Core Viewpoint - The asset management industry is undergoing significant changes, driven by market opportunities and the need for companies to adapt their strategies and capabilities to remain competitive [3][5][6]. Group 1: Market Opportunities - The past year has been a "big year" for the asset management industry, with three main factors contributing to favorable market conditions: declining deposit rates improving the yield comparison between deposits and wealth management products, changes in the real estate sector leading to a shift in residents' risk preferences, and a strong performance in the bond market [3][4]. - Agricultural Bank of China Wealth Management has seen significant growth, with retail customers reaching approximately 40 million [3]. Group 2: Internal Development - The company emphasizes the importance of recognizing industry trends and improving internal capabilities, particularly in expanding asset allocation from fixed income to equity and other diversified assets [4][6]. - A shift from traditional experience-based investment strategies to quantitative analysis and data-driven decision-making is necessary to identify market opportunities effectively [4]. Group 3: Future Industry Landscape - The future of the wealth management industry will be shaped by three key factors: the establishment of independent market mechanisms, the ability to acquire and combine diverse assets, and the development of customer service capabilities [6][7]. - The industry must transition from a seller-oriented model to a buyer-oriented model, enhancing investment advisory services to build trust with clients [7]. Group 4: Industry Competition - The industry faces increasing competition, necessitating a call for self-regulation and the establishment of unified rules to promote fair competition and healthy development [7].

Core Viewpoint - The article emphasizes the evolution of multi-asset allocation strategies among investors, highlighting the shift from single-market investments to diversified cross-border investments to reduce reliance on any single market and pursue richer sources of returns [2][3]. Group 1: Cross-Border Investment Team - The cross-border investment team at China Merchants Bank has successfully navigated several overseas risk events by proactive positioning, maintaining net value stability through precise timing in U.S. Treasury transactions and adjustments in response to credit defaults [3][4]. - The team has a management scale exceeding 90 billion yuan, with a diverse product line that includes cross-border RMB fixed income and structured products [5][11]. Group 2: Investment Strategy and Research - The team employs a multi-faceted research approach, analyzing macroeconomic trends, interest rates, and asset allocation logic to inform investment decisions [6][12]. - The team has developed a "global economic cycle matrix" to track key factors such as growth, inflation, and policy across major economies, which aids in understanding market dynamics [25][27]. Group 3: Product Offerings and Risk Management - The cross-border investment department offers a diverse range of products categorized by currency, underlying strategy, risk level, and product opening period, catering to various investor preferences [20][21]. - The department emphasizes the importance of risk management, employing both subjective judgment and mechanized hedging strategies to protect against extreme risks [33][34]. Group 4: Market Awareness and Adaptability - The team recognizes the necessity of understanding the complexities of cross-border investments, including currency risks and market differences, to avoid hidden barriers for ordinary investors [35][36]. - Continuous monitoring of global market conditions and proactive adjustments to investment strategies are crucial for navigating uncertainties in the international landscape [39][40].

Group 1 - The core viewpoint of the article highlights the development and positioning of the asset management industry, particularly focusing on the role of bank wealth management in providing stable, low-volatility investment options that aim for absolute returns [1][2]. - As of mid-August, the asset management scale of浦银理财 reached 1.45 trillion, having served 13 million clients, with all products this year achieving positive returns [1]. - The current market volatility is seen as a norm, leading to the belief that multi-asset allocation capabilities will become a core competitive advantage for asset management institutions [1]. Group 2 - The positioning of bank wealth management is defined as relatively low volatility and stable, with a focus on absolute returns, catering to the demand for low-volatility asset allocation [2]. - The asset management industry's mission remains to serve the real economy and preserve and increase the value of people's wealth, especially in the context of accelerating green transformation and deepening industrial upgrades [2].

Core Insights - The global economic recovery is uneven, with financial markets experiencing volatility due to inflation, interest rate policy adjustments, and geopolitical factors [1] - The common goal for asset management institutions and clients is to seek stability while pursuing progress [1] - There is a growing focus on capturing growth opportunities through diversified asset allocation while managing risks [1] Industry Trends - China's capital market reforms and opening up present new opportunities for the asset management industry [1] - There is an increasing demand for allocation in equity assets, bonds, alternative investments such as REITs, private equity, commodities, and cross-border assets [1] - Private banks and wealth management institutions are accelerating their transformation to meet the diverse needs of high-net-worth clients through digital tools and customized services [1]

Core Viewpoint - The 2025 Asset Management Annual Conference will focus on "Breaking the Game and Restructuring - Rebuilding Competitiveness in Asset Management" and will address topics such as multi-asset allocation, index investment, new trends in asset management, and how green productivity can support high-quality corporate development [1]. Agenda Summary - The conference will feature a series of keynote speeches and roundtable discussions, including topics like multi-asset allocation strategies and the rise of passive investment trends in asset management [2][4][7]. - Keynote speakers include prominent figures from various financial institutions, such as the People's Bank of China and BlackRock, who will share insights on industry developments [5][9]. - The event will also include discussions on ESG (Environmental, Social, and Governance) investment and its implications for financial culture and market expansion [9][10].

