Global Macro - The report emphasizes the need for a defensive yet growth-oriented global asset allocation strategy over the next three to five years, considering the increasing global economic uncertainty due to U.S. trade policy changes and geopolitical complexities [1][2][3] Economic Outlook - The global economic recovery in the first half of 2025 is primarily supported by export and investment activities, particularly in China, while private consumption remains subdued [2][21] - The IMF forecasts China's real GDP growth at 4.8% for 2025, with continued recovery expected from 2026 to 2030 [21] - The U.S. GDP growth is projected at 1.9% for 2025, with an average annual compound growth rate of 2.02% from 2026 to 2030 [27] - The Eurozone is expected to see GDP growth gradually increase from 0.9% in 2025 to 1.3% by 2027, benefiting from wage and employment growth [2][29] Asset Allocation Trends - Over the past five years, there has been a trend of reducing traditional asset allocations while increasing fixed income and alternative assets [3][40] - The report highlights a shift in investor preferences towards high-quality bonds and growth sectors such as technology and healthcare, while also considering private market investments [45][49] - The report notes that international sovereign funds are increasingly focusing on Chinese assets, particularly in sectors like digital technology and clean energy [40][41] Future Asset Allocation Recommendations - For the period 2025-2027, the report suggests a gradual shift towards a more aggressive asset allocation, emphasizing increased exposure to China and other emerging markets [3][33] - In 2028-2029, it recommends reducing exposure to overvalued assets and reallocating towards value and defensive sectors due to rising recession risks [3][33] Market Participants Analysis - The report indicates that global investors are increasingly diversifying their portfolios, with a notable preference for alternative assets such as private equity and real estate [39][40] - Family offices are shifting their asset allocations towards equities and alternative investments, reflecting a trend towards more aggressive investment strategies [50][51]

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry [3]. Core Insights - The banking wealth management market is facing challenges due to a "low interest rate, low growth, and low risk appetite" environment, which is impacting profitability and asset allocation [4][11]. - There is a significant potential for growth in the wealth management market, necessitating a focus on long-term investment philosophies, technological empowerment, and enhanced customer experiences [4][11]. - Recent trends indicate a recovery in bank wealth management product yields, driven by improved sentiment in the bond market [5][14]. Summary by Sections Regulatory and Industry Dynamics - On August 7, 2025, China Merchants Bank hosted a forum highlighting the wealth management market's potential and the structural challenges faced by institutions [4][11]. - The industry is urged to enhance long-term investment strategies, optimize asset allocation, and improve customer experiences [4][11]. Peer Innovation Dynamics - Huibin Wealth Management launched the "Star Huibin+" multi-asset strategy product system, integrating various investment strategies to enhance risk diversification and return optimization [4][12]. - Xingyin Wealth Management successfully completed the first equity subscription registration project in Fujian Province, marking a significant milestone in their service offerings [4][13]. Yield Performance - For the week of August 4-10, 2025, cash management products recorded a 7-day annualized yield of 1.34%, down 2 basis points from the previous week [5][14]. - The bond market exhibited a volatile pattern influenced by various factors, including central bank liquidity support and stock market performance [5][15]. Net Value Tracking - The net value ratio of bank wealth management products decreased to 0.91%, down 1.44 percentage points, indicating a positive trend in credit spreads [5][24]. - The current credit spread remains at a historical low, suggesting limited value for investors [5][24].

- The Black-Litterman model (BL model) is used for asset allocation, combining investor views with market equilibrium[17][20] - The construction process of the BL model involves adjusting the expected returns based on investor views and then optimizing the portfolio using mean-variance optimization[17][20] - The Risk Parity model aims to allocate risk equally across all assets in a portfolio, rather than allocating capital equally[27][30] - The construction process of the Risk Parity model involves calculating the risk contribution of each asset and solving an optimization problem to equalize these contributions[28][29][30] - The Counter-Cyclical Allocation model adjusts asset allocation based on economic cycles, aiming to reduce risk during downturns and increase exposure during upturns[11][43] - The Macro Momentum Timing model uses macroeconomic indicators to time market entries and exits, aiming to capture trends and avoid downturns[11][60] - The Sentiment Timing model uses investor sentiment indicators to time market entries and exits, aiming to capitalize on market overreactions[67] Model Performance Metrics - **Black-Litterman Model**: Annualized return 6.58%, maximum drawdown 3.18%, annualized volatility 2.15%, Sharpe ratio 1.86, Calmar ratio 2.07[22][24] - **Risk Parity Model**: Annualized return 6.07%, maximum drawdown 3.78%, annualized volatility 2.26%, Sharpe ratio 1.58, Calmar ratio 1.61[31] - **Counter-Cyclical Allocation Model**: Annualized return 7.36%, maximum drawdown 8.85%, annualized volatility 6.12%, Sharpe ratio 1.13, Calmar ratio 0.85[43][47] - **Macro Momentum Timing Model**: Annualized return 7.06%, maximum drawdown 6.60%, annualized volatility 6.06%, Sharpe ratio 1.13, Calmar ratio 1.97[60] - **Sentiment Timing Model**: Annualized return 7.74%, maximum drawdown 24.91%, annualized volatility 17.49%, Sharpe ratio 1.01, Calmar ratio 0.62[67][87]

