Core Insights - The article emphasizes the growing importance of global asset allocation for high-net-worth and ultra-high-net-worth investors in the context of geopolitical tensions, high inflation, and economic recession risks, which are expected to drive demand for multi-asset and multi-market allocations [2] - UBS's "2025 Global Wealth Report" predicts a transfer of $74 trillion in wealth across generations over the next twenty years, leading to a surge in cross-border asset allocation and wealth inheritance needs [2] - Hedge funds and family offices are highlighted as key players in the global asset allocation ecosystem, providing unique value through flexible strategies and comprehensive wealth management solutions [2] Event Overview - The "First Hedge Fund Awards and Family Office Awards Ceremony" organized by Paipai Global will take place on August 22, 2025, in Hong Kong, aimed at recognizing excellence in the hedge fund and family office sectors [2][10] - The event will feature a selective invitation-only format, ensuring an exclusive gathering of industry leaders and stakeholders [3] Award Structure - Two main awards, "Excellence Award" and "Emerging Award," have been established to recognize benchmark institutions and emerging forces in the hedge fund and family office sectors, with a rigorous evaluation mechanism in place [4] - The evaluation criteria for hedge funds focus on "brand strength" (40% weight) and "investment management capability" (60% weight), while family offices are assessed on brand strength (30%), comprehensive service capability (40%), and asset management capability (30%) [7] Evaluation Mechanism - The awards will employ a multi-dimensional assessment system combining quantitative and qualitative evaluations, ensuring fairness and objectivity in the selection process [7][8] - Quantitative assessments will rely on self-reported data from participating institutions, verified through cross-checking, while qualitative evaluations will be conducted by an independent review committee composed of industry experts [7] Industry Significance - The ceremony is positioned as a significant event for the industry, reflecting the expectations and strategic importance of recognizing high-quality development in the hedge fund and family office sectors [8] - Paipai Global aims to leverage its extensive experience and resources to set new benchmarks in the global asset management field, promoting a higher quality of development [8]

Quantitative Models and Construction Methods Genetic Programming Industry Rotation Model - **Model Name**: Genetic Programming Industry Rotation Model - **Model Construction Idea**: Directly extract factors from industry index data such as volume, price, and valuation, and update the factor library at the end of each quarter[30] - **Model Construction Process**: The model adopts weekly frequency rebalancing, selecting the top five industries with the highest composite multi-factor scores for equal-weight allocation every weekend[30] - **Model Evaluation**: The model has achieved an absolute return of 28.79% this year, outperforming the industry equal-weight benchmark by 17.68 percentage points[30] - **Model Testing Results**: - Annualized Return: 31.39% - Annualized Volatility: 18.12% - Sharpe Ratio: 1.73 - Maximum Drawdown: -19.63% - Calmar Ratio: 1.60 - Last Week Performance: 3.15% - Year-to-Date (YTD): 28.79%[32] Absolute Return ETF Simulation Portfolio - **Model Name**: Absolute Return ETF Simulation Portfolio - **Model Construction Idea**: The asset allocation weights are mainly calculated based on the recent trends of various assets, with stronger trend assets assigned higher weights. The internal equity asset allocation weights directly adopt the monthly views of the monthly frequency industry rotation model[34] - **Model Construction Process**: The model's latest holdings include dividend style ETFs and ETFs related to pharmaceuticals, non-ferrous metals, media, steel, and energy chemicals[36] - **Model Evaluation**: The model has risen by 0.34% last week and has accumulated a 5.69% return this year[34] - **Model Testing Results**: - Annualized Return: 6.52% - Annualized Volatility: 3.81% - Maximum Drawdown: 4.65% - Sharpe Ratio: 1.71 - Calmar Ratio: 1.40 - Year-to-Date (YTD): 5.69% - Last Week Performance: 0.34%[39] Global Asset Allocation Simulation Portfolio - **Model Name**: Global Asset Allocation Simulation Portfolio - **Model Construction Idea**: Predict future returns of global major assets using a cycle three-factor pricing model, and construct the portfolio using a "momentum selects assets, cycle adjusts weights" risk budgeting framework[40] - **Model Construction Process**: The strategy currently overweights bonds and foreign exchange, with higher risk budgets assigned to assets such as Chinese bonds and US bonds[40] - **Model Evaluation**: The strategy has achieved an annualized return of 7.22% in the backtest period, with a Sharpe ratio of 1.50[40] - **Model Testing Results**: - Annualized Return: 7.22% - Annualized Volatility: 4.82% - Maximum Drawdown: -6.44% - Sharpe Ratio: 1.50 - Calmar Ratio: 1.12 - Year-to-Date (YTD): -3.04% - Last Week Performance: 0.61%[41] Quantitative Factors and Construction Methods Sentiment Indicators - **Factor Name**: Sentiment Indicators - **Factor Construction Idea**: Construct sentiment indicators from the perspectives of the put-call ratio, implied volatility, and basis in the options and futures markets[2] - **Factor Construction Process**: - **Put-Call Ratio**: Observe the ratio of the trading volume of call options to put options in the 50ETF and 500ETF options markets[17] - **Implied Volatility**: Construct the implied volatility ratio series of call and put options[20] - **Basis**: Construct the annualized basis rate weighted by the open interest for the four major stock index futures products[26] - **Factor Evaluation**: The sentiment indicators show that the previous overheating sentiment in the A-share market has continued to ease[2] Factor Backtesting Results Sentiment Indicators - **Put-Call Ratio**: The ratio has significantly fallen from the high levels observed on July 23, indicating a more rational market sentiment[17] - **Implied Volatility Ratio**: Despite the stock market rebound last week, the implied volatility ratio of call options to put options has been trending downward, further reflecting rational investor sentiment[20] - **Annualized Basis Rate**: The basis rate has been fluctuating downward, indicating rational sentiment in the futures market[26]

