证券研究报告 基金策略组合报告（R3） 2025 年 07 月 29 日 上证指数-上证基金指数走势图 1 基金周报（20250714-20250718）：首批数据中 心 REITs 研究分析 2025-07-15 2 基金周报（20250707-20250711）：科创债 ETF 集中发行 2025-07-09 -6% 4% 14% 24% 34% 2024-07 2024-10 2025-01 2025-04 基金指数 上证指数 主要指数表现（涨跌幅%） | 指数名称 | 60 日 | 年初至今 | | --- | --- | --- | | 上证指数 | 6.97 | 7.34 | | 中证基金 | 4.23 | 5.00 | | 股票基金 | 9.30 | 10.54 | | 混合基金 | 8.58 | 11.19 | | 债券基金 | 0.47 | 0.92 | | 货币基金 | 0.20 | 0.78 | 刘鋆 分析师 执业证书编号:S0530519090001 liujun23@hnchasing.com 相关报告 请务必阅读正文之后的免责声明 3 基金深度报告：非美地区 REITs 梳理专题 ...

Group 1 - The report highlights the update of the active equity fund pool, which now includes 105 funds, with 24 new additions such as Qianhai Kaiyuan Hong Kong and Shanghai Core Resource A and HSBC Jintrust Small Cap [2][9][8] - The ETF pool has been updated to include new products focusing on robotics and free cash flow, totaling 113 ETFs [12][13] - Year-to-date performance as of April 30 shows positive absolute returns across all four fund combinations, with the monthly report combination yielding 3.21% and the active combination yielding 2.65% [20][19][18] Group 2 - The report reflects on the core positions of the fund combinations, indicating that they are primarily composed of actively managed funds, which may pose tracking difficulties and risks due to changes in fund managers and investment styles [3][21] - The report notes that the bond market is experiencing preemptive pricing and volatility, leading to underperformance of bond products in early 2025 [21][19] - The report suggests optimizing the fund combinations by considering ETF replacements, increasing overseas asset allocation, and adjusting the weight of domestic demand-side equities [22][21]