国海良时期货：配置、择时、对冲三维一体，打造独具特色的资管！

Core Insights - Guohai Liangshi Asset Management has achieved top rankings in "stock strategy" and "multi-asset strategy" for the first half of the year, showcasing its exceptional performance in the asset management sector [1][6]. Company Overview - Guohai Liangshi Futures was established in 1996 and is headquartered in Hangzhou, Zhejiang. It is controlled by Guohai Securities and has a significant stake from Zhejiang Grain Group. The company obtained asset management qualifications in 2014 and has developed a unique asset management path focused on large asset allocation and futures derivatives investment [6][8]. - The company emphasizes wealth management as one of its two strategic focuses, aiming to enhance its core competitiveness through innovative asset management practices [6][8]. Team and Expertise - The asset management team is characterized by a stable and highly skilled workforce, with core members having over 10 years of experience. Key figures include Yang Shaobin, who oversees asset management and has extensive experience across various financial sectors, and He Xiangqi, who specializes in quantitative investment strategies [7][8]. Investment Strategy - Guohai Liangshi employs a distinctive "321" strategic framework, which highlights three unique advantages of futures companies: a top-down research logic, a cross-asset allocation perspective, and deep expertise in futures and derivatives [8][9]. - The "321" strategy focuses on two differentiated features: optimizing risk-return characteristics through large asset allocation and leveraging futures derivatives for risk hedging [8][9]. - The investment system is built on three pillars: allocation, timing, and hedging, which work together to safeguard investment portfolios [9][10]. Investment Framework - The allocation strategy aims to optimize overall risk-return characteristics by selecting assets with different return sources and volatility traits. This includes detailed analysis of underlying strategies and their contributions to performance [10]. - Timing is used to enhance return potential by dynamically adjusting asset weights based on market conditions, which has been a focus since 2008 [11]. - Hedging strategies are employed to manage downside risks and smooth out return curves, utilizing various tools and strategies to protect against extreme market events [12]. Core Investment Principles - The company has developed three core investment principles based on behavioral finance: embracing uncertainty, understanding the asymmetry of profit and loss, and protecting against tail risks [13][14][15]. - These principles guide the company's pragmatic approach to investing, focusing on minimizing critical errors and capturing major market trends while maintaining capital for future opportunities [15]. Asset Strategy - Guohai Liangshi's asset strategy emphasizes diversified asset allocation to mitigate risks and capture investment opportunities across different market environments, with a focus on futures and derivatives to enhance returns [16][17]. - The strategy includes a multi-asset approach covering equities, bonds, and commodities, with specific modules for equity positions and derivatives trading [17][18].