新浪财经APP拥有20余年专业财经积淀，这使其在财经资讯领域拥有深厚底蕴。它对重大财经事件的报 道迅速且深入，依托多年积累，能独家覆盖 80% 以上的国际财经会议，让高净值投资者及时把握全球 市场动态。在资讯的广度和深度上，远超同类APP。例如，当国际上某一重要央行调整货币政策时，新 浪财经APP不仅能第一时间推送消息，还能通过专业团队解读政策对全球股市、汇市以及各类资产的影 响，帮助投资者提前布局。 数据的及时性和全面性是炒股APP的核心竞争力。新浪财经APP直连全球80余家交易所的数据源，行情 响应速度达到毫秒级。无论是美股、港股、A 股，还是全球其他主要股指，投资者都能以 "零时差" 获 取最新股价变动、指数涨跌等信息。其数据覆盖范围极为广泛，涵盖 6 大洲 120 余个核心股指，从非洲 尼日利亚全股指数到北欧 OMX 斯德哥尔摩 30 指数，真正实现了 "一键纵观全球"。对于关注全球资产 配置的高净值人群来说，这样全面的行情数据监测网络，为他们的投资决策提供了坚实基础。在债券投 资方面，新浪财经 APP 独家接入中央结算公司数据，清晰展示机构在国债期货中的多空动向，这一深 度数据是普通券商 APP 难 ...

Core Viewpoint - The People's Bank of China and the Hong Kong Monetary Authority announced three measures to optimize the Bond Connect "Southbound" scheme, expanding the range of domestic investors to include non-bank financial institutions such as brokerages, funds, insurance, and wealth management firms [1][2]. Group 1: Expansion of Investor Base - The Bond Connect "Southbound" scheme, launched on September 24, 2021, aims to facilitate domestic investors' access to offshore bond markets [1]. - Currently, two types of investors can participate: 41 bank-level financial institutions and qualified domestic institutional investors (QDII and RQDII) [1]. Group 2: Benefits for Non-Bank Financial Institutions - The expansion allows non-bank institutions to diversify their global asset allocation, enhancing flexibility and potential returns [2]. - Multi-currency and multi-market allocations help mitigate the impact of interest rate fluctuations in a single market, improving risk resilience [2]. - Participation in offshore markets can enhance cross-border research, risk control, and trading capabilities for non-bank institutions [2]. Group 3: Market Impact and Future Outlook - Increased participation is expected to bring more incremental funds to the Hong Kong bond market, improving liquidity and trading volume [3]. - As of May this year, 918 bonds were held under the "Southbound" scheme, with a balance of 532.94 billion yuan [3]. - Future enhancements may include the introduction of derivatives like interest rate swaps and options to meet hedging needs [3].

