近期A股股指一路上行，市场热情被点燃。多家投顾组合顺势而为，提升股票仓位、增加成长风格基金 配比，为组合注入进攻因素，同时减少固收配置。 科技、医药等主题基金成为投顾旗下组合的热门加仓品种，部分组合还通过增配港股、量化产品等方 式，进一步增强业绩弹性。 组合进攻性增强 □本报记者 张舒琳 魏昭宇 让组合更具成长性，是多家投顾组合近期调仓的重要思路。比如，富国双子星股债均衡在8月1日的调仓 理由中明确提到"权益部分增加成长基金配比"。具体来看，该组合加仓了金鹰科技创新股票C、富国新 兴产业股票C等多只成长风格较强的基金。此外，富国满天星追求收益在8月4日的调仓理由中表示，本 次调仓小幅增加了组合的弹性和锐度，中信建投轮换混合C、金鹰科技创新股票C等产品获得加仓。嘉 实财富权益甄选在近期的调仓计划中表示，预计市场维持结构性震荡行情，组合在风格均衡的基础上， 小幅增加了相对低位的成长方向。 仓位变动也能显示组合的进攻性变化，这些投顾组合近期普遍提升了权益投资仓位，减少了固收配置仓 位。例如，易方达股债平衡自7月以来两次调仓，7月9日将股票型基金持仓占比提升至52%，8月14日再 次将股票型基金持仓占比提升至55.3 ...

科技、医药等主题基金成为投顾旗下组合的热门加仓品种，部分组合还通过增配港股、量化产品等方 式，进一步增强业绩弹性。 组合进攻性增强 让组合更具成长性，是多家投顾组合近期调仓的重要思路。比如，富国双子星股债均衡在8月1日的调仓 理由中明确提到"权益部分增加成长基金配比"。具体来看，该组合加仓了金鹰科技创新股票C、富国新 兴产业股票C等多只成长风格较强的基金。此外，富国满天星追求收益在8月4日的调仓理由中表示，本 次调仓小幅增加了组合的弹性和锐度，中信建投轮换混合C、金鹰科技创新股票C等产品获得加仓。嘉 实财富权益甄选在近期的调仓计划中表示，预计市场维持结构性震荡行情，组合在风格均衡的基础上， 小幅增加了相对低位的成长方向。 仓位变动也能显示组合的进攻性变化，这些投顾组合近期普遍提升了权益投资仓位，减少了固收配置仓 位。例如，易方达股债平衡自7月以来两次调仓，7月9日将股票型基金持仓占比提升至52%，8月14日再 次将股票型基金持仓占比提升至55.3%。南方股债平衡蓝筹也在7月底将股票型基金仓位从41.24%提升 到47%，与此同时将固收型基金仓位降低至35%。景顺长城攻守全明星组合表示，随着外部扰动因素的 不确 ...

Core Viewpoint - The article emphasizes the resurgence of actively managed funds in the current market environment, highlighting their ability to outperform benchmarks and capture investment opportunities in emerging sectors and structural market conditions [7][8][10]. Fund Performance - The top-performing funds in the author's portfolio include several actively managed funds, with the highest return being from Yongying Ruixin Mixed A, achieving a cumulative return of 56.11% since inception and an annualized return of 32.75%, surpassing the benchmark by over 25% [4][5]. Investment Strategy - The investment strategy focuses on sector rotation, with the fund manager, Gao Nan, leveraging his diverse industry research background to identify sectors poised for explosive growth over the next 3-5 years, such as TMT, consumer, pharmaceuticals, and manufacturing [4][10]. Active vs. Passive Funds - The article discusses the cyclical nature of active and passive funds, noting that while index funds may perform better in early bull markets, actively managed funds can excel in later stages when specific sectors become more pronounced [16][20]. Market Characteristics - The A-share market is characterized by a high proportion of retail investors, leading to significant pricing inefficiencies that can be exploited by quality active fund managers [12][14]. Emerging Sectors - Active fund managers are positioned to capitalize on new and rapidly evolving sectors like AI, high-end manufacturing, and biotechnology, where market recognition and information asymmetry create opportunities for excess returns [14][15]. Structural Market Trends - The article highlights the importance of active fund managers in navigating structural market trends, where different industries and styles experience significant rotation, allowing skilled managers to mitigate drawdowns and generate excess returns [15][20]. Asset Allocation - The author advocates for a diversified asset allocation strategy that includes both active and passive funds, emphasizing the need to balance growth and value investments to capture opportunities across different market conditions [18][19][20].

Core Viewpoint - The article discusses the challenges faced by investors in uncertain market conditions, particularly highlighting the historical context of inflation and market downturns, and introduces the concept of a "Permanent Portfolio" as a strategy for risk management and steady returns [2][3][4]. Group 1: Historical Context and Market Analysis - In 2025, the U.S. stock market experienced significant declines due to uncertain tariff policies, with economic growth forecasts being downgraded and rising unemployment and inflation expectations, raising concerns about stagflation risks [2]. - Historical parallels are drawn to 1981, where high inflation and declining asset values led to a challenging investment environment, with the S&P 500 index falling by 5% and long-term government bonds dropping by 9% [2]. - The article notes that in 2022, aggressive interest rate hikes by the Federal Reserve led to severe market volatility, with the Nasdaq index plummeting by 33% and bond markets experiencing rare declines [2]. Group 2: Investment Strategy - The "Permanent Portfolio" strategy proposed by Harry Browne involves dividing investments equally among stocks, long-term government bonds, cash, and gold, aiming to balance risk and returns [3][4]. - The core logic of the Permanent Portfolio is to diversify risk, balance assets, and maintain long-term holdings, acknowledging the limitations of market predictions [4]. - Historical data indicates that the Permanent Portfolio strategy has achieved an annualized return of approximately 7% over the past 30 years, with volatility controlled below 9% and maximum drawdowns typically under 15% [5]. Group 3: Practical Implementation - The "Snowball Three-Part Method" is introduced as a practical tool to replicate the Permanent Portfolio, helping investors diversify risk across three dimensions [6]. - The investment allocation includes stocks to capture economic growth, bonds for stability during downturns, gold for inflation hedging, and cash for flexibility [9]. - The article emphasizes the importance of asset diversification beyond just stocks, bonds, gold, and cash, suggesting the use of funds and international markets to enhance portfolio resilience [10]. Group 4: Performance Comparison - The article presents a performance comparison of the Permanent Portfolio against traditional 60/40 portfolios and single market investments, highlighting its lower volatility and drawdown during market downturns [22][24]. - Over the past five years, the Permanent Portfolio achieved an annualized return of 7.8% with a volatility of 7.3%, significantly lower than that of the A-share and U.S. stock markets [25][26]. - The Permanent Portfolio's maximum drawdown was limited to -9.2% during the market crash of 2022, showcasing its strong risk management capabilities [26].