大类资产配置方法体系和模型构建：应对市场变局，优化客户资产配置方法

Asset Allocation Models - Risk budget models are recommended for strategic asset allocation due to their flexibility and stability, particularly suitable for the Chinese market[2][60] - Factor models are more suitable for tactical asset allocation as they capture underlying drivers like economic, inflation, and interest rate factors to better grasp short-term market trends[2][41] - Risk parity models allocate equal risk contributions across assets, but in China, they tend to over-allocate to bonds due to higher volatility in equities and commodities[52] Performance and Backtesting - Asset equal-weight models show the highest returns but also the highest risk, with a Sharpe ratio of 0.48[57] - Risk parity models achieve a Sharpe ratio of 1.03, while risk budget models slightly lower at 0.90 due to higher equity allocations[57] - Mean-variance models underperform with a Sharpe ratio of 0.59, as they are highly sensitive to input parameters[57] Strategic vs. Tactical Allocation - Strategic asset allocation (SAA) focuses on long-term returns and relies on capital market assumptions (CMA) to predict asset performance[5][43] - Tactical asset allocation (TAA) adjusts within a "floating corridor" around SAA targets, allowing for short-term market opportunities while maintaining long-term stability[44][97] Market Trends and Investor Behavior - Asset allocation has become increasingly important as market volatility and declining returns in traditional high-yield assets like real estate and non-standard financial products have made timing and stock selection more challenging[10][23] - The rise in market efficiency has reduced opportunities for active management to outperform, making disciplined asset allocation more valuable[23]