Core Viewpoint - The article highlights the growth and positive performance of pension target funds (养老目标基金) in China over the past seven years, emphasizing their role in enhancing public awareness of retirement savings and investment [2][3]. Growth and Scale - The number of pension target funds has increased to 273, with a total asset management scale exceeding 604.24 billion, representing a growth of over 1.1 times from nearly 52 billion at inception [5]. - The first batch of 14 pension target funds has seen a nearly 40% increase in total scale since their establishment [5]. Performance and Returns - Approximately 90% of pension target funds have achieved positive returns since their inception, with 14 funds showing a cumulative return rate exceeding 40% [7][8]. - The best-performing fund, 兴全安泰平衡养老三年持有A, has a net value growth rate of 69.26% since inception [8]. Market Environment and Investor Behavior - The growth of pension target funds is attributed to favorable policies and a recovering market environment, which have boosted investor confidence [5]. - The design of pension target funds, including lock-up periods of 1-5 years, encourages long-term holding and helps mitigate impulsive trading behavior [6][9]. Challenges and Recommendations - The article identifies challenges such as investor awareness, product homogeneity, and service experience that need to be addressed for better development of pension target funds [12]. - Suggestions for improvement include increasing tax incentives, enhancing product differentiation, and allowing more flexible investment tools [13].

Core Viewpoint - The article emphasizes the importance of diversified asset allocation strategies in response to market volatility and uncertainty, particularly in the context of the Guangdong-Hong Kong-Macao Greater Bay Area investment landscape [1][2]. Group 1: Investment Strategies in Volatile Markets - In uncertain market conditions, investors are advised to focus on asset allocation and portfolio management to achieve a balanced investment approach [3]. - Asset allocation involves diversifying funds across various asset types such as stocks, bonds, gold, and commodities to create a multi-faceted portfolio [3][4]. - The strategy is likened to forming a football team, where a mix of offensive and defensive players is essential for success, highlighting the need for a balanced approach in asset selection [3][4]. Group 2: Advantages of Using Funds for Asset Allocation - Public funds offer a wide variety of investment options, covering major asset classes like A-shares, Hong Kong stocks, U.S. stocks, gold, and bonds, allowing investors to tailor their portfolios to their risk preferences [5]. - The operational diversity of public funds, including active and passive management styles, provides investors with flexibility in their investment choices [5]. - High transparency in public funds, with regular reporting, enhances investor confidence compared to direct investments in stocks or bonds [5]. Group 3: Asset Selection and Risk Management - Investors should classify and select assets based on their functions and risk-return characteristics, considering the unique attributes of each asset type [7]. - A diversified portfolio can mitigate overall risk, as different assets react differently to market conditions, thus providing stability [6][8]. - The article suggests that investors should continuously adjust their asset allocations based on market conditions and their individual risk tolerance [11][19]. Group 4: Differentiated Asset Classes - Within major asset classes, further segmentation can enhance investment choices, such as distinguishing between growth and value stocks within equities [9]. - Fixed income assets can also be subdivided, with convertible bonds offering a blend of stock and bond characteristics, potentially outperforming traditional equities in certain market conditions [9][10]. Group 5: One-Stop Asset Allocation Tools - FOF (Fund of Funds) is recommended as a comprehensive asset allocation tool, investing in various funds to optimize risk-return profiles [14]. - FOFs provide a professional selection of funds, allowing investors to indirectly hold multiple funds through a single investment, thus enhancing diversification [14][15]. Group 6: Principles of Asset Allocation - Investors are encouraged to adhere to principles such as maintaining portfolio rebalancing to align with risk tolerance and investment goals [19]. - The impact of currency fluctuations on returns is highlighted as a critical consideration for cross-border investments, as exchange rate movements can significantly affect overall returns [20].

