Core Viewpoint - The article presents a comprehensive analysis of macroeconomic and technical indicators for major asset classes, indicating a bullish outlook for equities, a bearish stance on bonds and gold, and a mixed view on industrial products [1][7][23]. Macroeconomic Analysis - Equities are favored in the current macroeconomic environment, with a positive outlook supported by favorable macro indicators [2][7]. - Bonds are viewed negatively, with macroeconomic conditions suggesting a bearish trend [2][7]. - Gold is also seen as unfavorable from a macro perspective, despite a positive technical trend [2][7]. - Industrial products are supported by macroeconomic factors, although the technical trend is currently downward [2][7]. Technical Analysis - The technical indicators show an upward trend for equities and gold, while bonds and industrial products are trending downward [12][13]. - The latest technical scores indicate that equities have a positive trend score, while bonds and industrial products have negative scores [13]. Asset Allocation Performance Tracking - Historical performance data shows that a fixed ratio combined with macro and technical indicators yielded a return of 12.10% for 2025, with an annualized return of 10.22% since April 2006 [3][28]. - The volatility-controlled and risk parity strategies also demonstrated returns of 14.94% and 7.90%, respectively, since April 2006 [3][31]. Asset Allocation Strategy - The asset allocation strategy involves a fixed ratio for equities, bonds, commodities, and cash, with adjustments based on macro and technical signals [24][25]. - The historical performance of the asset allocation strategies indicates that the combination of macro and technical indicators has been effective in enhancing returns while managing risk [28][31].

Core Viewpoint - The article presents a comprehensive analysis of major asset classes based on macroeconomic and technical perspectives, indicating a mixed outlook for equities, bonds, industrial products, and gold [1][3][19]. Macroeconomic Perspective - The macroeconomic view suggests a neutral stance on equity assets, a favorable outlook for bond assets, a negative outlook for industrial products, and a positive outlook for gold assets [5][19]. - Specific macro indicators such as PMI, CPI, and social financing are analyzed to assess their impact on asset performance [6][19]. Technical Perspective - The technical analysis indicates a downward trend for equity and bond assets, while industrial products and gold show an upward trend [9][10][19]. - The article employs various trend indicators to measure the performance of different asset classes, with historical data supporting the current trends [7][10]. Asset Valuation - The equity risk premium (ERP) for the CSI 800 index is reported at 73.74%, indicating that equity valuations are relatively low [12][13]. - The analysis of fund flow shows a net inflow of 915 million yuan into equity assets, suggesting a positive sentiment among investors [15][16]. Asset Allocation Performance Tracking - Historical performance data indicates that a fixed ratio combined with macro and technical indicators yielded a return of 1.06% as of June 2025, with an annualized return of 11.86% since April 2006 [2][20][24]. - Different asset allocation strategies, including risk parity and volatility control, have been evaluated, showing varying returns and risk profiles [25][24]. Summary of Asset Class Scores - The combined scores from macro and technical indicators show equities at 0, bonds at 2, industrial products at 0, and gold at 4, reflecting the overall market sentiment and expected performance [18][19].