Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The A-share equity market showed strong performance throughout the week, with the Shanghai Composite Index rising 3.49%. The market sentiment remained high, and the fund strategy index of domestic equities also recorded varying degrees of gains. The stock fund enhancement strategy is recommended, followed by overseas equity strategy, and then the evergreen low-volatility strategy [2][3]. - The A-share market is expected to maintain an upward trend. The stock fund enhancement portfolio has more room for growth, while the evergreen low-volatility strategy can be used as a bottom position. The defensive sectors such as banks have increased in cost-effectiveness after adjustment [3]. - The US stock market has been rising due to factors such as the easing of tariff expectations, trade agreements, strong earnings reports of some technology companies, and increasing expectations of interest rate cuts. Although it showed high-level fluctuations in August, it is expected to regain upward momentum in September, and the long-term upward trend is still optimistic [4]. Summary by Relevant Catalogs 1. Tool - based Fund Portfolio Performance Tracking - **Evergreen Low - Volatility Fund Portfolio**: It has maintained low - volatility characteristics, with both portfolio volatility and maximum drawdown significantly better than the CSI Active Stock Fund Index. Since the strategy started on July 31, 2023, it has continued its low - volatility and small - drawdown attributes, with significant excess returns. It combines offensive capabilities while maintaining a defensive nature [13][15]. - **Stock Fund Enhancement Fund Portfolio**: The strategy has been running for a relatively short time, and its performance is close to the CSI Active Stock Fund Index. It is expected to have stronger elasticity when the market environment improves. It maintains a similar trend to the benchmark in a weak market environment [13][17]. - **Cash Enhancement Fund Portfolio**: After double screening of risk elimination and scoring optimization, it continuously outperforms the benchmark. Since the strategy started in late July 2023, the excess return has been continuously accumulated, with a cumulative excess return of more than 0.41% [13][18]. - **Overseas Equity Allocation Fund Portfolio**: Since July 31, 2023, in the context of the Fed's interest rate cut cycle and the boost of artificial intelligence on global technology stocks, it has accumulated a high level of excess returns. Global allocation can increase the return of the equity investment portfolio [13][22]. 2. Tool - based Fund Portfolio Construction Ideas - **Evergreen Low - Volatility Fund Portfolio**: It aims to select funds with long - term stable returns from high - equity - position actively managed funds. By adding restrictions on fund valuation levels, it constructs an actively managed equity fund portfolio with low - volatility characteristics from the two dimensions of net value performance and holding characteristics [24][27]. - **Stock Fund Enhancement Fund Portfolio**: It aims to meet the needs of equity fund investors with different risk preferences. By analyzing the source of fund returns and splitting the industry return and stock - selection excess ability of fund allocation, it constructs a portfolio strategy based on the significant persistence of alpha returns, which shows a high winning rate in the back - testing period [25][28]. - **Cash Enhancement Fund Portfolio**: It constructs a money fund selection system by comprehensively considering various money fund factors, helping investors obtain higher returns and reduce return volatility risks when investing in money funds [25][29]. - **Overseas Equity Allocation Fund Portfolio**: Based on overseas equity market indices, it selects QDII equity funds corresponding to the indices to construct an overseas market selection portfolio through long - term momentum and short - term reversal factors, providing an auxiliary tool for investors to expand global investment [26][30].

