Group 1 - In July, the A-share market experienced a significant recovery, leading to a surge in private fund registrations, with 1,298 funds registered, marking an 18% month-on-month increase and setting a new record since 2025 [1] - The increase in private fund registrations is attributed to three main factors: the strong performance of the A-share market boosting investor confidence, the excellent performance of quantitative strategy products attracting substantial capital inflow, and the improved supply from leading institutions enhancing overall competitiveness in the private fund industry [1] - Equity strategy funds dominated the registration landscape, accounting for nearly 70% of total registrations, with 887 equity strategy funds registered, reflecting a 24.58% month-on-month growth [1] Group 2 - The multi-asset strategy is gaining traction, with 162 funds registered in July, representing 12.48% of total registrations and a 5.88% month-on-month increase, indicating a growing demand for diversified investment [2] - The futures and derivatives strategy also showed steady growth, with 125 funds registered, accounting for 9.63% of total registrations, reflecting a slight 1.63% month-on-month increase [2] - The number of registrations for bond and combination fund strategies remained relatively low, suggesting an increase in investor risk appetite amid the market recovery [2] Group 3 - The leading private fund institutions in terms of registration volume are those with assets exceeding 100 billion, with 48 such institutions registering a total of 198 funds in July [2] - Among the 676 private institutions that completed registrations, 12 out of 13 institutions with at least 10 registered funds were 100 billion-level private institutions, highlighting their dominance in the market [2] - Quantitative private fund institutions, such as Inno (Shanghai) Asset Management Co., Ltd., registered 7 funds in July, emphasizing the importance of adaptability and risk control in a complex market environment [3]

Core Insights - The A-share market has seen a significant rebound in July, leading to increased investor confidence and a peak in private equity securities product registrations [1][6] - A total of 1,298 private equity securities products were registered in July, marking an 18% month-on-month increase and the highest level in nearly 27 months [1] - Year-to-date, 6,759 private equity securities products have been registered, reflecting a year-on-year increase of 61.39% [1] Strategy Breakdown - Stock strategies dominate the registration landscape, with 887 products registered in July, accounting for 68.34% of total registrations and a month-on-month growth of 24.58% [1][3] - Multi-asset strategies have become the second-largest category, with 162 products registered in July, representing 12.48% of total registrations and a month-on-month increase of 5.88% [1][3] - Futures and derivatives strategies have also gained traction, with 125 products registered in July, making up 9.63% of total registrations and a stable month-on-month growth of 1.63% [1][3] Quantitative Products - Quantitative private equity products saw a substantial increase, with 620 products registered in July, accounting for 47.77% of total registrations and a month-on-month growth of 19% [3][5] - Stock strategies are the primary focus within quantitative products, with 478 stock strategy products registered in July, representing 77.1% of total quantitative registrations and a month-on-month increase of 26.79% [4][5] - Among stock quantitative products, index-enhanced products are predominant, with 321 registered in July, accounting for 67.15% of stock quantitative products and a remarkable month-on-month growth of 52.13% [4][5] Market Dynamics - The positive performance of the A-share market, with the Shanghai Composite Index surpassing the 3,600-point mark, has significantly boosted investor enthusiasm and confidence [6] - The private equity sector is experiencing an influx of funds, driven by the superior performance of quantitative strategy products, which are attracting strong asset allocation demand [6] - Continuous optimization in the supply side of the private equity industry, with the emergence of leading institutions and quality products, is enhancing overall competitiveness and improving market perception [6]

Core Viewpoint - The recent significant decline in the net value of multiple products under Honghu Investment has led to a wave of investor redemptions, contrasting sharply with the company's previous year of outstanding performance, where annual returns approached 90% [1][2] Group 1: Performance Overview - In the past week (July 28 to August 1), several products from Honghu Investment experienced substantial declines, with specific products showing weekly drawdowns of 6.61%, 6.6%, and 6.57% respectively [2] - The company had previously achieved a remarkable performance in 2024, with its flagship product generating an annual return of 88.23%, ranking second among 886 fund managers [6][7] Group 2: Investment Strategy and Market Conditions - Honghu Investment attributed the recent negative returns to a mismatch between