Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The disturbing factors in the market have eased this week, and the market has recovered its previous decline. Driven by the communiqué of the Fourth Plenary Session of the Twentieth Central Committee, market confidence in industries and technology has increased. The Shanghai Composite Index has reached above 3950 points. The Evergreen Low-Volatility Strategy Index and the Stock Fund Enhancement Strategy Index recorded returns of 2.256% and 2.441% respectively [3]. - In terms of A-share equity fund strategies, the more elastic stock fund enhancement portfolio still has relatively more room at the current time. The Evergreen Low-Volatility Strategy can be used as a base configuration to optimize the portfolio's volatility characteristics. After the adjustment of defensive sectors such as banks, their cost-effectiveness has increased, and their long-term allocation value has improved [4]. - Overseas, with most of the disturbances caused by previous tariffs having eased, the market's sensitivity to relevant risks has decreased. In the short term, there are risks such as the US government shutdown and renewed tariff concerns, but also strong positive factors such as AI capital expenditure. The US stock market shows a high-level volatile pattern. In the long term, the driving force of the technology development trend remains strong, and the long-term upward trend of the US stock market is still optimistic [5]. Summary by Relevant Catalogs 1. Toolized Fund Portfolio Performance Tracking - **Evergreen Low-Volatility Fund Portfolio**: It has maintained low volatility characteristics for a long time. Since the strategy started on July 31, 2023, it has continued its low volatility and small drawdown attributes. In the volatile market in early 2024, it maintained a low drawdown level and achieved significant excess returns. In the subsequent rebound, it also maintained a good increase [14]. - **Stock Fund Enhancement Fund Portfolio**: The strategy has been running for a relatively short time. Its performance is close to that of the CSI Active Equity Fund Index. In the current market environment, the potential of individual stocks is difficult to be fully explored. After the market environment improves, the portfolio strategy is expected to have stronger elasticity [17]. - **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 excess returns have continued to accumulate, with a cumulative excess return of more than 0.41% [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 technology to global technology stocks, it has accumulated a high level of excess returns. Global allocation can increase the returns of the equity investment portfolio [21]. 2. Toolized Fund Portfolio Construction Ideas - **Evergreen Low-Volatility Fund Portfolio**: The strategy aims to select funds with long-term stable returns from actively managed funds with high equity positions. By considering factors such as the fund's historical drawdown, volatility, and valuation level, a low-volatility active equity fund portfolio is constructed [26]. - **Stock Fund Enhancement Fund Portfolio**: The strategy is to dig out fund managers with stronger Alpha mining ability from actively managed equity funds. By analyzing the source of fund returns and splitting the industry allocation return and stock selection excess ability, a stock fund enhancement fund portfolio is constructed [27]. - **Cash Enhancement Fund Portfolio**: A money fund selection system is constructed based on multi-dimensional characteristic factors of money funds, which helps investors obtain higher returns and reduce return volatility risks when investing in money funds [28]. - **Overseas Equity Allocation Fund Portfolio**: Based on the equity market indices of overseas countries or regions, by using long-term momentum and short-term reversal factors, indices with good upward momentum are selected to construct an overseas equity allocation fund portfolio, which meets the needs of investors for global asset allocation [29].

Group 1 - The core viewpoint of the article highlights the current fluctuations in the A-share market, with the Shanghai Composite Index showing slight declines influenced by international geopolitical conflicts, while certain technology sectors are beginning to rebound after previous adjustments [2][4] - The quantitative strategy configuration suggests a preference for stock-based enhancement strategies over low-volatility strategies and overseas equity strategies, indicating a more optimistic outlook for A-shares despite potential risks in defensive sectors [3][4] - The article emphasizes the performance of various fund strategies, noting that the low-volatility fund strategy has shown strong stability and excess returns during recent market fluctuations, while the stock-based enhancement strategy is expected to gain traction as market conditions improve [5][6] Group 2 - The low-volatility fund strategy has maintained its characteristics of low volatility and small drawdowns, outperforming the benchmark indices since its inception, demonstrating effective risk management and stable returns [10][21] - The stock-based enhancement fund strategy, while still in its early stages, is expected to show stronger performance as market conditions improve, focusing on funds with strong alpha generation capabilities [11][22] - The cash-enhancing fund strategy has consistently outperformed its benchmark, accumulating excess returns since its launch, providing effective cash management solutions for investors [14][23] - The overseas equity allocation fund strategy has benefited from the easing of tariff risks and the growth of technology sectors, indicating a positive outlook for global investments despite short-term volatility [15][24]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - After the Sino - US economic and trade talks, the A - share market is close to the previous high with increased divergence and resistance, but there are good layout opportunities after short - term adjustments. Overseas, the US stock market has shown a relatively strong performance, and there are opportunities for overseas investment, but short - term risks need to be noted [3][4][5]. - The quantitative strategy configuration view is: stock fund enhancement strategy > evergreen low - volatility strategy > overseas equity strategy. In the A - share market, the evergreen low - volatility strategy can be used as a base configuration, and part of the low - volatility strategy can be switched to the enhancement strategy. For overseas investment, investors with low overseas positions can appropriately buy on dips, while those with high positions can take profits [4]. - In the long - term, the US stock market is still expected to reverse and rise, and its long - term allocation value remains unchanged [5]. Group 3: Summary of Relevant Sections 3.1 Tool - based Fund Portfolio Performance Tracking - **Evergreen Low - Volatility Fund Portfolio**: Since the strategy started on July 31, 2023, it has maintained low - volatility characteristics, with significant excess returns. It has low drawdowns in volatile markets and good gains in rebound markets, combining defense and offense [15]. - **Stock Fund Enhancement Fund Portfolio**: The strategy has been running for a short time. Its performance is close to the CSI Active Stock Fund Index. It is expected to show stronger elasticity after the market environment improves and can maintain a similar trend to the benchmark in a weak market [17]. - **Cash - Enhancing Fund Portfolio**: After double - screening, it continuously outperforms the benchmark. Since the strategy started at the end of July 2023, the excess return has been continuously accumulated, exceeding 0.39%, providing a reference for cash management [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, it has accumulated high - level excess returns, and global allocation can increase the returns of equity portfolios [21]. 3.2 Tool - based Fund Portfolio Construction Ideas - **Evergreen Low - Volatility Fund Portfolio**: It is constructed by combining fund position - dimension factors and net - value dimension factors to meet the defensive needs of investors in high - risk markets and the needs of investors with moderate risk preferences [22]. - **Stock Fund Enhancement Fund Portfolio**: It aims to find funds with higher Alpha returns, combining restrictions on industry balance and position style exposure, providing a more offensive choice for investors with high - risk preferences [22]. - **Cash - Enhancing Fund Portfolio**: Based on multi - dimensional characteristic factors of money funds, a money - fund screening system is constructed to help investors optimize short - term idle funds [23]. - **Overseas Equity Allocation Fund Portfolio**: Based on overseas equity market indices, it selects QDII equity funds according to long - and short - term technical indicators, providing an auxiliary tool for global investment [25].