- The report discusses the performance of different types of fund advisory products in August 2025, categorizing them into pure bond, fixed income plus, mixed equity and bond, and equity fund advisory products[3][11][17] - The average absolute returns for pure bond, fixed income plus, mixed equity and bond, and equity fund advisory products in August were 0.14%, 1.34%, 4.48%, and 8.80% respectively[3][11][17] - The report further breaks down equity fund advisory products into QDII, industry theme, and general equity types, with general equity types further divided into macro-driven, industry rotation, index-driven, and active selection strategies[11][17] - In August, the industry rotation type of equity fund advisory products had the highest returns among the different strategies, with absolute returns of 10.07%[16] - The report provides detailed performance data for top-performing fund advisory products in 2025, including "All-weather Active Portfolio" and "Anxin Aggressive 90" for equity fund advisory products, "Peach and Plum Silent" and "Anxin Balanced Selection" for mixed equity and bond fund advisory products, "Guotai Idle Money Steady Walk" and "Guotai Idle Money Steady Walk" for fixed income plus fund advisory products, and "Guotai Steady Finance" and "Lazy Cat Global Steady" for pure bond fund advisory products[23][24][26][27] - The report analyzes the rebalancing behavior of fund advisory products in August 2025, noting that 106 fund advisory products underwent rebalancing, with specific changes in bond and equity asset allocations[28][29][30][31] - For bond assets, pure bond fund advisory products increased holdings in fixed income plus funds, USD bond funds, and passive index bond funds, while reducing holdings in credit bond coupon strategies[30][31] - For equity assets, mixed equity and bond fund advisory products increased holdings in fixed income plus funds and reduced holdings in bond funds, while equity fund advisory products saw internal migration within equity funds[35][36] - The report highlights changes in industry allocation, with fund advisory products increasing allocations to the electronics and non-ferrous metals industries and reducing allocations to the banking industry[38][39] - The report also examines style allocation, noting a decrease in the proportion of dividend funds and a slight increase in the proportion of micro-cap stocks in the underlying assets of equity fund advisory products[41][43][46][48] - The report discusses the allocation to popular sectors, noting a slight increase in the proportion of ChiNext and STAR Market stocks and a decrease in the proportion of Hong Kong stocks in August[48][51][53][54] - The report analyzes the rebalancing behavior of QDII and macro-driven fund advisory products, noting an increase in global equity funds and a decrease in US equity funds in August[55][56][61]

Core Viewpoint - The article highlights a shift in investment strategies among fund advisory products, with a notable increase in allocations towards high-dividend and technology assets, while reducing exposure to consumer sectors [1][7][11]. Group 1: Fund Advisory Product Adjustments - In July, a total of 141 fund advisory products made adjustments, including 27 mixed equity and bond products and 64 equity products [1][6]. - Mixed equity and bond products increased their holdings in active equity funds while reducing allocations to index funds [1][6]. - Equity advisory products decreased their holdings in bond-oriented funds and increased their allocations to equity funds [1][6]. Group 2: Sector Allocation Changes - Fund advisory products overall reduced exposure to consumer sectors and increased allocations to pharmaceuticals, cyclical sectors, and technology [1][7]. - The highest increase in allocation was seen in the pharmaceutical and biotechnology sector (+0.47%) and non-ferrous metals (+0.31%), while the largest reductions were in food and beverage (-0.35%) and electronics (-0.23%) [7]. Group 3: Performance of Fund Products - Some equity advisory combinations have achieved over 20% excess returns this year, with specific products like Huabao Securities' Value Investment Fund V and Guolian Securities' Anxin Aggressive 90 showing returns of 30.88% and 25.59% respectively [9][10]. - Mixed equity and bond products with a higher proportion of equity funds also performed well, with returns of 14.72% and 12.92% for specific products [10]. Group 4: Market Outlook and Investment Strategies - Some advisory institutions maintain a relatively positive outlook on the market, citing improved funding conditions and potential inflows of external capital [11]. - Recommended investment directions include high-dividend stocks and technology assets, particularly in AI applications and semiconductors [11][12]. - The strategy of diversifying investments across different asset classes and markets is emphasized, suggesting a balanced approach to mitigate risks [12].

