2025年收官，多资产配置“笑傲江湖”

Core Insights - The best-performing asset class in 2025 was gold, which surged by 58.30%, significantly outperforming Chinese stocks (up 19.01%) and global stocks (up 18.97%) [1][2][3] Performance Summary - Chinese stocks increased by 19.01% in 2025, compared to 18.61% in 2024 and a decline of 0.56% in 2023 [2] - Global stocks rose by 18.97% in 2025, up from 17.45% in 2024, but down from 22.13% in 2023 [2] - Domestic bonds had a modest increase of 0.74% in 2025, down from 7.60% in 2024 [2] - Gold's performance was exceptional, with a 58.30% increase in 2025, following a 21.96% rise in 2024 [2] - Oil prices fell by 8.51% in 2025, contrasting with a rise of 8.33% in 2024 [2] Investment Strategy Insights - Gold's volatility poses challenges for short-term investors, as evidenced by significant price corrections in April and October 2025 [3] - A strategic approach to gold investment, focusing on long-term holding rather than short-term speculation, can yield better results [3] - The use of gold ETFs is highlighted as a viable method for exposure to gold, although they require professional judgment due to their concentrated nature [3] - Multi-asset allocation is recommended as a strategy to enhance portfolio resilience and returns, especially in a changing economic landscape [5][6] Multi-Asset Allocation Strategy - Multi-asset allocation can improve portfolio returns by incorporating low-risk assets like bonds alongside higher-risk assets such as stocks and commodities [5] - The theory suggests that combining assets with low correlations can effectively hedge risks and enhance risk-adjusted returns [6] - The introduction of an "enhanced multi-asset allocation strategy" aims to optimize returns by diversifying into independent overseas assets and enhancing domestic asset performance [8][10] Fund Performance Examples - The 汇添富养老目标日期2035三年持有FOF fund reported a net value increase of 20.28% over the past year, outperforming its benchmark of 9.98% [4] - Other funds managed by the same team also showed strong performance, with the 汇添富聚焦价值成长三个月持有FOF achieving a 30.81% increase [14][15] Manager Insights - The fund manager, 程竹成, emphasizes a systematic approach to investment, focusing on both quantitative and qualitative analysis to enhance equity exposure [11][16] - The manager's strategy includes tactical adjustments based on market conditions, particularly during periods of extreme valuation [11][12] - The overall performance of the fund management team has been strong, with consistent returns across various market conditions [14][18]