摩根资产管理恩学海：通过科学配置争取相对稳定的投资回报

Core Viewpoint - The article emphasizes the importance of scientific asset allocation to achieve stable investment returns in the current market environment, highlighting that single-asset investments are insufficient for sustained returns [1][2]. Group 1: Transition in Asset Management - The Chinese asset management industry is undergoing a significant transformation from a single product focus to a solution-oriented approach, moving away from traditional reliance on historical performance of stocks and bonds [2]. - Morgan Asset Management's multi-asset allocation system is built on three core pillars: global asset coverage capability, a scientific asset allocation framework, and a refined risk management system [2]. Group 2: Global Perspective and Framework - As a global asset management platform, Morgan Asset Management has specialized research teams covering various asset classes, enabling cross-market collaboration for informed investment decisions [2]. - The "Long-Term Capital Market Assumptions" (LTCMA) report evaluates the risk-return characteristics of various assets over a 10 to 15-year horizon, aiding in the construction of strategic asset allocation plans [2]. Group 3: Risk Management - Morgan Asset Management has established a comprehensive risk management system, including risk parity models and stress testing, to ensure portfolio stability under various market conditions [3]. - The core principle of multi-asset investment is not to predict the market but to achieve relatively stable returns through scientific allocation [3]. Group 4: Investment Strategies - In fixed income investments, Morgan Asset Management employs a systematic "core + satellite" strategy, selecting actively managed bond funds as core holdings while using duration tools for market opportunities [4]. - For equity investments, a "quantitative-first, qualitative-second" selection system is in place, utilizing different analytical methods for domestic and QDII products [4]. Group 5: Pension System Analysis - The article discusses the synergistic role of a three-pillar pension system: basic pension insurance provides foundational security, enterprise annuities enforce mandatory savings, and personal retirement funds focus on wealth appreciation [5]. - An ideal retirement investment strategy is likened to an autonomous vehicle, where investors set retirement age and expected living standards, and the system automatically matches optimal investment solutions [5].