensional framework" that considers macro, fundamental, valuation, sentiment, and technical aspects [2]. Fund Selection Process - The fund selection process is broken down into four steps: fund classification, quantitative analysis, qualitative analysis, and fund selection. Fund classification is crucial for accurate analysis and avoids mixing funds with different styles [3]. - Quantitative analysis utilizes a self-built fund evaluation system to assess factors such as timing ability, stock selection capability, performance cost-effectiveness, excess returns, maximum drawdown, and Sharpe ratio, followed by qualitative analysis that considers the investment philosophy and stability of fund managers [3]. Team Strength and Product Performance - The strength of the team is highlighted as a foundation for effective execution of FOF strategies, with a comprehensive research framework covering various asset classes established since 2013 [5]. - As of September 22, all 22 FOF products managed by the company achieved positive returns over the past year, with an average return of 33.53%, and 12 products exceeding a 30% return [5]. Investment Outlook - The company suggests an overweight position in A-shares and Hong Kong stocks, with specific sectors like technology, innovative pharmaceuticals, and new consumption showing structural opportunities [5]. - In the commodities sector, rare metals and gold are viewed positively due to rising prices and strategic importance in high-end manufacturing, alongside ongoing uncertainties that may drive gold prices higher [6].

- The "All-weather model" issued a technical risk signal, indicating potential market consolidation in the near term[1][7] - The "Cycle analysis model" monitors trends at different levels, suggesting the current adjustment is limited to the post-May 1st rally, with no evidence of the broader uptrend since early April ending[1][7] - The "Four-wheel drive industry rotation model" recommends focusing on sectors such as military, home appliances, agriculture, automotive, electronics, computers, and non-bank financials during the consolidation phase[7][16]