专题：财富启新程 湾区共潮生 2025招商银行财富合作伙伴论坛 8月7日金融一线消息，招商银行在深举办"财富启新程湾区共潮生——2025财富合作伙伴论坛"，头部基金、理财、保险、私募机构齐聚粤港澳大湾区，共商 大财富管理高质量发展新征程。 华夏基金总经理李一梅出席论坛并发表主题演讲，她表示，二季度末，公募基金市场管理规模达到34万亿的历史新高，行业连续6个季度实现盈利，二季度 合计盈利将近40003900亿元。站在高质量发展的新征程起点，财富管理的结构性变革将更为深刻，让行业存在更大发展空间。财富管理行业中，制度 向"源"、产品向"需"、策略向"稳"、服务向"实"、数字向"深"这五个趋势值得关注。 以下为演讲实录： 尊敬的王良行长，王颖副行长，各位领导，各位嘉宾，大家下午好！ 今天非常激动和兴奋在这样一个场合聆听整个行业在财富管理大格局下的各种新思考，另一方面也非常感谢有这个机会向大家汇报一下，先道个歉，我们些 可能还非常不太成熟的想法和实践，也供大家参考和指正。 今年以来，我相信大家也觉得是一个非常令人振奋的市场环境，在宏观经济回升向好，特别是资本市场改革向纵深发展推进，的过程当中，我们一揽子稳定 市场政策 ...

Core Viewpoint - In a low-risk return environment, traditional bank wealth management fails to meet investors' yield demands, leading institutional investors to seek stable returns through diversified asset allocation [1] Group 1: Understanding Institutional Investor Needs - The multi-asset team at Huaxia Fund focuses on understanding the "constraint conditions" of the liability side, which is crucial for making investment choices [4] - The team emphasizes communication with institutional clients to understand their specific needs and constraints, leading to a negative list of what cannot be done [4] - The investment strategy is shaped by the clients' requirements for absolute returns and stable relative rankings, avoiding credit downgrading strategies [4][5] Group 2: Sources of Excess Returns - The team adopts a "quality over faith" approach, focusing on the quality of underlying assets rather than relying on policy beliefs, which can be fragile [2][12] - Discipline is essential in managing human weaknesses, as absolute return products cannot tolerate annual losses, necessitating strict adherence to risk budgets [3][15] - The diverse team composition fosters collective wisdom, allowing each member to leverage their unique strengths and expertise in specific asset areas [2][19] Group 3: Investment Strategy and Execution - The team utilizes a macroeconomic strategy and has developed the MVP analysis model, which enhances their competitive advantage in duration strategies [7] - Huaxia Fund has strategically increased the duration of their portfolios, anticipating shifts in economic growth patterns, which has yielded significant excess returns [7][8] - The team recognizes the potential in convertible bonds, which often have pricing discrepancies, allowing for substantial excess returns [8][9] Group 4: Balancing Discipline and Flexibility - The team implements a main account holder model to unify risk and return characteristics across products, enhancing overall performance [15] - Each fund manager is given the autonomy to make investment decisions within the established risk budget, promoting differentiated product management [15][16] - The risk budget sets clear disciplinary boundaries, allowing fund managers to make informed decisions on where to allocate risk [16] Group 5: Multi-Asset Investment Culture - Huaxia Fund aims to create a "Lego" approach in asset management, fostering a culture that supports diverse asset types and strategies [17][22] - The team comprises professionals with varied backgrounds, enhancing their ability to navigate different economic environments and achieve stable returns [19][20] - The reliance on a strong research platform and team collaboration is essential for adapting to market fluctuations and ensuring consistent decision-making [20]

（原标题：震荡市中如何做到攻守兼备？配置思维来支招） 随着粤港澳大湾区金融市场交流日渐频繁，资产管理行业服务模式也日渐多样化，居民对投资理财的需求也进一步增加。与此同时，作为宏观经 济的"晴雨表"，资本市场的活跃、投资者信心的提振，都离不开经济的稳健运行。而投资者金融素养的提升与对资本市场信心的提振，都将有助 于为资本市场注入更多活力。 为更好地满足服务粤港澳大湾区居民投资理财和金融素养提升需求，中国基金报以"活跃资本市场，提振投资者信心"为宗旨，联合行业协会、金 融机构等共同推出"粤港澳大湾区投资公开课"系列活动。 近年来，在结构性行情主导的市场环境下，单一资产配置策略的局限性日益凸显，投资者对风险收益平衡的需求显著提升。2025年二季度以来， 海内外政策冲击使得市场波动加剧，进一步催化投资者多元配置需求。 面对经济复苏斜率变化与产业转型的复杂性，如何通过科学配置实现"下跌有缓冲、上涨有弹性"成为投资者核心诉求。 播出时间：8月6日 15点 本期节目将通过中国基金报官方视频号、中国基金报官方APP、官方微博、官方抖音、万得3C会议、百家号、雪球、东方财富、搜狐视频等全媒 体平台进行同步直播。此外，本期节目播 ...

