平安理财曾翰文：以目标波动率为核心框架，解密银行理财布局权益资产的道与术

Core Insights - The article discusses the strategies and opportunities for bank wealth management in the context of high market volatility, emphasizing the need for diversified asset allocation and risk management [1][2][3]. Group 1: Investment Strategies - Bank wealth management institutions should adopt a top-down approach to achieve "absolute return" goals, considering asset value and macroeconomic cycles for diversified allocation [2][3]. - Collaboration with fund companies can enhance the ability to identify alpha opportunities through long-term insights into individual stocks and industries [3]. - The focus should be on clear risk-return characteristics in equity tools, such as ETFs, to optimize asset allocation [3]. Group 2: Market Conditions and Challenges - The current low level of equity investment in bank wealth management is attributed to the industry's developmental stage, with many clients still viewing these products as savings alternatives [2][3]. - The volatility in equity markets presents challenges for achieving medium to long-term value investments, necessitating alignment with clients' risk tolerance [2][3]. Group 3: Multi-Asset and Multi-Strategy Solutions - A core framework based on target volatility can guide the assembly of multi-asset and multi-strategy solutions, allowing for dynamic adjustments based on macroeconomic conditions [4][5]. - The development of strategies based on volatility, such as convertible bonds and quantitative interest rate strategies, is crucial for enhancing returns while controlling risk [5]. Group 4: Future Outlook - The global financial landscape is characterized by increasing uncertainty, with rising public debt levels and potential de-leveraging processes in major economies [6]. - Domestic financial institutions are encouraged to manage volatility and engage in diversified global market participation to mitigate risks associated with global uncertainties [6]. - The focus on stable income-generating assets, such as domestic bonds and dividend-paying stocks, is essential for achieving reliable returns [6].