The Fund adopts an active investment strategy combining top-down and bottom-up to dynamically adjust its investment portfolio. As the Fund is a stock-based fund, the core investment strategy is stock selection strategy, supplemented by asset allocation strategy, to optimize the risk-return of the portfolio and improve the return of the portfolio. 1. Asset allocation strategy The Fund adopts a "top-down" approach to allocate large categories of assets, and determines the proportion of stocks, bonds, money market instruments and other financial instruments in the portfolio on the basis of quantitative and qualitative analysis and research on macroeconomics, market conditions and policies. The main factors considered by the Fund are: (1) Macroeconomic indicators: including GDP growth rate, industrial added value, consumer price index (CPI), producer price index (PPI), purchasing managers index (PMI), market interest rate, money supply (M0, M 1, M2) and other indicators. (2) Market factors: including the ups and downs of the stock and bond markets and the expected rate of return, the overall market valuation level and its comparison with foreign markets, the relationship between supply and demand of market funds and its changes. (3) Policy factors: including monetary policy, fiscal policy, capital market related policies and industry policy support. Through the analysis of the above factors, combined with the global macroeconomic situation, we can judge the development trend of the domestic economy, and determine or adjust the proportion of large-scale assets in the portfolio under the premise of strictly controlling the portfolio risk.