Core Viewpoint - The "Fixed Income +" fund category has evolved from a simple stock-bond pairing to a more systematic and rational asset allocation approach, providing stable investment options for conservative investors [1][12]. Group 1: Fund Overview - The fund "Jiaoyin Anxin Income" (A Class: 519753; E Class: 019268) is highlighted as a leading player in the "Fixed Income +" category, focusing on controlled drawdown and capturing diverse sources of returns through a scientific allocation of stocks, convertible bonds, and bonds [1][2]. - The fund aims to maintain at least 80% of its portfolio in stable bond assets, with a maximum of 20% allocated to convertible bonds or equity assets, ensuring a solid foundation for the portfolio [2][10]. Group 2: Performance and Management - Under the management of experienced fund manager Wei Yumin, the fund has achieved positive returns for six consecutive years from 2019 to 2024, demonstrating the effectiveness of its medium-volatility strategy [3][12]. - The fund has consistently outperformed its benchmark across short, medium, and long-term dimensions, showcasing the team's ability to capture opportunities in both stock and bond markets [6][7]. Group 3: Risk Management - The fund exhibits strong performance in terms of risk-adjusted returns, with a Calmar ratio significantly higher than its benchmark and a lower maximum drawdown, indicating effective risk control measures [10][11]. - Wei Yumin's deep understanding of risk management, honed through multiple market cycles, allows for a balanced approach to controlling drawdowns while seeking returns [10][11]. Group 4: Market Context - In the current environment of low interest rates and high volatility, traditional sources of stable returns are narrowing, making diversified asset allocation increasingly important for investors [12][20]. - The fund's strategy leverages the negative correlation of multi-asset classes to act as a "shock absorber," aiming to provide a predictable and sustainable investment experience [12][20].

Quantitative Models and Construction Methods 1. Model Name: Multi-Asset Allocation Model - **Model Construction Idea**: The model adopts a top-down allocation approach, strategically allocating 80% to stable assets and 20% to risk assets. It incorporates low-correlation assets such as equity funds, US equity QDII, USD bond QDII, low-volatility dividend ETFs, and gold to diversify risks[9][16]. - **Model Construction Process**: 1. The model uses a strategic allocation ratio of 80% stable assets and 20% risk assets, with a tactical adjustment range of ±5%[16]. 2. Risk assets are allocated among equity funds, US equities, low-volatility dividend ETFs, and gold in a ratio of 6:6:6:2[16][18]. 3. Stable assets include medium-to-long-term pure bond funds, passive bond index funds, bond QDII funds, and money market funds. Adjustments are made based on credit spreads, term spreads, and the relative attractiveness of US Treasuries[16]. 4. Historical correlations among asset classes were calculated using representative indices such as the Wind Equity Hybrid Fund Index, Wind Medium-to-Long-Term Pure Bond Fund Index, S&P 500 ETF, and SGE Gold 9999[19]. 5. A backtest was conducted using the allocation ratio of 80:6:6:6:2 for stable and risk assets, respectively[19][21]. - **Model Evaluation**: The model demonstrates strong diversification, reducing the volatility of single risk asset exposure and maintaining stable net value growth[20]. --- Model Backtest Results 1. Multi-Asset Allocation Model - **Annualized Return**: 5.68%[21] - **Annualized Volatility**: 3.51%[21] - **Maximum Drawdown**: 10.30%[21] - **Annualized Return-to-Volatility Ratio**: 1.62[21] - **Annualized Calmar Ratio**: 0.55[21] --- Quantitative Factors and Construction Methods 1. Factor Name: Fund Selection Alpha Factor - **Factor Construction Idea**: The factor combines quantitative and qualitative methods to select funds, focusing on alpha generation and risk control. It emphasizes historical backtesting of selection indicators and fund manager due diligence[9][23]. - **Factor Construction Process**: 1. Funds are categorized by risk level, investment region, and strategy (e.g., equity, balanced, fixed income)[24][25]. 2. Quantitative screening is performed using metrics such as stock-picking ability and drawdown control[28]. 3. Qualitative due diligence includes analyzing fund managers' tenure, experience, and adaptability to market changes[28]. 4. Internal fund products are prioritized to reduce fees and enhance alpha generation[31]. 5. Excess return contributions are calculated using the formula: $$E R_{p}=w_{p}\sum_{i=1}^{n}w_{i}(R_{i}-R_{b})$$ where \(w_{p}\) is the proportion of the category in the portfolio, \(w_{i}\) is the normalized weight of the fund, \(R_{i}\) is the fund return, and \(R_{b}\) is the benchmark return[53][54]. - **Factor Evaluation**: The factor demonstrates strong fund selection capabilities, particularly in mid-level configurations, with cumulative excess returns of 1% in passive index funds and positive contributions across other fund types[56]. --- Factor Backtest Results 1. Fund Selection Alpha Factor - **Passive Index Fund Excess Return**: 1.02% (cumulative)[57] - **Pure Bond Fund Excess Return**: 0.07% (cumulative)[57] - **Fixed Income Plus Fund Excess Return**: 0.33% (cumulative)[57] - **Active Equity Fund Excess Return**: 0.43% (cumulative)[57] - **Total Excess Return**: 1.85% (cumulative)[57]

