多资产策略迎“高光时刻” 头部私募展望新一年配置框架

Core Insights - The average return of nearly 1,500 multi-asset strategy private equity products reached 19.55% in 2025, with over 90% achieving positive returns, indicating strong performance in the sector [1] - Leading private equity firms reported returns exceeding 30%, marking a second consecutive year of satisfactory results [1] - The effectiveness of multi-asset strategies has been validated, with a shift in focus from single asset predictions to building resilient investment portfolios for 2026 [3][4] Group 1: Performance and Strategy in 2025 - Multi-asset strategies demonstrated significant effectiveness in 2025, driven by flexible allocation across various asset classes, particularly equities, gold, and industrial metals [2] - The performance of the A-share market, especially in technology stocks, contributed to substantial returns in the equity segment [2] - The evolution of investment philosophy emphasizes the importance of multi-asset allocation over reliance on single asset performance [2] Group 2: Outlook for 2026 - Private equity firms exhibit a cautiously optimistic outlook for 2026, focusing on constructing resilient portfolios amid high asset prices and macroeconomic uncertainties [3] - Key investment themes for 2026 include structural opportunities in emerging industries, continued demand for precious metals, and selective opportunities in industrial metals and agricultural products [3] - The investment approach will prioritize risk management and scenario simulation to navigate potential market volatility [3][4] Group 3: Industry Evolution and Trends - The multi-asset strategy sector is maturing, with increased recognition and participation from high-net-worth individuals through wealth management channels [6] - The net subscription of multi-asset strategies has improved significantly in 2025, reflecting a deeper understanding of their value in risk reduction and adaptability [6] - Domestic private equity firms are developing unique competitive advantages by enhancing their investment capabilities and strategies, focusing on local market conditions [6][7]