Core Insights - The launch of the Lianbo CSI 500 Index Enhanced Fund aims to provide investors with opportunities to participate in China's economic transformation and industrial upgrading [5][21] - The CSI 500 Index is characterized by a nearly 50% share of private enterprises, which significantly contribute to China's innovation and economic growth [3][8] - Lianbo employs a systematic approach to identify market patterns, aiming to achieve sustainable excess returns in the mid-cap stock sector [3][10] Investment Value of CSI 500 Index - The recent improvement in investor confidence is linked to a series of policy measures since the "9.24" event, enhancing the long-term investment value of the A-share market [6] - The dividend payout ratio in the A-share market has increased from approximately 30% to 40%, indicating a fundamental change that supports long-term investment [6] - The CSI 500 Index aligns with the national strategy of "new quality productivity," covering key sectors such as electronics, pharmaceuticals, and renewable energy [8] - The index's current dynamic P/E ratio is about 28 times, with a PEG ratio of approximately 0.87, suggesting reasonable valuation relative to growth expectations [8] Factor Exploration and Machine Learning - Lianbo integrates machine learning with quantitative investment strategies, emphasizing the importance of computational power in the asset management industry [11][14] - The firm focuses on a diverse set of factors rather than relying on "super factors," allowing for a more adaptable investment model [12][14] - The lifecycle of machine learning factors is shortening, necessitating continuous updates to maintain strategy effectiveness [14][15] Team Collaboration and Global Integration - Lianbo adopts an "industrialized" model in asset management, emphasizing standardized products, professional division of labor, and systematic quality control [17][18] - The collaboration between global teams and local practices enhances the firm's ability to adapt and innovate in the A-share market [19][20] - The firm aims to leverage global insights to build sustainable competitive advantages in a rapidly evolving market environment [20]

【导读】 联博全球经验在本土市场的又一实践 正值联博基金正在发行旗下第一只指数增强策略的基金——联博中证500指数增强型基金（基金代码 A类026059/C类026060），拟任基金经理朱良和杨光通过直播给投资者分享了近期市场观点、投 资策略及联博的全球优势。 以下整理了直播中的精华内容，与大家一一分享。 金句摘要： • 中证500指数的一个显著特点是民营经济占比接近50%。民营经济对中国的贡献有一个"56789"， 随着促进民营经济发展壮大的相关政策举措陆续出台，民营企业家的信心得到提振，资本性支出意愿 增强，为中证500指数注入了活力。 • 联博采用一套成熟的系统性方法，来辨别、识别市场模式，从而力争在中盘股领域构建更持续的超 额收益能力。这也是看好中证500指数增强策略长期价值的重要原因。 • 历史不会简单地重复，但是它会押韵。联博发现境外投资者在中国能做好投资，正是因为他们善于 捕捉这种全球共通的"韵"，并灵活运用于本土实践。 • 不断努力战胜基准、创造超额收益，最终是为了给投资者带来更稳定、更优质的投资体验——这一 切的坚持，都赋予了主动管理产品存在的意义。 • 我们产品策略的Alpha主要来自非市 ...