阳光资产管理股份有限公司境外投资部部门负责人白雪石： 分散化投资是资产配置的永恒主题， 有效的资产分散需从法律性质、供应链位置、生产要素投入等多维度进行考量。 南 方 基 金 FOF 投 资 部 基 金 经 理 夏 莹 莹 ： 公 募 基 金 可 通 过 FOF 和 投 顾 实 现 多 资 产 配 置 ， 需 把 握 资 产核心特点，结合经济周期与估值进行超低配判断。 易方达基金投顾业务投资总监安伟： 投顾业务应以客户需求为起点，构建资产、策略和基金三位 一体的研究框架，从而最大化满足客户的投资目标。 汇添富基金首席经济学家韩贤旺： 海外资产配置需结合境内与境外情况，关注资产类别、国别、 主动与被动产品等因素。 随着全球化资产配置日益受到重视，如何构建有效的资产分析框架并挑选优质标的？在实践中， 如何平衡资产配置的深度与广度，在获取多元化收益的同时避免因过度分散而稀释回报？ 在晨星中国2025年度投资峰会《提高投资者体验之"投"的关键策略》圆桌环节，晨星中国基金研 究中心总监孙珩与易方达基金投顾业务投资总监安伟，阳光资产管理股份有限公司境外投资部部 门负责人白雪石，汇添富基金首席经济学家韩贤旺，南方基金FOF ...

导语 汽车行业和新能源行业是国民经济重要组成部分，A股汽车行业指数和新能源指数的总市值 分别高达5万亿和3万亿，占到了A股总市值的5%和3%，业内包括比亚迪、吉利、宁德时 代、隆基等龙头企业。外卖行业则聚集了美团、饿了么等耳熟能详的传统玩家，也有京东 和抖音等新入局的巨头。这些行业中，有的与日常生活直接相关，比如汽车消费和外卖服 务；有的则是"幕后功臣"，例如为车企提供零部件的企业，以及通过光伏发电为我们提供 电力的新能源企业。 但在当下国内外经济环境的复杂漩涡里，这些行业像被卷入了一场没有硝烟的拉锯战，内卷的浪潮 正悄无声息地蔓延，成了绕不开的考验。今年5月23日，比亚迪启动"百亿补贴618"活动，22款智 驾车型集体降价。除了比亚迪以外的其他龙头也纷纷跟进：今年5月奇瑞汽车宣布"百亿厂补"计 划，旗下四大品牌超30款车型集体降价。6月份吉利旗下银河品牌7款车型也推出限时补贴。整体 来看，中国汽车流通协会的数据显示，2025年上半年乘用车市场售价下调的新车其降价力度平均 为2.1万元，降价幅度高达11.4%。新能源行业的内卷则藏在产能与需求的失衡里，咨询机构数据 显示，2024年末国内硅料、硅片、电池、组件 ...

晨星投资洞察分享会 聚焦全球投资趋势与多元资产配置，通过"数据+工具+研究"三维赋能，分 享市场洞察、研究成果和解决方案，助力金融机构搭建科学投研体系，提升服务效能。 2025上半年，全球公募基金市场风云激荡。 晨星Direct数据显示，全球公募基金总规模迈向 57.6万亿 美元大关，管理规模排名前十巨头占据 60%市场份额，中国力量将如何破局？ 被动投资占比持续攀升，但在新发行的ETF中，主动型数量却反超被动型，新战场究竟在何方？ 从资金流向来看，在股票型基金中，欧洲大盘股票、印度股票和中国股票的资金流入位居前列； 新兴数字资产ETF吸引 183亿 美元。在中国内地，股票型基金、沪港深积极配置基金发行火 热...... 本期分享会将面向机构投资者，深度解读全球资管行业趋势，揭示海外资金配置中国的动态！ 2025年8月14日（周四）15:00PM - 16:00PM 线上·腾讯会议 本期主题 结合晨星全球海量投资数据,深度剖析 2025 上半年全球公募基金 动态及海外基金对中国市场的布局策略，赋能投资研究决策。 为什么参加? 核心亮点 分享嘉宾 武荣 Rong Wu · 独家数据:掌握全球公募基金发行策略与资 ...