Core Viewpoint - Morgan Fund's new product, Morgan Yingyuan Stable Three-Month Holding Mixed FOF, achieved significant fundraising success, raising nearly 2.8 billion yuan in a single day, despite the company's intention to limit its initial offering size and avoid creating a "hot product" [2][3][9]. Fundraising and Product Details - The fundraising for Morgan Yingyuan Stable Three-Month Holding Mixed FOF began on August 4, 2025, and was closed on the same day due to overwhelming demand, with a total size of 2.752 billion yuan [6][7]. - The fund employs a "fixed income plus" strategy, with equity assets not exceeding 30%, and allows for a 20% allocation to overseas assets through QDII and Hong Kong mutual recognition funds, which is seen as a unique selling point [7][16]. Sales and Distribution Channels - The success of the fund is attributed to the strong sales capabilities of the main distribution channel, China Merchants Bank, which is referred to as the "king of retail" [4][16]. - The fund's target clientele includes high-net-worth individuals who are sensitive to net value drawdowns and seek to mitigate single market risks while benefiting from equity market recoveries [16]. Performance Metrics - Morgan Fund currently manages six FOF products with a total scale of 517 million yuan, with the largest being Morgan Borui Balanced One-Year Holding FOF at 252 million yuan [8]. - The new fund's single-day fundraising amount exceeds five times the total scale of Morgan Fund's existing FOF products, highlighting the effectiveness of its distribution strategy [9]. Managerial Insights - The fund is co-managed by two experienced fund managers, En Xuehai and Wu Chunjie, who have a background in asset allocation and macroeconomic strategy [10][13]. - The fund's performance will be closely monitored, as long-term results must meet the expectations of "diversified stability" to maintain investor confidence [17].

Global Market Outlook - Morgan Asset Management's report highlights significant uncertainty in the global economy and financial markets due to U.S. trade, fiscal policies, and geopolitical risks, suggesting investors should build resilient portfolios with global asset allocation to diversify returns and reduce volatility [1] China Equity Market - The report anticipates a structural slowdown in China's economic growth in the second half of the year due to weak confidence in households and businesses, ongoing real estate sector challenges, and deflationary pressures [2] - A "barbell strategy" combining growth and defensive sectors is expected to become mainstream, with potential opportunities in sectors related to new productivity, AI, new consumption, and innovative pharmaceuticals [2][4] Overseas Stocks - The U.S. economic outlook is influenced by tariff reductions, tax policies, and the Federal Reserve's interest rate decisions, with concerns about stagflation and declining consumer and business confidence [5] - European stocks are viewed favorably due to attractive valuations, reduced inflation pressures, and planned increases in defense spending and infrastructure investments, leading to a potential shift of investments back to Europe from U.S. markets [5] Asian Markets - Asian economies are experiencing reduced currency appreciation pressures, allowing central banks more room to lower interest rates to support growth, with Japan's stock market showing positive performance due to corporate transformation [6] Overseas Bonds - The report emphasizes focusing on non-U.S. bond markets, as central banks in mature markets and Asia may lower rates more aggressively than the Federal Reserve, presenting additional opportunities for bond investors [8] Alternative Assets - In uncertain environments, investors are encouraged to consider alternative assets such as infrastructure, real estate, and transportation, which historically have lower correlation with traditional stocks and bonds, providing predictable cash income and reducing portfolio volatility [10] Summary - The global economy faces downward risks and increased volatility, but a combination of fiscal and monetary policies may help mitigate risks outside the U.S. Investors are advised to diversify across regions and asset classes to enhance portfolio resilience against market shocks [13]

Core Viewpoint - Morgan Fund Management (China) successfully raised nearly 2.8 billion yuan in a single day for its Morgan Yingyuan Stable Three-Month Holding Mixed FOF, marking it as the first FOF product to sell out in one day since 2025 [2][3] Fund Details - The fund's fundraising period was originally set to end on August 22 but was closed early on August 4 due to high demand, with a final size of 2.752 billion yuan [3][5] - The fund employs a "fixed income plus" strategy, with equity assets not exceeding 30%, and allows for diverse asset configurations including REITs, gold, and QDII [3][5] - The fund's design includes a potential 20% allocation to overseas assets, which is viewed as a significant selling point [3] Sales and Distribution - The rapid fundraising success is attributed to the strong sales capabilities of the main distributor, China Merchants Bank, which has a reputation as the "king of retail" [2][8] - The collaboration between Morgan Fund and China Merchants Bank involved a long communication process, emphasizing the importance of the bank's "TREE Long-term Profit Plan" in selecting products [8] Performance Metrics - Morgan Fund currently manages six FOF products with a total scale of 517 million yuan, with the Morgan Borui Balanced One-Year Holding FOF being the largest at 252 million yuan [4] - The new fund's single-day fundraising amount is over five times the total scale of Morgan Fund's existing FOF products [5] Manager Background - The fund is co-managed by En Xuehai and Wu Chunjie, both of whom have extensive backgrounds in asset management and investment strategies [6] - En Xuehai has a track record of returns of 3.04% and 3.95% for the two FOFs he manages, while Wu Chunjie's managed products have shown returns ranging from -3.03% to 8.77% [6] Market Context - As of August 4, there are 487 equity FOF products in the market, with an average return of 6.31% this year [7] - Morgan Fund's FOF products have outperformed the average market returns, with year-to-date returns of 7.56% and three-year returns of 2.85% [7]

