Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The report focuses on Pu Yin An Sheng's fund manager Zhang Chuan, who has 13 years of securities and finance industry research experience, including 7 years in asset allocation and FOF/MOM investment management. His investment strategy combines "risk management + asset allocation", aiming for "indexing traditional investments and systematizing active investments" to provide clear - benchmarked and transparent investment portfolios [4][9]. - The products managed by Zhang Chuan, such as Pu Yin An Sheng Yi He and Jia He, show characteristics of both return - cost ratio and quick recovery from drawdowns, offering a high - quality holding experience. The investment framework is highly consistent with the product performance, and the product performance characteristics are sustainable [24][34]. - The holding structure of the representative funds features a combination of diversified equilibrium and flexible allocation. The equity investment is highly diversified, and the bond investment combines active selection and passive flexible allocation to build a relatively balanced bond portfolio [38][40][46]. Summary by Directory 1. Pu Yin An Sheng Zhang Chuan: Creating a New FOF Investment Approach from an Asset Allocation Perspective 1.1 Fund Manager's Basic Information: A FOF Manager with Seven Years of Asset Allocation Experience - Zhang Chuan holds a master's degree in mathematics from Xi'an Jiaotong University, with 13 years of securities and finance industry research experience. He currently manages three products with a total scale of 1.305 billion yuan [4][9]. 1.2 Performance Characteristics of the Products Managed by the Fund Manager - When Zhang Chuan managed the 2021 China Merchants Bank Wealth Management Zhaozhi Hongrui Balanced Allocation Daily Open No. 3 product, its risk - return performance was stronger than the average of comparable fixed - income + products from 2023/1/3 to 2024/8/31, especially in risk control [11]. - After taking over public - offering FOFs, Zhang Chuan combined his asset allocation ideas with "indexing and systematizing" investments. After the product strategy adjustment on 2025/2/28, the net value of the products was ahead of the comparable benchmarks, with outstanding excess returns. For example, from 2025/2/28 to 2025/9/19, the cumulative return of Yi He reached 4.95%, while the comparable index return was 1.00% [16]. 1.3 Fund Manager's Investment Framework: FOF Investment under "Risk Management + Asset Allocation" - The investment framework consists of "risk management" and "asset allocation". Risk management emphasizes "weak - side thinking", focusing on risk control rather than return prediction. Asset allocation involves diversified allocation based on risk anchoring, avoiding extreme operations and emphasizing benchmark tracking [22]. - The fund manager has made comprehensive strategic changes to the two managed products, aiming for absolute returns and a good holding experience in the medium - to - long term and anchoring the strategic benchmark in the short - to - medium term, while not focusing on relative peer rankings [22]. 2. Return - Risk Characteristics: High Holding Experience with Both Return - Cost Ratio and Quick Drawdown Recovery - After the strategy and benchmark adjustment, Pu Yin An Sheng Yi He and Jia He products show characteristics consistent with the early layout. The performance benchmark of Yi He has an 18% equity position, and Jia He has a 10% equity position [24][27]. - Jia He maintains a moderate maximum drawdown (within 1% since adjustment), with obvious return performance. The performance benchmark has the characteristics of moderate risk and return, and the product has a strong tracking ability and an excess return of 1.00% [27]. - Yi He's performance is more affected by market fluctuations due to its higher equity position. However, multi - asset allocation can effectively disperse risks, and it has a short drawdown recovery time. Since the adjustment, the annualized tracking error is 1.38%, and there is an excess return of 1.42% [28][33]. 3. Holding Structure of Representative Funds: Building a FOF Portfolio with Dominant Sub - Assets through Diversified Equilibrium and Flexible Allocation 3.1 Equity Investment: Overseas Multi - Asset Diversified Allocation and Flexible Allocation of Domestic Equity Indexes - The equity investment of the products is highly diversified, actively investing in domestic broad - based indexes and overseas multiple assets such as Hong Kong stocks and foreign indexes. The two products have common characteristics in multi - regional equity asset allocation, reflecting the importance of multi - asset allocation [40]. - The two funds also have a small amount of active equity positions (about 1% each), which are mainly invested in a few products to diversify return sources from an alpha perspective [41]. - The static equity fund holding simulation shows that the performance characteristics of the equity simulation portfolio are consistent with the funds, indicating the success of multi - asset allocation [44]. 3.2 Bond Investment: Active Selection + Passive Flexibility to Build a Relatively Balanced Bond Portfolio - The bond investment strategy emphasizes a model for identifying funds and fund managers, with a focus on selecting alpha - generating funds, mainly reflected in the bond fund segment. The manager makes similar key allocations in some heavy - position active pure - bond funds and flexibly adjusts the allocation ratio of other bond assets based on different risk settings [46]. - The two funds pay attention to the balanced allocation of bond types. The heavy - position active pure - bond products are mainly credit bonds with some interest - rate bonds, and most passive bond funds are mainly allocated to interest - rate bonds, presenting a relatively balanced bond - type allocation [51].

