Core Viewpoint - The article discusses the performance and construction of four quantitative strategies: dividend, quality, growth, and value, highlighting their monthly and year-to-date performance metrics for February 2026. Group 1: Quantitative Strategy Monthly Performance Tracking - The dividend strategy achieved an absolute return of 0.16% in February 2026, underperforming the CSI Dividend Total Return Index by 2.18%. Year-to-date, it recorded a 9.46% absolute return, outperforming the index by 3.28% [5][8]. - The quality strategy had an absolute return of 2.12% in February 2026, exceeding the CSI Quality Total Return Index by 2.57%. For the year-to-date, it posted an 11.30% absolute return, outperforming the index by 9.20% [5][8]. - The growth strategy, with a 90% allocation, achieved an absolute return of 5.13% in February 2026, outperforming the Taibao Active Equity Growth Fund by 2.91%. Year-to-date, it recorded a 15.80% absolute return, exceeding the fund by 5.56% [5][8]. - The value strategy posted an absolute return of 2.02% in February 2026, slightly outperforming the Guoxin Value Total Return Index by 0.29%. However, year-to-date, it had a 6.55% absolute return, underperforming the index by 3.83% [6][8]. Group 2: Strategy Construction Methodology - The dividend strategy is constructed in two steps: first, selecting stocks expected to have increased dividends in the next year from various dimensions; second, applying multi-factor optimization to finalize the dividend portfolio [9]. - The quality strategy involves three steps: first, screening for stocks with a historical ROE of at least 10% over the past nine quarters; second, constructing stability factors based on profitability, growth, and leverage; third, scoring stocks based on growth, volatility, long-term momentum, and dividends to finalize the quality portfolio [11]. - The growth strategy is built in three steps: first, selecting the top 50 stocks based on analyst consensus profit growth; second, optimizing for stocks with the highest upward revisions in profit expectations; third, applying an industry rotation model to weight stocks in favorable sectors [14]. - The value strategy is constructed in two steps: first, selecting high ROE stocks with stable future expectations; second, optimizing for 50 stocks based on valuation factors to avoid value traps [18].

2026 年 03 月 04 日 成长组合相对太保主动偏股成长基 金 2 月超额收益 2.91% ——量化策略 2026 年 2 月月报 相关研究 - 证券分析师 杨俊文 A0230522070001 yangjw@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 研究支持 杨俊文 A0230522070001 yangjw@swsresearch.com 联系人 杨俊文 A0230522070001 yangjw@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 量 化 策 略 ⚫ 针对红利、质量、成长、价值四个量化组合，我们统计其 2026 年 2 月的单月业绩表现 以及今年以来的业绩表现。 ⚫ 单月（2026/2/1~2026/2/28），红利组合绝对收益为 0.16%，相对中证红利全收益指 数的超额收益为-2.18%；今年以来（2026/1/1 ...

Global Market Overview - In August, Chinese A-shares and the Vietnamese market performed well, both rising over 10% [1][2] - The US market showed modest growth of 0.85%, while Japan increased by 4% and India experienced a decline [1][2] - Alternative assets like gold rose by 2%, while US Treasury bonds remained stable and Chinese bonds saw a slight decrease [1] Performance of Investment Combinations - The "省心债" bond combination slightly declined by 0.23% in August but has a year-to-date return of 0.8% [4] - The "睿定投全球版" equity combination gained 2.26% in August, with a cumulative return of 11.89% this year [6] - The "懒人 - 均衡组合" achieved a 1.62% increase in August, with year-to-date returns of 8.43% and 5.13% last year [8] - The "红利组合" yielded 2.24% in August and a cumulative return of 10.36% this year [12] - The "恒生港股通组合" returned 1.61% in August, with a cumulative return of 14.03% this year [16] - The "美股组合" had a modest gain of 0.26% in August, with a cumulative return of 14.12% this year [17] Investment Strategy and Adjustments - Recent adjustments included reducing positions in A-shares to mitigate risks during high-level corrections [11] - The global allocation strategy allows for capturing diverse investment opportunities across various asset classes, enhancing risk diversification [11][22][23] - The strategy emphasizes the importance of maintaining a balanced portfolio to manage volatility and optimize returns [19] Investment Philosophy - The core logic of global allocation is to utilize a multi-asset approach across different countries and asset types, including equities, bonds, and gold [21] - The strategy aims to capture opportunities in fluctuating markets while minimizing risks through low-correlation asset combinations [22][23] - The "攒五百万计划" illustrates the power of compound interest through regular investments, targeting a long-term goal of accumulating 5 million [25][27]

