万亿战舰的探索之路：易方达多资产投资的体系化与投研协同

Core Viewpoint - The article emphasizes the importance of diversified asset allocation in navigating market uncertainties, highlighting E Fund's evolution in multi-asset investment strategies over nearly 20 years, showcasing its systematic research and collaborative platform to enhance investment certainty amidst volatility [1][2][4]. Group 1: Evolution of Multi-Asset Investment - E Fund's multi-asset investment journey began in 2006, with the first product management initiated, and evolved from fixed income enhancement to a diversified multi-asset strategy [2][3]. - The establishment of a dedicated multi-asset investment team in 2018 marked a significant step, recognizing the potential in this area as seen in mature overseas markets [3][4]. - By 2023, E Fund launched its global allocation product, indicating a shift towards global multi-asset investment strategies [3][4]. Group 2: Scale and Strategy - E Fund's multi-asset management scale has surpassed 1 trillion yuan, with public fund management exceeding 160 billion yuan as of Q3 2025, positioning it as an industry leader [4]. - The asset categories have expanded from traditional stocks and bonds to include commodities like gold, and the investment scope has broadened from A-shares to global markets, utilizing various investment tools [4][5]. - The emphasis has shifted from "fixed income plus" to a more balanced approach where each asset class plays an equally important role in the portfolio [4][5]. Group 3: Research and Management Framework - E Fund has developed a matrix management structure to enhance investment efficiency, focusing on specialized roles within the investment research team to optimize resource allocation [6][7]. - Cross-departmental collaboration is a key support for the development of multi-asset strategies, facilitated by a culture of openness and shared resources [7][8]. - The investment process is characterized by scientific and meticulous management, with a focus on both qualitative and quantitative assessments to manage risks and optimize asset allocation [9][10]. Group 4: Diverse Product Offerings - E Fund has created a diverse product matrix catering to different risk and return profiles, including low, medium, and high volatility products, ensuring a comprehensive range of investment options [12][13]. - The low-volatility products maintain strict controls on equity exposure, while medium and high-volatility products allow for broader equity allocations to achieve higher long-term returns [12][13]. Group 5: Investment Team and Methodologies - The investment team comprises experienced managers like Zhang Qinghua and Zhang Yajun, who employ a combination of top-down and bottom-up approaches to identify investment opportunities [14][15][16]. - Each manager has a distinct investment philosophy, such as Yang Kang's focus on "asymmetry" in asset performance and Hu Wenbo's emphasis on mean reversion strategies [18][19][20]. - The collaborative platform enables managers to specialize in their strengths while benefiting from shared insights across different asset classes [21]. Group 6: Future Outlook - As the asset management industry transitions to a high-quality era, E Fund's systematic approach to multi-asset investment is positioned to provide sustainable returns for investors, leading the industry towards a more mature and intelligent asset allocation landscape [21][22].