2025.11. 26 本文字数：2092，阅读时长大约3分钟 作者 | 第一财经 杨倩雯 "把钱存银行，稳稳吃利息"，曾是许多老百姓最踏实的理财方式。但随着众多银行一年期定期存款利 率首次跌破1%，这种"稳稳的幸福"正渐行渐远。 从单一收益追求到多元目标平衡 低利率周期的到来，正在重塑居民的财富管理需求与风险偏好。过去依赖房地产、高息存款的单一财 富增长模式逐渐失效，投资者开始转向更为多元、理性的资产配置思路。 渣打银行（中国）有限公司副行长、财富管理及零售银行业务总经理、全球华人业务集团主管李峰在 论坛上表示，当前在财富管理方面，客户需求呈现三大显著变化：一是对投资回报的预期趋于理性， 不再执着于过往的高收益区间，而是根据市场环境适度调整收益目标；二是对保障类产品的需求持续 升温，不仅健康保障成为刚需，财富传承、隔代规划等长期需求也日益凸显；三是全球资产配置意识 觉醒，在国内低息环境下，投资者开始将目光投向海外市场，寻求更多元的收益来源。 显然，在进入存款利率、国债利率不断创新低的低利率周期后，居民财富保值增值的难度显著提升。 那低利率环境下，如何能做到财富的逆势增长？在近日召开的"2025第一财经金融价 ...

"把钱存银行，稳稳吃利息"，曾是许多老百姓最踏实的理财方式。但随着众多银行一年期定期存款利率 首次跌破1%，这种"稳稳的幸福"正渐行渐远。 显然，在进入存款利率、国债利率不断创新低的低利率周期后，居民财富保值增值的难度显著提升。 那低利率环境下，如何能做到财富的逆势增长？在近日召开的"2025第一财经金融价值年会"的圆桌论坛 环节上，来自金融机构的参会嘉宾共同探讨了低利率环境下的财富增长路径。 基金市场的资金流向同样印证了需求变迁。摩根资产管理（中国）有限公司副总经理郭鹏分享的行业数 据显示，三季度权益型基金发行回暖，其中新型浮动费率权益产品在三季度共新发12只，平均募集规模 达13.3亿元；同时，"固收+"产品成为增长最快的基金品类，三季度净买入量高达4600亿元。"这表明大 家对于收益的追求或者风险偏好有缓慢的提升，通过'固收打底+权益增强'的策略，在控制风险的前提 下追求更高收益。总体来说，整个市场的情绪在回暖。"郭鹏说。 多元配置成破局之道 面对居民财富管理需求的变化，金融机构纷纷祭出"组合拳"，为投资者寻找低利率时代的财富增长点。 李峰表示，针对目前低利率的环境，需要采用"底仓资产+机会型资产"的双 ...

银华盛安六个月持有混合拟任基金经理于蕾拥有近20年的年金管理经验，现任银华基金业务副总经理， 负责养老金及多资产投资管理部，历经市场周期磨炼，形成了以长期收益最大化、控制业绩回撤为目标 的投资理念、框架和方法，善于抓住不同阶段决定行情的主要矛盾，制定资产配置策略。 作为于蕾在"固收+"领域的代表产品，银华盛泓债券历史收益水平和风险控制均领先。基金季报显示， 截至9月30日，银华盛泓债券A近一年净值增长8.92%，同期业绩比较基准为3.53%，期间超额收益达 5.39%。 中证报中证网讯（记者 张凌之）近日，市场多空分歧较大，板块轮动加速切换。有机构建议，投资者 可以用多元配置构建风险屏障，以心态纪律、长期视角把握优质标的。在此背景下，银华盛安六个月持 有混合（A类：025993，C类：025994）将于12月1日发行，或为投资者多元配置应对震荡市提供全新工 具。 资料显示，该基金投资于权益类资产、可转换公司债券（含分离交易的可转换公司债券）、可交换债券 的合计投资比例为基金资产的10%—30%，其中投资于境内股票资产（含仅投资A股的ETF）的比例不 低于基金资产的10%，投资于港股通标的股票的比例不超过股票资 ...

Core Insights - The FOF (Fund of Funds) market has seen significant growth in 2023, with a total fundraising scale exceeding 200 billion yuan, marking an increase of over 400% compared to the previous year [1][4][6] - The number of FOF products established this year has surpassed 60, significantly exceeding the total of 35 for the entire year of 2024 [2][3] - The popularity of FOFs is attributed to the recovery of the A-share market and the diversification of underlying assets, including ETFs and REITs [5][6] Group 1: FOF Market Growth - The newly established FOF by the company has raised nearly 1.8 billion yuan, becoming a "hit" product in this category [1] - The total number of FOFs established this year has reached over 60, with a cumulative fundraising scale exceeding 56 billion yuan [2] - The overall scale of FOFs has surpassed 200 billion yuan, although it remains small compared to the total mutual fund market of over 36 trillion yuan [1][4] Group 2: Product Performance and Characteristics - The FOFs are increasingly diversifying their underlying assets, moving from primarily active funds to include passive index funds and REITs [4][5] - The most favored index funds among FOFs include gold ETFs and bond ETFs, with significant increases in holdings compared to previous quarters [4][5] - The performance of FOFs has been bolstered by strategic asset allocation, particularly in high-growth sectors such as technology and consumer goods [5] Group 3: Challenges and Future Outlook - Despite the growth, over 60% of FOFs have a scale of less than 200 million yuan, indicating a significant disparity in performance and investor experience [6][7] - The FOF market faces challenges such as a shortage of professional talent and insufficient research capabilities, which need to be addressed to improve investment quality [7] - There is a need for enhanced risk management strategies and cross-market knowledge within FOF research teams to navigate market volatility effectively [7]

