"鲍威尔的表态比市场预期的更为鸽派，市场显然给出了积极回应，"萨斯奎哈纳国际集团衍生品策略联 席主管克里斯·墨菲表示，"我们看到部分投资者上调对标普500指数ETF的保护仓位，并买入SPDR黄金 ETF的看涨期权价差，作为通胀交易策略的一部分。" 由于市场仍处于"逢低买入"模式，许多策略师推荐标普500指数看跌期权价差;近期，若市场短期内持续 震荡上行，回溯型或重置型看跌期权也被认为会派上用场。但在近期的对冲工具选择中，有一个明显 的"缺席者"：买入芝加哥期权交易所波动率指数(VIX)的看涨期权——这通常是投资者的常用对冲工 具。 "在当前市场环境下，标普500指数的香草看跌期权或看跌期权价差可能是更可靠的对冲工具，"彭博情 报全球衍生品策略主管坦维尔·桑德胡指出，"此外，标普500指数的波动率偏斜较为陡峭，这有助于降 低看跌期权价差的成本。" 摩根大通策略师上周指出，美国财政赤字以及唐纳德·特朗普对美联储的施压，可能开始对国债和股市 形成双重压制。他们建议采取一种二元交易策略：押注标普500指数年底前跌幅超5%，同时10年期美债 收益率上升0.2%。在欧洲市场， Euro Stoxx 50指数的数字式看跌期 ...

（文章来源：证券时报网） 从市场表现看，截至收盘，跟踪标普500指数的相关ETF今日平均上涨0.27%，其中，涨幅居前的有国泰 标普500ETF(159612)，今日上涨1.27%。今日跌幅居前的有南方标普500ETF(QDII)(513650)、华夏标普 500ETF(QDII)(159655)，分别下跌0.24%、0.24%。（数据宝） 标普500指数ETF8月19日成交额变动 | 基金代码 | 基金简称 | 今日涨跌幅 | 今日成交额 | 较上一交易日增加 | 环比增幅 | | --- | --- | --- | --- | --- | --- | | 159612 | 国泰标普500ETF | 1.27% | 13.19亿元 | 9.64亿元 | 272.18% | | 513650 | 南方标普500ETF(QDII) | -0.24% | 1.21亿元 | -9658.97万元 | -44.45% | | 159655 | 华夏标普500ETF(QDII) | -0.24% | 7143.96万元 | -1.22亿元 | -63.08% | 统计显示，标普500指数ETF今日合计成交额15.11亿 ...

标普500指数ETF8月14日成交额变动 | 基金代码 | 基金简称 | 今日涨跌幅 | 今日成交额 | 较上一交易日增加 | 环比增幅 | | --- | --- | --- | --- | --- | --- | | 159612 | 国泰标普500ETF | 1.62% | 10.71亿元 | 9.83亿元 | 1106.58% | | 159655 | 华夏标普500ETF(QDII) | 0.00% | 8195.03万元 | 2166.19万元 | 35.93% | | 513650 | 南方标普500ETF(QDII) | 0.00% | 4578.75万元 | 318.30万元 | 7.47% | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 统计显示，标普500指数ETF今日合计成交额11.99亿元，环比上一交易日增加10.08亿元，环比增幅为 525.59%。 具体来看，国泰标普500ETF（159612）今日成交额10.71亿元，较上一交易日增加9.83亿元，环比增幅 为1106.58%；华夏标普500ETF(QDII)（159655）今日成交额 ...

