Core Viewpoint - Public funds are actively hiring foreign investment advisors to enhance investment management for QDII funds, driven by the growing demand for diversified asset allocation as residents' wealth continues to increase [1] Group 1: Hiring Foreign Advisors - Penghua Fund announced the hiring of Italy's Eurizon Capital Asset Management as a foreign investment advisor for its global high-yield bond fund and US real estate fund, with Eurizon managing €390.5 billion as of last September [2] - Other public funds are also bringing in foreign advisors, with many having over 15 years of experience in the securities industry, aligning well with the investment directions of the respective QDII funds [2][3] - Notable foreign advisors include Steven Angeli from Wellington Management with over 30 years of experience, and Cai Defeng and Yang Bo from Amundi Asset Management, both with over 16 years of experience [3] Group 2: Expanding Investment Directions - The hiring of foreign advisors reflects support from foreign shareholders and the sharing of investment expertise, which is crucial for navigating complex overseas markets [4] - Public funds are increasingly focusing on global asset allocation capabilities, with a rich lineup of QDII funds covering various international markets, including the US, France, Japan, and more [4] - The popularity of certain QDII funds is evident, as seen with the招商利安新兴亚洲精选ETF reaching its fundraising cap of 1 billion yuan in just one day [4] Group 3: New Fund Offerings - The mutual recognition fund shelf has seen new additions this year, with Morgan Asset Management reporting three new mutual recognition fund products [5] - Multi-asset allocation capabilities are gaining importance, with FOF (Fund of Funds) becoming a key vehicle for diversification, emphasizing the need for familiarity with different asset classes [6]

Core Viewpoint - The article emphasizes the importance of diversified asset allocation as a strategy to navigate economic cycles and mitigate risks associated with market volatility [2][3]. Group 1: Theoretical Foundation of Diversified Asset Allocation - The theoretical basis for diversified asset allocation is rooted in Modern Portfolio Theory (MPT), which suggests that diversification can reduce portfolio risk while optimizing long-term returns [2]. - The value of diversified allocation is primarily reflected in its ability to hedge market risks through low correlations among different asset classes [3][4]. Group 2: Benefits of Diversified Asset Allocation - Low correlation among assets can provide protection against market downturns; for instance, the correlation coefficient between the stock market (Wande All A Index) and bonds (China Bond - Total Wealth Index) is -0.10 [2]. - Cross-regional diversification can help mitigate systemic risks associated with a single market; historical data shows a low correlation of 0.12 between the S&P 500 and A-shares [6]. - Diversified asset allocation allows for a more measured response to declining interest rates and asset scarcity, making it a necessary choice for enhancing returns [8]. - The strategy aims to adapt to different economic cycles, with asset performance varying across recovery, expansion, stagflation, and recession phases [9][12]. Group 3: Limitations of Diversified Asset Allocation - Over-diversification may reduce the portfolio's performance during bull markets; for example, a pure equity portfolio had an annualized return of 35.53% during the A-share bull market from 2019 to 2020, compared to 25% for a balanced portfolio [13][14]. - Extreme market conditions can lead to a sudden increase in asset correlations, causing diversification to fail; during the initial outbreak of COVID-19, gold also experienced a temporary decline [13][14]. - Traditional asset allocation models heavily rely on historical data, which may become ineffective due to changing market structures; for instance, the aggressive rate hikes by the Federal Reserve in 2022 led to a rare double hit for the traditional 60/40 portfolio [15].

Core Viewpoint - The article discusses the introduction of a new floating management fee structure for mutual funds, which charges fees based on the holding duration and performance of each investor's shares, leading to a "personalized" fee model [3][6]. Group 1: Floating Management Fee Structure - The new fee structure allows fund companies to adjust management fees based on the performance of each investor's holdings relative to performance benchmarks, potentially increasing fees for profitable investments and decreasing them for losses [3]. - This model may limit fund managers' ability to time the market effectively, as the timing of investor purchases and redemptions is beyond their control [3][6]. Group 2: Timing Strategies of Fund Managers - Historically, active fund managers have relied on market timing to capture opportunities and mitigate risks, which has been a core value proposition for generating excess returns [8]. - Examples of successful fund managers who have effectively utilized timing strategies include Feng Hanjie and Qi Fupeng, who have demonstrated significant adjustments in stock positions during market fluctuations [10][11]. Group 3: Passive Timing Clauses in Fund Contracts - The article highlights a fund with a passive timing clause, which has achieved an annualized return exceeding 13% since inception, showcasing the effectiveness of a structured approach to timing based on market indices [15][17]. - The fund's strategy involves adjusting stock allocations based on the Shanghai Composite Index, with a clear negative correlation between stock positions and index movements, allowing for risk management during market volatility [18][20]. Group 4: Practical Applications for Individual Investors - The successful practices of the highlighted fund provide insights for individual investors, suggesting the use of a broader index, such as the CSI All Share Index, for better market representation [22]. - The article proposes a passive timing strategy for individual investors, emphasizing the importance of disciplined position management in a constrained market environment [27]. Group 5: Tools for Asset Allocation - The article introduces a new tool, the "Three-Point Dashboard," which aids in monitoring and managing multi-asset allocations, making it easier for investors to track key indicators across various asset classes [27][30]. - This tool is designed to simplify the complexities of asset allocation and provide actionable insights for investors who may lack a comprehensive methodology [28].