Core Insights - Morgan Fund Management (China) announced the early closure of its Morgan Yingyuan Stable Three-Month Holding Period Mixed FOF due to overwhelming demand, with a total fundraising of nearly 2.8 billion yuan, making it the first FOF product to sell out in one day in 2025 [1][2] Group 1: Fund Characteristics - The Morgan Yingyuan FOF targets investors' needs for stable low volatility and diversified income sources, employing a "fixed income plus" strategy [2] - The fund limits equity investments to no more than 30% and includes flexible allocations to public REITs, gold, and QDII funds to diversify risk while pursuing multiple income streams [2] - Morgan Asset Management has partnered with China Merchants Bank to limit the initial fundraising scale, focusing on providing a better holding experience for investors [2] Group 2: Market Trends - The success of the Morgan Yingyuan FOF reflects a broader recovery in the FOF market, with the total number of FOFs reaching 515 and an overall scale of 165.372 billion yuan, marking a growth of 35.6 billion yuan since the beginning of the year [3][4] - The average return for equity mixed FOFs in the first half of 2025 was 4.92%, indicating strong performance that supports the recovery of the FOF market [4] - The personal pension system introduced in 2022 has accelerated the expansion of the target date and target risk FOFs, with significant increases in their numbers from 2020 to 2025 [4]

Core Viewpoint - Morgan Fund's Morgan Yingyuan Stable Three-Month Holding Mixed FOF has successfully completed its fundraising in one day, indicating strong investor interest and market recovery [2][3][5]. Fund Performance and Strategy - The fund adopted a diversified "fixed income +" strategy, focusing on high-quality bond funds to achieve stable long-term returns while also capturing investment opportunities in various global assets [5][7]. - The fund's investment in equity assets is capped at 30% of total assets, allowing for flexible allocation to public REITs, gold funds, QDII funds, and Hong Kong mutual recognition funds, which helps in diversifying overall portfolio risk [5][7]. Market Context - Since the beginning of 2025, the A-share market has shown significant recovery, leading to increased investor sentiment and a gradual rebound in the issuance of equity funds [8][9]. - As of August 4, 2025, a total of 810 new fund products have been established, with a total issuance of 626.85 billion yuan, indicating a growing interest in fund investments [8]. Industry Insights - The strong performance of FOF products is attributed to the recovery of the equity market and the solid customer base provided by the custodian bank, China Merchants Bank, known as the "king of retail" [7][9]. - The overall FOF market is expanding, with 515 FOFs currently in existence, totaling 165.37 billion yuan, reflecting a trend towards multi-asset and multi-market diversification strategies in a low-interest-rate environment [9].