Core Viewpoint - In the current low-interest and volatile market environment, fixed income plus (固收+) products are favored by investors for their balance of yield and stability. These products typically allocate at least 80% of assets to bond-related assets for stable returns, while the "+" portion allows for flexible investments in convertible bonds, stocks, IPOs, and commodities to enhance returns while controlling volatility and drawdown [1]. Group 1: Fund Overview - The article introduces two actively managed bond funds primarily investing in pure bonds and convertible bonds, highlighting their differing risk-return characteristics due to variations in portfolio strategies [1]. - Huatai Baoxing Zunhe Bond Fund has been managed by Zhang Ting since November 2017, while Everbright Baodexin Zengli Yield Bond Fund has been managed by Huang Bo since October 2019. Both managers have similar backgrounds in managing insurance and pension products, focusing initially on pure bonds and convertible bonds before expanding to multi-asset management [3][4]. Group 2: Investment Process - Huatai Baoxing Zunhe Bond Fund aims for absolute returns with low volatility, while Everbright Baodexin Zengli Yield Bond Fund targets relative returns, striving to exceed the benchmark yield of the China All Bond Index annually [7]. - Both funds utilize a top-down approach for pure bond allocation, assessing macroeconomic trends and adjusting the allocation of bond types based on liquidity and credit spread changes. Huatai Baoxing typically maintains a credit bond allocation of 45%-85%, while Everbright Baodexin targets 70%-80% [8]. Group 3: Performance Comparison - Over the past year, Huatai Baoxing Zunhe Bond Fund achieved an annualized return of 4.62%, ranking in the top 8% of its category, while Everbright Baodexin Zengli Yield Bond Fund returned 4.80%, ranking in the top 7% [10]. - In the last three years, Huatai Baoxing's standard deviation was 2.07%, ranking in the top 8%, while Everbright Baodexin's was higher at 4.32%, ranking in the top 56% [10]. Group 4: Fee Structure - Both funds have comprehensive fee rates below the industry average, with Everbright Baodexin Zengli Yield Bond Fund having slightly lower fees than Huatai Baoxing Zunhe Bond Fund, primarily due to lower trading costs [11].

Core Viewpoint - The announcement from Anxin Fund regarding the resignation of fund manager Zhang Yifei and the subsequent transition to managers Huang Wanshu and Li Jun highlights a significant change in the management of nine funds, emphasizing the importance of continuity and team support in fund management [1][3]. Summary by Sections Fund Manager Transition - Zhang Yifei will officially resign from managing all nine funds on July 15, 2025, with Huang Wanshu and Li Jun taking over the management responsibilities [1]. - Huang Wanshu has 10 years of experience in the securities industry and 4 years in public fund management, having previously worked as a bond trader at Fortune Fund before joining Anxin Fund [2]. - Li Jun will manage the remaining five funds, while Huang Wanshu will oversee four specific funds, including the Anxin Target Yield Bond Fund [1]. Performance and Strategy - Since the adjustment of investment strategy in 2021, the Anxin Target Yield Bond Fund has consistently outperformed its peers in annual returns, with lower volatility and drawdown levels compared to similar funds [1]. - Huang Wanshu's background as a bond trader provides her with a deep understanding of market liquidity and yield curve fluctuations, which is crucial for managing the fund effectively [3]. Challenges and Support - Huang Wanshu faces the challenge of maintaining the performance benchmark set by Zhang Yifei while navigating a low-interest-rate environment [3]. - The established investment research team at Anxin Fund offers a robust support system, which is expected to aid Huang Wanshu in her new role [3]. - The transition is not starting from scratch, as Huang Wanshu has prior experience working alongside Zhang Yifei, which should facilitate a smoother strategy continuation [7].

Core Insights - The article emphasizes the importance of global investment trends and diversified asset allocation, highlighting the role of data, tools, and research in enhancing financial institutions' investment research systems and service efficiency [1] Group 1: Market Trends - Since 2025, the sales ratio limit for cross-border investments has been relaxed to 80%, leading to a rapid growth in the scale of northbound mutual funds due to the increasing demand for cross-border asset allocation from mainland investors [2] Group 2: Challenges in Cross-Border Funds - Cross-border funds face three major business challenges: - Diverse investment strategies and styles make it difficult to unify evaluation standards [3] - Fund information disclosure is fragmented, resulting in high data integration costs [3] - A lack of analytical tools leads to low research efficiency for cross-border funds [3] Group 3: Focus of the Sharing Session - The current sharing session will focus on northbound mutual funds, aiming to help fund sales institutions better understand cross-border fund products and enhance their research selection and service capabilities [4] Group 4: About Morningstar - Morningstar, Inc. is one of the leading investment research firms globally, providing financial information, fund, and stock analysis to various professionals, including individual investors and institutional investors [5] - As of December 31, 2024, Morningstar managed and provided investment advice on assets totaling approximately $338 billion across 33 global markets [5]

