文 | 银行螺丝钉 （转载请注明出处） 比如：40岁，配置60%的股票资产，40 %的债券资产;到了50岁，配置50%的 股票资产，50%的债券资产。 可以分为两大类: (1) 目标日期FOF 通常采用「100-年龄」的配置思路，股 债配置比例会随着年龄增长而变化。 不过,通常到了70岁,股票资产就不再 降低了。也就是说，股票资产的比例最 少不能低于30%。 这类型的养老FOF，基金名称里通常会 有一个具体的年份，比如，2040、2050 等，比较好识别。 如果自己在对应年份附近退休，就可以 考虑对应的养老FOF。 (つ) 目标风险FOF · H= \´— | 股票和债券资产,会有一个长期的平均 比例。常见股债比例：80:20、70:30、 60:40、50:50等等。 通常，股票资产的比例越高，长期收益 越高，相应的波动风险也越大。 这类型的养老FOF,基金名称里通常会 带有「稳健」、「平衡」、「积极」等 字样，从中我们可以判断出这只基金大 致的收益和波动情况。 养老FOF基金，建议大家可以从目标日 期型的入手。 因为选择目标日期养老FOF，主要是看 退休时间。 「退休时间」这个指标相对 客观，比较好判断， ...

报告导读： 我国险资 / 理财 / 养老金规模超 70 万亿且持续增长，资产配置呈"固收为 基、权益渐进"特征。险资 / 社保重仓 A 股以金融为核心，同时逐步提升科技等成长领域 配置。 政策端：加快推动中长期资金入市。 2025 年，《关于推动中长期资金入市工作的实施方案》发布，重点引导中长期资金进一步加大入市力度。这类资金期限 长、对资本市场短期波动容忍度高，追求长期稳健回报，可发挥资本市场"压舱石"作用。资金类型主要包括商业保险资金、全国社会保障基金、养老金基金、 理财产品等。 监管端：对高风险资产设置投资上限以约束风险，对低风险资产设置投资下限以保障安全。 我国对各类中长期资金的投资运用管理规定属于典型的数量型监 管，即通过设定各类资产投资比例的上限或下限，以控制整体风险暴露并维护资金流动性安全。通常而言： （ 1 ）对风险较高的权益类资产设定投资比例上 限。 其中，保险资金投资上限与综合偿付能力充足率挂钩，最高可达 50% ；社保基金与年金基金为 40% ，基本养老保险基金为 30% 。 （ 2 ）对风险较 低、流动性强的资产类别则设定投资比例下限或不设限，以确保资金安全并与负债端匹配。 其中，保险 ...

Core Viewpoint - The conference emphasized the shift in the role of investment advisors from "selling products" to "creating sustainable returns for clients," necessitating a restructuring of the investment advisory system focusing on assessment, service, and profitability [1] Group 1: Investment Advisory Trends - In Europe, the wealth management industry has seen investment advisory services become a core pillar, with a significant increase in demand from institutional clients over the past decade due to low interest rates and the complexity of emerging market assets [2][4] - The need for differentiated service models and product solutions tailored to retail, high-net-worth, and institutional clients is essential for achieving scalable and professional development in the investment advisory sector [4][18] Group 2: Challenges and Solutions in Investment Advisory - The investment advisory industry faces a talent gap, necessitating increased training and development of advisory personnel to meet evolving client needs [14] - A robust platform is crucial for efficient service delivery to a large client base, with a focus on standardized, online services for mass clients and personalized services for high-net-worth individuals [12][18] Group 3: Client-Centric Approaches - The essence of investment advisory lies in establishing long-term trust with clients rather than pursuing short-term transactions, with metrics such as client asset growth and loyalty being critical for performance assessment [18] - Investment advisory services should prioritize the investor's sense of gain, with companies like 招商基金 focusing on optimizing assessment systems to adapt to market changes [20]