medium-term fundamental signals and short-term market price signals, leading to significant portfolio drawdowns [4][5] - The company noted that the "anti-involution" expectations began to impact the commodity supply chain in mid-July, prompting adjustments in their investment strategy [4] - Despite the recent downturn, the company maintains a diversified asset allocation strategy, with bond assets contributing over 1% positive returns, while equities and commodities faced declines [5] Group 3: Future Outlook - Looking ahead to 2025, the company plans to focus on the commodity market, anticipating increased volatility in precious metals that have performed well over the past three years [1][7] - The company has indicated that it will continue to monitor the dynamics of supply and demand in the commodity sector, particularly in light of potential policy changes affecting production limits [4][5]

Core Insights - The article emphasizes the importance of balanced asset allocation and long-term returns in the current investment landscape, characterized by declining interest rates and market volatility [1][2] Investment Philosophy - The investment philosophy of the company, as articulated by fund manager Zhu Zhefeng, focuses on value investing, which includes three key principles: long-termism, questioning market valuations, and understanding a company's future potential [3] - Zhu Zhefeng highlights the distinction between short-term temptations and long-term value, stressing that successful investing requires both professional expertise and integrity [3][2] Performance Metrics - Since Zhu Zhefeng took over as fund manager in July 2023, the net value of the mixed bond fund "Xingquan Huihong" has increased by 11.57%, outperforming its benchmark by 4.87 percentage points as of June 30, 2025 [3] Fixed Income Strategy - The company’s fixed income strategy, particularly the "Fixed Income +" product, aims to provide yield flexibility through diversified asset allocation, catering to investors with moderate risk tolerance [4] - The performance benchmark for the "Xingquan Global Fengde Bond Fund" is set to a composite of various indices, emphasizing low volatility, with a return of 4.79% and a maximum drawdown of only 1.02% since inception [4] Asset Allocation Approach - Zhu Zhefeng emphasizes the importance of balancing equity and debt in the "Fixed Income +" products, leveraging the company's historical expertise in convertible bonds to navigate market fluctuations [5] - For the second half of the year, the company plans to adopt a conservative approach in pure debt investments, focusing on credit risk management while seeking structural opportunities in convertible bonds and favoring dividend-paying stocks and sectors with strong fundamentals [6]

Core Viewpoint - The article emphasizes the importance of recognizing and preparing for "black swan" events, which are rare and unpredictable occurrences that can have significant impacts on markets. It advocates for a "antifragile" investment approach that benefits from uncertainty rather than attempting to predict these events [3][4][10]. Group 1: Understanding Black Swan Events - Black swan events are defined as extremely rare occurrences that lie outside the realm of regular expectations and can have devastating effects once they occur. Examples include the subprime mortgage crisis and geopolitical conflicts [6]. - The article identifies three main factors that contribute to the emergence of black swan events: cognitive biases, system fragility, and tail risks. Cognitive biases lead investors to rely too heavily on historical data, while system fragility arises when systems depend on specific assumptions that, if disrupted, can lead to collapse [6][7][8]. Group 2: Antifragile Investment Strategies - The article discusses several strategies to enhance portfolio resilience against black swan events: - **Barbell Strategy**: This involves allocating most assets to low-risk investments (like government bonds) and a small portion to high-risk assets, minimizing potential losses during black swan events [11]. - **Multi-Asset Allocation**: Diversifying investments across various asset classes that are low or negatively correlated can help mitigate the impact of specific shocks. For instance, during economic downturns, high-quality bonds may rise in value while stocks fall [12]. - **Multi-Strategy Allocation**: This strategy involves investing in various independent strategies that have different risk-return profiles, providing a hedge against market volatility [13]. - **Utilizing Options**: Options can serve as effective tools for hedging against black swan events due to their non-linear payoff structures. For example, buying deep out-of-the-money put options can provide significant protection at a low cost [14][15]. Group 3: Conclusion and Implementation - The article concludes that the best approach to dealing with uncertainty is to build an investment system with antifragile characteristics in calm periods, rather than reacting in panic during crises. Continuous learning and adaptation are essential for successfully navigating the complexities of the market [16].

