1. On the basis of in-depth analysis of fundamentals, formulate appropriate investment strategies, guide investment operation with strategies, share the benefits of China's rapid economic development and the equity premium brought about by the improvement of operating performance on the premise of fully controlling risks, and strive to achieve long-term sustained and steady appreciation of fund assets.
2. The Fund invests in financial instruments with good liquidity, including domestic stocks (including small and medium-sized board, Growth Enterprise Market and other stocks approved by China Securities Regulatory Commission), bonds, money market instruments, warrants, asset-backed securities and other financial instruments permitted by laws and regulations or China Securities Regulatory Commission (subject to the relevant provisions of China Securities Regulatory Commission).
investment strategy
1, enterprising person is preferred
If the macro-economy is in the "stagflation" or "recession" quadrant of the investment clock, but the government's fiscal policy and monetary policy have tended to relax or are expected to relax; The macro-economy is in the "recovery" or "overheating" quadrant, but the government's fiscal and monetary policies have not been tightened or will not be tightened in the foreseeable future; Under the above circumstances, if the trend of the stock market does not continuously deviate from the economic fundamentals, and the upward probability of its valuation is expected to be high, and there is no serious economic or financial turmoil in the peripheral economies, the Fund will adopt an aggressive priority strategy.
2, enterprising and defensive.
If the macro-economy is in the "overheating" quadrant of the investment clock, the government's fiscal policy and monetary policy show signs of tightening, and it is expected that the tightening will continue to increase or tighten in the foreseeable future; Or the peripheral major economies lead into the "stagflation" quadrant; Under the above circumstances, if the valuation level of the stock market is in the high range of historical valuation, and the expected high valuation level is difficult to sustain, the Fund will adopt a strategy of paying equal attention to both progress and defense. With the continuous tightening of government fiscal and monetary policies, it is expected that the macro-economy will gradually slide to the end of the "overheating" quadrant, or the valuation level of the stock market will continue to rise on the basis of relative overestimation, and gradually become defensive.
3, defense priority
If the macro-economy is in the "overheating" quadrant of the investment clock, the government's fiscal policy and monetary policy will continue to tighten; The macro-economy is in the "stagflation" quadrant of the investment clock, but the government's fiscal policy and monetary policy are in a tight situation or are expected to turn into a tight situation; Macroeconomy is in the "recession" quadrant of the investment clock, but the government's fiscal policy and monetary policy show no signs of relaxation, and it is expected that they will not relax in the foreseeable future; If the valuation level of the stock market has shown a downward trend to repair its relatively overvalued state, and it is expected that this downward trend of valuation will continue, the Fund will adhere to the principle of giving priority to defense.
After the strategic orientation is clear, the Fund further determines the allocation of large-scale assets and the industry composition of stock assets according to the determined strategic orientation.