Core Insights - The public fund FOF (Fund of Funds) named Huatai Bairui Yingtai Stable 3-Month Holding sold out on its launch day, achieving a scale of over 5 billion yuan [1][3][5] - The strong sales of public FOFs are largely attributed to robust distribution channels, particularly through China Merchants Bank [1][8] - The current low-interest-rate environment has created opportunities for multi-asset allocation, making FOF products more appealing to investors [1][7] Fund Details - Huatai Bairui Yingtai Stable 3-Month Holding is a mixed-type FOF with a balanced investment strategy, limiting equity investments to no more than 30% of the fund's assets, while focusing on bond funds as core underlying assets [5] - The fund's manager is Dou Xiaoman, and it was initially set to raise funds from October 23 to October 31 but closed early on October 23 due to high demand [3][5] Market Trends - In October alone, three FOFs have been established with scales exceeding 2 billion yuan, all distributed through China Merchants Bank [1][8] - A total of 11 FOFs have been established this year with scales over 1 billion yuan, with the highest exceeding 6.5 billion yuan [8] - The TREE Changying Plan by China Merchants Bank has been instrumental in promoting these FOF products, providing a one-stop asset allocation solution [8]

Core Viewpoint - An excellent FOF (Fund of Funds) team is responsible for multi-asset allocation to provide users with all-weather returns and to select fund managers to achieve excess market returns [3][10]. Group 1: FOF Investment Framework - FOF investment requires three levels of understanding: 1) understanding investment goals, 2) understanding matching assets or strategies, and 3) understanding suitable managers [1][13]. - The FOF investment framework consists of fundamental research, manager research, and dynamic portfolio balancing [18][21]. Group 2: Alpha Sources - There are three layers of alpha sources in FOF investment: top-level asset allocation, middle-level industry fundamental research, and bottom-level excellent manager research [3][21]. - The macro level employs an economic cycle model based on monetary, credit, and growth indicators to assess asset performance across different economic cycles [3][38]. Group 3: Manager Selection - The selection of fund managers is critical, with a focus on their investment philosophy, stable investment processes, diligence, and performance [26]. - The company tracks over 900 funds out of more than 5000 available, categorizing them based on investment style and industry focus [24]. Group 4: Portfolio Construction - The portfolio construction strategy involves a diversified approach, with no single manager holding more than 3% of the portfolio [5][12]. - The company has developed a robust multi-asset FOF that aims for better returns than traditional stock-bond mixes by utilizing low correlation between assets [5][43]. Group 5: Specific FOF Products - The company manages four types of FOF products: 1) "Fixed Income+" strategy, 2) Value style FOF, 3) Balanced style FOF, and 4) Pension-oriented FOF [6][7]. - The "Balanced Style FOF" achieved a return of 34.01% over the past year, while the "Pension-oriented FOF" achieved a return of 10.17% [6][7]. Group 6: Economic Cycle Analysis - The economic cycle model divides the economy into six phases: credit expansion, economic recovery, monetary tapering, credit tapering, economic slowdown, and monetary expansion [35][38]. - Different asset classes perform variably across these cycles, with equities performing well during credit expansion and economic recovery phases [38][40]. Group 7: Customization for Institutional Investors - The company offers customized FOF products to meet the needs of bank wealth management subsidiaries and institutional investors, focusing on stable strategies and all-weather asset allocation [43][46]. - The multi-asset FOF covers various asset classes, including A-shares, overseas equities, gold, commodities, and bonds, providing a more stable alternative to traditional strategies [43][46].

