相聚资本梁辉：多资产多策略 控制风险暴露

Core Viewpoint - The market has shown significant short-term profitability since the beginning of 2026, but this trend may not be sustainable, and a return to normalcy is expected [1][2] Market Conditions - The Shanghai Composite Index approached 4200 points at the start of 2026, but experienced a rapid pullback by the end of January, followed by a recent rebound, currently sitting above 4100 points [2] - The market is characterized by rapid shifts in hot sectors, creating structural opportunities [2] Investment Strategy - The company emphasizes the importance of rationality in investment, highlighting two main challenges: buying before the market peaks and selecting the right sectors to avoid losses [2] - A strategy that attempts to capture all market hotspots is deemed ineffective, as market dynamics will eventually outpace such approaches [2] - A multi-asset and multi-strategy approach is recommended to mitigate risks and achieve relative returns across different market conditions [3][4] Asset Allocation - The investment strategy has evolved from a single growth focus to a diversified approach, incorporating various asset classes such as commodities and bonds, and segmenting stocks into growth and dividend categories [4] - This diversification aims to reduce volatility and maximum drawdown while achieving target returns [4] Future Outlook - Expectations for 2026 suggest that while there may be phases of high returns, achieving consistent high returns throughout the year is challenging due to current market valuations being above the median level [5] - The trend of declining risk-free rates is reshaping asset allocation among residents, with a shift towards standardized low-risk assets like bank wealth management products and money market funds [5] - The multi-asset and multi-strategy approach addresses fundamental anxieties in investment, allowing investors to avoid the stress of timing and asset selection [5]