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 products reached 19.55% in 2025, with over 90% achieving positive returns, and top-tier private equity products exceeding 30% [1][2][3] Group 1: Performance Analysis - A significant portion of returns in 2025 came from commodities (60%) and equities (30%), with gold and copper being key contributors due to rising global risk aversion and re-inflation trades [2][3] - Multi-asset strategies demonstrated their effectiveness in 2025, outperforming single-asset strategies, as evidenced by the performance of leading firms like Siyue Investment [3][4] - The dual drivers of strong performance were the overall improvement in the A-share market, particularly in technology growth stocks, and the robust performance of commodity assets like precious metals [3][5] Group 2: Outlook for 2026 - Private equity firms are adopting a cautiously optimistic approach for 2026, focusing on building resilient investment portfolios rather than predicting individual asset movements [4][5] - Key areas of focus for 2026 include structural opportunities in emerging industries and traditional sector reforms, as well as continued demand for precious metals due to risk aversion [4][6] - The investment strategy will emphasize risk budgeting and scenario simulation, with a focus on managing extreme scenario risks rather than precise timing [5][6] Group 3: Industry Evolution - The strong performance in 2025 has enhanced the reputation of multi-asset strategy managers and contributed to the maturation of the domestic multi-asset strategy sector [6][7] - There is a notable shift in fundraising dynamics, with high-net-worth clients increasingly entering the multi-asset strategy space through wealth management channels [6][7] - Domestic multi-asset strategies are still developing, with significant opportunities for growth in derivative tools and hedging methods, alongside advantages in capital market dynamics and low correlation among asset classes [7][8]