Group 1 - The report highlights an increase in risk appetite in the equity market during August 2025, with significant gains in various fund indices, including a 6.76% rise in the active equity fund index [5][13][16] - The report notes that the "anti-involution" policy has positively influenced market sentiment, leading to a recovery in equity performance, particularly in sectors like finance and technology [13][19] - The bond market experienced volatility, with a slight positive return of 0.21% in the bond fund index, while the convertible bond index rose by 3.22% due to improved risk appetite [14][16] Group 2 - The report suggests that the equity allocation strategy should focus on sectors impacted by previous policies, awaiting guidance from the "14th Five-Year Plan" and industry-specific plans to clarify future supply-demand relationships [5][21] - The report emphasizes the importance of performance-driven attention during the interim period before the mid-year reports, indicating a potential shift towards high-consensus stocks and opportunities for low-positioned sectors to rebound [5][21] - The report outlines a diversified approach for fixed-income funds, recommending a focus on short-term pure bond funds while monitoring market conditions for potential trading opportunities [30][31] Group 3 - The report indicates that the growth style outperformed value and balanced styles in July, with growth fund indices rising by 7.74% compared to 2.03% for value funds [15][17] - The report identifies strong performance in the pharmaceutical and technology sectors, with the pharmaceutical sector gaining 15.88% and technology rising by 8.02% due to favorable policies and project initiations [17][20] - The report discusses the "anti-involution" policy's focus on alleviating short-term capacity excess and enhancing market efficiency, particularly in emerging sectors like new energy vehicles and photovoltaics [19][21]

Key Points - The article discusses the recovery of equity market sentiment and the fluctuating bond market in May 2025, influenced by the US-China tariff agreement and monetary policy adjustments [2][5][6] - It emphasizes the importance of balancing growth and defensive strategies in investment portfolios, highlighting the need to capture structural opportunities while being cautious of external disturbances and domestic economic data fluctuations [2][14] - The performance of various fund styles is analyzed, showing that value and balanced styles outperformed growth styles in May 2025, with significant movements in sector-specific funds, particularly in healthcare and military themes [9][10][11] Equity Market Overview - In May 2025, the equity market experienced a "rise, fall, and stabilization" pattern, with major indices showing gains due to supportive monetary policies and the US-China tariff agreement [6][7] - The overall trading volume decreased, indicating a lower risk appetite among investors, with small-cap stocks seeing increased activity [11][12] Bond Market Overview - The bond market exhibited a narrow range of fluctuations, with government bond issuance and tariff negotiations impacting interest rates [8][18] - The yields on 1-year, 3-year, and 10-year government bonds changed slightly, reflecting the market's response to monetary policy and external factors [18][26] Fund Performance Review - The article reviews the performance of public funds, noting that all major equity fund indices recorded gains, with the Wande Stock Index and Wande Ordinary Stock Index leading with increases of 1.59% and 1.23%, respectively [7][8] - The article highlights the performance of thematic funds, particularly in healthcare and military sectors, which saw significant gains due to market dynamics and geopolitical events [10][11] Fund Strategy Insights - The article outlines strategies for equity and fixed-income fund allocations, suggesting a focus on growth and defensive sectors while maintaining a balanced approach [2][3][14] - It discusses the construction of various fund indices, including low, medium, and high volatility fixed-income funds, aimed at providing stable returns while managing risks [19][28][30]