"就目前来看，本轮降准降息落地后，理财产品资产端利率在短期内未出现明显下降，反而有所回升。 实际上，今年市场上资产供给有所增加，理财公司'资产荒'的现象并未显著加剧，只能说是高收益资产 遭遇了激烈拼抢。"某股份行理财公司投研业务负责人告诉记者。 ● 本报记者 石诗语 从短期来看，央行降准降息政策对理财产品资产端收益率的影响相对有限，近期长债利率震荡回升，同 业存单利率有所上行。但从长期来看，理财产品底层资产收益率下行趋势明确，理财公司的"资产荒"局 面难以改变。 资产端收益率影响有限 从短期来看，央行降准降息政策对理财产品资产端收益率影响有限，上周存款降息、LPR下调等操作落 地，长债利率震荡回升。 "从2023年以来存款利率下降后的债券走势来看，1年期和10年期国债收益率的表现不一，存款降息并不 一定会带来债券收益率快速下行，更多需要考虑当时的基本面、政策环境和交易情绪。债券收益率对此 次存款降息的短期情绪反应已告一段落，但国有大行为了预防存款搬家而提价发行同业存单的情况将持 续。国有大行发行的同业存单配置价值上升。"东吴证券研究所相关分析人员表示。 具体来看，5月19日，债市尾盘出现存款利率下调预期，10 ...

Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," which outlines directions for the public fund industry, including optimizing fee structures for actively managed equity funds and enhancing the alignment of interests between fund companies and investors [1] Group 2: Company Initiatives - China Europe Fund has actively responded to the policy by launching the "Star Advisor Program," collaborating with Huatai Securities to inject momentum into the high-quality development of the industry [1][5] - Huatai Securities, as a leading domestic brokerage, has introduced the "Worry-Free Investment" service, which provides investors with tailored fund investment strategies and a one-stop wealth management experience [2] Group 3: Investment Strategies - The "Worry-Free Investment" service aims to create a diversified and global asset allocation framework, capturing various sources of differentiated returns, and has launched multi-asset allocation strategies that include traditional A-share investments and extend to overseas markets and fixed income [2] - The "Worry-Free Investment" team consists of over 100 professionals who have developed investment signals such as the "Worry-Free Valuation Thermometer" and "Worry-Free Seasonal Investment" to help investors navigate market investment rhythms [2] Group 4: Collaborative Efforts - The "Star Advisor Program" by China Europe Fund focuses on providing tailored services to top investment advisors in the wealth management sector, including developing high-quality educational content through the "European Master Class" service system [3] - A recent activity under the "Star Advisor Program" involved a deep dive into the humanoid robot industry, where a research team visited leading companies in Ningbo, Zhejiang, to explore technological breakthroughs and investment opportunities [3]

导读：过去几年我们一直在思考：投资者真正需要什么样的基金产品？从投资理财的第一原理出 发，获得正回报是每一个投资者最朴素的需求。 然而，没有一种单一资产能在所有时间段都能提供绝对回报。以中美两地权益资产为例，纳斯达 克100指数经历了2023（53.81%）和2024 (24.88%) 连续两年的大涨，当时很多人觉得纳指仍 有投资价值，但今年以来纳斯达克100指数下跌了-6.86%。 （数据来源：Wind，截至2025.4.30） 进入2025年，我们又在4月遭遇了美国关税政策触发的全球股市调整，今年以来沪深300指数的 回报率为-4.18%。 （数据来源：Wind，截至2025.4.30） 相比之下，截至1季末，摩根资产管理中国旗下的多只FOF产品都在波动的市场环境中为投资人 带来了可观的回报。 （数据来源：基金和业绩比较基准回报来自摩根资产管理相关产品2025年一季报，排名和最大回撤数据来自银河证 券，年化波动率数据来自万得，截至2025.3.31。摩根尚睿混合FOF A基金成立日期为2018-08-15，过去1年回报 15.47%，在银河同类混合型F0F基金(权益资产60%-95%)中排名前7/82。） ...

