收益互换基础知识丨收益互换的作用（2）：资产配置

Core Viewpoint - The article emphasizes the importance of yield swaps as a financial tool for risk management and asset allocation, highlighting their flexibility and customization features, which are not yet fully understood by many investors [1]. Group 1: Expanding Investment Scope - With the gradual deepening of China's capital market opening and the increasing wealth of residents, institutional investors are showing a growing demand for diversified asset allocation, including overseas assets [2]. - Cross-border yield swap business serves as a "connector" for domestic and foreign asset allocation, providing professional services that facilitate diversified investments and reduce concentration risk associated with single market investments [2]. Group 2: Optimizing Portfolio Returns - Yield swaps allow investors to exchange cash flows related to underlying assets without directly holding those assets, potentially enhancing returns or reducing transaction friction costs [3]. - For instance, through an index-enhanced yield swap linked to the CSI 1000 index, investors can gain linear returns from the index along with an agreed-upon annualized enhanced return, leveraging the characteristics of index futures [3]. Group 3: Improving Resource Utilization Efficiency - Securities firms can leverage their expertise in market selection, risk management, and trade execution to provide systematic services to institutional investors engaged in yield swap transactions [5]. - By focusing on asset selection and portfolio construction, institutional investors can reduce operational costs through the integrated trading process offered by securities firms, achieving "light asset operation" [5].