（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].

Core Viewpoint - The asset management industry is undergoing significant changes in 2025, with a focus on holder experience and returns, driven by three long-term trends [1][3]. Group 1: Long-term Trends - The first trend is the decline in bond yields, with the 10-year government bond yield dropping to 1.74% [2]. - The second trend highlights the increasing volatility in equity markets, leading investors to realize that single assets cannot navigate macroeconomic cycles [2]. - The third trend emphasizes that investor returns have become a crucial indicator in the era of inclusive finance, with high volatility impacting returns, necessitating strategies to reduce single asset volatility [3]. Group 2: Shift in Investor Demand - There is a shift in investor demand from single asset return orientation to all-weather product solutions that provide returns while navigating macroeconomic volatility and reducing risk [3]. - The rise of multi-asset allocation is evident, as seen in Japan's increase in overseas asset allocation from 5% to 15% between 1990 and 2020 [3]. Group 3: Multi-Asset Investment Capabilities - Asset management institutions are required to enhance their investment capabilities across multiple asset classes and excel in global asset allocation [4]. - Morgan Asset Management is highlighted as a leading institution with significant multi-asset and multi-national investment capabilities [5]. Group 4: Importance of Diversification - The article discusses the limitations of traditional stock-bond allocation, noting that correlations can change, and both asset classes may perform poorly in certain macroeconomic conditions [8]. - A well-diversified portfolio should include low-correlation assets such as domestic and overseas bonds, gold, and equities to improve risk-return profiles [8][10]. Group 5: Morgan Asset Management's Offerings - Morgan Asset Management's multi-asset products, such as the Morgan Dual Season Bond FOF, have shown strong performance with a return of 3.72% since inception and a maximum drawdown of only -1.71% [10]. - The upcoming Morgan Yingyuan Stable Three-Month Holding Mixed FOF aims to provide a diversified investment solution focusing on stable returns and reduced volatility [12]. Group 6: Global Investment Team - Morgan Asset Management has a robust global investment team with over 600 investment strategies and more than 1,000 investment experts across 160 markets [23]. - The team emphasizes systematic and structured investment approaches, aiming for long-term sustainable results rather than short-term successes [27]. Group 7: Growth of FOF Products - The growth of FOF products indicates a rising awareness of the importance of multi-asset allocation, with a reported increase of 35.6 billion in FOF product scale in the first half of the year [29][31].

Core Insights - Gold is viewed as a special financial asset with proven safe-haven attributes and value storage functions, making it a stable element in investment portfolios [1] - The pricing of gold is influenced by multiple factors, including real interest rates, the US dollar exchange rate, geopolitical tensions, and changes in global central bank reserves [3] - The role of gold in an investment portfolio should be clearly defined, serving as a risk-hedging tool or a long-term value storage medium rather than a short-term speculative asset [8] Group 1 - Gold's safe-haven properties and value storage capabilities have been validated through historical volatility [1] - Real interest rates form the foundational pricing logic for gold, with negative interest rates typically reducing the opportunity cost of holding gold [3] - The US dollar's exchange rate is a significant variable, often moving inversely to gold prices [3] Group 2 - Geopolitical tensions and systemic risk events can temporarily boost demand for gold as a safe-haven asset [3] - Changes in global central bank reserve allocations and demand from major consuming countries can have medium to long-term impacts on gold prices [3] - The complexity of these interrelated factors makes gold price forecasting challenging [3] Group 3 - Various tools are available for participating in the gold market, including physical gold, gold ETFs, and derivatives like futures and options [5] - Physical gold involves direct ownership but comes with storage and transaction costs, while gold ETFs offer higher liquidity and transparency [5] - Derivative instruments can amplify risks and require professional trading skills [6] Group 4 - Gold mining stocks are correlated with gold prices but are also influenced by company-specific operational factors, leading to potentially higher volatility [6] - Investment strategies should consider individual risk tolerance when selecting tools for gold investment [6] - Maintaining a balanced exposure to gold can help manage risk while leveraging its potential benefits [8]