Core Viewpoint - The article discusses the evolution and trends in Fund of Funds (FOF) investment, emphasizing the importance of multi-asset and multi-strategy configurations in portfolio construction, as well as the significance of fund selection and investment objectives in achieving stable returns [2][10]. Group 1: Portfolio Construction - The importance of asset allocation is well-known, with classic investment theory suggesting that 90% of fund performance comes from asset allocation. However, many domestic investors initially understood asset allocation as merely the proportion of equities, bonds, and cash, which requires high foresight and predictability [4]. - The diversification of investment tools has allowed for a more mature multi-asset allocation environment in China since 2022, with an increasing number of tools available for FOF investment, including QDII funds and commodity funds [4][5]. - A key aspect of multi-asset allocation is to maintain low correlation between different asset classes, ideally negative correlation, to enhance net value stability. However, investors should be cautious of sudden high correlations during extreme market conditions [7]. - A new direction in asset allocation is multi-strategy configuration, which has been effectively applied in quantitative private equity. This approach combines various effective strategies to achieve more stable excess returns [7][8]. Group 2: Fund Selection - The two main pillars of FOF investment are asset allocation and fund selection. Despite the increasing importance of asset allocation, the significance of fund selection remains high. The ability to select funds is fundamentally about acquiring the alpha capability of fund managers [11]. - The alpha capability of excellent fund managers has shown a trend of recovery since 2025, with active management of public equity funds significantly outperforming mainstream market indices [11][12]. - When assessing a fund manager's alpha capability, it is crucial to separate industry beta and thematic beta, as these represent structural risks rather than true alpha [12]. Group 3: Investment Objectives - Common investment objectives for public funds include pursuing absolute returns, outperforming benchmarks, and leading in peer rankings. Each of these objectives holds different importance for investors, managers, and peer institutions [15]. - Absolute return is considered the ultimate goal for any investment product, especially after recent market fluctuations. Regulatory bodies have begun to suggest that average absolute returns should be a key performance indicator for fund managers [16]. - Outperforming benchmarks is essential for establishing trust with investors and is a core competency for fund companies. Recent market changes have highlighted the need for funds to consistently exceed benchmarks to ensure healthy industry development [17][18]. - Leading in rankings should not be an explicit goal, as it can lead to herd behavior among fund managers. Instead, focusing on absolute returns and benchmark outperformance will naturally result in favorable rankings over time [19].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The industry and market are increasingly focusing on multi - asset ETFs as an innovative product offering one - stop asset allocation solutions. The report explores the development of US multi - asset ETFs to provide insights for domestic market innovation [2][11]. - US multi - asset ETFs have shown significant growth in recent years, with distinct characteristics such as strong head - effects in scale, rapid development of actively managed products, and extensive application of FOF - type products [2][20][31]. - The development of US multi - asset ETFs offers important lessons for the domestic market, including deepening multi - asset index development, diversifying allocation strategies, and broadening underlying asset investment tools [5]. 3. Summary by Directory 3.1 Two Action Plans Mentioned, Multi - asset ETFs Are Approaching - The "Public Offering Plan" emphasizes increasing the creation of asset - allocation products to meet the needs of investors with different risk preferences and promote the coordinated development of equity and fixed - income investments [8]. - The "Index Plan" proposes researching and launching innovative index products such as multi - asset ETFs and expanding the underlying asset categories of ETFs. Recent releases of multi - asset indices indicate growing market attention [10][11]. 3.2 Analysis of the Development History and Current Situation of US Multi - asset ETFs - In 2005, BlackRock issued the world's first multi - asset ETF in Canada. In 2006, Invesco launched the first US multi - asset ETF. After the 2008 financial crisis, multi - asset ETFs evolved rapidly [13][14]. - As of March 31, 2025, there are 181 multi - asset ETFs in the US market, with a total scale of $36 billion, ranking first globally. However, their scale accounts for only 0.35% of all US ETFs, indicating significant growth potential [18]. - The top three fund managers in terms of management scale are BlackRock, Pacer Advisors, and First Trust Portfolios, with a combined scale ratio of 45.35%. The top ten multi - asset ETFs in terms of fund scale account for 51.26% of the total scale [22][25]. - Actively managed multi - asset ETFs have developed rapidly. As of March 31, 2025, 146 out of 181 multi - asset ETFs are actively managed, accounting for 80.66%. Their issuance has increased explosively since 2021 [31]. - FOF - type products are widely used in US multi - asset ETFs. As of March 31, 2025, 73 out of 181 multi - asset ETFs are marked as FOF - type, accounting for nearly 40%, with a fund scale of $13.041 billion, about 36% of the total [34]. - The expense ratios of US multi - asset ETFs vary significantly. The average expense ratio of all 181 multi - asset ETFs is 0.80%, with actively managed and passively managed products having average expense ratios of 0.83% and 0.69% respectively. The expense ratio has generally remained low since 2016 [5][40]. 