多策略布局成趋势？宏观变局下CTA策略回暖，多位大咖共话2026配置逻辑与演进路径

Core Viewpoint - The article discusses the upcoming 20th Private Equity Fund Development Forum, focusing on the high-quality development of China's private equity fund industry and the exploration of new investment paradigms empowered by AI and market opportunities [2]. Group 1: CTA Strategy Insights - Factors contributing to the recovery of CTA performance in 2025 include the Federal Reserve's interest rate cuts leading to liquidity expansion, increased volatility in the domestic stock market, and a continued downtrend in traditional sectors like black and chemical commodities [4]. - The outlook for 2026 remains optimistic, with expectations of continued Federal Reserve rate cuts and potential price rebounds in previously declining sectors due to policy changes and capacity adjustments [4]. - The application of AI in CTA strategies is currently limited, primarily used for factor discovery and optimization, with broader applications expected as the market evolves [5]. Group 2: Market Dynamics and Investor Behavior - The profit in the futures market is largely driven by the hedging and risk management needs of real enterprises rather than individual investors, indicating a potential for growth in the CTA market if economic recovery boosts demand [5]. - Institutional investors tend to use CTA strategies as stable portfolio tools, while individual investors often chase high returns, which can lead to overlooking the inherent risks [6]. - The trend towards multi-asset strategies among CTA managers is seen as a natural evolution to enhance client experience and manage growth effectively [6][10]. Group 3: Multi-Asset Strategy and Market Trends - The CTA market is characterized by a divergence in performance, with significant trends in precious metals and non-ferrous commodities, while other sectors like crude oil show weaker performance [6]. - CTA strategies are viewed as effective diversification tools that can enhance overall portfolio returns while reducing volatility, covering various sectors of the economy [7]. - The shift towards multi-asset strategies is recognized as a necessary development, with the potential for long-term sustainable returns as the market landscape evolves [10][12].