分析师：程秉哲 登记编号：S0890522110001 分析师：黄浩 登记编号：S0890524110001 投资要点 A股权益市场全周表现强势，市场热度持续升温，本周上证指数收涨3.49%，录得较大涨幅，日内小幅调整后均可以快速反弹修复，资金 对于进入市场仍保持较高热度。境内权益的基金策略指数同样在本周录得不同程度的涨幅，低波策略保持低波动属性，在当前行情下势必 损失超额收益；股基增强策略录得更优收益，表现持续契合我们对于工具化组合的配置建议，增加进攻性和向上的弹性。 量化策略配置观点： 股基增强策略 > 海外权益策略> 常青低波策略 A股方面，上证指数表现强势，对于多个整百点位均在短期震荡调整后快速突破，强力突破去年的高点。综合当前市场情绪、市场风险偏 好以及内外部环境等多重因素，市场有望保持向上的趋势，即使短期有所阻力，回调空间也较为有限。在A股权益基金策略内部，更具弹 性的股基增强组合依旧在当前时点有相对更大空间。常青低波策略可作为打底配置，同时银行等防御风格板块在经历调整后性价比提升， 依旧具有较高长期配置价值。 海外方面，回顾近期动态，美股从计价关税预期缓解，再到与多数国家和地区达成贸易协议，市场 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The A-share equity market showed strong performance throughout the week, with major fund strategy indices hitting new highs. Overseas equities also resumed their upward trend after an early - month shock, and the market was less sensitive to risk factors [2]. - The recommended order of quantitative strategy allocation is: stock fund enhancement strategy > evergreen low - volatility strategy > overseas equity strategy. The A - share market is expected to maintain an upward trend, and the stock fund enhancement portfolio has more room. The evergreen low - volatility strategy can be used as a base configuration, and defensive sectors like banks still have high long - term allocation value. Overseas, the US stock market has been rising, but it's not advisable to chase high in the short term, while maintaining a long - term optimistic view [3][4]. 3. Summary by Related Catalogs 3.1 Quantified Strategy Allocation View - **A - share Market**: The Shanghai Composite Index is strong, breaking through multiple round - number points and last year's high. The market is expected to keep rising, with limited callback space. The stock fund enhancement portfolio has more room, and the evergreen low - volatility strategy and defensive sectors have long - term value [3]. - **Overseas Market**: The US stock market has been rising due to various factors. It's not advisable to chase high in the short term, but the long - term upward trend is still optimistic, and attention should be paid to potential dips for layout [4]. - **Equity Fund Strategies**: The evergreen low - volatility fund strategy rose this week with a return of 1.897% and an excess return of - 2.355%. It can reduce portfolio volatility and is still worth being a base - position configuration. The stock fund enhancement fund strategy rose with a return of 1.922% and an excess return of - 2.330%. The cash - enhancing fund strategy had a return of 0.028%, outperforming the benchmark. The overseas equity allocation fund strategy rose with a return of 1.868% and an excess return of - 1.045% [4][5]. 3.2 Tool - based Fund Portfolio Performance Tracking - **Evergreen Low - Volatility Fund Portfolio**: It has low - volatility characteristics, with significantly better volatility and maximum drawdown than the CSI Active Stock Fund Index. It has achieved significant excess returns since the strategy started in July 31, 2023, and has both defensive and offensive capabilities [11][13]. - **Stock Fund Enhancement Fund Portfolio**: Since the strategy started recently, its performance is close to the CSI Active Stock Fund Index. It is expected to have more elasticity when the market environment improves and can maintain a similar trend to the benchmark in a weak market [11][16]. - **Cash - Enhancing Fund Portfolio**: After double - screening, it continuously outperforms the benchmark, and has accumulated an excess return of over 0.41% since July 2023, providing a reference for cash management [11][17]. - **Overseas Equity Allocation Fund Portfolio**: Since July 31, 2023, in the context of the Fed's interest - rate cut cycle and the boost of AI technology, it has accumulated high - level excess returns, and global allocation can increase portfolio returns [11][20]. 