Core Insights - The number of FOFs (Fund of Funds) being liquidated continues to rise, with at least 7 public FOFs announcing potential liquidation in May alone, adding to the 6 that have already been liquidated this year [1][2] Group 1: Reasons for Liquidation - Initiated FOFs are facing liquidation primarily due to failing to maintain a minimum asset value of 200 million yuan three years after establishment, while open-end FOFs are at risk if their scale remains below 50 million yuan for 20 consecutive working days [2][3] - Despite some products outperforming benchmarks, they are still unable to grow in scale, leading to their unfortunate closure [2] Group 2: Scale Growth Challenges - The concentrated liquidation of initiated FOFs established in May 2022 highlights the "three-year test" where funds must maintain a net asset value of at least 200 million yuan to avoid termination [3] - For instance, the Huaxia Balanced Pension Target Three-Year Holding FOF, which started in May 2022, has a current scale of only 12.94 million yuan, prompting a suspension of subscription activities [3][4] Group 3: Market Trends - Despite the challenges, the total scale of public FOFs saw a growth of 13.5% in the first quarter of 2025, reaching 1510.79 billion yuan, marking a new high for the year [7] - As of May 18, 2025, the total scale further increased to 1598.52 billion yuan, indicating a potential recovery trend in the market [7][8] Group 4: New Market Dynamics - In 2025, 24 new public FOFs were established, raising a total of 20.8 billion yuan, nearly doubling the total issuance scale of 12.3 billion yuan from the entire year of 2024 [10] - Notably, six FOF products raised over 1 billion yuan, with the largest being the Fuguo Yinghe Zhenxuan Three-Month Holding FOF, which reached its fundraising cap of 6 billion yuan [10] Group 5: Future Recommendations - Experts suggest that FOF products should return to their core asset allocation principles, incorporating a wider range of assets such as gold, overseas investments, REITs, and commodities to meet the needs of pension investments and absolute return demands [11]

Core Insights - Over a hundred bank wealth management products have announced a reduction in performance benchmarks, with some products seeing cuts of up to 155 basis points [1][3][4] - The banking wealth management sector is facing challenges due to a "asset shortage" amid recent interest rate cuts, prompting firms to diversify asset allocation and innovate products [1][3][6] Group 1: Performance Benchmark Adjustments - Since May 7, over a hundred bank wealth management products have lowered their performance benchmarks, with notable examples including a product from Industrial Bank that reduced its benchmark from 2.1%-4.05% to 1.5%-2.5% [3] - The average annualized yield for open-ended fixed-income wealth management products fell to 2.62% from the previous week, a decrease of 0.29 percentage points [3] Group 2: Market Environment and Strategies - The People's Bank of China has released significant liquidity into the market through interest rate cuts, which has led to lower market rates and a favorable environment for bond prices, although it has negatively impacted bond coupon yields [3][4] - Analysts suggest that banks should optimize investment portfolios by diversifying into various asset classes to balance risk and return [4][6] Group 3: Product Innovation and Client Engagement - In response to the low interest rate environment, wealth management firms are reducing fees and enhancing product innovation to attract clients [6][7] - Institutions are encouraged to create products with flexible returns, including "fixed income plus" strategies that incorporate equity or alternative assets, while also offering differentiated products based on market trends and investor needs [7][8]

（原标题：全球新变局！最新解读） 【导读】公募基金经理解读全球市场新变局：重视多元资产配置稳住组合基本盘 中国基金报记者 李树超 曹雯璟 张玲 近日，中美经贸高层会谈在瑞士日内瓦举行，根据双方发布的《中美日内瓦经贸会谈联合声明》，美方 取消了共计91%的加征关税，中方相应取消了91%的反制关税；美方暂停实施24%的"对等关税"，中方 也相应暂停实施24%的反制关税。 在此背景下，全球资本市场各类资产表现各异，随着"去美元化"趋势的推进，哪些资产具有相对较高的 配置价值？海外市场有哪些投资机会值得关注？从中长期视角来看，如何优化或调整大类资产配置？对 此，中国基金报记者采访了中欧预见养老2025基金经理邓达、永赢慧盈一年持有基金经理段伟良、交银 施罗德基金FOF基金经理刘迪、前海开源基金FOF投资部基金经理李赫、民生加银基金基金经理代宏 坤、诺安基金基金经理杨琨，共同解读在全球市场新变局下大类资产配置的新方向和新变化。 中欧基金邓达：中美关税谈判取得不错的进展，中国对美出口预计将显著恢复，有利于我国出口板块和 整体经济的平稳运行，并保持与其他经济体的相对竞争优势。 永赢基金段伟良：中美关税谈判落地后，资本市场总 ...

以下文章来源于巴蜀养基场 ，作者九思基哥 为什么听起来很简单的投资，做好却很难？ 投资说起来很简单，讲来讲去就是"低买高卖"、"价值投资"、"长线/逆向思维"、"资产配置"; 投资操作起来也很简单，开一个股票账户，或者是下载一个app，马上就能操作； 投资信息获取也很简单，互联网、自媒体、各种软件已经让信息是秒达; 投资赚钱似乎也很简单，到处都是资产翻了几倍的账户，处处都是股神。 巴蜀养基场 . 做好的理财经理教育，成为公募基金财富管理领域赋能的领先品牌，目前已服务280+金融机构和 100,000+理财经理。提供降费降佣背景下的行业各项解决方案（咨询、辅导、培训、基金产品测评、营 销策划等服务）基哥 18608036474（V信同号） 前天"中美关税政策调整"一出，朋友圈都是云涨停。 我一朋友刚刚减仓100万，当天晚上给我电话说有点着急了，错失了大涨； 结果昨天走势大跌眼镜，甚至都没有高开太多。昨晚该朋友又给我电话，昨天减仓了，实在是看不 懂这游戏。 PART. 0 1 但是做好投资的人很少，做好自己的投资也很难，为什么呢? 1.投资是跟人性对抗 参与投资的是人，人都是有情绪的，都是会出现"恐慌、焦虑、贪婪 ...