Report Investment Rating No investment rating information is provided in the report. Core Viewpoints - A-shares rebounded after the tariff shock, but the continued rebound momentum weakened this week. The CSI All-Share Index rose slightly by 0.3%, while the CSI Active Equity Fund Index, representing fund performance, declined slightly by 0.23%. The Evergreen Low-Volatility Strategy continued to benefit from the volatile market, rising 0.87% this week and recording an excess return of 1.1% [3]. - The quantitative strategy allocation preference is: Evergreen Low-Volatility Strategy > Overseas Equity Strategy > Equity Fund Enhancement Strategy. The Evergreen Low-Volatility Strategy in A-shares is expected to have higher cost-effectiveness and is suitable for a defensive and offensive strategy. Overseas, the US stock market may be near a short-term bottom, and investors with low overseas positions can consider appropriate layout. In the long term, the US stock market is still optimistic [4]. - Among equity fund strategies, the Evergreen Low-Volatility Fund Strategy rose by 0.873% and recorded an excess return of 1.103%. The Equity Fund Enhancement Fund Strategy also rose, with a return of 0.345% and an excess return of 0.575%. The Cash Enhancement Fund Strategy achieved a return of 0.031%, better than the benchmark. The Overseas Equity Allocation Fund Strategy rebounded, recording a return of 3.463%. Global investment still has strong diversification value [5][6]. Summary by Directory 1. Toolized Fund Portfolio Performance Tracking - **1.1 Evergreen Low-Volatility Fund Portfolio**: It has maintained low volatility characteristics for a long time, with both portfolio volatility and maximum drawdown significantly better than the CSI Active Equity Fund Index. Since the strategy started on July 31, 2023, it has achieved significant excess returns, demonstrating both defensive and offensive capabilities [14]. - **1.2 Equity Fund Enhancement Fund Portfolio**: The strategy has been running for a short time, and its performance is similar 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, it has continuously outperformed the benchmark. Since the strategy started at the end of July 2023, the cumulative excess return has exceeded 0.29%, providing a reference for investors in cash management [18]. - **1.4 Overseas Equity Allocation Fund Portfolio**: Since July 31, 2023, in the context of the Fed's interest rate cut cycle and the drive of artificial intelligence on global technology stocks, it has accumulated a high level of excess returns. Global allocation can enhance the returns of equity portfolios [21]. 2. Toolized Fund Portfolio Construction Ideas - **2.1 Evergreen Low-Volatility Fund Portfolio**: The strategy aims to select funds with long-term stable returns from high-equity-position actively managed funds. By adding restrictions on fund valuation levels, it constructs an actively managed equity fund portfolio with low volatility characteristics from both the net value performance and position characteristics dimensions [26]. - **2.2 Equity Fund Enhancement Fund Portfolio**: The strategy aims to further meet the needs of equity fund investors with different risk preferences. It constructs a portfolio with a higher risk - volatility level and offensive capabilities by digging into fund managers with stronger Alpha - mining capabilities in actively managed equity funds [27]. - **2.3 Cash Enhancement Fund Portfolio**: Based on multi - dimensional characteristic factors of money market funds, it constructs a money market fund screening system to help investors optimize the returns of short - term idle funds and reduce return volatility risks [23][28]. - **2.4 Overseas Equity Allocation Fund Portfolio**: Based on overseas equity market indices, it constructs an overseas equity allocation fund portfolio by using long - term momentum and short - term reversal factors to select appropriate QDII funds, providing an auxiliary tool for investors to expand global investment [25][29].

Market Performance - The equity market experienced a decline of 2.53% overall for the week, with the CSI Active Equity Fund Index dropping by 2.70%[2] - The Changqing Low Volatility strategy showed resilience, only decreasing by 1.13%, effectively reducing portfolio volatility during market fluctuations[2] Strategy Recommendations - The recommended strategy hierarchy is: Changqing Low Volatility Strategy > Overseas Equity Strategy > Equity Fund Enhancement Strategy[3] - Despite short-term caution in the A-share market, the long-term investment logic in dividend-related defensive sectors remains unchanged, suggesting high cost-effectiveness post-correction[3] Fund Performance - The Changqing Low Volatility Fund Strategy recorded a weekly return of -1.127%, outperforming its benchmark by 1.572%[5] - The Equity Fund Enhancement Strategy saw a return of -1.253%, indicating a smaller drawdown compared to previous strong-performing sectors[6] Overseas Market Insights - The Overseas Equity Allocation Fund Strategy reported a decline of -2.217%, influenced by high volatility in the U.S. stock market due to various risk factors[7] - Despite short-term uncertainties, the long-term outlook for U.S. stocks remains positive, driven by technological advancements and economic stability[4] Cash Management - The Cash Growth Fund Strategy achieved a return of 0.032%, consistently outperforming the benchmark CSI Money Market Fund Index[7] - Cumulatively, the Cash Growth Fund has generated an excess return of 0.352% since its inception[7]