3.3 Exploration of the Strategy Classification of US Multi - asset ETFs - **Core Allocation Type**: This is the most common strategy type, further divided into target - risk, macro - strategy, and subjective - allocation subtypes. Target - risk type aims to meet pre - designed risk metrics, with 28 products and a scale of $8.176 billion. Macro - strategy type adjusts asset allocation based on macro - economic analysis, with 12 products and a scale of $0.937 billion. Subjective - allocation type gives investment managers high freedom, with 57 products and a scale of $10.402 billion [44][47][51]. - **Trend - Following Type**: These ETFs use momentum factors or trend - following models for asset allocation. As of March 31, 2025, there are 26 products with a scale of $7.193 billion, accounting for about 20% of the total [54][55]. - **Target - Dividend Type**: These ETFs focus on interest (dividend) income, with 22 products and a scale of $6.384 billion. The average historical dividend rate of 17 products issued before 2024 is 7.20%, much higher than other types [58][63]. - **Option - Strategy Type**: These ETFs add option - based derivatives to underlying assets to change the risk - return characteristics. As of March 31, 2025, there are 36 products with a scale of $2.907 billion, accounting for 8.08% of the total [63][64]. 3.4 Suggestions and Insights - **Investor Suggestions**: Different types of investors can choose corresponding multi - asset ETFs. For example, risk - sensitive investors can choose target - risk type; policy - sensitive investors can choose macro - strategy type; investors seeking stable cash flow can choose target - dividend type; those preferring quantitative strategies can choose trend - following type; and investors interested in alternative strategies can choose option - strategy type [68][69][70]. - **Insights for the Domestic Market**: The domestic market should prioritize using existing multi - asset indices as tracking targets, deepen the development of multi - asset indices, focus on stable strategies and diversify allocation strategies, and broaden underlying asset investment tools to promote the development of multi - asset ETFs [72][73][75].

Core Viewpoint - The article emphasizes the importance of scientific asset allocation to achieve stable investment returns in the current market environment, highlighting that single-asset investments are insufficient for sustained returns [1][2]. Group 1: Transition in Asset Management - The Chinese asset management industry is undergoing a significant transformation from a single product focus to a solution-oriented approach, moving away from traditional reliance on historical performance of stocks and bonds [2]. - Morgan Asset Management's multi-asset allocation system is built on three core pillars: global asset coverage capability, a scientific asset allocation framework, and a refined risk management system [2]. Group 2: Global Perspective and Framework - As a global asset management platform, Morgan Asset Management has specialized research teams covering various asset classes, enabling cross-market collaboration for informed investment decisions [2]. - The "Long-Term Capital Market Assumptions" (LTCMA) report evaluates the risk-return characteristics of various assets over a 10 to 15-year horizon, aiding in the construction of strategic asset allocation plans [2]. Group 3: Risk Management - Morgan Asset Management has established a comprehensive risk management system, including risk parity models and stress testing, to ensure portfolio stability under various market conditions [3]. - The core principle of multi-asset investment is not to predict the market but to achieve relatively stable returns through scientific allocation [3]. Group 4: Investment Strategies - In fixed income investments, Morgan Asset Management employs a systematic "core + satellite" strategy, selecting actively managed bond funds as core holdings while using duration tools for market opportunities [4]. - For equity investments, a "quantitative-first, qualitative-second" selection system is in place, utilizing different analytical methods for domestic and QDII products [4]. Group 5: Pension System Analysis - The article discusses the synergistic role of a three-pillar pension system: basic pension insurance provides foundational security, enterprise annuities enforce mandatory savings, and personal retirement funds focus on wealth appreciation [5]. - An ideal retirement investment strategy is likened to an autonomous vehicle, where investors set retirement age and expected living standards, and the system automatically matches optimal investment solutions [5].

