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body_diff: "[{\"diffs\":[[1,\"<html>\\\r\\\n<head>\\\r\\\n  <title>年化收益17%，最大回撤仅9%！介绍一个使用了股债平衡的大类资产轮动策略</title>\\\r\\\n  <basefont face=\\\"微软雅黑\\\" size=\\\"2\\\" />\\\r\\\n  <meta http-equiv=\\\"Content-Type\\\" content=\\\"text/html;charset=utf-8\\\" />\\\r\\\n  <meta name=\\\"exporter-version\\\" content=\\\"YXBJ Windows/608924 (zh-CN, DDL); Windows/10.0.0 (Win64); EDAMVersion=V2;\\\"/>\\\r\\\n  <meta name=\\\"content-class\\\" content=\\\"yinxiang.peso.superNote\\\"/>\\\r\\\n  <meta name=\\\"application-data:yinxiang.noteLayout\\\" content=\\\"{\\\"lineSpace\\\":\\\"recommend\\\",\\\"paragraphSpace\\\":\\\"recommend\\\"}\\\"/>\\\r\\\n  <style>\\\r\\\n\\tbody, td {\\\r\\\n\\t  font-family: 微软雅黑;\\\r\\\n\\t  font-size: 12pt;\\\r\\\n\\t}\\\r\\\n  </style>\\\r\\\n</head>\\\r\\\n<body>\\\r\\\n<a name=\\\"38265\\\"></a>\\\r\\\n<h1>年化收益17%，最大回撤仅9%！介绍一个使用了股债平衡的大类资产轮动策略</h1>\\\r\\\n\\\r\\\n<div><span style=\\\"\\\"><div style=\\\"max-width: 700px;\\\"><p></p><div style=\\\"--en-blockquote: true; box-sizing: border-box; border-left: 3px solid #b4c0cc; background-position: initial initial; background-repeat: initial initial;\\\"><div>原文链接: <a href=\\\"http://mp.weixin.qq.com/s?__biz=MzA3Mzg4MjQwNg==&amp;mid=2247498014&amp;idx=1&amp;sn=a82e4dc5b7996be88699c2b113d8644c&amp;chksm=9ead7759fbfeaab498736009a356bd1a0d90f46bae607ca87629f0f4abf44543347e44abb5ca&amp;mpshare=1&amp;scene=1&amp;srcid=031678JJtd60NAqpeGlPVZOo&amp;sharer_shareinfo=0eb072f6f2d6bb133d8d808e0c171cf3&amp;sharer_shareinfo_first=0eb072f6f2d6bb133d8d808e0c171cf3#rd\\\"><span>http://mp.weixin.qq.com/s?__biz=MzA3Mzg4MjQwNg==&amp;mid=2247498...</span></a></div></div><p></p><div style=\\\"\\\"><div><div><div><span style=\\\"\\\">原创</span><span> 复来 </span><span><a style=\\\"\\\"> 复来指数投资 </a></span><span><em></em></span></div><div style=\\\"\\\"><div style=\\\"\\\"><div><div><div><p style=\\\"\\\"><a style=\\\"letter-spacing: 0.034em;\\\"><img src=\\\"年化收益17%，最大回撤仅9%！介绍一个使用了股债平衡的大类资产轮动策略_files/640.png\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; width: auto;\\\" width=\\\"auto\\\"/></a></p><p style=\\\"\\\"><span><br/></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span>在</span><span style=\\\"color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.578px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline;\\\"><span>文章《</span></span><span><a href=\\\"https://mp.weixin.qq.com/s?__biz=MzA3Mzg4MjQwNg==&amp;mid=2247497870&amp;idx=1&amp;sn=f96356399016103b741be897353c9bfa&amp;scene=21#wechat_redirect\\\" style=\\\"\\\" target=\\\"_blank\\\">年化收益22%+！分享一个完胜纳指的大类资产轮动策略</a></span><span style=\\\"color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.578px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline;\\\"><span>》和《<a href=\\\"https://mp.weixin.qq.com/s?__biz=MzA3Mzg4MjQwNg==&amp;mid=2247497949&amp;idx=1&amp;sn=824efbb1622dbdaa6f19ce7b7f882f06&amp;scene=21#wechat_redirect\\\" style=\\\"\\\" target=\\\"_blank\\\">今年已赚13%，回撤仅0.5%！分享一个年化23%的大类资产轮动策略</a>》里，我介绍了一个大类资产轮动策略。</span></span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span><br/></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.578px; __visibility: visible;\\\"><span>下图是这个策略自2013年以来的净值走势：</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial; __visibility: visible;\\\"><span><br/></span></p><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: center;\\\"><img src=\\\"年化收益17%，最大回撤仅9%！介绍一个使用了股债平衡的大类资产轮动策略_files/640 [1].png\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" alt=\\\"图片\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; -webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; vertical-align: bottom; height: auto; __visibility: visible; width: auto;\\\" width=\\\"auto\\\"/></div><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); __visibility: visible;\\\"><span><br/></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); __visibility: visible;\\\"><span>图中，黑线是策略净值走势，自2013年以来，总收益为1169.0%，</span></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); color: rgb(123, 12, 0); __visibility: visible;\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span>年化收益率23.3%，最大回撤18.2%，收益回撤比1.28</span></strong></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); __visibility: visible;\\\"><span>，平均回撤4.90%，收益/平均回撤为4.75，标准差为16.5%，夏普比为1.41。</span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span><br/></span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span>在文章《<a href=\\\"https://mp.weixin.qq.com/s?__biz=MzA3Mzg4MjQwNg==&amp;mid=2247497958&amp;idx=1&amp;sn=884c96c5267b058bce9b870cd10c4c1b&amp;scene=21#wechat_redirect\\\" style=\\\"\\\" target=\\\"_blank\\\"><span style=\\\"font-weight: bold;\\\">回撤降50%！当年化25%的行业轮动策略，遇到股债平衡</span></a>》我介绍了股债平衡技术，股债平衡技术在牺牲一定策略收益的前提下，可以</span><span style=\\\"color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline;\\\"><span>明显降低策略风险，从而提高策略的收益风险比。</span></span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span style=\\\"color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline;\\\"><span><br/></span></span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span style=\\\"color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline;\\\"><span>股债平衡，是一种非常有效的风险控制技术。