Group 1 - The report indicates that the stock side employs a small-cap growth portfolio combined with a non-timing stock-bond rebalancing strategy of 10/90 and 20/80, projecting cumulative returns of 6.80% and 12.44% by 2025 respectively [1] - As of December 26, 2025, the total market size of fixed income plus funds reached 21,730.41 billion, with 1,147 products, and 233 of these funds achieved historical net value highs last week [2][18] - The report highlights that 25 new products were launched last week, with median performance across various fund types showing divergence, such as mixed bond type I (0.09%), mixed bond type II (0.29%), and flexible allocation type (0.31%) [2][14] Group 2 - The macro environment forecast for Q4 2025 suggests an inflationary trend, with the CSI 300 index yielding 2.88% since December, while the total wealth index of government bonds yielded -0.10% [3] - The report recommends focusing on specific industry ETFs for December 2025, including Southern CSI Shenwan Nonferrous Metals ETF and Huabao CSI Bank ETF, with a combined return of 3.08% last week [3] - The absolute return strategy performance tracking indicates that the stock-bond 20/80 rebalancing strategy yielded 0.45% last week, while the stock-bond risk parity strategy yielded 0.28% [4] Group 3 - The report details that the small-cap growth style within the stock-bond 20/80 combination performed exceptionally well, achieving a year-to-date return of 12.44% [4] - The report also notes that the conservative, balanced, and aggressive fund median returns were 0.14%, 0.27%, and 0.39% respectively for the week ending December 26, 2025 [2][14] - The absolute return strategy performance tracking shows that the combined strategy of stock-bond and industry ETF rotation yielded returns of 0.68% and 0.31% respectively last week [4]

Group 1: Major Asset Allocation Insights - The report suggests increasing allocation to domestic stocks and commodities, with a focus on large-cap stocks and a balanced growth-value approach [1][2] - The macro factor adjustment model indicates a weight increase for domestic stocks and commodities to 20.8% and 9.3% respectively, with the Hang Seng Index weight raised by approximately 7.3% [2] - As of October 2025, the latest macro factor adjustment signals indicate the following asset weightings: government bonds (20.9%), energy and chemicals (16.0%), metals (14.0%), Hang Seng Index (13.5%), CSI 300 (12.7%), CSI 1000 (12.3%), gold (5.4%), and S&P 500 (5.2%) [2] Group 2: Stock Style Allocation Insights - The macroeconomic indicators show a mixed outlook, with a decrease in the PMI new orders index and an improvement in the year-on-year industrial added value, suggesting a favorable environment for value and large-cap styles [2] - Liquidity indicators, such as the M1-M2 scissors difference and SHIBOR rates, support a positive outlook for large-cap styles [2] - The market indicators suggest a preference for large-cap styles, with a balanced approach to growth and value styles recommended for November 2025 [2] Group 3: Stock Industry Allocation Insights - The multi-dimensional industry ETF rotation model identifies high-value industries such as coal, photovoltaics, telecommunications, and agriculture with strong configuration value [3] - As of October, the stock industry rotation strategy indicates high configuration value for coal, photovoltaics, telecommunications, and agriculture, recommending equal-weight allocation to these sectors [3] - The macro factor adjustment asset allocation, stock style rotation, and stock industry configuration strategies have all achieved positive absolute returns year-to-date [3][4]

Group 1: Fixed Income + Product Performance Tracking - As of September 5, 2025, the total scale of fixed income + funds in the market is 1,785.415 billion, with 1,179 products, of which 94 reached historical net value highs last week [2][18] - The median performance of various fund types for the week (September 1-5, 2025) is as follows: mixed bond type I (0.09%), mixed bond type II (0.05%), and bond type FOF (0.14%) [2][12] - The performance of conservative, stable, and aggressive funds for the week is 0.07%, 0.06%, and 0.05% respectively [2][12] Group 2: Major Asset Allocation and Industry ETF Rotation Strategy Tracking - The macro environment forecast for Q3 2025 indicates an inflation scenario, with the performance of major indices as follows: CSI 300 (-0.81%), national debt total wealth index (0.11%), and AU9999 contract (3.78%) [3][22] - Recommended industry ETFs for September 2025 include: Huafu CSI Artificial Intelligence Industry ETF, Guotai CSI All-Share Securities Company ETF, Guotai CSI All-Share Communication Equipment ETF, and GF CSI Media ETF [3][22] - The combined return for the recommended ETFs last week was -3.04%, with a cumulative return of -3.04% for September [3][22] Group 3: Absolute Return Strategy Performance Tracking - The macro-timing driven stock-bond 20/80 rebalancing strategy had a return of -0.15% last week, with a year-to-date (YTD) return of 3.77% [4] - The small-cap growth style in the stock-bond 20/80 combination showed the best performance with a YTD return of 10.99% [4] - The cumulative return for the small-cap growth combination based on a macro momentum model is 12.48% [4]