Allianz(US:ALIZY) Shang Hai Zheng Quan Bao·2025-12-25 18:50Core Viewpoint - Allianz Asset Management aims to leverage its century-long expertise in asset-liability management to establish itself as a leading asset management institution in China, focusing on diversified sources of asset returns in a low-interest-rate environment [1][2]. Group 1: Investment Strategy - The company is actively reducing reliance on single fixed-income yields and expanding into equity dividends and growth returns, as well as increasing exposure to alternative assets [1]. - In fixed income, the strategy involves rigorous credit research to identify mispriced opportunities, while in equities, the focus has shifted from merely high dividend yields to assessing the quality, sustainability, and growth potential of dividends [1][4]. - The alternative investment strategy aims to find high-quality assets that are less correlated with traditional assets, leveraging the company's investment and financing synergies [1][4]. Group 2: Risk Management - Allianz Group's risk management philosophy, developed over 130 years, emphasizes a comprehensive risk control system that spans the entire investment process, ensuring a scientific balance between investment and risk management [2][3]. - The company has integrated Allianz Group's investment and risk management experience with local practices in China, achieving a total asset management scale exceeding 350 billion yuan, with 85% from third-party funds [2]. Group 3: Research and Talent - The core investment team comprises seasoned professionals with an average of over 15 years of experience from various sectors, including insurance asset management, public funds, and brokerage firms [3]. - The company has established a dual-track research system that combines macro insights with micro-depth analysis, focusing on risk-driven asset allocation and in-depth credit research in fixed income [3]. Group 4: Future Strategies - The company plans to implement three main strategies: asset-liability synergy, refined investment processes, and long-term performance assessment [5]. - The investment approach will prioritize high-quality dividend assets in the core portfolio while selectively choosing growth-oriented assets for satellite positions, enhancing efficiency through detailed credit management [5]. Group 5: Long-term Investment Philosophy - The regulatory environment is shifting towards encouraging long-term investments, prompting a change in investment logic from short-term trading to long-term dividend-focused strategies [6][7]. - The company aims to become a stable and constructive long-term force in the capital market, emphasizing the importance of comprehensive asset-liability management and proactive risk management from the product development stage [7].