21世纪经济报道记者唐婧 11月22日，为凝聚行业智慧、探寻发展新路径，由南方财经全媒体集团指导、21世纪经济报道主办的"第二十届21世纪金融年 会"在北京盛大召开。 在下午的"财富管理的低利率之问"分论坛上，国盛证券（002670）首席经济学家熊园、华安基金总经理助理许之彦、招银资产 多资产投资部总经理助理洪晓峰围绕"黄金+：从战术工具到战略底仓"分享了真知灼见，世界黄金协会中国区投资业务负责人杨 振海担任主持人。 许之彦介绍，从市场表现来看，黄金无疑是近年来大类资产中的佼佼者，不仅蝉联年度大类资产榜首，价格更是飙升至4000美 元以上的高位，大超市场预期。这一趋势背后，离不开低利率环境、全球地缘政治动荡、美元周期变化以及央行购金热潮等多 重因素的支撑。 许之彦还称，黄金的配置功能是内生的，纳入投资组合旨在兼顾中长期的收益目标，同时有助于降低波动。今年年初我国保险 资金正式获准进入黄金市场，未来也可以考虑让养老金、企业年金将黄金ETF纳入投资范围。目前国内240吨的黄金ETF总规模 也就是2400亿左右的市场份额，在150万亿大资管市场中还有较大的配置空间。 支撑黄金的四大逻辑未变 许之彦指出，黄金在投资组 ...

Core Viewpoint - The trend of large-denomination certificates of deposit (CDs) disappearing from the market is evident, with major banks removing five-year CDs and some private banks discontinuing all terms of large CDs [1][2][4]. Group 1: Current Market Situation - Major state-owned banks and national joint-stock banks have removed five-year large CDs from their mobile banking and official websites [2]. - The remaining large CDs available are primarily short-term, with most banks offering only three-month, six-month, or one-year products [3]. - Some private banks still offer high-interest CDs above 2%, but these are limited in availability and sell out quickly [4]. Group 2: Reasons for Discontinuation - The primary reason for banks discontinuing long-term large CDs is to alleviate the increasing pressure on net interest margins [4]. - As loan rates decline to support the real economy, banks' asset yields have decreased, making high-cost liabilities from large CDs less favorable [4]. - Reducing long-term, high-cost liabilities helps banks optimize their liability structure and manage interest rate risks in a declining rate environment [4]. Group 3: Future Outlook - Large CDs will not completely disappear, but their market role and form are changing significantly, with a shift towards shorter-term offerings [5]. - The interest rate advantage of large CDs is expected to diminish, aligning more closely with regular fixed-term deposits [5]. - The long-term trend in the deposit market indicates a downward trajectory for interest rates, driven by monetary policy and banks' efforts to reduce funding costs [5][6].

Core Insights - The forum focused on the theme "Asset Management Towards Excellence: Smartly Initiating a New Journey," discussing global asset management market trends and high-quality development paths [2] - Three core transformations are reshaping China's 210 trillion yuan asset management industry: continuous improvement of regulatory frameworks, deep restructuring of asset structures, and increasingly rational investor behavior [2][5] Group 1: Regulatory and Market Environment - Continuous improvement of regulatory frameworks is expected to lay a solid institutional foundation for high-quality development in the next decade [2] - The scarcity of quality assets is being revalued by the market, indicating a shift in asset structure [2] - The stability of the renminbi and the diversity of asset types in China are advantageous for global investors seeking diversified asset allocation and risk dispersion [5] Group 2: Investment Strategies and Market Dynamics - The long-term outlook for China's capital market is positive, but short-term volatility risks must be monitored [7] - Future core asset allocation directions include self-controlled and trendy consumption, mergers and acquisitions of leading enterprises, innovation in traditional industries, and the relocation of quality enterprises [7] - The complexity of the macro environment is increasing, creating both opportunities and higher demands for the asset management industry's transformation and high-quality development [8] Group 3: Wealth Management and Asset Allocation - Wealth management demand is evolving towards diversification and personalization, prompting changes in the asset management industry's value chain and business models [13] - The definition of "stability" in wealth management is being re-evaluated, with different institutions having varying focuses on absolute and relative returns [16] - Effective asset allocation strategies should include a comprehensive analysis of asset classes and correlation, avoiding reliance on single strategies to mitigate extreme risks [17] Group 4: Technological Impact and Future Outlook - The integration of active and quantitative investment strategies is essential in the fast-paced information environment, requiring systematic approaches to keep up with market pricing [12] - Artificial intelligence is recognized as a significant tool in investment but should be applied cautiously to avoid over-reliance and loss of process control [12] - The forum concluded with a consensus on the need for the asset management industry to inject long-term growth confidence into the market and contribute to high-quality economic development [17]

