年底大家都在冲刺KPI，时间紧、任务重，看文章的时间很稀缺，我们今天就直接上干货。首先，我们 总结并回答大家现在关心的三个问题： 对市场怎么看？ 今年的大A是结构牛，并不是普涨行情，现在沪指在4000点关口震荡，前期上涨较多的创新药、AI产业 链近期也有所回调，板块和行业之间的轮动加速，赚钱难度进一步提升。 要怎么投资？ 鸡蛋不要装到一个篮子里。大A继续上涨，持仓的权益资产也能跟着"喝点汤"，股市下跌时，重仓资产 也不要是"挨重锤"的对象。因此，比较好的策略是资产配置。股票、债券、商品（黄金、原油）等等， 做到资产层面的分散。 如何省心配？ 做好资产配置的核心是在合适的时间、在合适的位置，以合适的比例配到不同的资产。对于普通投资者 来说，无论是个人精力还是涉猎广度，都挺难做到。因此，建议选择专业投资机构，通过基金组合省心 配置。比如稳健型投资者可以选择"固收+"，不管是股债一九（低波）、二八（中波）、三七（高 波），都有合适的产品能对接大家的需求。 不过，投资者可能会想，为什么要交给专业机构？这主要是基金经理在投资经验、行业判断和策略执行 力上胜率往往更高。我们就以最近在发产品的基金经理举个例子，例如广发集辉 ...

Core Viewpoint - Liu Zhihui emphasizes a rational approach to investment amidst market volatility, focusing on macroeconomic cycles and industry allocation to achieve steady returns [2][3] Investment Philosophy - Liu's investment framework consists of three core elements: understanding macro cycles, assessing odds, and respecting market signals [3] - The investment philosophy includes "Investment Way," "Investment Method," and "Investment Technique," focusing on market trends, macro and industry analysis, and specific trading strategies [4] Multi-Asset Framework - Liu's investment strategy spans fixed income, equities, and convertible bonds, aiming for absolute returns through flexible allocation and odds thinking [5] - In bond investment, Liu adjusts duration and leverage based on macro analysis, credit environment, and market sentiment [6] Stock and Convertible Bond Strategy - Liu captures industry trends and cyclical turning points through sector rotation and concentrated allocation, focusing on both intrinsic value and market pricing signals [6] - For convertible bonds, Liu only allocates when they exhibit characteristics of downside protection and upside potential, guided by macroeconomic fundamentals [6] Recent Market Actions - In response to market adjustments, Liu increased exposure to sectors like innovative pharmaceuticals and AI, while also considering undervalued sectors such as machinery and real estate [7] - Liu maintains a neutral stance on the bond market, focusing on short-duration government bonds and high-rated credit bonds due to low yield levels [7]

Core Viewpoint - The discussion around a bull market is increasing as the Shanghai Composite Index surpasses 3700 points, but stock selection remains challenging due to the need for safety margins and rapid industry rotation [1] Group 1: Fund Performance - Guangfa JiYuan Bond Fund has achieved positive annual returns in all eight years since its establishment in January 2017, with a maximum drawdown controlled within 6%, significantly better than the average of 10.88% for similar funds [2] - The fund's five-year return rate is 25.37%, ranking in the top 15% of its category [2] Group 2: Investment Strategy - The fund manager, Liu Zhihui, employs a combination of top-down and bottom-up approaches for asset allocation, maintaining a stable stock investment ratio of 15%-20% over the past five years [2] - In bond investments, the focus is primarily on high-grade credit bonds, with an average duration of less than three years, but can be extended during favorable market conditions [2] Group 3: Market Outlook - Liu Zhihui holds a relatively optimistic view for the A-share market in the second half of the year, believing it is transitioning from "strong reality, weak expectations" to positive expectations, which is beneficial for large-cap stocks [3] - The preferred allocation strategy includes a balanced approach, focusing on sectors such as overseas expansion, resources, large financials, leading manufacturing, and innovative pharmaceuticals, selecting competitive companies with market share expansion and valuation protection [3]