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工银瑞信焦文龙:围绕客户利益,打造量化产品
点拾投资· 2025-05-22 07:42
Core Viewpoint - The core viewpoint emphasizes the integration of passive investment automation and active investment systematization, focusing on providing returns to investors regardless of the investment management style [1][11][15]. Group 1: Active Automation of Index Investment - Active definition of beta involves proactively creating index products that identify profitable beta directions for investors, such as participating in A50 and A500 indices and iterating dividend indices based on market changes [2][12]. - Active selection of actions is crucial during the passive product's construction, component adjustment, and large redemption periods, where fund managers collaborate with research teams to optimize operations [2][20]. - Active choice of inaction is also important; the company does not provide redundant liquidity, ensuring that product activity reflects genuine customer demand and social responsibility [2][18]. Group 2: Systematization of Active Quantitative Investment - The establishment of a closed-loop management quantitative research platform integrates all factor research, strategy formation, model building, and trading instructions, enhancing team collaboration [3][35]. - The investment research process is defined by data and scientific methods, focusing on hypothesis testing and objective analysis rather than subjective opinions [3][40]. - A multi-asset and multi-strategy manual is created and implemented within the system, transforming individual insights into shared wisdom within the investment process [3][39]. Group 3: Cultural Aspects - The company promotes a culture of openness, inclusivity, and teamwork, which is essential for building a robust systematic investment approach and empowering fund managers [3][44][50]. - The culture encourages diverse perspectives and provides support for fund managers facing performance pressures, fostering a stable investment environment [46][51]. Group 4: Investment Strategy Insights - Long-term profitability is viewed as the realization of belief, mid-term profitability as the realization of understanding, and short-term profitability as the realization of technique, highlighting the importance of identifying suitable investment windows [4][48]. - The company believes that in a rapidly evolving market, the speed of discovering beta and returning alpha has increased, necessitating greater effort from investors to adapt [10][37]. Group 5: Future Market Outlook - The company sees significant opportunities in the Hong Kong stock market and emphasizes the importance of innovative pharmaceuticals and dividend themes as key investment directions [37][38].
如何通过FOF基金获得资产配置的“免费午餐”
点拾投资· 2025-05-19 10:43
导读:过去几年我们一直在思考:投资者真正需要什么样的基金产品?从投资理财的第一原理出 发,获得正回报是每一个投资者最朴素的需求。 然而,没有一种单一资产能在所有时间段都能提供绝对回报。以中美两地权益资产为例,纳斯达 克100指数经历了2023(53.81%)和2024 (24.88%) 连续两年的大涨,当时很多人觉得纳指仍 有投资价值,但今年以来纳斯达克100指数下跌了-6.86%。 (数据来源:Wind,截至2025.4.30) 进入2025年,我们又在4月遭遇了美国关税政策触发的全球股市调整,今年以来沪深300指数的 回报率为-4.18%。 (数据来源:Wind,截至2025.4.30) 相比之下,截至1季末,摩根资产管理中国旗下的多只FOF产品都在波动的市场环境中为投资人 带来了可观的回报。 (数据来源:基金和业绩比较基准回报来自摩根资产管理相关产品2025年一季报,排名和最大回撤数据来自银河证 券,年化波动率数据来自万得,截至2025.3.31。摩根尚睿混合FOF A基金成立日期为2018-08-15,过去1年回报 15.47%,在银河同类混合型F0F基金(权益资产60%-95%)中排名前7/82。) ...
天弘混合资产团队:打造绝对收益的系统工程
点拾投资· 2025-05-16 06:53
导读:绝对回报正在成为基金产品越来越重要的投资目标。 根据中国证券基金业协会的数据,截至2025年3月底公募基金总规模达到32.22万亿元,连续两个月站稳32万亿大关。其中 具有理财替代属性的货币基金和债券基金分别达到了13.3万亿和6.41万亿,成为了过去一年公募基金规模增量的重要来 源。 对于大众理财来说,公募基金已经成为了主要的投资渠道。与此同时,理财替代下的绝对收益也成为了投资者最重要的投 资目标。无论是买股票型基金、股债混合基金、货币基金还是QDII基金,持有人都希望实现财富的保值增值。 另一方面,满足大众理财目标的难度也在提高。特别是随着债券收益率的下行,纯债类资产能提供的收益变得有限,股票 权益又天然具有高波动的属性,再加上过去传统的相对收益考核方式。作为产品生产方的基金公司,又如何满足用户的需 求呢? 数据来源:有知有行《2024中国大类资产投资年报》 从长期年化收益率的角度看,债券+股票搭配而成的"固收+"组合确实能带来比纯债更高的收益回报。然而,由于股票权益 的高波动特点,会导致某些年份股债混合变成了"固收-"的结果。 对于购买"固收+"的投资者来说,他们是带着绝对收益的投资目标,希望通过 ...
投资大家谈 | 景顺长城科技军团5月观点
点拾投资· 2025-05-16 04:28
导语:"投资大家谈"是点拾投资的公益内容栏目,希望通过每周日不定期的推送,让更多人看到 基金经理对投资和市场的思考。"投资大家谈"栏目内容以公益类的分享为主,不带有基金产品的 代码和信息,也必须来自基金经理的内容创作。 下面,我们分享来自景顺长城基金科技军团的5月思考。一直以来,景顺长城科技军团通过持续 深耕产业链,不断取得前沿、深度的投资洞见。他们也是买方基金公司中,少数提供持续观点分 享的投研团队,相信这一期的5月观点,也能帮助大家理解景顺长城科技军团的投研思考。 最后,也欢迎大家持续给我们投稿!可以发送邮件到:azhu830@yeah.net 杨锐文:看好内需、自主可控和反内卷方向 资机会。同时医药板块长期受益于人口老龄化,而且估值消化的比较充分,具备中长期配置价 值。 周寒颖:关注自主可控和信创、内需标的、被错杀的出海品种、贵金属板块 中美之间的关税对抗对市场情绪的影响已经接近修复,中美博弈的走向和对内政策决定了未来的 操作思路。基于我们对中美关税战结果的乐观预期,关注自主可控和信创板块、长期受益的内需 标的、被错杀的出海品种及贵金属板块方面的投资机会。未来中国的政策将围绕降低储蓄率和扩 大内需做文章 ...