Core Viewpoint - The article discusses the concept of the "All Weather Strategy" in investment, emphasizing the importance of asset allocation across stocks, bonds, and commodities to achieve stable returns regardless of market conditions [48]. Group 1: Historical Context - In 1971, President Nixon announced the prohibition of foreign central banks from exchanging dollars for gold, which shocked the global market [3]. - Contrary to expectations, the U.S. stock market surged the following day, defying predictions of a downturn from prominent investors like Ray Dalio [5][7]. Group 2: Investment Concepts - Investment is not limited to stocks; it includes cash deposits, gold, and real estate, categorized into three main asset classes: stocks, bonds, and commodities [13]. - The price movements of these asset classes are influenced by different core factors, leading to low or negative correlations among them [17]. Group 3: Factors Influencing Asset Prices - Stock prices are primarily influenced by three factors: market sentiment, economic indicators, and company performance [18]. - Bond prices are affected by interest rates and credit risk, where higher deposit rates lead to lower bond prices, and poor credit ratings necessitate lower bond prices to attract buyers [20][22]. - Commodity prices are driven by inflation and supply-demand dynamics, where excess supply leads to price drops and limited supply causes price increases [24][25]. Group 4: All Weather Strategy - The All Weather Strategy aims to create a diversified portfolio that can generate returns in any market condition by investing in all three asset classes [30]. - The strategy incorporates "risk parity," which adjusts the asset allocation based on the risk levels of each asset class to maintain a stable overall portfolio volatility [33][39]. - Portfolio adjustments are necessary as market conditions change, requiring active management to optimize asset allocation [43]. Group 5: Limitations and Market Behavior - The All Weather Strategy is not infallible; extreme market events can disrupt the typical low or negative correlations among asset classes, leading to simultaneous declines [46]. - Despite its limitations, the strategy is designed to recover from such disruptions, as market conditions normalize over time [47]. Group 6: Conclusion - The All Weather Strategy's strength lies in its non-predictive approach and risk-adjusted asset allocation, aiming for profitability in various market scenarios [48]. - The article contrasts this strategy with speculative investment behaviors, advocating for diversified, multi-asset approaches over concentrated bets on single stocks or sectors [48].

Core Viewpoint - The article emphasizes that 2025 is likely to be a year when public funds regain investor trust, highlighted by significant performance improvements in various fund categories, particularly those managed by Huaxia Fund [1][3]. Performance Overview - As of June 30, 2025, the Wind偏股混合基金指数 rose by 7.86%, outperforming the沪深300 index, with the top ten active equity funds achieving over 60% gains in the first half of the year [1]. - Huaxia Fund led the industry with an incremental scale of 311.937 billion, achieving a growth rate of 14.86% among fund companies managing over 500 billion [1]. Huaxia Fund's Success Factors - Huaxia Fund's growth is attributed to several continuous strategies: 1. Ongoing upgrades to the investment research system to adapt to rapidly changing capital markets [3]. 2. Continuous asset definition and pricing to embrace the multi-asset era [3]. 3. Continuous enhancement of user experience to better match user needs with product features [3]. 4. Continuous promotion of industry transformation through product and tool innovation [3]. Investment Research System - Huaxia Fund has established multiple investment decision committees for various asset classes, each led by independent research directors and fund managers [8]. - The firm has a large research team that covers the entire industry and all asset classes, providing support to investment groups [9]. - A comprehensive talent development system is in place, nurturing talent from entry-level to fund manager positions [9][10]. Asset Definition and Pricing - Huaxia Fund has been proactive in creating new asset classes, such as the North Exchange Fund and the first domestic ETF product [12]. - The firm emphasizes the importance of asset management, focusing on discovering, defining, and managing assets [12][14]. - The fund categorizes its products into various types based on investment style, industry, and specific strategies, allowing for a more granular approach to asset management [13]. User Experience Enhancement - Huaxia Fund has invested significantly in improving user experience, exemplified by the "Red Rocket" index investment tool, which underwent extensive testing and development [16]. - This tool addresses multiple investor pain points, such as understanding indices, comparing different indices, and analyzing market volatility [16][17]. Industry Transformation - Huaxia Fund aims to expand the overall asset management industry, enabling more ordinary people to meet their investment needs through fund products [19]. - The firm has transitioned from a single asset expert to a multi-asset platform, influencing other fund companies to follow suit [20]. - Huaxia Fund has been a pioneer in index fund services, driving innovation in ETF products and integrating active product innovation into passive ETF lines [21][22].