Core Viewpoint - The FOF (Fund of Funds) market is experiencing significant growth in both the number of products and total fundraising, with a notable increase in "small blockbuster" FOFs, indicating a trend towards diversified asset allocation and the need for improved cross-market investment capabilities [1][2][6]. Group 1: FOF Market Growth - As of November 12, 2023, a new FOF from the Wanguo Fund raised nearly 1.8 billion yuan, contributing to over 60 FOFs established this year with a total fundraising exceeding 56 billion yuan, significantly higher than the 10.6 billion yuan raised in 2024 [1][2]. - The total scale of FOFs has surpassed 200 billion yuan, with 17 products raising over 1 billion yuan each, highlighting a growing interest in FOFs despite the overall market size being significantly smaller than the underlying funds [1][9]. Group 2: Performance of New FOFs - The newly established Wanguo Zhiyue Stable 90-Day Holding FOF raised 1.793 billion yuan with 5,835 effective subscriptions, while another product, Wanguo Hengyi 3-Month Holding ETF-FOF, raised 414 million yuan [2][5]. - In October alone, several FOFs raised over 2 billion yuan, including Huatai Bairui Yingtai Stable 3-Month Holding FOF, which raised 5.577 billion yuan, indicating a strong demand for these investment vehicles [3][5]. Group 3: Diversification and Asset Allocation - FOFs are increasingly diversifying their underlying assets, now including passive index funds and REITs, with a notable preference for gold and bond ETFs among FOF managers [6][7]. - The top ten most held index funds by FOFs are predominantly bond ETFs, reflecting a strategic shift towards safer asset classes amid market volatility [7][10]. Group 4: Challenges and Opportunities - Despite the growth, over 60% of FOFs have a scale of less than 200 million yuan, indicating a significant disparity in size compared to the underlying public funds, which exceed 30 trillion yuan [9]. - The FOF market faces challenges such as investor perception of complex structures and concerns over double fees, which may hinder further growth [9][10].

Core Insights - The "fixed income +" wealth management products are being heavily promoted by banks, with some products achieving annualized returns exceeding 10% in the past month, particularly those linked to gold strategies [1][2] - The consensus in the wealth management industry is shifting towards multi-asset and multi-strategy configurations to diversify risks and broaden sources of returns in the context of low interest rates and increased market volatility [1][4] Product Performance - A specific product from Xingyin Wealth Management reported an annualized return of 10.77% over the past month and 11.28% over the past three months, primarily based on fixed income assets with a small allocation to riskier assets linked to gold prices [2] - Another product from China Merchants Bank achieved an annualized return of over 9% in the past month, with a focus on high-rated bonds and flexible allocation to stocks, commodities, and alternative assets [3] Industry Trends - The investment management and portfolio configuration in the asset management industry face significant challenges, leading to a consensus on the need for multi-asset and multi-strategy approaches [3][4] - The introduction of low correlation assets such as gold and commodities is seen as essential for risk reduction and capturing investment opportunities across different asset classes [4][6] Risk and Return Dynamics - Many multi-asset multi-strategy "fixed income +" products have a higher risk rating (R3) compared to pure fixed income products, reflecting their greater exposure to market fluctuations [6] - The performance of these products is closely tied to market conditions, with some experiencing negative returns due to recent volatility in gold prices, while others have shown resilience during market downturns [6]