证券研究报告 | 2025年9月25日 水牛还是价格修复？ 专题报告· 宏观经济 国信宏观 | 证券分析师：邵兴宇 | 证券分析师：田地 | 证券分析师：董德志 | | --- | --- | --- | | 010-88005483 | 0755-81982035 | 021-60933158 | | shaoxingyu@guosen.com.cn | tiandi2@guosen.com.cn | dongdz@guosen.com.cn | | S0980523070001 | S0980524090003 | S0980513100001 | 请务必阅读正文之后的免责声明及其项下所有内容 核心结论 1、（1）从资产相关性视角来看，权益资产上行核心驱动并非来自于宏观流动性过剩。（2） 从微观视角来看，本轮权益资产上行到目前为止并未引发场外资金大规模入场，而主要以 场内资金腾挪和加杠杆完成。 2、（1）市场自"反内卷"以来主导国内资本市场走势的核心因子是风险偏好回升。（2）从 三个角度看，四季度价格可能延续边际企稳：一是内外需定价品种存在显著分化；二是反 内卷逐步实施，对内需部分产生托底作用；三是诸如M ...

Core Viewpoint - The "Second Golden Unicorn Best Investment Advisor Selection" event highlights the rapid growth of China's wealth management industry, emphasizing the critical role of investment advisors in guiding asset allocation for the public [1] Group 1: Industry Growth and Challenges - The wealth management industry in China is entering a high-growth cycle as residents' financial literacy improves [1] - Investment advisors face challenges such as the shift from "single investment" to "comprehensive wealth planning," necessitating a broader skill set beyond just financial knowledge [2] - The era of "knowledge payment + professional capability" is identified as a core challenge for the industry's transformation, with many advisors still focused on product sales rather than comprehensive service [2] Group 2: Service Innovation and Technology - The future service philosophy for investment advisors should integrate technology to provide diversified, supportive services rather than just product offerings [2] - The "asset allocation + buy-side advisory + all-staff advisory" model is recognized as a leading service approach, emphasizing the importance of personalized and professional service [2] - The concept of "warm service" is not merely a slogan but a tangible aspect of daily operations at companies like Guangfa Securities, which aims to enhance traditional service methods [2]

当看到银行账户上显示着四五十万存款时，许多家庭会感到一阵欣慰与踏实。这确实是勤劳与智慧的结 晶，是无数个日夜奋斗的结果。在这个充满不确定性的时代，拥有这样一笔储备，无疑为家庭提供了一 层安全感。然而，真正的挑战或许才刚刚开始——如何守住这笔财富，甚至让它稳健增值，需要的远不 止是赚钱的智慧。 除了外部陷阱，家庭内部的财务决策分歧同样可能导致财富流失。夫妻双方对资金使用方向有不同看 法，一方想买房，一方想创业；子女教育规划与养老准备之间的资源分配矛盾；甚至因突然的财富带来 的消费心态变化，都可能让这笔钱在不知不觉中流失。 那么，如何才能真正守住四五十万的家庭存款呢？ 建立理性的财务观是首要任务。 必须清醒认识到，四五十万在当今社会其实并不"经花"——可能只够 支付一套三四线城市房子的首付，或是一个孩子从大学到研究生的教育费用，甚至只是一场大病的医疗 开销。保持对金钱的敬畏，是守住财富的心理基础。 构建防御性资产配置至关重要。 专业财务规划师通常建议将家庭资产分为四个部分：流动性资产（如 活期存款，用于应急）、安全性资产（如定期存款、国债）、投资性资产（如基金、股票）和保障性资 产（如保险）。对于四五十万的家庭存 ...

近期，为了应对多变的市场环境，多家公募机构旗下投顾产品开启了新一轮的调仓。有的组合降低了混 合型基金的仓位，提升了固收类基金的配置比例；有的组合在受益于美联储降息的资产中寻找优质标 的；还有的组合加仓了中长期净值表现相对稳健的均衡型基金。面对当下权益市场的波动，有投顾机构 表示，短期震荡不改权益市场整体向上的态势，应该理性看待获利盘的卖出，避免追涨杀跌，以中长期 视角均衡配置资产。（中国证券报） 来源：滚动播报 ...

近期，为了应对多变的市场环境，多家公募机构旗下投顾产品开启了新一轮的调仓。有的组合降低了混 合型基金的仓位，提升了固收类基金的配置比例；有的组合在受益于美联储降息的资产中寻找优质标 的；还有的组合加仓了中长期净值表现相对稳健的均衡型基金。 面对当下权益市场的波动，有投顾机 构表示，短期震荡不改权益市场整体向上的态势，应该理性看待获利盘的卖出，避免追涨杀跌，以中长 期视角均衡配置资产。（中证报） ...

