摩根资产管理张一格：权益市场正面临底层资金的再平衡

Core Viewpoint - The "2025 Asset Management Annual Conference" highlighted the importance of diversifying asset allocation strategies, particularly in the bond market, to enhance returns through innovative approaches such as combining cash bonds with derivatives [1] Group 1: Bond Market Insights - The ten-year government bond yield faces significant downward resistance after reaching 1.6%, currently around 1.74% due to stock market fluctuations [3] - To enhance bond investment returns, traditional methods like credit spreads and duration should be complemented with new strategies, including the use of AI to achieve excess returns [3] - The "+" in "fixed income+" and "bond+" indicates a focus on additional asset classes, with convertible bonds previously seen as a strong investment opportunity, though their high valuation now warrants caution [3][4] Group 2: Equity Market Opportunities - The equity market is showing potential across various sectors, with technology and "anti-involution" areas performing well alongside traditional dividend stocks [4] - A rebalancing of underlying funds is occurring, evidenced by capital shifting from dollar assets to non-dollar assets, and from bonds to equities [4] - The reallocation of large volumes of maturing deposits is also contributing positively to equity assets [4] Group 3: Gold as an Investment - Gold remains a favorable asset class due to long-term factors such as the gradual weakening of the dollar's status and central banks' increasing allocation to gold [5] - Despite gold's high price level after three consecutive years of increases, its long-term outlook remains positive, although short-term price appreciation may be limited [5] Group 4: Client-Specific Asset Allocation Strategies - For clients holding dollar assets, products like QDII and mutual funds are recommended for diversification [6] - Clients with RMB assets should avoid concentrating solely on dollar assets and consider multi-currency allocations for balance [6] - Clients previously attracted to dollar-denominated high-yield products may find "fixed income+" offerings more suitable [6]