Core Insights - The All Weather Strategy is positioned as a key tool for investors to navigate uncertainty, emphasizing risk balance and reduced timing reliance [1] - Global financial markets exhibit two main characteristics: rising stock indices in Europe and the US with the lowest implied volatility since 2021, and increased volatility in the domestic A-share market [1][2] - The domestic bond market is experiencing increased volatility due to a rise in risk appetite, with some funds gradually shifting from bonds to equity assets [1] Strategy Overview - The core logic of the All Weather Strategy involves diversified asset allocation to adapt to various macroeconomic environments [2] - Ray Dalio's "risk parity" strategy categorizes macro environments based on economic growth and inflation, selecting optimal assets for each environment and employing leverage for dynamic portfolio adjustments [2] - Harry Browne's "permanent portfolio" strategy allocates funds equally among stocks, long-term bonds, gold, and cash, demonstrating higher operational transparency and strategy robustness [2] Implementation by Starry Investment - Starry Investment has developed a quant-enhanced All Weather Strategy based on Browne's "permanent portfolio" approach [2] - In equity assets, the strategy focuses on stocks with strong free cash flow, high profitability, and low valuations through enhanced index strategies [2] - For gold, long-term bonds, and short-term bonds, the strategy utilizes futures contracts and neutral strategies like hedging with index options to improve overall investment returns [2]

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]