</span></span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span style=\\\"color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline;\\\"><span><br/></span></span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span style=\\\"color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline;\\\"><span>那么，如果我们将大类资产策略和股债平衡技术相结合呢，可以得到一个怎样的策略？</span></span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span style=\\\"color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline;\\\"><span><br/></span></span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span style=\\\"color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline;\\\"><span>下图是<span style=\\\"color: rgb(123, 12, 0); font-weight: bold;\\\">大类资产轮动与股债平衡轮动策略</span>，</span><span>自2013年以来的净值走势：</span></span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span style=\\\"color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline;\\\"><span><br/></span></span></span></p><div style=\\\"text-align: center;\\\"><img src=\\\"年化收益17%，最大回撤仅9%！介绍一个使用了股债平衡的大类资产轮动策略_files/640 [2].png\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; width: auto;\\\" width=\\\"auto\\\"/></div><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span><br/></span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span>图中，黑线是策略净值走势，绿线是轮动部分的仓位占比。</span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span><br/></span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span>自2013年以来，策略总收益为590.9%，</span></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); color: rgb(123, 12, 0); __visibility: visible;\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span>年化收益率17.18%，<span style=\\\"color: rgb(255, 41, 65);\\\">最大回撤仅9.25%，收益回撤比高达1.86</span></span></strong></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); __visibility: visible;\\\"><span>，平均回撤2.14%，收益/平均回撤为8.04，标准差为9.72%，夏普比为1.77。</span></span></p><p style=\\\"\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); __visibility: visible;\\\"><span><br/></span></span></p><p style=\\\"\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); __visibility: visible;\\\"><span>引入股债平衡技术，大类资产轮动策略的年化收益率从23.3%降到了17.18%，最大回撤从18.2%降到了9.25%，收益回撤比从1.28上升到了1.86。</span></span></p><p style=\\\"\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); __visibility: visible;\\\"><span><br/></span></span></p><p style=\\\"\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); __visibility: visible;\\\"><span>这和我们预想的一致，<span style=\\\"color: rgb(123, 12, 0); font-weight: bold;\\\">股债平衡会牺牲一定的收益，但是可以明显降低风险，从而显著提高收益风险比</span>，也就是提高策略的投资性价比。</span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span><br/></span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span>下面是策略详细介绍：</span></span></p><p style=\\\"\\\"><span style=\\\"letter-spacing: 0.034em;\\\"><span><br/></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span>交易标的指数不变，依然是：</span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span><br/></span></p><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; letter-spacing: 0.578px;\\\"><span><span style=\\\"color: rgb(136, 136, 136);\\\">沪深300(A股价值)、创业板指(A股成长)、中国互联网50(港股)、纳斯达克100(美股)、</span></span></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; letter-spacing: 0.578px;\\\"><span><span style=\\\"color: rgb(136, 136, 136);\\\">中债30年国债指数(国债)、</span></span></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; letter-spacing: 0.578px;\\\"><span><span style=\\\"color: rgb(136, 136, 136);\\\">黄金9999指数(贵金属)，各指数及其对应ETF见下表：</span></span></span><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial; letter-spacing: 0.578px;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; background-color: rgb(255, 255, 255); color: rgb(136, 136, 136); letter-spacing: 0.544px;\\\"><span><br/></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial; letter-spacing: 0.578px;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; background-color: rgb(255, 255, 255); color: rgb(136, 136, 136); letter-spacing: 0.544px;\\\"><span><img src=\\\"年化收益17%，最大回撤仅9%！介绍一个使用了股债平衡的大类资产轮动策略_files/640 [3].png\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; width: auto;\\\" width=\\\"auto\\\"/></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; background-color: rgb(255, 255, 255);\\\"><span><br/></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span>交易逻辑分为两部分：</span><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(123, 12, 0);\\\"><span>股债平衡模块</span></span></strong><span>和</span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(123, 12, 0);\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span>行业轮动模块</span></strong></span><span>。</span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span><br/></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(123, 12, 0);\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span>(1)股债平衡模块(风险暴露平价)</span></strong></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(136, 136, 136);\\\"><span><br/></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(136, 136, 136);\\\"><span>股债平衡模块中，决定股票仓位的关键变量是股票指数的波动率，波动率可以用来度量股票的风险大小。