Core Insights - The article discusses the current challenges and strategies in the wealth management industry, emphasizing the need for multi-asset allocation and technological empowerment to adapt to a low-interest-rate environment [6][7][17]. Regulatory and Industry Dynamics - The Global Wealth Management Forum 2025 held in Shanghai highlighted the consensus among wealth management executives on the importance of multi-asset strategies, expanding overseas investments, and enhancing research capabilities through technology [6]. - Challenges faced by the banking wealth management sector include low interest rates leading to asset shortages, the need for differentiated services, and the demand for improved performance stability in the net value era [6][7]. - The performance benchmark for newly issued fixed-income wealth management products has dropped from over 4% at the end of 2021 to around 2.4% as of September 2023, indicating increased pressure on yield generation [6]. Innovations in the Industry - 招银理财 launched a self-selected account date wealth management product, allowing investors to set their expected fund arrival dates independently, enhancing cash flow management [9]. - 徽银理财 introduced a product focused on inclusive finance, targeting small and micro enterprises, with reduced management fees and no subscription or redemption fees [10]. Yield Performance - For the week of October 13-19, 2025, cash management products recorded an annualized yield of 1.31%, down 4 basis points, while money market funds yielded 1.16%, down 2 basis points [12][16]. - Long-term fixed-income products outperformed short-term ones, with the market influenced by factors such as US-China tariff policies and inflation data [16][17]. Net Value Tracking - The net value ratio of bank wealth management products was 1.69%, a decrease of 1.19 percentage points from the previous week, with credit spreads narrowing by 2.46 basis points [23][25]. - The relationship between net value ratios and credit spreads indicates potential redemption pressures when net value ratios exceed 5% and credit spreads widen significantly [23].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The wealth management industry is facing challenges due to low interest rates and asset scarcity, necessitating a shift towards multi-asset allocation strategies and enhanced technological integration [3][11] - The recent Global Wealth Management Forum highlighted the consensus among industry leaders on the importance of diversified asset strategies and overseas investments to navigate current market conditions [3][11] - The performance of cash management products has seen a decline, with a 7-day annualized yield of 1.31%, down 4 basis points from the previous week [5][15] - The report indicates a trend of decreasing performance benchmarks for wealth management products, suggesting continued pressure on yields in the medium to long term [18] Summary by Sections Regulatory and Industry Dynamics - The Global Wealth Management Forum held in Shanghai emphasized the need for multi-asset strategies and technological empowerment in the wealth management sector [3][11] - Industry leaders identified three main challenges: low interest rates leading to asset allocation difficulties, the need for differentiated services to combat "deposit migration," and the heightened performance stability requirements in the net value era [11][12] Peer Innovation Dynamics - 招银理财 launched a self-selected account date wealth management product, allowing investors to set their expected fund arrival dates, enhancing cash flow management [4][13] - 徽银理财 introduced a product focused on inclusive finance, targeting small and micro enterprises with reduced management fees [4][14] Yield Performance - Cash management products recorded a 7-day annualized yield of 1.31%, a decrease of 4 basis points, while money market funds yielded 1.16%, down 2 basis points [5][15] - Long-term fixed income products outperformed short-term ones, with the market reacting slowly to fundamental factors [17][18] Net Value Tracking - The report noted a decrease in the net value ratio of bank wealth management products to 1.69%, down 1.19 percentage points, with credit spreads also narrowing [6][25]

Core Viewpoint - Macro strategies have gained significant attention from private equity firms, with an average return of 24.54% in the first three quarters of the year, particularly strong in August and September [2][4]. Group 1: Performance of Macro Strategies - As of September 30, 272 macro strategy products recorded an average return of 24.54%, with 92.65% achieving positive returns [4]. - Monthly performance showed positive returns in all months except January, with August and September averaging returns of 5.18% and 4.70% respectively [4]. Group 2: Market Environment and Strategy Adoption - The current low interest rate environment has led to a narrowing of credit spreads and limited yield in pure bond strategies, prompting private equity firms to adopt macro strategies for flexible asset allocation [4][5]. - Macro strategies are seen as suitable for the current volatile market, providing diversified multi-asset products to meet clients' needs for stable returns [5]. Group 3: Diverse Macro Models - Different private equity firms have developed unique macro analysis frameworks based on their research backgrounds, combining systematic and active management approaches [6]. - Strategies include dynamic asset weight adjustments to balance risks and optimize returns based on various economic factors [6][7]. Group 4: Investment Outlook - The outlook for the next 6 to 12 months emphasizes the importance of monitoring Federal Reserve policies and managing risks during market volatility [8]. - There is a positive view on equities and commodities, with expectations for potential opportunities driven by geopolitical risks and the Fed's interest rate cycle [9].

Core Insights - Macro strategies have gained significant attention from private equity firms, with an average return of 24.54% in the first three quarters of the year, particularly strong in August and September [1][2][3] Group 1: Performance and Market Trends - As of September 30, 272 macro strategy products recorded an average return of 24.54%, with 92.65% achieving positive returns [2] - Monthly performance showed positive returns in all months except January, with August and September yielding average returns of 5.18% and 4.70% respectively [2] - The current low interest rate environment has led to a narrowing of credit spreads and term trading opportunities, making macro strategies attractive for capturing returns across various asset classes [2][3] Group 2: Investment Strategies and Frameworks - Different private equity firms are developing unique macro analysis frameworks based on their research backgrounds, focusing on multi-asset allocation [3][4] - One firm combines systematic and active management, utilizing a top-down macro perspective that includes economic cycles and liquidity systems [4] - Another firm employs a bottom-up approach, minimizing the influence of manager sentiment and focusing on risk parity across equities, bonds, and commodities [5] Group 3: Future Outlook and Asset Allocation - The outlook for the fourth quarter suggests that equities and commodities may outperform bonds, especially in the context of a potential Fed rate cut [6] - Despite high valuations in equity markets, there is cautious optimism, with expectations of volatility and potential adjustments [6] - Commodities, particularly gold, are viewed as valuable for portfolio diversification, while bonds are expected to have limited upward rate movement [6]