3.3 Tool - based Fund Portfolio Construction Ideas - **General Idea**: Use quantitative methods to build a new - style fund selection pool for different market environments and risk - preference investors. For money funds and bond funds, also use quantitative methods to develop relevant tool - based portfolios [23]. - **Evergreen Low - Volatility Fund Portfolio**: Select funds with long - term stable returns from high - equity - position actively managed funds. Consider factors such as maximum drawdown, volatility, and valuation to build a low - volatility active equity fund portfolio [26]. - **Stock Fund Enhancement Fund Portfolio**: Aims to meet the needs of high - risk - preference investors. Select fund managers with strong alpha - mining ability, and build a portfolio based on the continuation of alpha returns [27]. - **Cash - Enhancing Fund Portfolio**: Build a money - fund selection system considering multiple factors to help investors obtain higher returns and reduce return volatility [28]. - **Overseas Equity Allocation Fund Portfolio**: Select QDII equity funds corresponding to overseas equity indices based on long - and short - term technical indicators, momentum, and reversal effects to meet the needs of global allocation [25][29].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - A-share and US stock equity markets both showed strong performances after short-term adjustments. All strategy indices gained positive returns this week, with defensive-style sectors that had experienced longer pullbacks performing better, and domestic equity portfolios achieving excess returns. The Evergreen Low-Volatility Strategy and Stock Fund Enhancement Strategy earned 1.826% and 1.620% respectively, while the Overseas Equity Strategy recorded a 0.610% return [2]. - The quantitative strategy configuration preference is: Stock Fund Enhancement Strategy > Evergreen Low-Volatility Strategy > Overseas Equity Strategy. The A-share market is expected to maintain an upward trend, with limited downside potential. The Stock Fund Enhancement Strategy has more room, the Evergreen Low-Volatility Strategy can serve as a base allocation, and defensive sectors like banks still have high long-term allocation value. For the US stock market, it's not advisable to chase high in the short term, but its long-term upward trend is still optimistic, and attention should be paid to potential pullbacks for bottom-fishing opportunities [3][4]. Summary by Relevant Catalogs 1. Toolized Fund Portfolio Performance Tracking - **Evergreen Low-Volatility Fund Portfolio**: Maintained low volatility characteristics, with both portfolio volatility and maximum drawdown significantly better than the CSI Active Equity Fund Index. Since the strategy started on July 31, 2023, it has continued to have low volatility and small drawdowns, achieving significant excess returns and showing both defensive and offensive capabilities [14]. - **Stock Fund Enhancement Fund Portfolio**: The strategy has been running for a relatively short time, and its performance is similar to the CSI Active Equity Fund Index. It is expected to have stronger elasticity when the market environment improves, and can maintain a similar trend to the benchmark in a weak market [16]. - **Cash Enhancement Fund Portfolio**: Through double screening of risk elimination and scoring optimization, it continuously outperformed the benchmark. Since the strategy started at the end of July 2023, the excess return has been continuously accumulated, providing an effective reference for investors in cash management [17]. - **Overseas Equity Allocation Fund Portfolio**: Since July 31, 2023, in the context of the Fed's interest rate cut cycle and the boost of artificial intelligence technology to global technology stocks, it has accumulated a high level of excess returns, and global allocation can enhance the returns of equity investment portfolios [20]. 2. Toolized Fund Portfolio Construction Ideas - **Active Equity Funds**: Combine fund holding dimension factors and net value dimension factors to construct a low-volatility fund portfolio strategy to meet the defensive needs of investors in high-risk markets and provide stable returns for medium-risk preference investors. Also, construct a fund portfolio strategy with similar risk and volatility characteristics to the equity fund benchmark index to provide a more aggressive option for high-risk preference investors [21]. - **Money Market Funds**: Build a money market fund screening system based on multi-dimensional characteristic factors to select money market funds with better performance and help investors optimize short-term idle funds' returns [22]. - **QDII Funds**: Screen equity indices of multiple countries or regions based on long- and short-term technical indicators, index momentum, and reversal effects, and select corresponding QDII equity funds to construct an overseas market selection portfolio to meet investors' needs for global allocation [24].

