Core Viewpoint - The current market environment presents a favorable opportunity for investing in multi-strategy fixed income products, emphasizing risk control and sustainable returns over maximizing short-term gains [1][2]. Group 1: Investment Strategy - The investment philosophy prioritizes risk management, with a focus on controlling drawdowns and ensuring accumulative returns [2][4]. - The approach involves setting predetermined stop-loss and take-profit points for each trade, balancing between profit-taking and risk management [3]. - The company emphasizes a top-down asset allocation strategy, making macro-level judgments to guide investment decisions [4][5]. Group 2: Market Outlook - The bond market is expected to have limited further adjustments, with potential opportunities for allocation in the fourth quarter [7]. - The equity market is anticipated to continue its structural rally, with a focus on selecting next-tier leaders or broad-based ETFs to reduce portfolio volatility [7]. - Convertible bonds are viewed as a significant source of yield enhancement, with a focus on stocks with strong growth potential and themes like "anti-involution" and AI-related sectors [7][8]. Group 3: Team and Product Development - The fixed income team at the company consists of nearly 70 professionals with an average of 7 years of experience, covering a wide range of asset classes and investment strategies [5][6]. - Since 2016, the company has developed a mature management system for multi-strategy fixed income products, currently offering 14 different products [6]. - The company aims to balance volatility and return sources while allowing fund managers to leverage their strengths and meet investors' risk preferences [6].

Core Insights - The forum titled "2025 Futures and Spot Integration to Promote High-Quality Development of the Aluminum Industry" will be held on October 16 in Zhengzhou, focusing on the future development paths of the aluminum industry [1] - The event aims to create a complete ecological loop covering research, production, trade, and finance by gathering industry leaders, experts, and traders [1] - The forum addresses the challenges and opportunities in the aluminum industry amid global economic adjustments and domestic industrial upgrades, emphasizing the importance of high-quality development and risk management through futures and derivatives [1] Group 1 - The forum will feature keynote speeches from industry experts, including Dr. Wei Hongjie from China Aluminum International Trade Group, who will analyze the development trends of China's aluminum industry under complex international and domestic conditions [2] - Analyst Jiang Xinbin from Zheshang Futures will focus on market dynamics, identifying core factors influencing aluminum price fluctuations and potential trading opportunities for risk management and investment decisions [2] - Chen Penghui, Chairman of Gongyi City Kangyi Material Trade Co., will share insights on how companies can enhance resilience and innovate business models through futures-spot integration strategies [2] Group 2 - A roundtable discussion will involve representatives from leading aluminum processing companies, exploring the current state of the aluminum industry and the practical applications of futures tools in stabilizing raw material supply, optimizing inventory management, and mitigating price risks [2] - The forum will also present the "Golden Great Wall" awards for outstanding risk management cases and service providers, recognizing exemplary applications of futures-spot integration in supporting the real economy and promoting innovative models [3] - The awards aim to set industry benchmarks and encourage more companies to adopt risk management tools for high-quality development [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced that starting from October 9, 2025, qualified foreign institutional investors (QFIIs) will be allowed to participate in on-exchange ETF options trading, primarily for hedging purposes [1][3] Group 1: Regulatory Changes - The Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) have begun accepting applications from QFIIs for stock options trading as of September 30, 2023, with SZSE starting on October 9, 2023 [1][5] - The CSRC has progressively relaxed restrictions on QFIIs' participation in domestic commodity futures, commodity options, and ETF options this year, aiming to expand the investment scope for foreign investors [1][7] Group 2: Trading Mechanism - QFIIs can engage in trading of exchange-traded fund options (ETF options) listed on the Shanghai and Shenzhen exchanges, with the trading purpose limited to hedging [3][5] - QFIIs must report their planned use of A-share securities accounts through authorized options operating institutions before opening corresponding derivative contract accounts for hedging [3][5] Group 3: Market Impact - The introduction of ETF options is expected to attract more long-term capital into the A-share market, as both domestic and foreign institutional investors require more comprehensive hedging and investment tools [8][9] - The presence of foreign institutional investors in the top holdings of listed funds has increased, with significant investments noted from major firms such as Barclays and UBS [9]

Core Viewpoint - The recent comments from Federal Reserve's Daly indicate that the softening labor market and inflation levels being "far below" previous concerns validate last month's interest rate cut and suggest potential for further cuts in the future [1] Group 1: Economic Conditions - The economy is experiencing a slight slowdown, with consumers depleting their excess savings while facing higher price levels [1] - Restrictive monetary policy is also contributing to the current economic environment [1] Group 2: Labor Market Concerns - Daly emphasizes that the current moment is critical, and without proper risk management, the softening labor market could become more concerning [1]

