There are many positive and negative factors in 2008. The possible macroeconomic slowdown will affect the performance growth of listed companies, the market sentiment will be depressed, and the funds will continue to tighten, which will test the overall market valuation. However, the trend of accelerated appreciation of RMB and inflation will create new investment opportunities. Generally speaking, we think that the probability of "mad cow" reappearing is greatly reduced, and the slow cow pattern should be expected. Therefore, it is still necessary to combine our point of view that "core-satellite" is a good configuration method. You can choose a stable fund as the core configuration, such as: Huaxia dividend, Xingye trend investment; At the same time, some high-quality funds with strong timing and stock selection ability, heavy positions and asset allocation biased towards blue-chip stocks with excellent performance are allocated as peripheral allocation, such as Morgan Stanley Growth Pioneer and Warburg Industrial's income growth.