Core Viewpoint - The A-share equity market has shown resilience after a brief adjustment following the Shanghai Composite Index's breakthrough of 3600 points, indicating a potential upward trend despite short-term resistance [3][4]. Market Performance - The A-share market rebounded near the 20-day moving average, achieving five consecutive days of gains and closing above 3600 points for four days [3]. - The U.S. equity market also stabilized and rebounded quickly after initial pressure from non-farm employment data, reflecting strong performance [3]. - Various strategy indices recorded positive returns, with defensive style sectors outperforming after a prolonged correction [3]. Strategy Performance - The "Evergreen Low Volatility Strategy" and "Enhanced Equity Strategy" achieved returns of 1.826% and 1.620% respectively, while overseas equity strategies recorded a return of 0.610% [4][5]. - The "Evergreen Low Volatility Strategy" has shown strong stability since its inception, effectively reducing portfolio volatility while maintaining decent returns [10]. - The "Enhanced Equity Strategy" has performed closely to the benchmark, with potential for greater elasticity as market conditions improve [11]. Overseas Market Insights - The U.S. market has benefited from easing tariff expectations and strong earnings reports from tech companies, leading to a sustained upward trend [5]. - Despite being at historically high levels, the U.S. market is expected to maintain a long-term upward trend, with a focus on potential pullback opportunities for strategic positioning [5]. - The overseas equity allocation strategy has accumulated significant excess returns since its inception, driven by the tech sector's growth and the easing of tariff tensions [15]. Fund Strategy Overview - The "Cash Growth Fund Strategy" achieved a return of 0.027%, outperforming the benchmark, with cumulative excess returns since inception exceeding 0.39% [6][13]. - The "Overseas Equity Allocation Fund Strategy" has shown strong performance since July 31, 2023, benefiting from the Fed's easing cycle and the global tech sector's momentum [15][19]. - The report emphasizes the importance of a diversified approach to fund selection, utilizing quantitative methods to identify suitable funds across different market conditions [18][19].

Core Viewpoints - The A-share equity market continues its strong performance, with multiple key levels being broken through, maintaining strong upward momentum driven by various favorable factors [2][3] - The US equity market shows a slowdown in its high-level growth, but remains in a fluctuating upward trend due to recent tariff negotiations [2][4] - The enhanced equity strategy index has shown relative strength, consistently breaking previous highs and recording higher elasticity in an upward market environment [2][3] A-share Market Analysis - The Shanghai Composite Index has reached resistance near 3600 points, with limited pullback and strong support [2] - The technology growth sector, which performed relatively weakly in May and June, has recently gained more market attention, indicating a shift in capital towards lower-priced sectors [3] - Defensive sectors like dividends and low volatility are expected to undergo short-term adjustments, presenting potential opportunities for positioning after price corrections [3] Overseas Market Dynamics - Recent tariff negotiations have led to a rapid recovery in the US and other markets, with some economic data exceeding expectations, alleviating previous inflation concerns [4] - Despite initial successes in tariff negotiations, there remains uncertainty in related policies, and the risk of overly optimistic pricing in the short term should be noted [4] - The long-term outlook for the US stock market remains positive, driven by strong technological development trends, although current high valuations may present lower cost-effectiveness for new investments [4][6] Fund Strategy Performance - The Evergreen Low Volatility Fund Strategy recorded a weekly return of 1.990%, with a cumulative return of 14.953% since its inception [11][12] - The Enhanced Equity Fund Strategy achieved a weekly return of 2.284%, indicating strong performance in a rapidly rotating and volatile market [5][6] - The Cash Growth Fund Strategy outperformed the benchmark with a weekly return of 0.028%, accumulating a total excess return of 0.457% since its inception [6][15] Fund Strategy Insights - The Evergreen Low Volatility Fund aims to maintain low volatility while achieving stable returns, showing significant outperformance compared to the benchmark [12][22] - The Enhanced Equity Fund focuses on identifying funds with strong alpha generation capabilities, aiming for superior performance in improving market conditions [13][23] - The Cash Growth Fund is designed to optimize cash management for investors, ensuring higher returns while minimizing volatility risks [15][24] Global Investment Strategy - The Overseas Equity Allocation Fund has accumulated high levels of excess returns since its inception, benefiting from the global technology sector's growth [17][25] - The strategy emphasizes selecting indices with strong upward momentum for global diversification, enhancing overall portfolio returns [25][26]

