【环球网财经报道 记者谭雅文】在低利率与"资产荒"的市场环境下，银行理财市场发生转变，近期含权类产品发行悄然升温，成为理财 公司提升收益弹性的探索。然而，权益市场震荡也影响产品净值波动。理财公司如何在收益与风险间取得平衡，是市场关注的焦点。 含权理财的 " 双面性 " 11月中下旬以来，银行理财市场含权类产品发行升温。仅在11月17日至18日，市场就新发行13只权益类产品，其中华夏理财推出了12只 指数型产品，杭银理财发行1只。记者查询中国理财网数据，目前银行理财市场存续权益类理财产品共63只。 在业内看来，含权理财发行升温反映出在"资产荒"和利率下行的环境下，理财公司面临传统固收产品收益空间受限的困境。中国城市发 展研究院投资部副主任袁帅表示，为满足投资者对收益的追求，提升产品吸引力，增配权益资产成为一种探索方向，试图通过权益资产 的潜在高收益来提升产品收益弹性。 增配权益资产如何创造理财产品收益弹性？中国企业资本联盟副理事长柏文喜进一步分析谈到，从供给端来看，8月以来混合类、"固收 +"发行同比增50%以上，11月继续沿用"指数为主"的模式，可在短久期内把业绩基准抬高30-50bp，应对客户对2.5%以上 ...

Core Viewpoint - The article discusses the distinction between relative and absolute returns in investment, emphasizing the importance of focusing on personal financial goals rather than comparing oneself to others [5][6][7]. Group 1: Understanding Relative vs. Absolute Returns - Relative return focuses on outperforming benchmarks or peers, while absolute return emphasizes the actual returns received by the investor [6]. - Many funds are evaluated based on relative returns, which can lead to anxiety and poor decision-making when investors constantly compare themselves to others [7]. Group 2: Finding Personal "Enough" - Carl Richards emphasizes the need for dialogue to understand what money means to individuals and how to define their own "enough" [8][9]. - The concept of "enough" should not be a fixed number but rather a subjective experience that can be explored through practical experiments and self-reflection [30]. Group 3: The Role of Uncertainty in Financial Planning - Richards uses illustrations to convey complex financial concepts, such as the unpredictability of outcomes and the importance of accepting uncertainty in financial planning [17][18]. - The illustration titled "The Magic Certainty Button" critiques the unrealistic desire for certainty in financial decisions, highlighting that such certainty does not exist [12][15][16]. Group 4: The Impact of Social Media on Financial Comparisons - The article discusses how social media complicates the comparison process, leading individuals to feel inadequate by constantly comparing their lives to others [25][27][28]. - Richards encourages readers to carefully choose their comparison groups and focus on personal values rather than societal pressures [28]. Group 5: The Future of Financial Advice - The article suggests that while AI can assist in financial analysis, the emotional aspects of financial decision-making still require human insight and empathy [37][38]. - The concept of "self-driving money" is introduced, where financial processes can be automated, but the need for human guidance in setting goals remains crucial [38].

Core Insights - The core focus of the article is on the importance of asset allocation in the "fixed income plus" (固收+) business, emphasizing the need for a professional team to effectively manage this aspect [1][7]. Group 1: Asset Allocation Strategy - The primary contradiction in each market phase must be identified, and the emphasis should be on cost-effectiveness [1][7]. - The philosophy of asset allocation is to maximize returns while controlling drawdowns, with a strong focus on the cost-effectiveness of various investment options across different sectors and asset classes [1][7]. - A long-term perspective is essential for maximizing portfolio returns, with all asset types serving the overall risk-return profile of the portfolio [1][7]. Group 2: Market Trends and Product Demand - In a declining interest rate environment, "fixed income plus" has become a preferred choice for wealth management among residents, with the total market size reaching 2.44 trillion yuan by the end of Q3 2025, an increase of over 500 billion yuan from Q2 2025 [5]. - The appeal of "fixed income plus" products lies in their ability to address asset allocation challenges and provide a relatively stable long-term return in volatile market conditions [5][6]. Group 3: Team Structure and Investment Approach - The team at Yinhua Fund consists of over 50 members, including specialists in equity, ensuring a balanced approach to both offensive and defensive strategies [6]. - The integration of AI technology is enhancing the team's efficiency, helping to identify investment opportunities and manage risks more effectively [6]. Group 4: Future Outlook and Investment Focus - The company anticipates a gradual reduction in the economic drag from real estate over the next two to three years, with potential recovery in consumer and business confidence, leading to overall investment opportunities in A-shares and Hong Kong stocks [9]. - The focus on technological innovation remains a long-term strategy, with an emphasis on sectors such as consumption recovery, aviation, tourism, and cyclical products related to PPI recovery [9].

