嘉实基金张敏：以胜率思维破局多策略投资，行稳致远穿越周期

Core Viewpoint - The core viewpoint of the article emphasizes the need for asset management firms to continuously create stable returns for clients amidst global changes and market volatility, with 嘉实基金 proposing a "winning rate thinking" approach to reconstruct multi-asset allocation logic [2][7]. Group 1: Market Trends - There is a significant shift in residents' asset allocation in China, moving from single, low-risk assets to diversified portfolios that seek stable returns with moderate risk, mirroring trends seen in other countries under prolonged low-interest rates [2][7]. - By the end of Q3 2025, the total scale of asset management in China is projected to reach 174 trillion yuan, driven by strong demand for diversified, low-volatility, and stable products from residents [2][7]. Group 2: Challenges in Asset Allocation - Despite the strong demand for multi-asset allocation, challenges remain, including changes in market interest rates, the failure of traditional asset correlations, and the evolution of single asset pricing logic, which traditional models struggle to adapt to [2][7]. Group 3: 嘉实基金's Solutions - 嘉实基金 introduces a systematic approach called "winning rate thinking" and quality management to address these challenges, focusing on aligning investment goals with a correct Beta direction and enhancing Alpha capabilities through its research platform [3][8]. - 嘉实基金 has developed a diverse product shelf that includes standardized products emphasizing stable value growth and personalized products that reflect the investment manager's style, catering to various client needs [3][8]. - The firm aims to accumulate positive probabilities in every aspect of portfolio construction through a systematic multi-asset framework, ultimately delivering stable product results to investors [3][8].