Core Insights - The roundtable dialogue event "Technology Leading Insurance Industry Transformation - Digital Asset Insurance Innovation" was successfully held, marking the first collaboration between CUHK FMBA and the insurance industry [1][2] - The event aimed to foster high-quality academic and industry dialogue, showcasing the vast opportunities in the insurance finance sector [1][2] Group 1: Event Overview - Nearly 100 experts, professors, and students from Chow Tai Fook Life Insurance and CUHK FMBA participated in the roundtable dialogue [5] - The event featured key speakers including Professor Gu Zhaoyang, CEO Zhou Yongji, and other industry professionals, emphasizing the strategic collaboration between academia and industry [1][2] Group 2: Investment Strategies - Xu Tianyou highlighted that the core of insurance investment lies in risk management rather than merely pursuing high returns, emphasizing the importance of ensuring solvency before investing surplus funds [2][11] - Chow Tai Fook Life Insurance's unique investment strategy has resulted in a solvency ratio that is leading in the industry [11] Group 3: Digital Assets and Innovation - Ye Jiaxing discussed the development of digital assets and cryptocurrencies, predicting that digital assets and insurance innovation will shape future financial risk management models [3][13] - The integration of blockchain technology into traditional finance was also analyzed, with expectations that stablecoins will become a core tool in financial competition between China and the U.S. [3] Group 4: Greater Bay Area Development - Tao Ruifei shared insights on the rapid digital transformation of the insurance industry in mainland China, supported by policies and practical experiences [4] - The event underscored the advantages of Hong Kong's insurance industry, which has nearly 200 years of history, and its potential for further integration with mainland China to better serve high-net-worth families [4]

Core Insights - The A-share market has shown strong performance recently, with the Shanghai Composite Index surpassing 3900 points and the STAR 50 Index experiencing a single-day increase of over 5% [1] - The banking wealth management market is becoming more active as investors focus on asset allocation amid rising international gold prices [1] Market Performance - On October 9, all three major stock indices closed higher, with the Shanghai Composite Index at 3933.97 points, up 1.32%, marking a ten-year high [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 26,718 billion yuan, an increase of 4,746 billion yuan from the previous trading day [1] Wealth Management Products - The performance of bank wealth management "fixed income +" products is closely linked to equity market trends, with mixed product scale increasing from 6470.76 billion yuan at the end of June to 6548.11 billion yuan by the end of September, a growth of 77 billion yuan [3] - Analysts expect that the scale of wealth management funds allocated to equities may exceed 100 billion yuan in the second half of the year and throughout 2026 [3] Investment Strategies - Banks are employing various strategies for equity asset allocation, with a focus on sectors such as technology, manufacturing, gold, and dividends [3][4] - The issuance of rights-based wealth management products has significantly increased, with 12 equity products issued this year compared to only 2 last year, and mixed products reaching 202, up from 169 last year [4] Risk Management - Risk management is becoming a core focus for wealth management companies in their "fixed income +" product strategies, with an emphasis on absolute return strategies and multi-asset approaches [6] - Companies are optimistic about the future performance of stocks, bonds, and gold, despite current stock valuations being at historical averages [6] Future Directions - The new directions for "fixed income +" products may include public REITs, with expectations for the total market value of public REITs in China to exceed 200 billion yuan by 2025 [7] - The anticipated normalization of issuance and the growing institutional demand for public REITs may enhance their attractiveness as core assets in the "fixed income +" product lineup [7]

【美联储DALY：美联储还预计将进一步降息 作为风险管理的一部分】智通财经10月10日电，美联储 DALY表示，到目前为止，通胀没有预期那么令人担忧；9月降息后，政策仍具适度限制性；美联储还 预计将进一步降息，作为风险管理的一部分。 ...

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].

Core Viewpoint - The article emphasizes the shift in FOF (Fund of Funds) strategies from a bottom-up selection approach to a top-down asset allocation strategy, focusing on risk management and multi-asset diversification to achieve stable returns in a low-interest-rate environment [1][2]. Group 1: Multi-Asset Strategy - The FOF team led by Zhang Chuan is actively implementing multi-asset allocation strategies, which are essential for managing risks and generating stable returns for investors [1][2]. - The current client base for public FOFs primarily consists of individual investors who prioritize continuous profitability and a positive holding experience [2]. - The domestic passive investment growth provides a solid foundation for executing multi-asset strategies, with various index investment tools available across different asset classes [3]. Group 2: Risk Management Framework - Zhang and his team have transitioned the FOF business focus from selecting fund managers and products to constructing a systematic multi-asset allocation framework [4]. - A comprehensive risk monitoring system has been established, which breaks down the portfolio's daily returns and risks into three levels: primary assets, secondary styles, and tertiary strategies [4]. - The primary assets include categories like A-shares, Hong Kong stocks, U.S. stocks, domestic bonds, and commodities, while secondary styles further dissect these assets into specific strategies [4]. Group 3: Investment Process - The investment process involves qualitative analysis of underlying asset logic, future opportunities, win rates, and odds, followed by quantitative methods to analyze hedging effects among multiple assets [5]. - Tactical adjustments are made to the portfolio to enhance returns, with ongoing attribution analysis to evaluate performance and inform future investment decisions [6]. Group 4: Market Outlook - The team maintains a relatively positive outlook on A-shares, Hong Kong stocks, overseas equities, and commodities, while holding a cautious view on fixed-income assets [7]. - In the context of potential interest rate cuts by the Federal Reserve, U.S. stocks may enter a consolidation phase, while gold is expected to benefit from the rate cuts and geopolitical tensions, serving as a stabilizer in multi-asset portfolios [8].

● 本报记者 王鹤静 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。 以持续收益为目标 在进入公募行业之前，张川有过券商自营、企业年金、理财FOF等领域较为丰富的投资管理经验。由于 上述资金的风险偏好相对较低，张川逐步形成了风格稳健的投资方法论。加盟浦银安盛基金后，张川将 这样的方法论进一步精进和升级。 为了实现这样的目标，张川和团队构建了一套完整的风险监控体系，根据一级资产、二级分布、三级策 略，对组合每天的收益和风险进行逐层详细拆分，详细跟踪各类资产的收益与风险特征是否匹配，通过 持续比较性价比，保持组合的动态优化。 其中，一级资产是对大 ...