9月15日，国泰启明回报即将重磅发售。对于产品特征、基金经理投资策略以及后续市场观点等投资者 比较关心的问题，我们做了整理，希望能为大家答疑解惑。 1．为什么说当下市场适合布局主动权益基金？ 主动权益基金本身具备较大的弹性。2025年以来，随着市场持续回暖，主动权益基金取得了非常优秀的 表现，几乎全部的普通股票基金和偏股混合基金都取得正收益，平均收益超27%。拉长期限来看，主动 权益基金整体收益率和相对沪深300指数的超额收益率也非常可观。自2009年以来的17年中，主动权益 基金指数有10年跑赢沪深300。 | 普通股票型基金2025YTD 收益情况统计 | | | --- | --- | | 基金数量 | 1038 | | 正收益基金数量 | 1029 | | 正收益基金占比 | 99% | | 平均收益 | 27.91% | | 中位数 | 24.72% | 数据来源：Wind，数据截至2025年8月31日，我国股市运作时间较短，过往表现不代表未来。主动权益 基金在2010、2011、2013、2015、2018、2019、2020、2021、2022、2025年至今跑赢沪深300。 2．如何看待当前A ...

Global Liquidity Overview - Global liquidity remains tight, with the M2 money supply growth rate near historical lows, indicating a constrained liquidity environment[1] - The strength of the US dollar significantly influences global liquidity trends, following a cyclical pattern every 4-5 years[1] US Dollar Liquidity Analysis - Current indicators show that US dollar liquidity is generally tight, but there is no immediate risk of liquidity shocks[2] - The net liquidity in the US financial system has tightened since 2021, remaining below the long-term trend line, suggesting a constrained liquidity scale[2] - As of May 9, 2025, the 2-year and 10-year US Treasury yields are at 3.88% and 4.37%, respectively, both at historically high levels[2] Future Liquidity Projections - A weaker dollar trend is expected to lead to a loosening of global liquidity, driven by the need to balance fiscal policies and reduce trade deficits[3] - The Federal Reserve is anticipated to restart interest rate cuts in the second half of the year, which would lower dollar interest rates and promote looser global liquidity conditions[3] A-Share Market Valuation - The loosening of global liquidity is likely to benefit global risk assets, particularly non-US assets that have been under pressure due to a strong dollar[5] - The nominal growth rate difference between China and the US has narrowed significantly from 6.6% in Q2 2022 to just 0.1% in Q1 2025, enhancing the relative value of Chinese assets[7] - The "stock-bond yield spread" model indicates that the current A-share market offers attractive investment opportunities, with a yield spread of approximately 4.3%, suggesting high configuration value[8]