Group 1 - The report indicates that both domestic and international equity markets have shown strong performance in the past two weeks, driven by multiple factors including easing risk factors and improving market sentiment, confirming the previous view of short-term upward momentum in these markets [2][4] - All strategy indices reported positive returns this week, with the Evergreen Low Volatility Strategy and Stock Fund Enhancement Strategy yielding returns of 1.19% and 1.26% respectively, outperforming the CSI All Share Index [2][11] - The report maintains a relatively optimistic view on A-shares, noting that after a period of adjustment, the technology sector shows signs of stabilization and recovery, while dividend and low volatility sectors continue to perform strongly [3][4] Group 2 - The report highlights a preference for the Stock Fund Enhancement Strategy over the Evergreen Low Volatility Strategy and Overseas Equity Strategy in terms of quantitative strategy allocation [3] - The Evergreen Low Volatility Fund Strategy has demonstrated strong stability and has effectively reduced portfolio volatility while maintaining decent returns since its inception [13][24] - The Stock Fund Enhancement Fund Strategy, although currently showing returns close to the benchmark, is expected to exhibit stronger elasticity as market conditions improve [15][25] Group 3 - The Cash Growth Fund Strategy has consistently outperformed its benchmark, accumulating excess returns since its inception, indicating its effectiveness in cash management [16][21] - The Overseas Equity Allocation Fund Strategy has accumulated significant excess returns since its inception, benefiting from the backdrop of the Federal Reserve's interest rate cuts and the growth of AI technology [19][27] - The report emphasizes the importance of global asset allocation through QDII funds, suggesting a systematic approach to selecting overseas equity indices based on momentum and reversal factors [23][27]

Group 1 - The core viewpoint of the article indicates that A-shares have experienced a pullback due to domestic and international events, with the Shanghai Composite Index facing upward resistance as it approaches previous highs [2][3] - The article highlights that sectors with significant rebounds after tariff impacts have also seen considerable corrections, while defensive sectors like banks and dividends have shown relative stability [2][3] - The article suggests a relatively optimistic outlook for A-shares, as the recent pullback has helped to digest accumulated risks since April, and concerns over rapidly eliminating tariff impacts have been partially priced in [3][4] Group 2 - The quantitative strategy allocation suggests prioritizing stock enhancement strategies over low-volatility strategies and overseas equity strategies, indicating a preference for more elastic stock enhancement combinations at the current moment [3] - The article notes that the "Changqing Low Volatility Fund Strategy" has shown strong performance, with a weekly return of 0.647% and an excess return of 0.249%, demonstrating its defensive attributes in a volatile market [5][9] - The overseas equity allocation strategy recorded a slight decline of -0.412% this week, reflecting ongoing concerns in the U.S. stock market, but there are signs of potential recovery as tariff hardline stances show signs of easing [6][9] Group 3 - The article discusses the performance of various fund strategies, with the "Cash Growth Fund Strategy" achieving a return of 0.030%, outperforming the benchmark, indicating effective cash management [5][9] - The "Stock Enhancement Fund Strategy" has also shown a positive return of 0.106%, although it is noted that the current market environment makes it challenging to identify sustainable strong styles or sectors [5][12] - The "Overseas Equity Allocation Fund Strategy" has accumulated significant excess returns since its inception, benefiting from the backdrop of the U.S. Federal Reserve's interest rate cuts and advancements in artificial intelligence [5][15]

Group 1 - The report indicates that the A-share market has faced downward pressure due to domestic and international events, leading to a market pullback after approaching previous highs [3][4] - Defensive sectors such as banking and dividends have shown relative stability amidst the market fluctuations, while sectors that rebounded significantly after tariff impacts have experienced larger corrections [3][4] - The report maintains a relatively optimistic view on A-shares, suggesting that the recent pullback has absorbed some of the risks accumulated since April [4][5] Group 2 - The quantitative strategy allocation suggests prioritizing stock enhancement strategies over low-volatility strategies and overseas equity strategies [4] - The report highlights that the low-volatility strategy has performed well, achieving a return of 0.647% this week, indicating strong defensive characteristics [6][12] - The overseas equity allocation strategy has faced challenges, recording a return of -0.412% this week, but the long-term outlook remains positive due to the potential for recovery in the U.S. market [6][20] Group 3 - The report outlines the performance of various fund strategies, with the low-volatility fund strategy showing a year-to-date return of 1.351% and a cumulative return of 9.264% since its inception [12][14] - The stock enhancement fund strategy has a year-to-date return of 1.863% and a cumulative return of 9.541% since its inception, indicating potential for future performance improvement [12][16] - The cash enhancement fund strategy has consistently outperformed its benchmark, accumulating an excess return of 0.408% since its inception [12][17] Group 4 - The report emphasizes the importance of a quantitative approach in constructing fund strategies to meet diverse investor needs in varying market conditions [21][22] - The low-volatility fund strategy aims to provide stable returns while minimizing volatility, making it suitable for risk-averse investors [25] - The overseas equity allocation strategy focuses on selecting QDII funds based on market trends and momentum, enhancing global investment opportunities [28]