Core Viewpoint - In the second half of this year, 18 FOFs (Fund of Funds) have announced liquidation, with 13 being initiated FOFs, indicating challenges in the market despite the emergence of several successful products [1] Group 1: FOF Liquidation - A total of 18 FOF products have been liquidated since July, including notable ones like Huazhang's Active Pension Target Five-Year Holding Mixed FOF and Guotou Ruijin's Xingyuan Six-Month Open Mixed FOF [1] - The liquidation of these initiated FOFs is primarily due to their failure to reach a scale of 200 million yuan after three years, triggering the contractual liquidation clauses [1] Group 2: Performance and Market Trends - The overall average return of the liquidated initiated FOFs has been negative, with some products significantly underperforming the benchmark CSI 300 index [1] - Despite the challenges faced by some FOFs, industry experts believe that investors can still effectively utilize FOF products for diversified asset allocation, contributing to a more comprehensive asset allocation framework [1]

Core Insights - A significant number of public FOFs (Funds of Funds) are being liquidated due to failure to meet size requirements, reflecting a market-driven elimination of underperforming products [1][4][5] - Despite challenges, there has been a notable increase in the issuance of new FOFs, indicating a potential shift in market dynamics and investor demand for diversified asset allocation products [8][10] Group 1: Liquidation of FOFs - Since August 2025, 13 public FOFs have announced liquidation, with 11 being initiated funds that failed to reach the required 200 million yuan size after three years [1][2] - The majority of these funds had net asset values below 50 million yuan at the time of liquidation, with some as low as 10 million yuan [3][4] - The poor performance of these funds, with returns under 5% over three years, has been a primary reason for their liquidation [4][5] Group 2: Market Trends and New Issuance - In the first nine months of 2025, 49 new public FOFs were launched, a 113% increase compared to the same period in 2024 [1][8] - Over 60% of existing equity FOFs have management sizes below 200 million yuan, indicating a prevalence of "mini" funds in the market [6] - The trend towards increased issuance of FOFs suggests a response to market conditions and regulatory demands, aiming to meet investor needs for stable returns through diversified asset allocation [8][10] Group 3: Future Directions for FOFs - The future development of FOF products is expected to focus on greater diversification and specialization, incorporating a wider range of asset classes to enhance risk management and returns [10][11] - Fund managers are encouraged to innovate product offerings and improve fee structures to attract more investors and enhance competitiveness [7][11] - The integration of technology, such as AI and big data, is anticipated to improve investment decision-making processes within FOF management [11]

Core Insights - The article discusses the shift in investment strategies towards multi-asset allocation in a low-interest-rate environment, emphasizing the importance of risk management and systematic approaches in Fund of Funds (FOF) [1][4]. Group 1: Investment Strategy - The FOF team led by Zhang Chuan is actively implementing multi-asset allocation strategies to achieve stable returns for investors [1][2]. - Zhang emphasizes the need for a clear product positioning and strategy to meet the evolving demands of individual investors, focusing on continuous profitability and a good holding experience [2][4]. - The team aims to leverage the benefits of diversified asset allocation to mitigate risks while striving for consistent returns [2][4]. Group 2: Risk Management - A comprehensive risk monitoring system has been established, which categorizes assets into primary, secondary, and tertiary levels to analyze returns and risks systematically [4][5]. - The primary assets include various categories such as A-shares, Hong Kong stocks, U.S. stocks, domestic bonds, and commodities, while secondary and tertiary levels further refine these categories [4][5]. - The team employs a disciplined approach to ensure the sustainability and replicability of multi-asset returns through rigorous risk management practices [4][6]. Group 3: Market Outlook - The team maintains a relatively positive outlook on A-shares, Hong Kong stocks, overseas equities, and commodities, while holding a cautious stance on fixed-income assets [6][7]. - The technology growth sector, particularly driven by computing power, is identified as a key driver for market uptrends, while bond markets face uncertainty due to various short-term pressures [7]. - Gold is highlighted as a significant stabilizer in multi-asset portfolios, benefiting from potential interest rate cuts and geopolitical tensions [7].

● 本报记者王鹤静 以持续收益为目标 低利率时代，持续获取稳健收益成为投资者的广泛诉求，充分发挥对冲优势的多资产配置策略应运而 生。FOF(基金中基金)作为资产组合的重要载体，正逐步从此前自下而上的"选品"时代，迈进自上而下 驾驭贝塔的资产配置时代。 浦银安盛基金FOF业务部业务主管兼基金经理张川和他所带领的FOF团队，正是积极践行多资产配置 的"弄潮儿"。日前，张川在接受中国证券报记者采访时表示，多资产组合离不开风险管理这一重要前 提，团队根据一级资产、二级分布、三级策略对风险和收益进行逐层详细拆分，通过持续动态调整，力 争为投资者创造持续稳健的收益。 其中，一级资产是对大类资产按类型划分，包括A股、港股、美股、国内债券、商品等；二级风格是对 一级资产的贝塔进一步拆分，比如大盘价值、中小盘成长等；三级策略则进一步细化，例如权益资产的 代表性策略可以总结为"一守三攻"，"一守"即泛红利策略，"三攻"即大盘质量、中小微盘、科技成长策 略。 依靠这样纪律性的约束，张川告诉中国证券报记者，多资产组合收益的可持续性、可复制性、可迭代性 能够得到有力的保障。 在做好风险管理的前提下，张川和团队在底层标的选择上构建了一套 ...