核心观点1、从主动择时选股到被动指数投资的投资策略。在下半年投资策略中,重点提示从主动择时选股到被动指数投资的投资策略。未来我们认为分清楚主动还是被动则是更为重要的事情。在主动资金仓位不重的情况下,边际新增资金则决定了公司股价走势。2、提高自由现金流权重因子:从时间的敌人到时间的朋友。被动投资时代投资策略会从主动阿尔法投资逐步转向指数投资或者Smart Beta 策略。对行业的EPS 的要求下降,...
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