一线观点| 宏观浪潮下，多资产投资如何应变？

Group 1: Macro Environment and Market Impact - The current macroeconomic uncertainty is expected to negatively impact global demand due to trade wars and tariffs, leading to a supportive environment for the bond market [2][3] - The bond market is anticipated to maintain a favorable structure with potential structural opportunities despite short-term volatility [2][3] - The equity market is experiencing significant short-term fluctuations due to tariff impacts, but long-term opportunities are expected as macroeconomic recovery continues [4][5] Group 2: Investment Strategies and Opportunities - The focus on multi-asset investment strategies is emphasized, with a need for flexibility in asset allocation to manage risks and enhance returns in a low-interest-rate environment [12][14] - There is a growing interest in sectors such as cyclical, consumer, and technology, with specific attention to companies with strong cash flows and competitive advantages [9][10] - Convertible bonds are highlighted as having investment value, particularly in a low-risk environment where their dual nature can be leveraged for enhanced returns [6][10] Group 3: Gold and Alternative Assets - Gold is viewed as having good allocation value due to its characteristics as a safe-haven asset during periods of market volatility and its limited supply [7][8] - The long-term perspective on gold is influenced by the expansion of credit and the reassessment of the dollar as a reserve currency [7][8] Group 4: Risk Management and Asset Allocation - Effective risk management strategies involve a combination of top-down and bottom-up approaches to control exposure and enhance portfolio resilience [16][17] - The importance of diversifying across asset classes to mitigate risks associated with market volatility is emphasized [17][18]