面对全球市场波动 农银理财以多元资产配置破局

Core Insights - In 2025, various assets exhibited distinct performance driven by macroeconomic policies, market sentiment, and structural transformations after experiencing volatility due to tariff shocks [1][2] - The bond yield in China has been rising from historical lows, while global equity risk assets have rebounded significantly, and precious metals have shown even more pronounced gains as safe-haven assets [1][2] Asset Performance - The bond market faced headwinds this year, with factors like new bond tax rates and fund redemption fees contributing to rising yields [2] - The performance of safe-haven assets, particularly gold, has been strong, reflecting heightened investor risk aversion and concerns over the U.S. dollar's credit system amid increasing trade tensions [2][3] Equity Market Dynamics - The weakening U.S. dollar has alleviated external debt pressures for emerging markets, leading to a rebound in equity markets after the tariff shocks in April [3] - The A-share market has reached a nearly 10-year high, driven by improved confidence in China's industrial upgrades and supportive policies [3] Fixed Income and Multi-Asset Strategies - The "fixed income plus" products are gaining traction as they address the challenges of low interest rates and volatility by incorporating diverse asset classes to enhance overall returns [4][5] - Companies are innovating within the "fixed income plus" strategy, offering products that combine stable income with growth opportunities, such as the "dividend growth dual enjoyment" strategy [6][8] Multi-Asset Allocation - The "multi-asset allocation" approach is becoming a strategic focus for financial institutions, moving away from reliance on single asset performance to mitigate market volatility [8] - The "multi-dimensional balance enjoyment" series products utilize risk parity theory to equalize risk contributions from various assets, suitable for investors seeking long-term stable returns [8]