Core Insights - The article discusses a prevalent industry phenomenon where investment strategies are increasingly resembling a "religious model," characterized by a strong belief system rather than empirical analysis [6][19]. Group 1: Characteristics of the Religious Model - The religious model constructs a "worldview" rather than a "toolbox," providing followers with a comprehensive belief system that offers a sense of control over investment decisions [6]. - It promises "certainty" instead of "possibility," presenting investment outcomes as guaranteed results, which appeals to risk-averse investors [6]. - The model redefines "risk perception" as a philosophical challenge rather than a mathematical problem, encouraging followers to endure market volatility as a test of faith [6]. - It emphasizes the role of "spiritual leaders" over professional advisors, where followers trust the personal narratives and philosophies of influential figures [7]. - The model offers "exclusive secrets" instead of transparent tools, creating a dependency on proprietary indicators that enhance user engagement [8]. - It fosters a sense of "community belonging" rather than independent decision-making, reinforcing shared beliefs among members [9]. Group 2: Internet Thinking - "Internet thinking" focuses on "traffic" as the core asset, aiming for scalability and efficiency in operations [10]. - It prioritizes standardized products to serve a large user base, facilitating rapid replication and expansion [11]. - User retention is paramount, achieved through continuous content output and community engagement [11]. - The growth strategy hinges on ensuring that the lifetime value of users exceeds acquisition costs, allowing for sustainable business models [13]. Group 3: Interaction of Models - The combination of the religious model and internet thinking creates a synergistic effect, enhancing user conversion and business closure [15]. - The religious model aligns perfectly with internet thinking by transforming investment content into a product that maximizes traffic conversion [15]. - The model's approach to "traffic as king" utilizes compelling narratives and attractive return promises to draw in users [16]. - It standardizes investment solutions into a one-size-fits-all product, simplifying complex investment strategies for mass appeal [18]. Group 4: Industry Impact - The religious model's rapid expansion can lead to short-term gains for platforms and fund companies, but it risks undermining the industry's foundational trust [30]. - It may erode the trust that is essential in the investment industry, as discrepancies between promised and actual returns can lead to widespread disillusionment [31]. - The model reinforces incorrect expectations about investment simplicity, potentially leading to a cycle of seeking out more aggressive and misleading products [32]. - It hinders deep investor education by promoting a "cognitive outsourcing" approach, which diminishes the motivation for investors to develop their own strategies [33]. Group 5: Positive and Negative Effects - While some investors benefit from the model by achieving better returns than they would independently, it risks commodifying investment products [36]. - The model serves as a "guide" for novice investors, lowering barriers to entry and providing psychological support during market volatility [36]. - However, if this model becomes mainstream, its long-term damage may outweigh short-term benefits, as it prioritizes growth and efficiency over investor welfare [36].

Core Viewpoint - The performance of equity funds is recovering, leading to increased activity in fund advisory products' portfolio adjustments [1][10] Group 1: Fund Advisory Product Adjustments - In July, a total of 141 fund advisory products made adjustments, including 27 mixed equity-debt and 64 equity advisory products [1][10] - Mixed equity-debt advisory products increased their holdings in active equity funds while reducing allocations to index funds [1][10] - Equity advisory products decreased their holdings in bond funds and increased their allocations to equity funds, with a notable shift away from consumer sectors towards pharmaceuticals, cyclical, and technology sectors [1][10] Group 2: Specific Fund Actions - Notable fund advisory products like 中欧超级股票全明星 and 交银全明星 initiated "发车" plans, with investment amounts of 500 million and 1.5 billion respectively [4][6] - 中欧超级股票全明星 increased its active equity fund holdings from 63.5% to 65.5% and raised its stock fund allocation from 14.5% to 19.5% [6] - 富国双子星股债均衡 adjusted its bond fund allocation from 32.78% to 45.25% and reduced its index fund allocation from 18.35% to 3.55% [8] Group 3: Market Outlook and Investment Strategies - Fund advisory institutions are optimistic about high dividend and technology assets, emphasizing balanced and diversified allocations [2][16] - The market is expected to enter a phase of incremental competition, with continuous inflow of new funds and cyclical improvements in fundamentals [15] - Investment strategies should focus on sectors with improving conditions, such as high dividend stocks and technology, particularly in AI and semiconductors [16][17]

