在“净值2.0时代”锻造理财“韧性收益力” ——专访平安理财首席固收投资官王阳

Core Viewpoint - The definition of stability in bank wealth management needs to be redefined in the context of decreasing ticket yields and valuation adjustments, focusing on achieving higher long-term performance while strictly controlling drawdowns [1][2][7] Group 1: Market Environment and Challenges - The reduction in ticket yields has led to increased volatility in wealth management product returns, as the protective buffer has thinned significantly [2][3] - The transition to a "Net Value 2.0 Era" is characterized by more pronounced net value fluctuations, but this does not imply a departure from the inherent stability of bank wealth management [2][3] Group 2: Investment Strategy and Focus - The core investment logic of the company is to create products with a high Calmar ratio, which emphasizes maximizing long-term performance while controlling drawdowns [3][4] - The company positions itself as an investment strategy-driven firm rather than an asset-driven one, reducing reliance on single asset supply and maintaining competitive yield rates [4][5] Group 3: Risk Management and Dynamic Strategies - The investment strategies include dynamic defensive logic to mitigate market risks, allowing for quick adjustments in response to market volatility [5][6] - The company is expanding its investment strategy framework to include multi-asset and multi-strategy approaches, adapting to the low-interest-rate environment [4][5] Group 4: Client Adaptation and Trust Building - The company emphasizes precise matching of product lines to client risk preferences, categorizing products into low, medium-low, and medium risk levels [6][7] - Building long-term trust with clients is crucial, involving regular product reporting, client education, and training for sales personnel to ensure informed decision-making [6][7]