港交所披露易信息显示，8月11日，民生保险在场内增持100万股浙商银行H股股份，耗资约277万港 元。 增持完成后，民生保险以"实益拥有人"身份持有2.96亿股浙商银行H股，占该行H股股本突破5%，触发 举牌。 民生保险是国内首家以民营资本为投资主体的全国性专业人身保险公司，2003年6月成立，总部位于上 海，注册资本60亿元。截至去年底，公司总资产超过1400亿元。 险资举牌不停步！ 港交所披露易最新信息显示，民生保险于8月11日增持100万股浙商银行H股股份后，于当日达到该行H 股股本的5%，根据港股市场规则，触发举牌。 截至目前，今年已有7家银行被险资举牌，包括邮储银行、招商银行、农业银行、杭州银行、中信银 行、郑州银行、浙商银行。其中，招商银行是唯一一家被三度举牌的上市银行。 业内人士分析，多重因素作用下，险资对于权益资产尤其是红利资产的配置比例处于上升通道，而银行 股这类发展稳健的高股息股票是非常重要的配置标的。 民生保险举牌 频获险资增持 值得一提的是，除民生保险外，近年来，该行还获多家险资增持。 2020年底，百年人寿在场内增持4100万股浙商银行H股，持股数量达到该行H股总数5%的举牌线。此 ...

Core Viewpoint - The issuance of technology innovation bonds (科创债) in China has seen explosive growth, exceeding 800 billion yuan within three months, driven by strong participation from financial institutions [1][2]. Group 1: Macro Demand - The issuance of 科创债 reflects the macro demand for national technology innovation strategies, as China is undergoing a critical economic structural transformation, focusing on upgrading traditional industries and promoting emerging sectors like artificial intelligence and biomedicine [3]. - The government aims to guide financial resources into key technology areas to enhance independent innovation capabilities and strengthen national technological power and competitiveness [3]. Group 2: Financing Needs of Tech Enterprises - Technology companies face urgent financing needs due to long R&D cycles and high uncertainty, often lacking the collateral required for traditional bank loans [4]. - 科创债 provides a new financing channel through medium to long-term direct financing, meeting the funding requirements for technology development and project investment [4]. Group 3: Financial Institutions' Business Expansion - Financial institutions are actively participating in the issuance of 科创债 to capture market share and accumulate service experience, particularly small and medium-sized banks [5][6]. - Policy support has optimized the issuance process, reducing costs and barriers for small banks, allowing them to better serve local technology innovation needs [6]. Group 4: Investor Asset Allocation Needs - In a declining interest rate environment, investors are increasingly seeking diversified asset allocation, with 科创债 attracting attention due to its credit premium and policy support [7]. - The bonds offer competitive interest rates compared to similar short-term assets, and innovative terms set by exchanges enhance their investment value and exit mechanisms [7].

制图:朱林(即梦AI) "当前，招行为超2亿个人客户提供优质服务，管理零售客户总资产(AUM)规模超16万亿元"。招商银行 行长王良在8月7日举办的"财富启新程 湾区共潮生——2025财富合作伙伴论坛"上宣布。据了解，这是 国内首家达成此里程碑的股份制商业银行，"零售之王"招牌再次闪亮。 南都记者注意到，在招商银行2024年度股东大会上，有股东对招商银行近年基金销售"不理想"提出疑 虑，王良既坦诚过去在ETF基金等布局不完整，也介绍了"坚持为客户创造价值，从更合理的资产配置 看待每一只产品销售"的财富管理理念。 在零售AUM突破16万亿之际，王良在论坛上又带来了哪些财富管理新思考?南都记者解锁"零售之王"财 富管理的"变"与"不变"，讲述16万亿为何是里程碑也是新起点。 "长坡厚雪" 零售AUM是衡量银行零售业务强弱的关键指标 早在2007年招商银行就在业内率先提出零售AUM的经营理念，并用9年时间达成第一个5万亿。此后， 招商银行走出了财富管理的加速度，第二个5万亿缩短至5年，而此次超越第三个5万亿仅用3年多。 零售AUM包括客户存款、理财、基金等，它反映银行零售业务的综合客户价值和财富管理能力，是衡 量银 ...