Core Insights - The bank wealth management market experienced significant fluctuations in Q3 2025, with the total outstanding scale decreasing to 30.82 trillion yuan, a reduction of 151.47 billion yuan from the end of June [2][3] - The average annualized yield of wealth management products fell to 2.47%, down 0.18 percentage points from the end of June, influenced by bond market volatility [3][4] - In contrast, the A-share market showed strong performance, with the Shanghai Composite Index surpassing 3,800 points, and gold prices exceeding $4,000 per ounce during the National Day period, leading to a migration of funds among different asset classes [2][3] Wealth Management Market Overview - As of the end of September, the wealth management market saw a total of 7,865 new products launched in Q3, a decrease of 58 products compared to the previous quarter [3] - The market exhibited a "rise then fall" trend, with growth in July and August followed by a decline in September [3] - Seasonal factors contributed to the decline in September, as wealth management companies typically align product maturities with quarter-end liquidity assessments [3][6] Product Performance - Cash management and fixed-income wealth management products saw average annualized yields of 1.45% and 2.48%, respectively, both declining from June [4][5] - Conversely, mixed and equity-based wealth management products achieved average annualized yields of 5.03% and 13.72%, respectively, with significant increases of 1.89 and 9.97 percentage points from June [5][6] - Notable high-performing products included those linked to gold and technology sectors, with some achieving returns exceeding 100% [5][6] Asset Class Characteristics - The report emphasizes that no asset class can be deemed a "constant winner," highlighting the unique characteristics and cycles of each asset type [6][7] - Stocks are characterized as high-elasticity assets, while bonds are viewed as low-risk assets with limited yield potential [6][7] - Gold is identified as a safe-haven asset, influenced by various factors including the dollar's performance and geopolitical events [6][7] Investment Strategies - The "fixed income plus" products have gained popularity as they combine stable fixed-income assets with a small allocation to equities, allowing for potential enhanced returns [8] - A simulated portfolio consisting of 80% fixed income and 20% equity has shown superior performance during bullish markets while minimizing losses during downturns [8]

Core Viewpoint - The public fund industry in China has reached a total scale of 36.25 trillion yuan, marking a significant increase and reflecting the growing demand for wealth management among investors [3][5][6]. Group 1: Market Overview - As of August 2025, the total net asset value of public funds in China has increased by 1.17 trillion yuan, a growth rate of 3.34% compared to the end of July [5]. - This is the 11th time since 2024 that the total scale of public funds has reached a historical high, and the fifth time this year [5][6]. - The number of public fund investors has exceeded 800 million, highlighting the industry's role in supporting the real economy and promoting financial stability [5][6]. Group 2: Investor Behavior Changes - Interviews with investors reveal a shift towards increased allocation in equity funds, preference for passive index products, and a focus on technology-themed funds [3][6]. - Investors are diversifying their portfolios, with many holding multiple types of funds, including money market funds, mixed funds, and passive index funds [9]. - There is a growing rationality in investment timing, with investors employing strategies like cost averaging and flexible trading, moving away from reliance on specific investment slogans or star investors [9][10]. Group 3: Investment Strategies - Investors are increasingly adopting a multi-faceted approach to fund selection, with some holding as many as 11 different funds [7][9]. - The trend of "from stocks to funds" is evident, as investors transition from direct stock investments to diversified fund portfolios, including broad-based and thematic ETFs [10].

Core Insights - The total scale of public funds in China reached 36.25 trillion yuan by the end of August 2025, marking the fifth historical high this year and the first time surpassing the 36 trillion yuan threshold [1][3][4] Fund Industry Overview - As of August 2025, there are 164 public fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public qualifications [3] - The net asset value of public funds increased by 1.17 trillion yuan from the end of July, representing a growth rate of 3.34% [3] Investor Behavior Changes - Interviews with over ten investors during the National Day and Mid-Autumn Festival revealed a shift towards increased allocation in equity funds, preference for passive index products, and a focus on technology-themed funds [1][4] - The number of public fund investors has exceeded 800 million, highlighting the industry's role in serving the real economy and promoting financial stability [3] Investment Strategies - Investors are adopting a diversified investment approach, with many holding multiple types of funds, including money market funds, mixed funds, and passive index funds [6] - There is a trend towards more rational investment timing, with investors employing strategies like cost averaging and flexible trading, moving away from reliance on specific investment "celebrities" [6][7] Profile of Investors - The interviewed investors are primarily aged between 30 and 40, with diverse professional backgrounds and educational levels, all holding various fund positions [4] - Some investors have significant holdings, with amounts ranging from under 10,000 yuan to approximately 500,000 yuan [4]

Group 1 - The core viewpoint of the articles highlights a significant shift in Chinese residents' investment behavior from traditional savings to diversified financial products, driven by changing wealth management perspectives and declining deposit interest rates [1][3][4] Group 2 - As of June 2025, the scale of the bank wealth management market reached 30.67 trillion yuan, marking a 2.38% increase from the beginning of the year and a 7.53% year-on-year growth [2] - The number of investors holding wealth management products reached 136 million by June 2025, reflecting an 8.37% increase since the start of the year [2] - Public fund assets reached a record high of 36.25 trillion yuan by the end of August 2025, marking the fifth consecutive record-breaking milestone this year [2] - The private fund sector also saw growth, with 137,922 funds in existence and a total scale of 20.73 trillion yuan as of August 2025 [2] Group 3 - The trend of "deposit migration" is ongoing, with non-bank institutions seeing an increase of 1.18 trillion yuan in deposits in August, indicating a continued shift of funds towards higher-yielding wealth management products [3] - The decline in deposit interest rates is providing long-term growth momentum for the wealth management market and the fund industry, as investors seek better returns [3] - The recent bullish trend in the A-share market, supported by policy measures and improved liquidity, has further enhanced the attractiveness of asset allocation in China [4] - Younger generations are increasingly adopting new investment concepts, focusing on "new three golds" (money market funds, short-term bond funds, and gold funds), reflecting a departure from traditional investment strategies [4]