Core Viewpoint - Multiple public fund institutions are adjusting their investment portfolios in response to the changing market environment, with a focus on balancing asset allocation between equity and fixed-income funds [1][2][6]. Group 1: Portfolio Adjustments - The "招商灵活进取" fund has significantly reduced its allocation to mixed funds and increased its investment in cross-border fixed-income QDII funds, with these new QDII funds accounting for approximately 20% of the portfolio [2]. - The "中欧超级股票全明星" fund has increased its exposure to Hong Kong internet theme products and medical theme funds, benefiting from the Federal Reserve's interest rate cuts [2][3]. - The "博时价值精选" fund has replaced underperforming funds with higher-quality balanced funds to enhance portfolio stability [3]. Group 2: Market Sentiment and Strategy - The frequent "发车" (launch) actions by various investment advisory products are seen as a positive market signal, indicating active management in response to market conditions [4]. - Year-to-date returns for several equity advisory products have been strong, with "中欧超级股票全明星" achieving a return of 35.66%, outperforming its benchmark by approximately 6 percentage points [5]. - Despite short-term market volatility, long-term prospects for the A-share market remain positive, supported by low interest rates, long-term capital inflows, and favorable policies [6][7]. Group 3: Investment Recommendations - Investment advisors recommend maintaining a balanced portfolio and avoiding impulsive trading in hot sectors, as the market is currently in a consolidation phase [6][7]. - The technology sector, while previously a leading investment theme, is experiencing increased volatility, suggesting a need for careful selection of investments based on supply-demand dynamics and reasonable valuations [6].

Group 1 - Multiple public fund institutions have initiated a new round of portfolio adjustments to respond to the changing market environment, with some reducing equity fund positions and increasing allocations to fixed-income funds [1][2] - The adjustments include a significant reduction in mixed fund positions and an increase in cross-border fixed-income QDII funds, with specific funds accounting for approximately 20% of the portfolio [1] - The market sentiment remains optimistic about the long-term upward trend of the equity market despite short-term fluctuations, encouraging a balanced asset allocation approach [1][3] Group 2 - The "launch" function of investment advisory products has been frequently utilized, indicating a potentially positive market signal as multiple products announce new plans [2][3] - Year-to-date returns for several equity advisory products have been strong, with notable performances exceeding benchmarks, such as the China Europe Super Stock All-Star achieving a return of 35.66% [3] - The current market is experiencing significant volatility, with a recommendation against chasing hot sectors, suggesting a focus on maintaining a balanced portfolio and flexible asset allocation [4][5]

在加仓成长类资产的同时，多个投顾组合借道港股基金捕捉港股市场投资机会。7月29日，工银瑞信指数PLUS策 略组合将天弘恒生科技指数C新增到投资组合中。工银瑞信基金投顾指出，"我们本次调仓增加了恒生科技的配 置，作为看好港股和成长风格的进攻品种。" 而嘉实财富权益甄选组合也于近期增加了对成长风格产品的配置。7月21日，该组合增持广发中小盘精选混合C、 招商中证800指数增强A等产品。嘉实投顾团队称，组合在风格均衡基础上，小幅增加相对低位的成长方向，同时 对同风格基金内部做优化，调出管理人有变动的基金。此外，7月底，工银瑞信指数PLUS策略组合加仓工银创新 动力股票、嘉实互融精选股票C等成长风格产品。 【环球网财经综合报道】随着股市回暖，多个基金投顾组合于近期密集调仓，其中成长风格基金受到青睐。 进一步来讲，8月4日，富国满天星追求收益组合展开调整，加仓华夏价值精选混合、富国稳健增长混合A、金鹰 科技创新股票C等基金，同时减持前海开源金银珠宝混合C、宝盈消费主题混合等基金。此次调仓旨在加仓成长风 格产品以增加组合锐度。 再者，7月28日，银华天玑 - 奔跑狮子座组合大幅增持摩根标普港股通低波红利指数A，持仓比例从 ...

Core Viewpoint - Fund advisory products are accelerating their portfolio adjustments as they prepare for the second half of 2025, with several fund companies, including China Securities and Central European Fund, updating their strategies and releasing adjustment reports [1] Group 1: Fund Adjustments - Many fund advisory combinations are actively updating their portfolio strategies in response to market challenges, with a focus on increasing exposure to growth-style funds [1][2] - The China Securities Fund's "Jiaoyin All-Star" has adjusted its portfolio by reducing value-weighted funds and increasing aggressive growth positions to enhance yield [2] - The "Jiaoyin Winning Investment" combination has also shifted towards growth sectors, adding technology and pharmaceutical theme funds while reducing dividend funds [2][3] Group 2: Market Outlook - Analysts expect that the internal growth momentum of China's economy will continue to recover, providing new investment opportunities, particularly in technology growth and consumer sectors [1][4] - The "发车" (launch) plans from various fund combinations indicate a positive market signal, with expectations of a supportive liquidity environment due to potential monetary easing [3][4] - The outlook for the second half of the year suggests that core assets and small-cap stocks may present good opportunities, with a focus on growth rather than defensive strategies [4][5] Group 3: Sector Focus - The TMT sector is currently at a historical valuation midpoint, with internal valuation disparities that may lead to short-term volatility [5] - The AI sector is still in its early development stages, and high valuations may be justified if performance expectations are met [5]