Group 1 - The public fund issuance market is showing positive signals, with 33 new funds planned for issuance this week, marking the third consecutive week with over 30 funds issued [1] - In the last three weeks, a total of 85 equity funds (stock and mixed) have been issued, accounting for over 80% of the total [1] - The continuous recovery in the net value growth rate of equity funds is driving further warming in fund issuance, with 28 out of the 33 planned funds being equity funds [1] Group 2 - The explosive growth of index funds is attributed to three main factors: increased demand for transparent and low-cost passive tools, effective risk avoidance through diversified investments, and the acceleration of fund companies in enhancing their passive product offerings [2] - The issuance of FOF (fund of funds) is also on the rise, with 2 mixed FOF funds planned for issuance this week, reflecting a growing recognition of professional asset allocation tools among investors [2] - The favorable market environment and the advantages of FOF funds, such as multi-asset allocation capabilities, are driving the continuous recovery in FOF fund issuance [2] Group 3 - A total of 27 public fund institutions participated in new fund issuance this week, with 21 institutions planning to issue one fund each and 6 institutions planning to issue at least two funds [3] - The heat of public fund issuance is expected to continue, with index and innovative products likely to be highlights, as changing investor perceptions are attracting interest in new funds [3]

在投资者热情高涨的同时，京东金融也在持续谋求从"基金销售平台"向"资产配置服务商"转型。对于备受投资者关注 的下一阶段资产配置的重点内容，京东金融财富投研团队根据不同板块的实际特征作出研判。 京东金融财富投研团队负责人冯永昌表示，2025年下半年市场中风险资产的乐观情绪将超过避险资产，A股和美股有 望保持稳定，债券可提供底仓收益，黄金作为超主权货币也可纳入投资组合。 具体来看，债市方面，京东金融财富投研团队认为，利率下行趋势尚未终结，建议投资者可缩短纯债资产久期，使其 发挥稳定底仓收益的作用，同时将更多风险预算分配至"固收+"类产品，以获取更高的收益弹性。 北京商报讯（记者 廖蒙）8月12日，A股市场全天震荡走高，全市场超2000只个股上涨，沪指录得7连阳，三大指数均 再创年内新高。火热态势下，金融市场交投活跃度显著提升，进一步引发了投资者对于新周期下投资策略的关注。 同日，京东金融举办"秋聚丰势启新程——京东财富15理财日投资策略会"，与会嘉宾共同探讨全球资产配置新机遇与 财富管理服务升级路径。京东金融也对平台用户结构、投资偏好等进行了披露。 根据京东金融发布的数据，从用户结构来看，京东金融平台基金投资者呈 ...

Core Insights - The A-share market continues to show strength, with all three major indices reaching new highs for the year, indicating increased trading activity [1] - The demographic of young investors is rising, with those aged 25-35 making up 40% and those aged 18-25 accounting for 20%, highlighting the growing influence of Generation Z in fund investments [1] Group 1: Market Performance - The A-share market has shown significant momentum, with all three major indices achieving new annual highs, reflecting a robust trading environment [1] - The trading activity on the market has notably increased, suggesting a positive sentiment among investors [1] Group 2: Investor Demographics - Young investors are becoming a significant force in fund investments, with over 60% of investors aged 25 and under [1] - The platform's user base is characterized by a youthful demographic, indicating a shift in investment behavior towards younger generations [1] Group 3: Investment Preferences - The investment choices of platform users are diverse, with active equity funds and index funds comprising 68% of the portfolio, showcasing investor confidence in structural market trends [2] - Conservative bond funds account for approximately 15%, while "stable income+" products make up 5%, indicating a balanced approach to risk and return among some investors [2] Group 4: Service Enhancements - The fund channel of the platform has undergone a comprehensive upgrade, utilizing AI to capture market trends in real-time and creating four major investment IP matrices [2] - The company aims to enhance its "investor-centric" service philosophy through technology and professional services, focusing on global asset allocation and improving user experience [2]

Core Viewpoint - JD Finance has revealed important investor data, highlighting a significant increase in young investors, particularly those aged 25-35 and 18-25, indicating a shift in the investor demographic towards the "Z generation" [2][5]. Group 1: Investor Demographics - The proportion of investors aged 25-35 is approximately 40%, while those aged 18-25 account for about 20%, together making up over half of the investor base [5]. - The "Z generation" is becoming a key growth force in fund investments [2]. Group 2: Fund Performance and User Engagement - As of July 2025, the number of new users on the JD Finance platform has increased by 58% year-on-year, and the number of fund trading users has grown by 47%, indicating a rise in trading activity [5]. - The platform's fund offerings include various types such as money market funds, bond funds, mixed funds, and equity funds, with a total non-money fund scale of 126.3 billion yuan expected by the end of 2024 [4]. Group 3: Investment Preferences - Investors show a diversified product selection, with active equity funds and index funds making up 68% of the portfolio, reflecting confidence in structural market trends [5]. - Stable bond funds account for about 15%, and "fixed income +" products represent 5%, indicating a balanced approach to risk and return among some investors [5]. Group 4: Geographic Distribution - The top three provinces for fund purchases are Guangdong, Jiangsu, and Beijing, where investors exhibit higher sensitivity to market opportunities [5]. Group 5: Strategic Focus - JD Finance is prioritizing the development of equity funds, aiming to enhance the scale and proportion of equity assets in wealth allocation [6]. - The company plans to deepen its "investor-centric" service philosophy, leveraging technology and professional services to create more value for investors [6].