Group 1 - The core concept emphasizes the importance of foundational knowledge in investment and fund selection, suggesting that solid fundamentals are essential for successful investing [2] - The article distinguishes between absolute and relative returns, defining absolute return as the actual profit after fees, while relative return refers to excess returns compared to a benchmark [3]

Core Viewpoint - The founder of Shiwa Asset, Liang Hong, publicly apologized for significant net value declines in his funds, attributing the losses to three investment misjudgments related to innovative pharmaceuticals, hardware leaders, and US stablecoin concept stocks, reflecting decisions driven by "greed" and "grand narratives" [1][4] Investment Performance Summary - Shiwa Asset's weekly report indicated that most funds experienced an estimated net value drop of around 7%, with a cumulative decline of approximately 20% from peak values [2][3] - The three main investment errors accounted for about 18% of the total decline, contributing to the overall 20% drop [3] Detailed Investment Errors - The first error involved an innovative pharmaceutical stock that initially contributed over 8 percentage points to net value growth but plummeted after a failed business development announcement, leading to a loss exceeding 4% due to delayed profit-taking [2][3] - The second error was related to a hardware leader stock, which constituted 30% of the portfolio and fell 37% due to rising storage chip prices and negative public sentiment, negatively impacting net value by over 9% [3] - The third error focused on US stablecoin concept stocks, which were heavily invested based on optimistic cryptocurrency market expectations. After a significant price drop of 60%, this investment caused a net value loss of 4-5 percentage points [3] Reflection on Investment Decisions - Liang Hong identified the root causes of the investment mistakes as "greed" and decisions driven by "grand narratives," emphasizing a pattern of over-excitement at high valuations while neglecting risk and cost-effectiveness [4] - An expert noted that Liang's case highlights common pitfalls in the private equity industry, such as over-reliance on single narratives and the failure of risk control mechanisms under emotional pressure [4] Strategic Adjustments - In response to the losses, Liang indicated a shift in investment philosophy, suggesting a need to balance long-term holding with absolute return considerations to reduce future drawdowns [5] - Shiwa Asset plans to maintain its focus on high-quality companies while increasing sensitivity to valuations and market style changes, enhancing quantitative research to mitigate subjective judgment uncertainties [5] Future Investment Direction - Looking ahead, Shiwa Asset intends to maintain a technology-focused investment strategy while also exploring opportunities in sectors like chemicals and consumer goods that may benefit from macroeconomic recovery [6]

p s Rab p water Ma 东方汇理资管全球首席执行官Valérie Baudson指出，设立汇华理财与东方汇理资管在华长期发展的战略高度契合——我们始终将中国视为全球资产与财富管 理领域最具活力、精细度极高且前景最为广阔的市场之一。东方汇理资管始终并将持续全力以赴地深耕中国市场，并将中国作为集团的核心战略市场。中国 拥有卓越的创新能力，出色的数字化应用水平和强大的财富创造力。中国的中等收入群体不断壮大，投资主体日益成熟，政府坚定发展可持续金融，这些力 量都在塑造着行业的未来。在此背景下，无论是现在还是未来，汇华理财都是我们在华业务的关键支柱。我们将持续投入资源支持其发展，为其注入新的投 资能力、创新产品以及全球最佳实践。此外，东方汇理资管正在将其在跨境投资解决方案、养老金管理以及长期储蓄投资解决方案的全球经验引入中国。 风华起五洲，共汇赴山海。"全球视野下的财富管理"主题论坛暨汇华理财五周年庆祝活动在沪隆重举行。汇华理财有限公司是由总部位于巴黎的欧洲第一大 资管公司东方汇理资管集团和中国银行旗下全资子公司中银理财于五年前合资设立，是中国首家合资理财公司。中国银行行长张辉，东方汇理资管全球首席 执行 ...

Core Viewpoint - The recent performance of Hainan Shiva Asset Management has raised concerns as the majority of its funds experienced an estimated net value decline of approximately 7%, with a cumulative drawdown of about 20% from their peak, significantly underperforming major indices [1][3]. Group 1: Performance Analysis - The founder and chief investment officer, Liang Hong, publicly apologized in the weekly report, acknowledging that the recent drawdown has deeply disappointed many investors [1][4]. - The cumulative drawdown of approximately 18% was attributed to three main investment mistakes, which were compounded by market index corrections, leading to a total loss of 20% [3][9]. - The report highlighted that the decline was primarily due to individual stock issues rather than broader market factors, with specific reference to the technology and internet sectors [6]. Group 2: Investment Mistakes - The first major mistake involved heavy investment in innovative pharmaceutical stocks without timely profit-taking at high valuations, resulting in a significant loss [7][9]. - The second mistake was maintaining a high position in a leading hardware company, which saw a decline of over 37%, despite the stock being in a reasonable valuation range [7][9]. - The third mistake was a substantial investment in U.S. stablecoin stocks, where the firm overlooked the risks associated with the cryptocurrency market, leading to significant losses [8][9]. Group 3: Future Outlook - Liang expressed a commitment to making adjustments by the end of the year and aims for a "good change" in the following year, indicating a shift in strategy to reduce drawdowns while maintaining value investment principles [5][9]. - The firm has a management scale exceeding 10 billion, and Liang has a substantial following, positioning him as a prominent figure in the private equity sector [5].