Core Viewpoint - The article emphasizes the increasing recognition among investors of the importance of global asset allocation to diversify risks and enhance multiple sources of returns in the context of declining domestic interest rates [1]. Group 1: Fund Overview - The Morgan Yingyuan Stable Three-Month Holding Period Mixed FOF was officially launched on August 4, managed by Chief Investment Officer En Xuehai and Fund Manager Wu Chunjie, with En having nearly 30 years of investment research experience [1]. - The fund aims to explore a new "fixed income plus" solution for the Chinese market through a strategy of "bond foundation + overseas diversified asset enhancement" [1]. Group 2: Strategic Framework - The fund's allocation framework is based on a long-term capital market assumption (LTCMA) system, which has been tested and refined over 29 years, providing guidance for strategic asset allocation by predicting the risk-return characteristics of various asset classes over the next 10-15 years [2]. - En Xuehai noted that the combination of "bond foundation + overseas diversified assets" has a lower correlation than a simple "stock-bond mix," effectively reducing overall portfolio volatility [2]. Group 3: Risk Diversification - A rigorous screening mechanism has been established to select funds, with a focus on a "core + satellite" strategy for bond investments, selecting actively managed bond funds as core holdings while using bond ETFs for flexible adjustments [3]. - The screening process involves three layers: initial screening to eliminate low-scale and high-concentration funds, behavioral scanning to identify stable duration and credit characteristics, and platform validation to ensure strong active management capabilities [3]. Group 4: Equity Investment Strategy - For equity investments, a "quantitative first, qualitative second" screening system has been established, employing a combination of holding and net value analysis for domestic active equity funds, while monitoring premium rates and liquidity indicators for QDII products [4]. Group 5: Investor Education - The core value of FOF is to allow investors to focus on matching their risk preferences while leaving the rest to professional allocation, emphasizing the importance of understanding one's risk tolerance rather than merely selecting funds [6]. - En Xuehai believes that the current global environment of continued monetary easing and fiscal stimulus is likely to improve risk appetite, with expectations of rising inflation in the U.S. and a stable domestic market [6].

Core Insights - The article emphasizes the importance of diversified asset allocation strategies in navigating market volatility and achieving stable investment returns over the long term [1][2][3] Group 1: Market Context - The rise of diversified asset solutions post-2008 financial crisis addresses three core investor pain points: the quest for yield in a low-interest environment, high asset price volatility, and frequent economic cycles [1] - The classic 60/40 stock-bond portfolio has achieved positive returns in 27 out of 36 years since 1990, with a 75% annual positive return rate, supporting the notion that asset allocation is the "only free lunch" in investing [1] Group 2: Company Strategy - Morgan Asset Management's global multi-asset product line has surpassed 3 trillion RMB, reflecting its commitment to long-term investment strategies that go beyond short-term speculation [2] - The company integrates global perspectives with local insights, utilizing over 1,300 investment experts across more than 70 locations to analyze market trends [2] Group 3: Product Innovations - Morgan Asset Management is launching the Morgan CSI A50 ETF in 2024, which will feature a mandatory quarterly dividend mechanism, contributing to a trend of increased dividends in broad-based ETFs [3] - The firm has introduced a range of Fund of Funds (FOF) products aimed at providing stable returns through diversified asset allocation, enhancing the overall investment experience for clients [3]

Core Viewpoint - The article emphasizes the importance of diversified asset allocation as a strategy to navigate market volatility and achieve stable returns over the long term, highlighting that asset allocation has become a necessary approach in investment rather than an optional one [1][2]. Group 1: Asset Allocation Strategy - The classic 60/40 stock-bond portfolio has achieved positive returns in 27 out of 36 years since 1990, with a 75% annual positive return rate, supporting the notion that asset allocation is the "only free lunch" in investing [1]. - Asset allocation is compared to a balanced diet, where stocks represent "protein," bonds represent "carbohydrates," and commodities like gold serve as "vitamins," indicating that a scientifically balanced approach leads to true wealth health [1]. Group 2: Morgan Asset Management's Approach - Morgan Asset Management has a global multi-asset allocation product line exceeding 3 trillion RMB, emphasizing the responsibility to manage client funds with a long-term perspective rather than short-term speculation [2]. - The firm integrates global insights with local expertise, utilizing over 1,300 investment professionals across more than 70 locations worldwide to analyze market trends and provide timely insights [2]. Group 3: Innovations in Investment Products - Morgan Asset Management is launching the Morgan CSI A50 ETF in 2024, which will feature a mandatory quarterly dividend mechanism, contributing to a trend of dividend distribution among broad-based ETFs [3]. - The firm has introduced a range of Fund of Funds (FOF) products aimed at providing stable returns through diversified asset allocation, enhancing the investment experience for clients [3].