工银瑞信基金周崟：力争捕捉多重收益 FOF战略配置需量体裁衣

Core Viewpoint - The focus on multi-asset risk hedging is crucial for capturing multiple sources of returns in the FOF (Fund of Funds) market, with strategic allocation providing systematic beta returns as the main source of portfolio gains [1][4]. Multi-Asset Risk Hedging - Multi-asset risk hedging is identified as an important source of returns, emphasizing the need for a combination of subjective and quantitative approaches in investment strategies [3]. - The investment philosophy includes a focus on representative and liquid index funds, as well as actively managed funds that aim for long-term excess returns [3]. Strategic Asset Allocation - Strategic asset allocation is the primary step in portfolio investment, requiring an analysis of the risk-return characteristics and correlations of various asset classes [4]. - The systematic beta returns from strategic allocation are considered the main source of portfolio gains, even in the absence of tactical timing or alpha returns [4]. - The allocation strategy should be tailored to different funding characteristics, with an emphasis on recognizing macroeconomic conditions to enhance confidence in asset allocation ratios [4]. Market Outlook - The upcoming structural reforms in the capital market, represented by the new "National Nine Articles," are expected to reshape the A-share ecosystem in the long term [5]. - A potential recovery in the domestic inventory cycle and the global semiconductor cycle may enhance risk appetite [5][6]. - The focus on technology and manufacturing sectors is highlighted as a key area for growth, particularly in the context of the digital economy [6]. - The long-term downtrend in interest rates is anticipated to benefit high-dividend strategies, while investment opportunities in Hong Kong stocks are also emphasized [6].