Core Insights - The article highlights the growing trend among young people towards stable and diversified financial management, moving away from the desire for quick wealth accumulation to a focus on steady growth and risk management [2][3][12]. Group 1: Young Investors' Behavior - A significant portion of young individuals, particularly those born in the 1990s, prioritize financial stability and passive income as essential components of their financial security, with 57% considering passive income sufficient to cover expenses as a core condition for stability [2][12]. - The report indicates that nearly 60% of post-95s view a savings threshold of 100,000 to 500,000 yuan as the baseline for financial security [2][12]. - Young investors are increasingly favoring bond funds and bank wealth management products over traditional savings accounts, reflecting a shift towards more diversified asset allocation [3][12]. Group 2: Financial Strategies and Tools - The article notes that young investors are adopting a multi-faceted approach to financial management, with a focus on bond funds, gold, and bank products, which are seen as essential tools for building a stable financial portfolio [12][16]. - Data from Ant Financial shows that as of November last year, 84% of users holding bond funds on Alipay reported positive returns, indicating a strong performance of these investment vehicles among young investors [12][16]. - The trend towards diversified asset allocation is underscored by the fact that over 40% of young investors hold bond and stock funds, while 30% invest in bank wealth management products, and 20% in gold [16]. Group 3: Personal Stories and Impact - The experiences of individuals like Xiao Ding and Chen Xiaofu illustrate the transformative impact of financial management on personal lives, with both achieving a sense of stability and control over their futures through strategic investments [18][21]. - Xiao Ding, who transitioned from a corporate job to a recognized financial influencer, emphasizes the importance of continuous adjustment and monitoring of her investment portfolio, reflecting a systematic approach to financial planning [18][17]. - Chen Xiaofu's journey from financial uncertainty to achieving a comfortable lifestyle through prudent investments highlights the potential for financial literacy and management to empower individuals, particularly in smaller communities [21][23].

Core Insights - The incident at China Merchants Bank highlights the increasing wealth threshold for exclusive services, with a minimum asset requirement of 20 million yuan, reflecting a shift in wealth perception among young individuals [2][5] - The article explores the financial landscape of young individuals in Shenzhen with over one million yuan in savings, examining their wealth accumulation paths and the challenges they face in a low-interest-rate environment [2][6] Wealth Profile: Young Millionaires in Shenzhen - A significant portion of young individuals in Shenzhen, particularly those in the financial technology sector, have accumulated wealth through high-paying jobs, with average monthly salaries in the AI industry reaching 17,204 yuan [5][6] - Young entrepreneurs in Shenzhen benefit from a favorable business environment, leading to substantial wealth accumulation in various sectors, including traditional and emerging industries [6] - Early beneficiaries of asset appreciation, such as those who purchased real estate between 2015-2020, have also contributed to the rise of young millionaires [6] - Some young individuals inherit wealth from high-net-worth families, with a notable percentage of them having family assets exceeding 50 million yuan [6] Financial Dilemmas: High Income Does Not Equal High Financial Literacy - Despite having over one million yuan in savings, many young individuals in Shenzhen experience anxiety due to declining deposit interest rates, with one-year fixed deposit rates dropping below 1% [8][9] - The transition to net value-based bank wealth management products has led to increased market volatility and risk, causing concerns among investors about the stability of returns [9][10] - Young investors face challenges in balancing risk and return, with many expressing a lack of confidence and knowledge in navigating the investment landscape [11][12] Path to Solutions: Emphasizing Diversification and Long-Term Strategies - Experts recommend a diversified investment approach, emphasizing the importance of aligning asset allocation with individual risk tolerance and financial goals [15][16] - The current market environment calls for a focus on quality assets, including bonds and gold, to mitigate volatility and enhance portfolio resilience [16][17] - Long-term investment strategies are crucial, as short-term speculation can lead to losses, highlighting the need for a rational approach to asset management [17]