In the process of top-down allocation, at each time stage, the fund will abide by the established asset investment ratio range. Within the determined floating space, the Fund will adopt a top-down asset allocation strategy, that is, from the macro level of the global, regional and China, through in-depth research and analysis of the growth of the national economy, the adjustment of interest rate and exchange rate policies, the overall profit trend of listed companies and industries, and the historical and regional comparison of market valuation and other factors, comprehensively and accurately judge the risk degree and profit prospects of various assets and asset categories. Under the premise of risk control, the allocation ratio of stocks, bonds, cash and other assets in the portfolio is determined from top to bottom, including the allocation ratio between different industries in stock assets and the allocation ratio between different types of bonds in bond assets. At the same time, through the bottom-up process, from the micro level of individual stocks and bond varieties, the intrinsic value of individual stock securities is excavated, and through in-depth systematic analysis of investment objects, undervalued securities are actively sought for investment. That is to say, under the premise of observing the restrictions on the proportion of various assets in each time period, the Fund can maximize the return of its portfolio within a certain risk range by adjusting the allocation ratio of stock assets and non-stock assets.