Key Points - The article discusses the positive impact of the recent US-China trade talks on both domestic and overseas equity markets, highlighting a stronger market sentiment due to unexpected tariff reductions [2][4] - A-shares are facing resistance near the 3400-point mark, with increased market divergence and concerns about the impact of tariffs on fundamentals [2][3] - The article emphasizes a shift in investment strategies, recommending a focus on low-volatility and enhanced equity strategies in the A-share market, while also considering the potential for higher returns in overseas markets due to easing tariff tensions [3][4] Investment Strategy Summary - **Quantitative Strategy Allocation**: The recommended allocation is to prioritize equity enhancement strategies, followed by low-volatility strategies, and then overseas equity strategies [3] - **A-share Market Outlook**: Following the initial impacts of US tariffs, the market is recovering, but short-term adjustments may present good entry opportunities. The recent regulatory changes are expected to positively influence the market [3][4] - **Overseas Market Opportunities**: The easing of US tariffs and ongoing trade negotiations are seen as potential catalysts for investment, although short-term uncertainties remain. Investors are advised to consider gradual positioning in overseas markets [4][6] Fund Performance Overview - **Low-Volatility Fund Strategy**: This strategy recorded a weekly return of 0.405%, with a cumulative return of 8.561% since the beginning of the year, demonstrating strong stability [5][9] - **Enhanced Equity Fund Strategy**: Achieved a weekly return of 0.520%, with a year-to-date return of 9.425%, indicating higher elasticity in a volatile market [5][9] - **Cash Management Fund Strategy**: This strategy yielded a weekly return of 0.030%, outperforming the benchmark, with a cumulative excess return of 0.403% since its inception [5][9] Fund Strategy Insights - **Low-Volatility Fund Composition**: The strategy focuses on funds with a history of low volatility and drawdown, aiming to provide stable returns in uncertain market conditions [10][21] - **Enhanced Equity Fund Composition**: This strategy seeks to identify funds with strong alpha generation capabilities, particularly in a rapidly changing market environment [12][22] - **Cash Management Fund Composition**: The strategy emphasizes selecting high-yield money market funds while minimizing risk exposure, ensuring better cash management for investors [14][23] - **Overseas Equity Fund Composition**: The strategy aims to capitalize on global market trends, particularly in technology sectors, to enhance overall portfolio returns [17][24]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - After the Sino - US economic and trade talks, the A - share market is close to the previous high with increased divergence and resistance, but there are good layout opportunities after short - term adjustments. Overseas, the US stock market has shown a relatively strong performance, and there are opportunities for overseas investment, but short - term risks need to be noted [3][4][5]. - The quantitative strategy configuration view is: stock fund enhancement strategy > evergreen low - volatility strategy > overseas equity strategy. In the A - share market, the evergreen low - volatility strategy can be used as a base configuration, and part of the low - volatility strategy can be switched to the enhancement strategy. For overseas investment, investors with low overseas positions can appropriately buy on dips, while those with high positions can take profits [4]. - In the long - term, the US stock market is still expected to reverse and rise, and its long - term allocation value remains unchanged [5]. Group 3: Summary of Relevant Sections 3.1 Tool - based Fund Portfolio Performance Tracking - **Evergreen Low - Volatility Fund Portfolio**: Since the strategy started on July 31, 2023, it has maintained low - volatility characteristics, with significant excess returns. It has low drawdowns in volatile markets and good gains in rebound markets, combining defense and offense [15]. - **Stock Fund Enhancement Fund Portfolio**: The strategy has been running for a short time. Its performance is close to the CSI Active Stock Fund Index. It is expected to show stronger elasticity after the market environment improves and can maintain a similar trend to the benchmark in a weak market [17]. - **Cash - Enhancing Fund Portfolio**: After double - screening, it continuously outperforms the benchmark. Since the strategy started at the end of July 2023, the excess return has been continuously accumulated, exceeding 0.39%, providing a reference for cash management [18]. - **Overseas Equity Allocation Fund Portfolio**: Since July 31, 2023, in the context of the Fed's interest - rate cut cycle and the boost of artificial intelligence, it has accumulated high - level excess returns, and global allocation can increase the returns of equity portfolios [21]. 3.2 Tool - based Fund Portfolio Construction Ideas - **Evergreen Low - Volatility Fund Portfolio**: It is constructed by combining fund position - dimension factors and net - value dimension factors to meet the defensive needs of investors in high - risk markets and the needs of investors with moderate risk preferences [22]. - **Stock Fund Enhancement Fund Portfolio**: It aims to find funds with higher Alpha returns, combining restrictions on industry balance and position style exposure, providing a more offensive choice for investors with high - risk preferences [22]. - **Cash - Enhancing Fund Portfolio**: Based on multi - dimensional characteristic factors of money funds, a money - fund screening system is constructed to help investors optimize short - term idle funds [23]. - **Overseas Equity Allocation Fund Portfolio**: Based on overseas equity market indices, it selects QDII equity funds according to long - and short - term technical indicators, providing an auxiliary tool for global investment [25].