Key Points - The article discusses the recovery of equity market sentiment and the fluctuating bond market in May 2025, influenced by the US-China tariff agreement and monetary policy adjustments [2][5][6] - It emphasizes the importance of balancing growth and defensive strategies in investment portfolios, highlighting the need to capture structural opportunities while being cautious of external disturbances and domestic economic data fluctuations [2][14] - The performance of various fund styles is analyzed, showing that value and balanced styles outperformed growth styles in May 2025, with significant movements in sector-specific funds, particularly in healthcare and military themes [9][10][11] Equity Market Overview - In May 2025, the equity market experienced a "rise, fall, and stabilization" pattern, with major indices showing gains due to supportive monetary policies and the US-China tariff agreement [6][7] - The overall trading volume decreased, indicating a lower risk appetite among investors, with small-cap stocks seeing increased activity [11][12] Bond Market Overview - The bond market exhibited a narrow range of fluctuations, with government bond issuance and tariff negotiations impacting interest rates [8][18] - The yields on 1-year, 3-year, and 10-year government bonds changed slightly, reflecting the market's response to monetary policy and external factors [18][26] Fund Performance Review - The article reviews the performance of public funds, noting that all major equity fund indices recorded gains, with the Wande Stock Index and Wande Ordinary Stock Index leading with increases of 1.59% and 1.23%, respectively [7][8] - The article highlights the performance of thematic funds, particularly in healthcare and military sectors, which saw significant gains due to market dynamics and geopolitical events [10][11] Fund Strategy Insights - The article outlines strategies for equity and fixed-income fund allocations, suggesting a focus on growth and defensive sectors while maintaining a balanced approach [2][3][14] - It discusses the construction of various fund indices, including low, medium, and high volatility fixed-income funds, aimed at providing stable returns while managing risks [19][28][30]

分析师：孙书娜（登记编号：S0890523070001） 分析师：王骅（登记编号：S0890522090001） 分析师：顾昕（登记编号：S0890524040001） 分析师：冯思诗（登记编号：S0890524070001） 链接报告 阅读全文（长按上方二维码） 投资要点 近期市场回顾： 2025年3月，权益市场先涨后跌；债券市场受资金面偏紧影响，整体较弱，并呈现明显的股 债跷跷板效应。权益方面，万得主动股基、万得股票型基金总指数、万得混合型基金总指数的涨跌幅分别为 0.43%、-0.18%和0.18%；债券方面，万得债券型基金指数录得0.10%的正收益，其中万得中长期纯债型基 金指数小幅收涨0.11%，万得短期纯债型基金指数收涨0.22%。随着转债估值的压缩，可转债基金指数录得 0.74%的跌幅；海外和另类资产方面，万得QDII基金指数下跌1.54%，万得另类投资基金指数收涨4.44%。 权益类组合配置思路： 在3月中旬至4月末财报密集披露阶段，市场通常会出现较为明显的风格反转，即价 值、大盘和低估值风格占优，盈利因子的超额收益逐渐开始出现，按照历史规律，风险偏好重新提升、切换 回小盘科技成长可能需要等到 ...