Market Overview - Global risk assets are showing significant differentiation under the dual narrative of "tariffs + interest rate cuts" [1] - Emerging markets are outperforming developed markets, with the South Korean Composite Index leading with a 33.28% increase [1] - The Hang Seng Index and Germany's DAX follow with increases of 24.14% and 19.77% respectively, while US indices like NASDAQ and S&P 500 have risen by 8.32% and 7.10% [1] - In the bond market, China's 10-year government bond yield has fluctuated between approximately 1.66% and 1.75% this year, while the US 10-year yield has decreased from 4.37% to 4.22% [1] Alternative Assets - Gold has shown remarkable performance, with the London spot gold price rising from approximately $2646.3 per ounce at the beginning of the year to $3375.30 per ounce by August 5, marking a 27.55% increase [2] - Conversely, the ICE Brent crude oil has seen a decline of 9.32% this year [2] Family Office Trends - Family offices are increasingly adopting a conservative approach due to rising geopolitical tensions and economic uncertainties, with a shift in focus towards stable returns [3][4] - Domestic family offices prioritize "preservation of value," while overseas family offices are more open to accepting single-digit returns in the current market environment [3] - There is a notable trend of family offices reducing cash holdings, with plans to hold only 6% in cash by 2025, while increasing investments in alternative assets like private debt [4] Asset Allocation Shifts - Family offices are observing three key trends in asset allocation: an increase in fixed income and cash-like assets, a rise in consultations for "safety net" tools, and a longer due diligence period for private equity investments [4] - While domestic family offices exhibit a strong aversion to risk and a preference for cash, overseas family offices are diversifying into gold and alternative assets [4][5] Global Asset Allocation - Family offices' wealth is primarily concentrated in North America and Western Europe, with 80% of their investments in developed market stocks and bonds [6] - There is a gradual shift in asset allocation, with some family offices beginning to reduce their exposure to the US market and reallocating to European markets [6] - Interest in the Greater China region is increasing, with 19% of global family offices planning to increase investments there, up 3 percentage points from the previous year [7] Emerging Markets and New Investment Opportunities - Family offices are increasingly looking towards emerging technologies such as pharmaceuticals, healthcare, electrification, and artificial intelligence for future investments [7] - Domestic family offices are entering a "second acceleration" phase in seeking high returns overseas, with a growing interest in regions like Singapore, Hong Kong, and emerging markets [8]

Market Overview - Global risk assets are showing significant differentiation under the dual narrative of "tariffs + interest rate cuts" [1] - Emerging markets are outperforming developed markets, with the South Korean Composite Index leading with a 33.28% increase [1] - The Hang Seng Index and Germany's DAX follow with increases of 24.14% and 19.77%, respectively [1] - The US stock market, represented by the Nasdaq and S&P 500, has seen increases of 8.32% and 7.10% [1] - A-shares in China have also performed well, with the Shanghai Composite Index and Shenzhen Component Index rising by 7.93% and 6.65% [1] Bond Market - Chinese government bond yields have shown a stable trend, with the 10-year yield fluctuating between approximately 1.66% and 1.75% [1] - In contrast, the US 10-year Treasury yield has decreased from 4.37% in early April to 4.22% by August 5, indicating rising expectations for interest rate cuts [1] Currency Market - The US dollar has begun to decline, with the dollar index dropping from 103.46 in March to 98.76 by August 5, a significant decrease [1] - The USD/CNY exchange rate is stable around 7.18, while the USD/JPY has depreciated to 147.18 [1] - The USD has appreciated against the Euro, with the exchange rate at 0.86 [1] Alternative Assets - Gold has performed exceptionally well, with the London spot gold price rising from approximately $3000/oz at the beginning of the year to $3375.30/oz by August 5, a 25.49% increase [2] - The oil market is under pressure, with ICE Brent crude oil down by 9.32% year-to-date [2] Family Office Trends - Global family offices are adjusting their risk tolerance and return expectations due to increasing geopolitical tensions and economic uncertainties [2][3] - Domestic family offices prioritize "preservation of value," shifting from "outpacing inflation" to "not losing is gaining" [3] - Overseas family offices are more open to single-digit returns in the current market environment [3] Asset Allocation - According to UBS's latest report, family offices plan to reduce cash holdings to only 6% by 2025, while increasing investments in alternative assets, particularly private debt [4] - There is a notable increase in the allocation to fixed income and cash-like assets, as well as a rise in consultations regarding family trusts and insurance products [4] - Family offices are extending their due diligence periods for private equity investments, focusing more on cash flow and dividend terms [4] Regional Asset Distribution - Family office wealth is primarily concentrated in North America and Western Europe, with 80% allocated to developed market stocks and bonds [6] - The allocation to North America is projected to be 53% in 2025, a slight increase from the previous year [6] - There is a gradual shift in investment focus, with some family offices reallocating from the US to European markets [6] Investment Opportunities - There is a growing interest in the Greater China region, with 19% of global family offices planning to increase investments there, up 3 percentage points from 2024 [7] - Future investment directions are expected to focus on emerging technologies, including pharmaceuticals, healthcare, electrification, and artificial intelligence [7] - Domestic family offices are increasingly looking overseas for high returns, with a notable rise in interest towards regions like Singapore, Hong Kong, and emerging markets [8]

