Report Investment Rating No investment rating information is provided in the report. Core Viewpoints - Amid escalating global political and economic uncertainties and significant asset price fluctuations due to tariff tensions, the Evergreen Low-Volatility Strategy maintained its low-volatility defensive nature, serving as a stabilizer in the portfolio. This week, the active equity fund index dropped 3.9%, while the Evergreen Low-Volatility Strategy only fell 2.7%, achieving an excess return of 1.2% [3]. - The preference for quantitative strategies is: Evergreen Low-Volatility Strategy > Overseas Equity Strategy > Equity Fund Enhancement Strategy. For A-shares, the short- to medium-term view is upgraded to neutral. The Evergreen Low-Volatility Strategy is expected to offer better cost-effectiveness and is suitable for a balanced offensive and defensive strategy. As the tense situation eases, a shift to more aggressive strategies can be considered [4]. - Overseas markets have experienced a significant short-term decline. The US stock market may be approaching a short-term bottom. Investors with low overseas positions can consider appropriate bottom - fishing. In the long run, the US stock market is still expected to reverse and rise, and global investment has strong diversification value [5]. - The Evergreen Low-Volatility Fund Strategy is still worth allocating due to its stability and the potential attention from long - term funds with low - risk preferences. The Equity Fund Enhancement Strategy's excess performance awaits a market turnaround. The Cash Enhancement Fund Strategy has achieved continuous excess returns, and the Overseas Equity Allocation Fund Strategy has long - term investment value despite short - term setbacks [5][6][7]. Summary by Directory 1. Tool - based Fund Portfolio Performance Tracking 1.1 Evergreen Low - Volatility Fund Portfolio - The Evergreen Low - Volatility Fund Portfolio has long maintained low - volatility characteristics, with significantly better portfolio volatility and maximum drawdown than the CSI Active Equity Fund Index. Since the strategy's launch on July 31, 2023, it has continued to show low drawdowns during market fluctuations and achieved good returns during rebounds, demonstrating both defensive and offensive capabilities [14]. 1.2 Equity Fund Enhancement Fund Portfolio - The Equity Fund Enhancement Fund Portfolio has been in operation for a short time. Its performance is close to the CSI Active Equity Fund Index. It is expected to have stronger elasticity after the market environment improves and can maintain a similar trend to the benchmark in a weak market [17]. 1.3 Cash Enhancement Fund Portfolio - After double - screening of risk elimination and scoring optimization, the Cash Enhancement Fund Portfolio has consistently outperformed its benchmark. Since the strategy's launch at the end of July 2023, it has accumulated an excess return of over 0.29%, providing a reference for investors in cash management [18]. 1.4 Overseas Equity Allocation Fund Portfolio - As a supplementary investment tool in the A - share equity market, since July 31, 2023, in the context of the Fed's interest - rate cut cycle and the boost of global technology stocks by artificial intelligence, the Overseas Equity Allocation Selected Fund Portfolio has accumulated high - level excess returns. Global allocation can enhance the returns of equity investment portfolios [21]. 2. Tool - based Fund Portfolio Construction Ideas 2.1 Evergreen Low - Volatility Fund Portfolio - The Evergreen Low - Volatility Fund Portfolio Strategy aims to select funds with long - term stable returns from actively managed high - equity - position funds. By considering factors such as historical drawdown, volatility, and valuation, a low - volatility active equity fund portfolio is constructed [26]. 2.2 Equity Fund Enhancement Fund Portfolio - The Equity Fund Enhancement Fund Portfolio Strategy aims to meet the needs of investors with higher risk preferences. It selects fund managers with strong Alpha - mining capabilities from actively managed equity funds. Based on the analysis of fund return sources, a portfolio strategy is constructed, which shows a high holding - period win rate in back - testing [27]. 2.3 Cash Enhancement Fund Portfolio - A currency fund selection system is constructed by considering various factors such as management fees, duration, leverage, institutional holding ratio, and deviation. This system helps investors select currency funds with higher returns and lower return volatility [28]. 2.4 Overseas Equity Allocation Fund Portfolio - In QDII funds, based on long - and short - term technical indicators, index momentum, and reversal effects, equity indices of multiple countries or regions are screened. QDII equity funds corresponding to the selected indices are used to construct an overseas market selected portfolio, meeting investors' needs for global allocation [25].