资产管理产业链跟踪六：多元资产配置，买方投顾的解药

Investment Rating - The report maintains a "Buy" rating for the asset management industry, indicating a positive outlook for the sector [24]. Core Insights - The asset management industry is shifting from single product sales to diversified asset allocation, driven by the poor performance of actively managed equity funds and the increasing acceptance of advisory services and fund of funds (FOF) products [7][15]. - There is a growing acceptance among individual investors for fixed-income assets beyond traditional bank wealth management products, with a notable increase in allocations to bond funds and insurance products [8][12]. - The strong rise in commodity prices, particularly gold, has sparked increased interest in commodity investments, suggesting that wealth management institutions may increasingly focus on global commodities for risk diversification [12][20]. Summary by Sections 1. Growth of Fixed-Income Assets - The allocation to fixed-income assets has significantly increased among individual investors, particularly in response to the downturn in the stock market, with a shift towards bank deposits, insurance, and bond funds [8][10]. - Historical data shows that in regions like Japan and Taiwan, low-risk assets such as deposits and insurance dominate the financial asset allocation, indicating a preference for capital preservation [10][11]. 2. Rising Interest in Commodities - The recent surge in commodity prices, especially gold, has led to a heightened focus on commodity investments among domestic investors, who previously had limited participation due to complexities in trading and pricing [12][13]. - Gold prices have increased by 12.3% in the first half of 2024, reaching $2,323 per ounce, with a cumulative increase of 28.6% since the end of 2022, outperforming the stock market [12][13]. 3. Transition to Multi-Asset Allocation - The report suggests that the future of public funds will likely involve a transition to multi-asset allocation strategies, as the performance of equity funds has been under pressure due to market volatility [15][17]. - The "Time Traveler" advisory product from Huabao Securities exemplifies this trend, utilizing a diversified approach across low-correlation asset classes to provide stable returns for long-term investors [20][21].