Recently, many fund advisory products have accelerated the pace of portfolio adjustments and fund switching. Reporters from China Securities News found that after the National Day holiday, fund companies such as Bank of Communications Schroders Fund and China Asset Fund have adjusted their holding strategies for their advisory portfolios and released reports on these adjustments. In addition, based on their analysis of the recent market, many advisory portfolios have also initiated "launch" plans.

Some industry insiders have indicated that after the market surge at the end of September, the valuation of A-shares has undergone a certain degree of repair. However, the effectiveness of policies previously released still needs further economic data to verify. In the short term, market sentiment tends to be cautious, and investors need to appropriately control their positions. At the same time, the pattern of incremental funds entering the market to grab shares may come to an end, providing more choice space for investors with patient capital attributes.

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Proactively Responding to Market Changes

At the end of September, the A-share market experienced a wave of upward movement, but it showed an adjustment trend after the National Day holiday. By sorting out the information of fund advisory portfolios on major fund distribution platforms such as Xueqiu Fund, Tian Tian Fund, and Ant Wealth, reporters from China Securities News found that many advisory portfolios updated their portfolio adjustment dynamics after the National Day holiday, actively responding to new challenges brought by the market.

On October 9th, the fund advisory portfolio of Bank of Communications Schroders Fund, Bocom All-Star, updated its portfolio adjustment dynamics. Bocom All-Star stated in the reason for portfolio adjustment that recently, the sentiment of equity market investors and market trading热度 have significantly increased. Therefore, in this portfolio adjustment, the combination appropriately adjusted the structure of component funds, selected high-quality funds with significant and stable excess returns in the medium and long term, and strived to enhance the cost-effectiveness of the portfolio while having income elasticity.

Specifically, the adjustment range of Bocom All-Star is relatively large. The portfolio increased its holdings in 8 funds such as Bocom New Vitality Flexible Configuration Mixed and reduced its holdings in 10 funds such as Southern Xingsheng Pioneer Flexible Configuration Mixed C. It is worth mentioning that this adjustment newly added three products: Guolian Advantage Industry Mixed C, Puyi Anyangxin Industry Mixed C, and Baidao Yuanhang Mixed C. Overall, the industry allocation of the newly added three funds is relatively balanced, with many of the heavy stocks coming from medium and large plates, and the first two significantly outperformed the Shanghai and Shenzhen 300 Index in the first half of the year.

In addition to equity-based advisory portfolios like Bocom All-Star, many fixed-income advisory portfolios are also actively responding to market changes. On October 14th, the fixed-income enhancement portfolio of China Asset Fund updated its portfolio adjustment dynamics. The portfolio stated in the reason for portfolio adjustment that recently, the stock market has risen significantly, and there have been significant changes in internal holdings, moderately reducing the stock position, and conducting rebalancing operations.

Overall, the adjustment range of the China Asset Fixed-Income Enhancement Portfolio is not large, but it has slightly increased the proportion of bond funds, and increased its holdings in funds such as Jing Shun Great Wall Medium and Short-term Debt A. In addition, the portfolio also reduced its holdings in index funds with themes of science and innovation and semiconductors.

"Launch" Actions Frequent

Since October, many advisory portfolios have released a new round of "launch" plans. Some industry insiders explained that the function of "launch" is similar to fixed investment, but it is more flexible than fixed investment. Many fund managers will "launch" irregularly based on market analysis and flexibly set "launch" shares. The person said: "If many combinations have frequent 'launch' actions in a period of time, it can also be regarded as a more positive market signal."On October 15th, multiple investment advisory portfolios under Bank of Communications Schrödinger Fund, including Bank of Communications Winning Fixed Investment, Bank of Communications All-Star, and Bank of Communications Index Planet, all released a "launch" plan. The portfolio managers indicated that recently there has been price volatility in both domestic stocks and bonds, and the "fixed income +" strategy may be迎来 a relatively ideal configuration window. Under the current environment, betting on a single asset will face significant fluctuations, necessitating a reasonable balance in the allocation of stock and bond assets. In terms of the stock market, after a significant increase, the volatility has increased, but the valuation has been somewhat repaired and is still in an upward trend, from which a long-term perspective, optimism can be maintained. The market currently has disagreements on short-term trends, and it is possible to maintain a balanced allocation of growth and value varieties.

On October 10th, the "launch" plan was released by the China Europe Super Stock All-Star under China Europe Fund. The portfolio manager indicated that the market temperature is currently within a normal range, and if viewed from the perspective of the current risk premium of the CSI 300 Index, it is still at a medium level of cost-effectiveness.

In addition, investment advisory portfolios such as China Merchants Overseas Gold Mining and China Merchants Industry Gold Mining under China Merchants Fund have also released "launch" plans recently.

Chinese assets are highly attractive.

Speaking of recent changes in the A-share market, Huaxia Wealth believes that although A-shares have experienced a significant rebound, the overall valuation is still not high, and the attractiveness of Chinese assets remains huge. In the short term, there is still a certain time difference before specific policies are introduced, and it is expected that the market will show disagreements and differentiation. It is recommended to strictly manage positions during this period, avoid chasing rises and selling falls, and pay attention to adjusting the structure of holdings.

Jia Shi Wealth believes that with the implementation, effectiveness, and resonance of incremental policies, the long-term trends of the economy and the market are optimistic. Investors are advised to choose a balanced allocation, moderately take profits based on cost and risk-return expectations. The following market main lines can be focused on: low valuation industries with healthy cash flows; sectors significantly affected by the international economy (such as nonferrous metals, home appliances, machinery); key directions of the modern industrial system such as advanced manufacturing, new energy, and chips.

Speaking of the recent bond market, Huaxia Wealth stated that the recently introduced policies are more favorable to equity assets. At the same time, policies such as the Ministry of Finance's debt transformation and the replenishment of funds for large banks are also favorable to the credit bond market. As interest rate bonds stabilize, credit spreads are expected to be repaired. In the medium and long term, the supply of bonds may further increase. Under the broad direction of debt transformation and reducing the comprehensive financing costs of society, monetary policy remains friendly, and the overall risk of the bond market is limited. For investors, bond assets should be viewed more from a configuration perspective, avoiding frequent short-term operations.