Group 1 - The core viewpoint of the article highlights the rapid growth of China's public fund industry, with the scale increasing from 8.4 trillion yuan at the end of 2015 to 32.83 trillion yuan by the end of 2024, driven by policy support and industry innovation [1] - The article emphasizes the importance of evaluating new funds based on their competitive advantages, investment strategies, fund manager experience, portfolio construction logic, and cost structure [2][4][10] Group 2 - Investors should assess whether new funds offer unique advantages compared to existing funds, especially in categories with many existing products, and look for innovations in strategy or risk control [4][8] - The article warns against blindly chasing hot investment themes and encourages investors to focus on long-term goals rather than short-term trends [10][11] - It is noted that many thematic funds have underperformed broad market indices, with over 60% of them being liquidated in the past 15 years [11][12] Group 3 - Evaluating the experience of fund managers is crucial, as investors should focus on relevant experience rather than just the length of their careers [18][19] - Investors can gain insights into fund managers' investment styles by reviewing their past management records and performance [20] Group 4 - Understanding the portfolio construction logic is essential, as it helps investors determine whether a fund's strategy aligns with their risk tolerance and investment goals [22][23] - The article emphasizes that a fund's fee structure significantly impacts investor returns, with lower fees generally correlating with better performance [25][26] Group 5 - The article concludes that while new funds may seem attractive, investors should conduct thorough due diligence using publicly available information to make informed decisions [30]

Core Viewpoint - The wealth management industry is facing challenges such as compressed returns, increased risk volatility, and diversified customer demands, necessitating a transformation towards a "buy-side advisory" model for high-quality development [4][6]. Group 1: Transformation Breakthrough - Asset management institutions are shifting from a product-driven model to a customer-centric value creation approach, emphasizing the importance of aligning asset and liability management in the insurance sector [6][7]. - The banking wealth management sector must transition from external expansion to internal development, moving towards a "fixed income plus" strategy that embraces multi-asset and multi-strategy approaches [7][8]. - Public fund companies need to enhance their research capabilities and innovate products, such as REITs and overseas allocations, to meet the growing wealth management demands of residents [8][9]. Group 2: Ecological Reconstruction - Building a "buy-side advisory" ecosystem requires both institutional transformation and collaboration among industry players, focusing on long-term value creation for clients rather than short-term profits [10][11]. - The core of investor education should be to help clients understand their investment cognitive limitations, thereby transferring trading authority to professional advisors [10][11]. - Key points for constructing a buy-side advisory model include strengthening the buy-side positioning, establishing a customer-centric advisory system, optimizing assessment models, enhancing channel collaboration, and leveraging financial technology [11][12].

Core Viewpoint - The Morgan International Bond Fund aims to achieve an annualized return that exceeds its benchmark index by investing primarily in investment-grade bonds from developed and emerging markets, while also allowing for a small allocation to high-yield bonds and utilizing liquidity credit default swap indices for beta management [1][5]. Fund Overview - The fund was established on January 23, 2019, and has a fund size of 33.793 billion yuan as of June 30, 2025 [1]. - The fund is managed by experienced fund managers Arjun Vij and Jason Pang, supported by a robust research team [4]. Investment Strategy - The investment approach combines top-down and bottom-up methodologies, leveraging the expertise of various research teams to identify global bond investment opportunities [1][5]. - The fund's asset allocation strategy has proven effective across different market environments, contributing to capital appreciation [1][5]. Historical Performance - The fund has demonstrated stable performance due to diversified sources of returns, with industry and issuer selection being the primary contributors to excess returns [7]. - In 2021, the fund's excess returns were driven by a low duration allocation and an overweight in investment-grade and high-yield corporate bonds [7]. - The fund maintained a low duration in 2022, which helped mitigate losses in a rising U.S. Treasury yield environment, although it faced challenges in early 2023 due to a flattening yield curve [7]. Fee Structure - The fund's annualized comprehensive fee rate, excluding transaction costs, is 0.89%, slightly above the median of 0.87% for similar funds [1][11].

Core Insights - The article emphasizes the importance of global investment trends and diversified asset allocation, highlighting the role of data, tools, and research in enhancing financial institutions' investment research systems and service efficiency [1]. Group 1: Market Trends - Since 2025, the sales ratio limit for cross-border investments has been relaxed to 80%, leading to a rapid growth in the scale of northbound mutual funds due to the increasing demand for cross-border asset allocation from mainland investors [2]. Group 2: Challenges in Cross-Border Funds - Cross-border funds face three major business challenges: - Diverse investment strategies and styles make it difficult to establish unified evaluation standards [3]. - Fund information disclosure is fragmented, resulting in high data integration costs [3]. - There is a lack of analytical tools, which lowers the research efficiency of cross-border funds [3]. Group 3: Focus of the Sharing Session - The current sharing session will focus on northbound mutual funds, aiming to help fund sales institutions better understand cross-border fund products and enhance their research selection and service capabilities [4]. Group 4: About Morningstar - Morningstar, Inc. is one of the leading investment research firms globally, providing financial information, fund, and stock analysis to various professionals, including individual investors and institutional investors [5]. - As of December 31, 2024, Morningstar managed and provided investment advice on assets totaling approximately $338 billion across 33 global markets [5].