Market Review - The equity market saw a broad increase, with the Shanghai Composite Index rising by 2.11%, the highest among major indices [4][7] - The advanced manufacturing sector experienced a collective rebound, with notable increases in industries such as defense and military (5.93%) and non-ferrous metals (5.78%) [4][5] - The bond market showed a downward trend in both short and long-term interest rates, with the 10-year government bond yield decreasing by 1.68 basis points to 1.706% [8][10] Equity Product Allocation Strategy - Event-driven strategies include focusing on funds related to the 2025 World Robot Conference and the upcoming Low Altitude Economy Conference, with specific funds highlighted for investment [12][13][14] - The asset allocation strategy suggests a balanced core with a barbell approach, emphasizing dividend and technology sectors, with recommended funds listed [16][20] Stable Product Allocation Strategy - The analysis indicates a net injection of 163.5 billion yuan by the central bank, maintaining a loose monetary environment [22] - July export data showed resilience, with a total export value of 321.78 billion USD, reflecting a year-on-year growth of 7.2% [22] - The report highlights the importance of monitoring convertible bonds due to potential volatility risks [23][27]

Core Viewpoint - The article discusses the investment strategies and performance of fund manager Sheng Zhenshan, highlighting his unique approach to risk management and asset allocation in a volatile market environment [2][3][6]. Group 1: Market Environment and Fund Performance - The market has experienced significant fluctuations from early 2024 to mid-2025, with a notable drop below 2700 points and subsequent recovery [2]. - A set of equity mixed funds and ordinary stock funds was analyzed, focusing on those with a maximum drawdown of 10% and a scale exceeding 100 million, achieving returns above 8% in 2025 [2]. - Sheng Zhenshan's fund, "Industrial Bank Selected Return," achieved a maximum drawdown of 8.1% and a recovery time of only 11 days, with a return of 29.43% since its management began [3]. Group 2: Investment Philosophy and Strategy - Sheng Zhenshan emphasizes risk management as a core principle, shaped by his early experiences in unfavorable market conditions [6][20]. - His investment approach is characterized by a balanced asset allocation strategy, avoiding extreme bets and maintaining a diversified portfolio [7][11]. - The focus is on identifying undervalued assets through a dynamic valuation process, considering both growth and valuation aspects [8][9]. Group 3: Sector Focus and Asset Allocation - Sheng Zhenshan's portfolio is heavily weighted towards aviation and gold stocks, diverging from traditional sectors like energy and utilities [4]. - He adopts a supply-side perspective to assess industry cycles, prioritizing sectors with potential for capital improvement rather than those experiencing rapid growth [10][29]. - The investment strategy includes holding a diversified basket of low-correlation assets to mitigate risks and enhance returns [11][43]. Group 4: Insights on Specific Assets - The article discusses Sheng Zhenshan's views on gold, indicating a long-term bullish outlook despite short-term volatility, with a focus on the underlying asset's future value rather than immediate profits [50][52]. - In the aviation sector, he believes that current valuations are low, and the industry is nearing a recovery phase, making it an attractive investment opportunity [56][57]. - The approach to dividend stocks emphasizes the importance of sustainable earnings and dividends over mere historical performance [58][59].

忍不住再说说固收 +。 很多人不理解为啥经常叨唠固收+，因为从长期收益角度看，股票＞债券，固收+受限于权益部分仓位，预期 收益率应该要低于股基，但是朋友们，在实操中，固收+很多时候能做出意想不到的效果。 我拿偏股基金和偏债基金来举例，截至5月9号收盘，固收+的代表作——偏债混合型基金，近3年、近5年、 近10年平均收益都跑赢了偏股基金，只拉长到15年的时候，偏股基金才展现出来优势。 数 据 来源：choice，截至2025.5.9 但是，如果把投资者的体验考虑进去，那感觉就完全不一样了。那么对于那些不愿意承担太大波动，同时还想 要在权益市场分一杯羹、愿意拉长期限的投资者来说，固收+确实是很合适的品种啊。 一、一只被我多次提到的固收+ 我之前也写过，现在市面上固收+已经进化到3.0版本，策略丰富多样，而且整体表现也是越来越好，真的能 满足大部分投资者需求。 但除了策略外，我也很重视做固收+基金经理是否对投资者有同理心，这一领域，盛震山应该是做的很好的基 金经理之一。 盛震山是2019年去工银瑞信基金的，刚去的时候不是管理公募，是做了几年专户, 先后接触了包括保险、企业 客户、银行理财子等各种类型的专业机构客户， ...

来源：微信公众号 硬核姬老板 忍不住再说说固收+。 很多人不理解为啥经常叨唠固收+，因为从长期收益角度看，股票＞债券，固收+受限于权益部分仓位，预期收益率应该要低于股基，但是朋友们，在实操中，固收+很多时候 能做出意想不到的效果。 我拿偏股基金和偏债基金来举例，截至5月9号收盘，固收+的代表作——偏债混合型基金，近3年、近5年、近10年平均收益都跑赢了偏股基金，只拉长到15年的时候，偏股基金 才展现出来优势。 | | 近3年 | 近5年 | 近10年 | 近15年 | | --- | --- | --- | --- | --- | | 偏债混合型基金 | 5.71% | 19.54% | 57.48% | 135.67% | | 偏股混合型基金 | -6.54% | 13.77% | 202公众号·硬栈她老板 | | 数据来源：choice，截至2025.5.9 但是，如果把投资者的体验考虑进去，那感觉就完全不一样了。那么对于那些不愿意承担太大波动，同时还想要在权益市场分一杯羹、愿意拉长期限的投资者来说，固收+确实 是很合适的品种啊。 一、一只被我多次提到的固收+ 我之前也写过，现在市面上固收+已经进化到3. ...