Market Performance - Global risk assets are showing significant differentiation under the dual narrative of "tariffs + interest rate cuts" [1] - Emerging markets are outperforming developed markets, with the South Korean Composite Index leading with a 33.28% increase [1] - The Hang Seng Index and Germany's DAX have increased by 24.14% and 19.77% respectively, while US indices like Nasdaq and S&P 500 have risen by 8.32% and 7.10% [1] - A-shares have also performed well, with the Shanghai Composite Index and Shenzhen Component Index rising by 7.93% and 6.65% respectively [1] - The healthcare sector in Hong Kong has seen a remarkable increase of 83.25% [1] Bond Market - Chinese government bond yields have shown a stable trend, with the 10-year yield fluctuating between approximately 1.66% and 1.75% [1] - In contrast, US 10-year Treasury yields have decreased from 4.37% in early April to 4.22% by August 5, indicating rising expectations for interest rate cuts [1] Currency Market - The US dollar has been on a downward trend, with the dollar index falling from 103.46 on March 19 to 98.76 on August 5 [1] - The USD/CNY exchange rate is stable around 7.18, while the USD/JPY has depreciated to 147.18 and the USD/EUR has appreciated to 0.86 [1] Alternative Assets - Gold has performed exceptionally well, with the London spot gold price rising from approximately $3000/oz at the beginning of the year to $3375.30/oz by August 5, marking a 25.49% increase [2] - Conversely, the oil market is under pressure, with ICE Brent crude oil down by 9.32% year-to-date [2] Family Office Trends - Family offices are becoming more conservative in their investment strategies due to increasing geopolitical risks and economic uncertainties [3] - Domestic family offices prioritize "preservation of value," shifting their focus from "beating inflation" to "not losing is gaining" [3] - Overseas family offices are still seeking higher returns, with single-digit growth now being acceptable in the current market environment [3] Asset Allocation - According to UBS's latest report, family offices are reducing cash holdings, with only 6% planned for cash by 2025, while increasing investments in private debt to enhance portfolio returns [4] - There is a notable increase in fixed income and cash-like assets, as well as a rise in consultations for "safety net" tools like family trusts and large deposits [4] - The due diligence period for private equity has lengthened, with stricter requirements for cash flow and dividend terms [4] Global Asset Allocation Shifts - Family offices' wealth is primarily concentrated in North America and Western Europe, with 80% allocated to developed market stocks and bonds [6] - The allocation to North America is projected to be 53% in 2025, a slight increase from the previous year, while the Asia-Pacific region's allocation has decreased to 7% [6] - Some family offices are beginning to adjust their risk exposure to the US market, with a shift of stock allocations from the US to Europe [6] Investment Focus in Asia-Pacific - There is a growing interest in the Greater China region, with 19% of global family offices planning to increase investments there, up 3 percentage points from 2024 [7] - Future investment directions are expected to focus on emerging technologies, including pharmaceuticals, healthcare, electrification, and artificial intelligence [7] Overseas Investment Trends - Domestic family offices are increasingly seeking high returns overseas, with a consensus on diversifying market risks [8] - There is a noticeable increase in asset allocation demand towards Hong Kong and emerging regions [8] - Clients are also paying attention to cross-border tax implications related to overseas investments [8]