Market Review - The equity market showed mixed performance last week, with the North Certificate 50 index rising the most by 2.79%, while the Shanghai Composite Index fell by 0.34% [5][6] - The bond market saw a collective decline in both short and long-term interest rates, with the 10-year government bond yield decreasing by 0.84 basis points to 1.840% [10][13] - The fund market reflected the equity market's influence, with the equity fund index increasing by 0.71% and the secondary bond fund index rising by 0.06% [16] Equity Product Allocation Strategy Event-Driven Strategy - The joint announcement by three departments to boost consumption suggests a focus on consumer-related funds such as Jiashi New Consumption A and Industrial Bank New Generation Consumption [18] - The release of the "Action Plan for Enhancing Elderly Care Service Capacity" indicates potential investment in the healthcare sector, with funds like Jiashi Mutual Selection A and Penghua Medical Innovation A being highlighted [19] - The opening of the "Robot World" emphasizes investment opportunities in AI and robotics, with funds like Huaxia Intelligent Manufacturing Upgrade A and Jiashi Frontier Innovation being recommended [20] Asset Allocation Strategy - The overall strategy suggests a balanced core plus a barbell approach, focusing on dividend and technology sectors, with recommended funds including Anxin Dividend Selection A and Jiashi Hong Kong Internet Core Assets [21][26] - The dividend assets are highlighted for their value in a low-interest-rate environment, supported by national policies encouraging regular dividends from companies [21] - The technology growth direction is emphasized due to government support and the global trend towards AI development, making tech companies increasingly attractive [22][23] Stable Product Allocation Strategy - The analysis indicates a continued net injection by the central bank, maintaining a loose monetary environment, which is favorable for the bond market [27] - Recent CPI and PPI data show a slight increase in consumer prices, while the Federal Reserve's recent rate cut aligns with expectations for a supportive monetary policy [28] - Recommended products include short-term bond funds like Nord Short Bond A and Guotai Lianan Medium and Short Bond A, with a focus on maintaining a conservative risk profile [33]

Market Review - The equity market indices continued to strengthen, with the ChiNext Index showing the largest increase of 8.58% [4] - The bond market saw an increase in both short and long-term interest rates, with the 10-year government bond rising by 5.74 basis points to 1.747% [10] - The fund market experienced mixed results, with equity funds rising while medium and short-term pure bond fund indices declined [18] Equity Product Allocation Strategy - Event-driven strategies include focusing on the semiconductor sector due to the upcoming China Semiconductor Ecosystem Development Conference and the newly introduced personal consumption loan interest subsidy policy [21][20] - Asset allocation strategy suggests a balanced core plus a barbell strategy, emphasizing dividend and technology sectors [23] - Recommended funds include those focused on consumer and infrastructure sectors, as well as technology growth styles [23][27] Stable Product Allocation Strategy - The central bank's recent operations indicate a net withdrawal of 414.9 billion yuan, maintaining a balanced liquidity environment [29] - Economic data for July shows a year-on-year industrial value-added growth of 5.7% [29] - Social financing data indicates a total stock of 431.26 trillion yuan, with a year-on-year growth of 9% [29] Key Focus Products - Recommended products include short-term bond funds like Nord Short Bond A and Guotai Li'an Medium and Short Bond A, as well as funds benefiting from convertible bonds and equity market opportunities [2][34]