Core Viewpoints - The wealth management market has significant potential but is currently constrained by a "low interest rate, low growth, and low risk appetite" environment, leading to structural challenges for institutions [3][7] - Industry needs to focus on long-term investment philosophy, technological empowerment, asset allocation optimization, and enhancing customer experience [3][7] Regulatory and Industry Dynamics - On August 7, China Merchants Bank held the "Wealth New Journey Bay Area Co-creation - 2025 Wealth Cooperation Partner Forum," which has become an important window to observe changes in the wealth management market [3][7] - The bank's president proposed several development initiatives, including focusing on long-term value creation, enhancing global asset allocation capabilities, deepening AI and finance integration, and adhering to market standardization [7] Peer Innovation Dynamics - Huibin Wealth Management launched the "Star Huibin+" multi-asset multi-strategy product system, aiming to integrate various investment strategies to achieve a complete closed loop of investment strategy, strategy index, and product labeling [3][8] - Xingyin Wealth Management successfully completed Fujian Province's first stock option registration business, marking a breakthrough in the province's stock option registration from zero to one [3][9] Yield Performance - For the week of August 4-10, 2025, cash management products recorded an annualized yield of 1.34%, down 2 basis points, while money market funds remained stable at 1.21% [4][10] - Most fixed income and fixed income+ products saw a rebound in annualized yields, particularly for products with a maturity of over one month [4][12] Market Conditions - The bond market exhibited a volatile pattern due to the interplay of various factors, including the central bank's liquidity support and the ongoing stock-bond seesaw effect [5][12] - The 10-year government bond yield remained stable at 1.69%, with a slight narrowing of credit spreads [5][13] Net Value Tracking - The net value ratio of bank wealth management products was 0.91%, down 1.44 percentage points, with credit spreads also narrowing by 1.81 basis points [5][16] - The current credit spread is at a historical low since September 2024, indicating limited cost-effectiveness [5][16]

Core Viewpoint - The current global economy is exhibiting characteristics of a soft landing, with major economic data generally exceeding expectations, and inflationary pressures gradually easing [1] Economic Environment - The Citi Economic Surprise Index indicates that most data from major economies is better than expected [1] - Manufacturing and services PMI show fluctuations but are overall stabilizing [1] - The growth gap between developed and emerging markets is narrowing [1] Asset Performance - Over the past decade, diversified portfolios have demonstrated resilience, with a 60/40 stock-bond investment portfolio yielding an annualized return of 7.18% and a year-to-date return of 7.4% [1] - Historical data shows that after peaks in the VIX index, the average return of the S&P 500 over the following 12 months is 13.7% [1] Investment Strategy - A "multi-asset balanced" framework is recommended, focusing on growth opportunities in developed and Asia-Pacific markets [1] - Developed market stocks offer stability and return potential, while Asia-Pacific stocks (excluding Japan) have long-term upward momentum [1] - On the bond side, attention should be given to Asian credit bonds, global high-yield bonds, and U.S. investment-grade bonds [1] - A balance between interest rate-sensitive assets and defensive assets is crucial, with U.S. Treasuries and cash-like assets serving as hedges against uncertainty [1] Diversification Importance - While diversification does not guarantee profits, it effectively mitigates risks [1] - In a soft landing economic cycle, maintaining long-term allocations and dynamic rebalancing is key to navigating through cycles [1]

"破局与重构——大资管再造竞争力" 由南方财经全媒体集团指导，《21世纪经济报道》主办、浦发银行联合主办的"2025资产管理年会"即将 于2025年8月16日在上海浦东隆重举办。 "资产管理年会"始于2008年，已经连续举办十七届， 已成为国内资管行业最具影响力的盛事之一。本 届"资产管理年会"的主题为"破局与重构——大资管再造竞争力"，围绕大类资产多元配置、指数投资、 资管新趋势、绿色生产力助力企业高质量发展等议题展开，邀请资管领军者发言分享对于行业发展的洞 见。 以下为2025资产管理年会议程： 2025年8月16日 上海·浦东 上海鲁能JW万豪侯爵酒店 【议程设置】 08:30-12:302025资产管理年会：破局与重构——大资管再造竞争力 13:30-17:30主题一：与波动共舞，解锁多元资产配置之道 13:30-17:30主题二：被动投资大发展下的资管新趋势 13:30-17:30第三届"活力·ESG"创新论坛 ■ 上午 破局与重构——大资管再造竞争力 08:00-08:30嘉宾签到 08:35-08:50活动致辞 08:50-10:30主旨演讲 刘世锦 十三届全国政协经济委员会副主任、国务院发展研 ...