Core Viewpoint - The article highlights a structural market trend in July, characterized by strong stock performance and weak bond performance, leading to overall positive returns across various investment portfolios [2][3]. Group 1: Market Performance Overview - In July, the A-share market rose by 3.54%, while the Hong Kong market increased by 2.91%. The U.S. market saw a moderate gain of 2.38%, and the German DAX and Japanese Nikkei 225 had lower increases of 0.65% and 1.44%, respectively. India was the weakest performer with a decline of 2.90% [4]. - The Vietnamese market experienced a significant rise of 9.19%, with timely profit-taking executed to avoid potential downturns [4]. - The bond market overall declined by 0.26%, with U.S. Treasuries dropping by 1.05%, while gold saw a slight increase of 0.49% [4]. Group 2: Portfolio Performance - The "省心债组合" (Comfortable Bond Portfolio) achieved a positive return of 0.02% amidst a generally declining bond market, indicating effective volatility control and timing strategies [7][8]. - The "睿定投全球版" (Smart Global Investment Portfolio) rose by 2.46% in July, showcasing strong performance in a competitive market environment [11][12]. - The "懒人均衡组合" (Lazy Balanced Portfolio) recorded a total increase of 8.05% in the first seven months of 2025, surpassing the previous year's total return of 7.87% [13][17]. - The "红利组合" (Dividend Portfolio) focused on high-dividend assets in A-shares and Hong Kong stocks, achieving a monthly increase of 4.09% and a cumulative return of 7.23% for 2025 [21]. Group 3: Strategy and Future Outlook - The article emphasizes the importance of not chasing monthly profits but rather focusing on minimizing losses and achieving steady gains through diversified asset allocation [30]. - Investment strategies are tailored for different risk appetites, with specific portfolios designed for conservative and aggressive investors [44].

Group 1: Core Views - The article discusses various investment strategies and their performance in the current market environment, emphasizing the importance of stability and risk management in investment portfolios [10][11][20][21]. Group 2: Investment Compositions - **省心债组合 (Peace of Mind Bond Portfolio)**: This bond portfolio showed a modest increase of 0.2% in May and 1.7% year-to-date, highlighting its stability and lower volatility compared to other asset classes [10][11]. The portfolio is primarily composed of interest rate bonds and high-rated credit bonds, which are less sensitive to interest rate changes [10]. - **睿定投全球版组合 (Smart Global Investment Portfolio)**: This portfolio increased by 4.3% in May, driven by a strong rebound in the U.S. tech sector, particularly AI-related stocks like Nvidia [13][14]. The year-to-date performance stands at 9.4%, showcasing its focus on structural investment in global assets [13]. - **懒人均衡组合 (Lazy Balanced Portfolio)**: This portfolio rose by 2.0%, maintaining a balanced approach between equity and bond assets, effectively reducing market volatility's impact on net value [17][18]. It includes a mix of U.S. tech, A-share new energy, and pharmaceutical sectors [17]. - **红利组合 (Dividend Portfolio)**: Focused on companies with stable cash flow and dividend capabilities, this portfolio aims to provide steady returns and reduce volatility, especially in uncertain market conditions [20][21]. - **小帮港股通组合 (Hong Kong Stock Connect Portfolio)**: This portfolio targets high-potential companies in the Hong Kong market, balancing blue-chip and innovative firms to capture structural opportunities while managing risks [23]. - **小帮美股组合 (U.S. Stock Portfolio)**: Concentrating on quality growth and value stocks in the U.S. market, this portfolio emphasizes a balanced approach across technology, healthcare, and consumer sectors, aiming for long-term growth while mitigating risks [26]. Group 3: Market Trends - The article notes that AI-related assets are gaining prominence, with market expectations for their commercialization gradually materializing [14]. The focus on structural opportunities in technology and the importance of maintaining a balanced portfolio in response to market fluctuations are highlighted [18][26].