Market Overview - The bond market shows a slight increase in yields, with the weighted average price of DR007 at 1.64% and the 10-year government bond yield at 1.66% [2] - The A-share market saw most broad indices rise, with the CSI 1000 index increasing by 1.85%, the Shanghai Composite Index by 0.56%, and the CSI 300 index by 0.38% [2] Fund Performance - The overall net value of bank wealth management products remains stable, with a comprehensive break-even rate of 0.87% as of April 27, 2025 [3] - The break-even rates for equity and mixed wealth management products decreased to 57.89% and 8.15%, respectively, while fixed income products maintained a low break-even rate of 0.34% [3] New Product Issuance - A total of 465 new wealth management products were issued by 31 companies from April 21 to April 27, 2025, with major issuers including Xinyin Wealth Management, Ping An Wealth Management, and Huaxia Wealth Management [4] - The majority of new products were R2 (medium-low risk), closed-end net value type, and fixed income public products, with mixed products seeing a 1.5-fold increase in issuance [4] Product Strategy - New products from Beiyin Wealth Management and Zhongyou Wealth Management adopted global asset rotation strategies, both classified as medium-low risk closed-end "fixed income + options" products [5] - The average performance benchmark for newly issued fixed income products decreased by one basis point to 2.69%, with most products priced below 3% [5] Yield Analysis - Mixed and equity wealth management products reported positive average returns due to rising equity markets, with fixed income products showing an average net value growth rate of 0.0451% [7] - The average weekly yield for cash products was 1.521% for RMB, 3.94% for USD, and 3.18% for AUD [8] Industry Trends - The transition of bank wealth management from "deposit-like" products to "multi-asset" offerings is ongoing, driven by product diversification and the need for risk budgeting [9] - The total scale of bank wealth management decreased by approximately 810 billion RMB in the first quarter of 2025 but showed a strong recovery in April, aided by the phenomenon of deposit migration [10]

这一现象与汇鸿汇升首席投资官张辉的观察比较一致。张辉表示，今年以来，机构客户对多资产策略的 配置意愿显著提升，一季度机构类客户认购规模同比显著增加，"客户对'分散风险'的认知已从概念转 向实操"。 与此同时，高净值客户的配置逻辑也在悄然变化。京华世家投资总监纪盈盈称，过去几年市场波动加 剧，客户从追求"绝对收益"转向"风险收益匹配"，"资金量越大的客户越关注安全性，多资产策略的接 受度随之上升"。纪盈盈进一步透露，今年以来在部分私募的专户业务中，包含海外资产的多策略配置 需求有明显增加趋势。 头部私募的动向，也显露出了一定的风向标意义。知名FOF机构博孚利资管总经理何阳阳表示："银行 理财净值化转型后，预期收益型产品消失，低波动、稳收益的多资产策略成为资金新宠。"从市场反馈 来看，客户对多资产策略的认知从"分散配置工具"逐步转向"核心配置选项"。思睿集团创始合伙人、首 席投资官李富军表示，多策略稳健配置型产品净值近期逆势走强，"市场越不确定，客户对绝对收益的 需求越强烈，这正是多资产策略的发力点"。 策略特色与收益特点鲜明 受外部扰动因素影响，近期A股在指数及个股层面出现宽幅波动，投资者阶段性风险偏好有所调整 ...

Group 1 - The core viewpoint of the report emphasizes that in a low-interest-rate environment, multi-asset strategies have gained popularity among investors as they seek better returns and diversification [1][4]. - The report discusses the concept of asset allocation diversification, highlighting its importance in the current market conditions and how it can mitigate risks while enhancing potential returns [3][4]. - The report suggests that multi-asset strategies are particularly suitable in the current economic landscape, where traditional fixed-income investments may yield lower returns due to sustained low interest rates [1][3]. Group 2 - The report outlines specific methods for achieving asset allocation diversification, which include a mix of equities, fixed income, and alternative investments to optimize portfolio performance [3][4]. - The discussion includes insights from industry experts on the effectiveness of multi-asset strategies in navigating market volatility and achieving long-term investment goals [1][4]. - The report indicates that the shift towards multi-asset strategies reflects a broader trend in the investment community, driven by changing economic conditions and investor preferences [1][3].