Report Industry Investment Rating No information provided regarding the report industry investment rating. Report's Core View - In Q1 2025, Bridgewater significantly reduced its U.S. equity exposure while increasing allocations to gold and China, following the All Weather strategy to hedge against macro uncertainties and systemic risks [1][21]. - This adjustment aligns with Dalio's long - term debt cycle framework, as the U.S. is in the late stage of high debt and fiscal deterioration, while China is in an earlier phase with stronger growth potential and debt resilience [1][4][21]. Summary by Relevant Catalog 1. Overall Position Adjustment in Q1 2025 - Bridgewater's total portfolio value edged down slightly from USD 21.8 billion in Q4 2024 to USD 21.6 billion in Q1 2025. The portfolio structure shifted significantly with a "East Rising, West Declining" trend, cutting U.S. stocks and adding gold and Chinese assets [6][22]. - It加仓 283 stocks, newly built positions in 123 stocks, while reducing positions in 252 stocks and liquidating 150 stocks. The proportion of the top ten holdings in the portfolio value dropped from 43.2% in the previous quarter to 31.8%, showing a more diversified portfolio [6]. 2. Top 10 Buys - Bridgewater made significant purchases of Alibaba, increasing its holdings by 2120% to 566 million shares, making it the largest single - stock holding and the fourth - largest holding overall. Alibaba's stock price rose 56% in Q1 [8]. - Newly built a position in SPDR Gold TR (GLD), with a purchase of over 1.1 million shares, making it the sixth - largest holding, which reflects the need to hedge against inflation and currency risks. The gold ETF rose nearly 19% in Q1 [9]. - Also significantly increased holdings in Baidu (+188 million shares), Pinduoduo (+50 million shares), and newly built a position in JD.com (about 278.7 million shares). It also slightly increased holdings in NIO and other Chinese concept stocks, and significantly increased the allocation of iShares MSCI Emerging Market ETF (IEMG) [10]. - Increased allocations to the financial and cyclical sectors, newly building positions in Goldman Sachs, Chubb, Bank of America, Citigroup, etc., making the financial sector the second - largest holding sector, with the weight increasing by 4.8% compared to the previous quarter [11]. 3. Top 10 Sells - Significantly reduced the position of SPDR S&P 500 ETF TR (SPY) by nearly 60%, with the holding value decreasing by about USD 2.85 billion, and the portfolio weight dropping from 22% in Q4 2024 to less than 9% [12]. - Reduced positions in large - cap technology stocks such as Google A, NVIDIA, Meta, etc., with reduction ranges between 15% - 30%. It also almost liquidated some small - and medium - sized growth stocks such as AppLovin and Robinhood [12]. - Reduced positions in healthcare companies such as Mckesson, Merck & CO, etc., and liquidated Eli Lilly, Modernam, etc. Also liquidated many stocks in the semiconductor and consumer discretionary sectors [13]. 4. Industry and Asset Allocation Changes - The industry allocation shifted from a highly concentrated technology sector to a more balanced allocation across multiple sectors such as finance and consumption, showing a more defensive and diversified trend [14]. - The proportion of commodity allocation increased, with the introduction of gold ETFs significantly increasing the proportion of precious metals in the portfolio [15]. - The financial sector became the third - largest weighted sector in Bridgewater's portfolio, with the allocation proportion increasing by 4.8% compared to Q4 2024 [15]. - The weight of the technology sector decreased relatively. Bridgewater reduced positions in some technology giants and growth stocks but still slightly increased positions in some companies with reasonable valuations or stable businesses [15]. - The medical sector was cut the most, with Bridgewater liquidating biotech companies such as Modernam due to high valuations and an unfavorable macro - environment [15]. - The consumer discretionary and other cyclical sectors showed differentiation. Bridgewater sold some consumer discretionary stocks but newly built positions in airline stocks [16]. 5. Principles Behind the Position Adjustment - Bridgewater's core investment framework is based on a long - term global macro perspective and diversified hedging. The All Weather strategy proposed in 1996 aims to build resilient portfolios. The significant increase in gold holdings reflects the principle of diversified hedging [3][17][23]. - Dalio's long - term debt cycle theory is an important basis for this position adjustment. The U.S. is in the "pre - civil war stage" of high debt and fiscal deterioration, while China is in a more favorable stage. Bridgewater's adjustment is a forward - looking layout for the "East Rising, West Declining" trend [4][18][24]. - Dalio warned about the high valuation of technology stocks, and Bridgewater reduced its technology stock allocation to avoid risks and shifted funds to more defensive or low - correlated assets [19].

Core Insights - The total trading volume of S&P 500 index ETFs reached 598 million yuan today, representing a week-on-week increase of 96.35% [1] Trading Volume Summary - The trading volume for Guotai S&P 500 ETF (159612) was 479 million yuan, an increase of 367 million yuan from the previous trading day, with a week-on-week growth of 326.28% [2] - The trading volume for Huaxia S&P 500 ETF (QDII) (159655) was 49.36 million yuan, an increase of 4.08 million yuan from the previous trading day, with a week-on-week growth of 9.01% [2] - The trading volume for Southern S&P 500 ETF (QDII) (513650) was 69.31 million yuan, a decrease of 77.51 million yuan from the previous trading day, with a week-on-week decline of 52.79% [2] Market Performance Summary - As of market close, the average performance of ETFs tracking the S&P 500 index showed a slight decline of 0.01% [1] - Guotai S&P 500 ETF (159612) had a positive performance, increasing by 0.22% [1] - Both Southern S&P 500 ETF (QDII) (513650) and Huaxia S&P 500 ETF (QDII) (159655) experienced a decline of 0.12% each [1]