Core Insights - The low interest rate environment presents both challenges and opportunities for the financial industry, prompting a shift from "asset-driven" to "strategy-driven" approaches [3] - The current market is characterized by low interest rates, high volatility, and asset scarcity, with significant fluctuations expected to continue into 2024 [3] - The transition to net value transformation by regulatory authorities will require firms to adapt their valuation methods, making reliance on single assets and strategies unsustainable [3] Company Strategy - The company is transitioning from a product-centric to a client-centric model, and from an asset-centric to a strategy-centric approach, with early signs of success [3] - The "fixed income plus" strategy is identified as a critical factor for success in the wealth management and asset management sectors [3] - The company has seen over 70% growth in its fixed income plus product scale since the beginning of the year, gaining broad recognition from channels and clients [3] Systematic Capabilities - The company has developed a comprehensive asset map covering various asset classes, including stocks, bonds, commodities, gold, REITs, and derivatives [4] - A rich toolbox of strategies has been created, utilizing quantitative models and macro hedging for dynamic asset allocation [4] - The company conducts detailed research and management of multi-asset and multi-strategy approaches to uncover investment value [4] - Effective drawdown control measures are in place for fixed income plus products, aiming for optimal risk-return profiles [4] - A full product supply chain is maintained, ensuring balanced development across various product lines [4] - Risk management is integrated throughout the investment process, with a record of zero defaults in bonds over the company's six-year history [4] Conclusion - The low interest rate challenge ultimately reflects a question of capability, emphasizing the importance of a client-centered approach in asset allocation, product innovation, risk control, and investor services [4] - The company aims to continuously enhance its professional capabilities to create certainty for investors amidst uncertainty, contributing to high-quality economic development [4]

每一份真实投资感悟都藏着财富微光，每一次理性分享都值得被看见！ 天天基金社区旨在扶持真实、有价值的财经内容创作者，发起 "青禾创作计划" ，期待更多有潜力的创作 者持续扩大影响力，让真诚内容照亮投资路。 本次活动奖励机制以 "奖金激励 + 流量赋能 + 勋章认证" 为核心，覆盖全量创作者。 如果你早已积累了不少资产配置逻辑和投资思考，欢迎上天天基金社区分享，有机会瓜分万元奖励！ 欢迎来社区分享，超多奖励等你来拿! c 02 有机会瓜分 优质创作者标 万元奖励 签及流量激励 DB 04 站内外专属 天天基金 荐稿通道 限定周边 在天天基金社区发布内容，分享配置心得，关联实 I 盘功能,建议100字以上 发文(@天天基金创作者中心,并关联话题#青禾创 0 作计划# 发帖 取消 发表 写标题将会被更多人看到 0/38 ● #有木创作订刃# (@大大基玉创作有中心 排版 基金 图片 表情 话题 晒模版 电容 N 走势图 晒收益 HDD 21 東客创作灵感 [^ < 我的条件 -实际产蛋 周- 级债基 ∠ (21点左右對报) 5.56% 利率债指数基 信用债为主 重合/部分 2025-02-08创建 平均近1年涨幅 同 ...

Group 1: Conference Overview - The 2026 Strategy Conference by CITIC Futures was successfully held on November 26, 2025, in Shanghai, focusing on the theme "Sailing Forward" [1] - The conference featured one main forum and eight sub-forums, discussing macroeconomic trends, equity, bonds, commodities, exchange rates, and overseas markets [1] - The event gathered investors from various sectors, promoting an exchange of ideas and insights [1] Group 2: Economic Outlook - The Vice President of the China Macroeconomic Society, Zhu Baoliang, projected a 5% economic growth for China in 2025, supported by growth policies and export activities [2] - Challenges such as insufficient domestic demand, a sluggish real estate market, and increasing local government debt were highlighted, indicating potential overcapacity in the economy [2] - Recommendations for 2026 include maintaining a stable economic growth target of around 5%, implementing proactive fiscal policies, and enhancing market confidence [2] Group 3: Global Economic Insights - CITIC Securities' Chief Macro Analyst, Cui Rong, noted that 2025's tariff disruptions would lead to a clearer global economic environment in 2026, with reduced uncertainties in geopolitics and monetary policies [3] - The forecast includes a cautious outlook on global financial market liquidity and lower returns on risk assets compared to 2025, despite a continued boom in AI technology [3] - Concerns regarding the fragility of AI financing cycles and potential economic risks related to the U.S. midterm elections were also mentioned [3] Group 4: Market and Asset Allocation - CITIC Futures' Deputy Director, Zeng Ning, expressed an optimistic macro outlook for 2026, driven by a sustained easing of global liquidity and fiscal expansions in the U.S. and Europe [4] - The asset allocation strategy suggests a balanced approach, with an emphasis on precious metals and commodities, while adjusting positions based on supply and demand dynamics [4] - Expectations for oil prices indicate a potential downward pressure on price levels, suggesting a cautious approach to oil investments [4]

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