</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(136, 136, 136);\\\"><span><br/></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(136, 136, 136);\\\"><span>当指数波动率变大时，股票资产的风险暴露变大，总资产的风险暴露也会变大，此时应该降低股票资产的仓位；而指数波动率变小时，股票资产的风险暴露变小，总资产的风险暴露也会变小，此时应该提高股票资产的仓位。这就是风险暴露平价思想，通过调整股票资产的仓位大小，使得任意时刻总资产的风险暴露水平相等。</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(136, 136, 136);\\\"><span><br/></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(136, 136, 136);\\\"><span>根据这个逻辑：</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(136, 136, 136);\\\"><span><br/></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(136, 136, 136);\\\"><span>第t期的目标股票仓位 = 总资产(第t-1期) × 目标股票仓位(第t-1期) × 波动率(第t-1期)  /  {总资产(第t期) × 波动率(第t期)}</span><span><br/></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(136, 136, 136);\\\"><span><br/></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(123, 12, 0);\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span>(2)大类资产轮动模块</span></strong></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(136, 136, 136);\\\"><span><br/></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; white-space: normal; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; background-color: rgb(255,255,255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(136, 136, 136);\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(123, 12, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: 0.578px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;\\\"><span><span style=\\\"color: rgb(136, 136, 136); font-weight: normal;\\\">这个模块的逻辑很简单，动量轮动，再加个均线过滤，详见文章《</span><a href=\\\"https://mp.weixin.qq.com/s?__biz=MzA3Mzg4MjQwNg==&amp;mid=2247497949&amp;idx=1&amp;sn=824efbb1622dbdaa6f19ce7b7f882f06&amp;scene=21#wechat_redirect\\\" style=\\\"\\\" target=\\\"_blank\\\">今年已赚13%，回撤仅0.5%！分享一个年化23%的大类资产轮动策略</a><span style=\\\"color: rgb(136, 136, 136); font-weight: normal;\\\">》</span></span></strong></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255,255,255);\\\"></p></div><div><hr style=\\\"outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); border-style: solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-color: rgba(0, 0, 0, 0.1); transform-origin: 0px 0px; transform: scale(1, 0.5);\\\"/><p style=\\\"outline: 0; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255,255,255);\\\"><span style=\\\"letter-spacing: 0.544px; outline: 0px; color: rgb(2, 30, 170);\\\"><strong style=\\\"outline: 0px;\\\"><span><br/></span></strong></span></p><p style=\\\"\\\"><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"color: rgb(2, 30, 170); font-weight: bold;\\\">文中策略思想来源：</span></span><strong><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"color: rgb(136, 136, 136);\\\">《指数基金策略投资：从入门到精通》</span></span></strong></strong></p><p style=\\\"\\\"><strong><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><br/></span></strong></strong></p><p style=\\\"\\\"><strong><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"color: rgb(2, 30, 170); font-weight: bold;\\\">各类优秀策略展示：</span><span style=\\\"color: rgb(136, 136, 136);\\\">关注公众号【复来智投】==&gt;点击菜单&lt;策略跟投&gt;</span></span></strong></strong></p><p style=\\\"\\\"><strong><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><br/></span></strong></strong></p><p style=\\\"\\\"><span><br/></span></p><p style=\\\"outline: 0; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255,255,255);\\\"><span style=\\\"letter-spacing: 0.544px; outline: 0px; color: rgb(2, 30, 170);\\\"><strong style=\\\"outline: 0px;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; letter-spacing: 0.544px; color: rgb(255, 41, 65);\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px;\\\"><span>ps：</span></strong></span></strong></span><strong><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"font-weight: normal;\\\">如需</span></span></strong><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"\\\">ETF万1免5开户</span></span></strong></strong><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"\\\">，以及策略咨询交流，请扫码加我微信：</span></span></strong></p><p style=\\\"outline: 0; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255,255,255);\\\"><span style=\\\"letter-spacing: 0.544px; outline: 0px; color: rgb(2, 30, 170);\\\"><strong style=\\\"outline: 0px;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; letter-spacing: 0.544px; color: rgb(34, 34, 34);\\\"><span><br/></span></span></strong></span></p><div style=\\\"text-align: center;\\\"><img src=\\\"年化收益17%，最大回撤仅9%！介绍一个使用了股债平衡的大类资产轮动策略_files/640.jpg\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; width: auto; height: 128px;\\\" width=\\\"auto\\\"/></div></div></div></div></div></div></div><div><div><div><div style=\\\"display: flex; color: rgba(0,0,0,.3);\\\"><div style=\\\"color: rgba(0,0,0,.3);\\\">个人观点，仅供参考</div></div></div></div></div></div></div></div></span>\\\n</div></body></html>\\u0000\"]],\"start1\":0,\"start2\":0,\"length1\":0,\"length2\":38080}]"
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