商品ETF是以商品类指数作为跟踪标的的ETF基金产品，通过复制指数的方式，以市场上某一商品指数 为业绩基准构建一篮子商品组合。 国内商品ETF可以根据运作方式不同细分为有实物支撑的ETF和非实物支撑ETF。前者通过持有实物资 产或仓单的方式运作，如黄金ETF；后者则主要包括商品期货ETF，其以持有商品期货合约为主要策 略，以跟踪商品期货价格指数为投资目标。 无论哪种运作方式，商品ETF相较于其他资产类别ETF都有独特之处，具体包括但不限于： 商品ETF通过将商品投资模式设计成证券投资基金参与，通过投资商品ETF的形式，投资者仅需按照常 规场内基金的投资方式就能间接参与大宗商品交易，大大提高了个人投资者参与商品配置与交易的便利 性。 此外，ETF参与门槛低，交易便利，既可以在二级市场像买卖股票一样买卖基金份额，也可以在一级市 场申购赎回。 选自深圳证券交易所基金管理部编著的《深交所ETF投资问答》（中国财政经济出版社2024年版） （文章来源：证券日报） 商品ETF与其他大类资产相关性低，可分散风险；与其他大类资产投资互补性强，有效优化组合的收益 风险比；商品ETF的发展为资产配置提供了多样化选择，对于丰富市场 ...

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 内容综合自： 摩根资产管理ETF 来源：雪球 相信很多人还记得，去年"924行情"的波澜壮阔，wind数据显示，"924行情"至今，AH整体仍有亮眼表现。"924行情"一周年之际，看看A 股"924行情"以来有何变化，当下行情又到哪儿了？ 01 表现亮眼！"924行情"以来AH涨超全球主要指数 去年"924行情"以来，AH主要指数表现可以说是领涨全球主要市场指数。 "924行情"以来全球主要指数表现（%） 数据来源：wind，数据区间2024.9.24-2025.9.22 A股成交额再超3万亿元！但仍低于924行情峰值 Wind数据显示，9月18日 A股单日成交额再超3万亿元，单日成交额位列A股历史第4。 924以来A股成交额及区间换手 指数的过往表现并不预示其未来表现，也不构成对指数基金业绩表现的保证。 02 24157亿元！两融余额创2015年来新高 Wind数据显示，9月22日，作为市场情绪指标之一的两融余额创2015年来新高，达到24157亿元！ 两融余额占A股流通市值看，9月2 ...

Group 1: Forum Overview - The "2025 China Securities Industry Wealth Brokerage Summit Forum" was held on September 24 in Beijing, focusing on the transformation paths and ecological construction of wealth management in the securities industry under new policies [1] - The forum gathered over a hundred industry elites from more than 60 securities firms, discussing the significant opportunities in asset allocation, product innovation, and customer service due to the implementation of new policies and the active A-share market [1] Group 2: Key Insights from Speakers - The Vice President of Securities Times highlighted that the wealth management business of securities firms is entering a "beautiful time" due to the warming capital market and expanding wealth management needs of Chinese residents [2] - Future success in wealth management relies on four key aspects: customer-centric approach, embracing financial technology, enhancing internal and external collaboration, and ensuring compliance [2] - The president of Guolian Minsheng Securities emphasized the importance of sustainable returns through professional asset allocation and the role of technology in optimizing client service [3] Group 3: Roundtable Discussions - Two roundtable discussions were held, focusing on collaborative empowerment in wealth management and innovations in buy-side advisory service models [4] - Key industry figures participated in these discussions, exploring value resonance paths in wealth management ecosystems [4] Group 4: Awards Announced - The "2025 China Securities Industry Wealth Brokerage Jun Ding Award" winners were announced during the forum, recognizing leading figures and firms in wealth management [6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24]

Core Viewpoint - The forum emphasized the transformation path and ecological construction of wealth management in the securities industry, highlighting significant opportunities for development in asset allocation, product innovation, and customer service due to the implementation of new policies and the recovery of the capital market [2][3]. Group 1: Forum Overview - The "2025 China Securities Industry Wealth Brokerage Summit Forum" was held in Beijing, focusing on the theme "Intelligent Wealth Together, Win the Future" [1]. - Over 100 industry elites from more than 60 securities companies attended the forum, discussing the future of wealth management in the context of ongoing capital market reforms and the acceleration of medium to long-term capital inflows [2]. Group 2: Key Insights from Speakers - Securities Times' Deputy Editor-in-Chief highlighted that the wealth management business of securities firms is entering a "beautiful time" due to the warming of the capital market and the expanding demand for wealth management among Chinese residents [2]. - The future of wealth management relies on four key aspects: maintaining a customer-centric approach, embracing financial technology, enhancing internal and external collaboration, and ensuring compliance to safeguard against risks [2]. - South Fund's Deputy General Manager emphasized the importance of collaboration between fund companies and securities firms to effectively connect the real economy with residents' wealth [3]. Group 3: Trends in Wealth Management - The president of Guolian Minsheng Securities discussed the new trend of wealth management transformation driven by AI and buyer advisory services, focusing on sustainable returns for investors [3]. - The importance of asset allocation and the need to navigate market cycles were stressed, with a call for wealth management institutions to evolve from mere product distributors to providers of a healthy wealth ecosystem [4]. Group 4: Awards and Recognition - The forum also announced the results of the "2025 China Securities Industry Wealth Brokerage Awards," recognizing outstanding contributions in various categories, including wealth management leadership and retail wealth services [6][7][11].