Quantitative Models and Construction Methods Model 1: Industry Rotation Model - **Model Name**: Industry Rotation Model - **Model Construction Idea**: The model aims to capture excess returns by rotating investments across different industries based on their performance trends - **Model Construction Process**: - Identify industry sectors with strong performance trends - Allocate investments to these sectors while reducing exposure to underperforming sectors - Monitor and adjust the portfolio periodically to maintain optimal sector allocation - **Model Evaluation**: The model has shown to perform well in capturing excess returns by timely rotating across industries[11][13][17] Model 2: Macro-Driven Model - **Model Name**: Macro-Driven Model - **Model Construction Idea**: This model leverages macroeconomic indicators to guide investment decisions - **Model Construction Process**: - Analyze macroeconomic data such as GDP growth, inflation rates, and employment figures - Adjust portfolio allocations based on the expected impact of these indicators on different asset classes - Continuously update the model with new macroeconomic data to refine investment decisions - **Model Evaluation**: The model has demonstrated effectiveness in aligning investments with macroeconomic trends, leading to favorable returns[11][13] Model Backtesting Results - **Industry Rotation Model**: - Absolute return in July: 5.85%[13] - One-year return: 30%[17] - **Macro-Driven Model**: - Absolute return in July: 3.99%[13] - One-year return: 25%[17] Quantitative Factors and Construction Methods Factor 1: Duration Extension - **Factor Name**: Duration Extension - **Factor Construction Idea**: Increase the duration of bond holdings to enhance returns in a declining interest rate environment - **Factor Construction Process**: - Identify bonds with longer maturities - Increase the allocation to these bonds while reducing exposure to shorter-term bonds - Monitor interest rate trends and adjust the duration accordingly - **Factor Evaluation**: This factor has been effective in enhancing returns during periods of declining interest rates[4][28][32] Factor 2: Equity Allocation Adjustment - **Factor Name**: Equity Allocation Adjustment - **Factor Construction Idea**: Adjust the allocation between equity and debt based on market conditions - **Factor Construction Process**: - Increase equity allocation during bullish market conditions - Reduce equity allocation and increase debt holdings during bearish market conditions - Continuously monitor market indicators to adjust allocations - **Factor Evaluation**: This factor has shown to improve portfolio performance by dynamically adjusting to market conditions[5][34][37] Factor Backtesting Results - **Duration Extension**: - Increase in duration for pure bond products: 0.10 years[32] - Increase in duration for fixed income plus products: 0.05 years[32] - **Equity Allocation Adjustment**: - Increase in equity allocation for mixed bond products: 1.74%[36] - Increase in equity allocation for stock products: 0.97%[36]

- The June 2025 performance of stock-oriented investment advisory products outperformed the CSI 300 index, with absolute average returns of 3.47% for stock-oriented products, 1.90% for mixed stock-bond products, 0.79% for fixed-income plus products, and 0.28% for pure bond products [3][11][13] - Among stock-oriented investment advisory products, sector rotation strategies performed the best in June 2025, achieving an absolute return of 4.41%, followed by index-driven strategies at 3.50%, actively selected strategies at 3.41%, and macro-driven strategies at 2.71% [13][17][18] - For pure bond investment advisory products, June 2025 saw a shift from money market funds (-1.09%) and secondary mixed bond funds (-1.44%) to short-term pure bonds (+1.51%) and medium-to-long-term pure bonds (+1.63%) [27][28][30] - Fixed-income plus investment advisory products increased allocations to medium-to-long-term pure bonds (+3.15%) and primary mixed bond funds (+1.85%), while reducing allocations to flexible allocation funds (-5.60%) and money market funds (-0.99%) [27][28][30] - The duration of pure bond investment advisory products decreased by an average of 0.05 years in June 2025, while fixed-income plus products increased their duration by an average of 0.11 years [30][31] - Stock-bond mixed investment advisory products increased allocations to active equity funds (+2.06%) and flexible allocation funds (+1.19%), while reducing allocations to index funds (-2.75%) [33][35] - Stock-oriented investment advisory products reduced allocations to QDII funds (-1.49%) and increased allocations to flexible allocation funds (+1.54%) [33][35] - Sector allocation changes in June 2025 included increased exposure to non-ferrous metals (+1.29%) and pharmaceuticals (+1.16%), while reducing exposure to real estate (-1.22%) and electronics (-0.40%) [35][36][38] - Dividend-focused funds saw an increase in allocation, with the average proportion rising from 5.17% to 5.38% in June 2025, reflecting optimism about domestic economic recovery [37][39][40] - Micro-cap stock allocations slightly increased from 5.48% to 5.52%, while small-cap stock allocations decreased from 10.81% to 10.79% in June 2025 [41][42] - Hot sector allocations showed a decrease in the average proportion of ChiNext stocks from 6.75% to 6.69% and a slight decrease in STAR Market stocks from 6.94% to 6.92% in June 2025 [43][46][48] - Hong Kong stock allocations increased, with the average proportion rising from 8.39% to 9.37% in June 2025 [49][52] - QDII and macro-driven investment advisory products in June 2025 increased allocations to silver funds (+4.0%), global bonds (+2.8%), and oil and gas funds (+0.6%), while reducing allocations to Hong Kong stocks (-5.3%) and Vietnam funds (-4.4%) [49][50][54]