解密2026年资管掘金方向，三大机构把脉长线增值路径

Core Insights - The global low-interest-rate environment is pushing the asset management industry towards an "ecological win-win" model, moving away from isolated strategies [1][3] - The discussion highlights the importance of diversified asset allocation strategies to enhance returns while managing risks in a low-yield context [3][9] Group 1: Investment Strategies - ICBC-AXA is actively exploring new investment avenues such as public REITs, convertible bonds, and preferred stocks to enhance returns [1] - The company emphasizes a pyramid asset allocation strategy, with a focus on long-term bonds as the foundation, high-grade credit bonds in the middle, and equities at the top [3][7] - Huatai-PineBridge is increasing its focus on fixed income plus strategies and exploring other asset values to meet client needs in a low-interest environment [1][2] Group 2: Market Outlook for 2026 - The stock-bond relationship is expected to continue, with potential tactical opportunities arising from a recovery in interest rates [2][6] - The macroeconomic outlook for 2026 suggests a controlled risk of recession, with expectations of a gradual recovery and stable nominal GDP growth [6] - The focus will be on the PPI trend, which is anticipated to drive corporate profit recovery [6] Group 3: Collaborative Ecosystem - The asset management ecosystem is characterized by collaboration among insurance companies, public funds, and brokerages, each bringing unique strengths [9][10] - Insurance institutions focus on strategic asset allocation, while public funds excel in tactical asset allocation and security selection [9] - Brokerages provide comprehensive research support and distribution channels, enhancing the overall investment ecosystem [10][11] Group 4: Risk Management and Client Needs - The emphasis on understanding client needs is crucial, with a focus on risk control and aligning investment strategies with client objectives [4][8] - The collaboration between insurance funds and public funds is aimed at creating value through long-term capital provision and quality asset solutions [10] - Brokerages play a vital role in customizing services for different investors, particularly in asset allocation and risk assessment [11]