Core Insights - The report from Xiwa Asset indicates a significant decline in the estimated net value of most funds, with an approximate drop of 7% and a cumulative drawdown of about 20% from the peak [1][2] - CEO Liang Hong publicly apologized for the poor performance, attributing the primary reasons to individual stock issues and volatility in the technology and internet sectors [1][2] Group 1: Reasons for Drawdown - The drawdown is primarily attributed to three factors: a decline in the innovation drug sector where the company failed to realize gains at high valuations, a drop of over 37% in a leading hardware company, and significant losses from investments in the stablecoin sector amid a bear market in cryptocurrencies [2][6] - Liang did not disclose the specific hardware company but speculation suggests it could be Xiaomi, which has seen its stock price drop from a high of 61.45 HKD to 38.66 HKD, a decrease of 37% [2][4] Group 2: Company Actions and Future Strategy - Xiaomi's founder and CEO Lei Jun invested over 100 million HKD to purchase 2.6 million shares, increasing his ownership stake to 23.26% [4] - The company has been actively repurchasing its shares, with a total buyback amount exceeding 2.3 billion HKD this year [4] - Liang emphasized the need for a strategic adjustment in response to the significant drawdown, indicating a shift towards absolute return considerations while maintaining value investment principles [7][9]

2025年以来，A股走出震荡慢牛格局，私募基金整体业绩亮眼。其中，股票策略以29.52%的平均收益率 领跑五大策略，92.73%的相关产品盈利。而市场近期的回调却让部分私募产品净值出现大幅回撤。百 亿私募希瓦投资董事长梁宏就因旗下基金大幅回撤而受到市场关注。 "在牛市行情下，因业绩承压致歉并不常见。"梁宏坦言，此次回撤大幅跑输主要指数，核心问题出在个 股选择与仓位管理上，具体可归结为三笔关键投资的失误。 第一波回撤始于9月26日当周，因重仓的创新药板块个股下跌，直接导致基金净值回撤超4%。"高位没 有根据价值兑现大部分仓位，卖出决策不够果断。"梁宏将此次失误归结为对止盈信号的迟钝。 第二重打击来自硬件龙头股的持续大跌。梁宏自30元附近建仓该股，40元左右摊薄成本，因看好"人工 智能时代硬件入口"的逻辑，将仓位提升至30%的超重水平，目标价预估至60元。但事与愿违，该公司 负面因素缠身，股价累计跌幅超37%，目前仅能维持盈亏平衡或略亏损状态。"高位估值合理阶段，不 该持有30%这么重的仓位，20%会合理很多。"梁宏反思称，对单一标的过度乐观导致了风险敞口过 大。 最致命的是第三笔投资，被梁宏称为"今年最大的问题 ...

连续三年获评"杰出银行理财子公司"天玑奖，充分彰显了行业对于平安理财资产管理能力和经营成果的 充分肯定，更是对公司服务实体经济高质量发展、积极践行"金融为民"理念的高度认可。 11月19日，由《证券时报》主办的"2025(第七届)中国银行业天玑奖"颁奖典礼在深圳举行。凭借专业精 进的投研能力、具有竞争力的产品矩阵、持续迭代的数字科技等方面优势，平安理财再度揽获两项殊荣 ——杰出银行理财子公司、杰出银行理财团队。 作为银行界乃至金融业的权威奖项之一，"天玑奖"是《证券时报》发起的年度大型金融业评选奖项，迄 今已成功举办了七届。该评选主要重点关注商业银行等金融机构在近一年中的进步和发展，并捕捉银行 理财、财富管理、私人银行等领域的业务亮点。 作为平安银行的全资理财子公司，平安理财紧紧围绕母行"零售做强、对公做精、同业做专"的战略方 向，持续提升专业投研、产品体系、渠道经营、运营服务、风险管理方面"五位一体"的能力，构建多元 化人才队伍和数据科技创新"双擎驱动"的竞争优势。一直以来，平安理财始终坚持审慎稳健的风险偏 好，打造以"稳"为特色、聚焦绝对收益目标的产品体系，致力于以更强的责任担当、更扎实的投研能力 守护老 ...