当低利率邂逅风偏回归，资产配置被动为盾，主动为矛

Group 1 - The report highlights two main challenges for asset allocation in 2026: a long-term challenge of reduced hedging effectiveness between stocks and bonds due to low interest rates, and a short-term challenge of market risk preferences returning to the middle from extremes [10][15][16] - The report emphasizes the importance of increasing income and reducing volatility in a low interest rate environment, suggesting that income can be enhanced by broadening asset types, while volatility can be managed through refined risk management tools [17][18][29] Group 2 - The report discusses the shift in risk preferences, noting that in recent years, investor sentiment has polarized, but there is now a trend of returning to a more balanced risk appetite [15][42] - It suggests that low-volatility strategies should incorporate more flexibility, while high-volatility strategies need to focus on risk control, indicating a shift in investment focus towards mid-cap blue-chip stocks and commodities like gold [44][45] Group 3 - The report outlines a dual approach to asset allocation: passive strategies as a shield for risk diversification and active strategies as a sword for enhancing returns, particularly in the context of low interest rates and changing market dynamics [46][47] - It recommends focusing on commodities, overseas assets, and alternative investments like REITs to achieve better risk-adjusted returns in the current market environment [52][54]