Core Viewpoint - In an increasingly uncertain market environment, investors are confused about asset allocation directions for the second half of 2025, highlighting the importance of diversified risk and multi-asset strategies as a key approach for stable progress [1] Asset Allocation Framework - Penghua Fund's unique asset allocation framework combines strategic asset allocation (SAA) and tactical asset allocation (TAA) to form a comprehensive investment decision-making system [2] - The framework sets withdrawal control and volatility levels based on clients' risk-return preferences, categorizing them into low, medium, and high-risk profiles [2] - The methodology emphasizes "fractal art of asset allocation," allowing for the reverse calculation of asset weights across different time dimensions to ensure alignment with strategic goals while being adaptable to short-term fluctuations [2] Risk Management - A multi-layered risk control system is integrated throughout product design and investment management processes [3] - Strategic asset allocation is based on the team's cross-cycle alpha capabilities and client fund attributes, while tactical asset allocation employs dynamic adjustment mechanisms to respond to market changes [3] - A systematic fund selection mechanism is established, utilizing a "three-tier screening" process to narrow down from approximately 200 funds to about 20 core holdings, ensuring diversity and quality of underlying assets [3] Market Outlook for H2 2025 - Penghua Fund's Chief Asset Allocation Officer, Zheng Ke, indicates that the asset allocation strategy will focus on "new productive forces + strategic resources," with an emphasis on overweighting the A-share market to seize bull market opportunities [4] - The strategy will also involve underweighting domestic bonds and U.S. stocks while strategically overweighting gold to hedge against potential risks in the Jamaican monetary system [4] - The focus within the A-share structure will be on growth styles, with national strategic investments expected to provide foundational support, and new productive forces anticipated to be a key driving force for market trends [4]