中证报中证网讯(记者王辉)知名量化私募星阔投资8月5日表示，全天候策略(All Weather Strategy)凭借 其"风险均衡、弱化择时"的核心特质，有望成为投资者应对不确定性的关键工具。 星阔投资表示，今年以来全球金融市场呈现两大特征：一方面，欧美股市主要股指屡创新高，但对应的 隐含波动率则跌至2021年以来最低水平，机构投资者正通过"回溯式期权"等复杂工具防范市场高位回调 风险；另一方面，国内A股市场波动率在今年也出现阶段性抬升。同时，近期国内债券市场受风险偏好 回升影响波动加大，部分债市资金已出现逐步流向权益资产的趋势。在大宗商品市场方面，在近期贵金 属价格波动率收敛的同时，国内工业类大宗商品价格出现较大幅度波动。 星阔投资同时提示，全天候策略并非投资的"万能钥匙"，对于该策略仍需关注利率反转、对冲成本增加 等方面的风险，投资者对于类似的低波产品，需重点关注其长期的夏普比率表现。 星阔投资介绍，该机构以哈利.布朗"永久组合"策略为基础，推出了量化增强的全天候策略。在股票类 资产方面，将股票仓位配置于自由现金流指数增强等指数增强策略，聚焦于投资具有充裕自由现金流、 持续高盈利和低估值等特征的股票；在 ...

Market Overview - The bond market showed a strong fluctuation with an overall balanced and loose funding environment. The weighted average of DR007 was 1.42% and the yield of 10-year government bonds closed at 1.64% [2] - The A-share market continued its upward trend, with the Shanghai Composite Index, CSI 300 Index, and ChiNext Index increasing by 1.4%, 1.54%, and 1.5% respectively [2] Product Performance - The number of underperforming wealth management products slightly decreased, with 123 out of 24,104 public wealth management products having a cumulative net value below 1, resulting in a comprehensive underperformance rate of 0.51% [3] - The underperformance rates for equity and mixed wealth management products were 43.9% and 6.08% respectively, while fixed income products had a rate of 0.13% [3] New Product Issuance - A total of 488 wealth management products were issued by 31 companies from June 30 to July 4, with the majority being R2 (medium-low risk), closed-end net value type, and fixed income public products [4] - The issuance of mixed products was limited to 11, accounting for 2.2%, while no new equity products were launched [4] - The pricing of new products saw a decline, with the benchmark performance rate for products with a term of less than one month dropping by 13 basis points to 2.17% [4] Product Innovation - Minsheng Bank's new product "Guizhu Fixed Income Enhanced Zhijiang Technology Innovation Semi-Annual Holding Period Wealth Management Product A" focuses on enhancing returns through equity investments in high-quality technology innovation companies in Zhejiang Province [5] - The product "Zhaorui Jiayi (Risk Balanced) Day Open 14-Month Holding No. 1" from China Merchants Bank features a detailed and transparent investment strategy, combining various asset classes [5] Weekly Returns - The overall performance of wealth management products benefited from the rise in the equity market, with fixed income products showing an average net value growth rate of 0.0761% [6] - Cash management products had annualized returns of 1.446% for RMB, 3.957% for USD, and 2.88% for AUD [7] Industry Trends - The total scale of bank wealth management products grew to 31 trillion yuan, with a slight increase of 3.4% compared to the end of last year, despite a decline in average yield by 22 basis points to 2.4% [8] - The redemption of several products from Jianxin Wealth Management was triggered, possibly due to seasonal cash flow returning to deposits [9] - The chief economist of Minsheng Bank anticipates a moderate growth trend in the wealth management market, focusing on deposit replacement and optimizing product structure [10]