Group 1 - The total trading volume of S&P 500 index ETFs today reached 336 million yuan, an increase of 122 million yuan from the previous trading day, representing a growth rate of 57.37% [1] - Specifically, the Cathay S&P 500 ETF (159612) had a trading volume of 239 million yuan today, which is an increase of 153 million yuan from the previous trading day, with a growth rate of 176.75% [1] - The China Universal S&P 500 ETF (QDII) (159655) recorded a trading volume of 42.55 million yuan today, an increase of 1.15 million yuan from the previous trading day, with a growth rate of 2.78% [1] Group 2 - As of market close, the average increase of ETFs tracking the S&P 500 index today was 0.45%, with the top performers being the China Universal S&P 500 ETF (QDII) (159655) and the Southern S&P 500 ETF (QDII) (513650), which rose by 0.67% and 0.62% respectively [1] - The trading volume changes for S&P 500 index ETFs on July 18 show that the Cathay S&P 500 ETF (159612) increased by 176.75%, while the Southern S&P 500 ETF (QDII) (513650) decreased by 36.64% [1]

Core Viewpoint - The trading volume of S&P 500 index ETFs increased significantly today, indicating heightened market activity and investor interest in these funds [1] Trading Volume Summary - The total trading volume of S&P 500 index ETFs reached 610 million yuan today, an increase of 352 million yuan from the previous trading day, representing a growth rate of 136.55% [1] - Specifically, the Guotai S&P 500 ETF (159612) had a trading volume of 469 million yuan, up 341 million yuan from the previous day, with a growth rate of 268.01% [1] - The Huaxia S&P 500 ETF (QDII) (159655) recorded a trading volume of 80.26 million yuan, an increase of 11.65 million yuan from the previous day, with a growth rate of 16.98% [1] Market Performance Summary - As of market close, the average performance of ETFs tracking the S&P 500 index showed a slight decline of 0.03% [1] - The Guotai S&P 500 ETF (159612) was among the few that increased, with a rise of 0.22% [1] - The Huaxia S&P 500 ETF (QDII) (159655) and the Southern S&P 500 ETF (QDII) (513650) experienced declines of 0.18% and 0.12%, respectively [1]

Core Viewpoint - The trading volume of S&P 500 index ETFs reached 1.446 billion yuan today, marking a significant increase of 356.43% compared to the previous trading day [1] Trading Volume Summary - The trading volume for Guotai S&P 500 ETF (159612) was 1.322 billion yuan, an increase of 1.149 billion yuan from the previous day, representing a growth of 667.37% [1] - The trading volume for Huaxia S&P 500 ETF (QDII) (159655) was 57.886 million yuan, an increase of 1.1137 million yuan from the previous day, reflecting a growth of 1.96% [1] - The trading volume for Southern S&P 500 ETF (QDII) (513650) was 66.349 million yuan, a decrease of 21.4302 million yuan from the previous day, indicating a decline of 24.41% [1] Market Performance Summary - As of market close, the average increase for ETFs tracking the S&P 500 index was 0.04%, with Guotai S&P 500 ETF (159612) leading with an increase of 0.43% [1] - Huaxia S&P 500 ETF (QDII) (159655) and Southern S&P 500 ETF (QDII) (513650) experienced declines of 0.19% and 0.13%, respectively [1]

Group 1 - The US real estate ETF declined by 2.41% on June 25 [1] - The soybean fund decreased by 1.71% [1] - The fear index and Russell 2000 index ETF both fell by at least 1.17% [1] - Agricultural product funds dropped by 0.8% [1] - The Japanese yen long position, US dollar index long position, Dow Jones ETF, and US Brent oil price fund saw declines of up to 0.31% [1] Group 2 - The S&P 500 index ETF and emerging markets ETF increased by up to 0.13% [1] - The Nasdaq 100 ETF rose by 0.26% [1] - The gold ETF gained 0.30% [1] - The euro long position increased by 0.40% [1]

Group 1 - The total trading volume of S&P 500 index ETFs reached 4.112 billion yuan today, an increase of 3.819 billion yuan compared to the previous trading day, representing a growth rate of 1304.73% [1] - Specifically, the Guotai S&P 500 ETF (159612) had a trading volume of 4.018 billion yuan today, up 3.791 billion yuan from the previous day, with a growth rate of 1671.31% [1] - The Huaxia S&P 500 ETF (QDII) (159655) recorded a trading volume of 45.4345 million yuan, an increase of 15.088 million yuan from the previous day, with a growth rate of 49.72% [1] Group 2 - The average increase of S&P 500 index-related ETFs was 1.45% at market close, with the Guotai S&P 500 ETF (159612) leading the gains at 5.37% [2] - The Huaxia S&P 500 ETF (QDII) (159655) and the Southern S&P 500 ETF (QDII) (513650) experienced declines of 0.58% and 0.45%, respectively [2] - The trading volume changes for S&P 500 index ETFs on June 19 show significant increases for Guotai S&P 500 ETF (159612) and moderate increases for Huaxia S&P 500 ETF (QDII) (159655) and Southern S&P 500 ETF (QDII) (513650) [2]