Core Viewpoint - The article highlights the celebration of the fifth anniversary of Huahua Wealth Management, emphasizing its role as a joint venture between European asset management leader Amundi and Bank of China, and its commitment to supporting the real economy and product innovation in China's wealth management sector [1][4][8]. Group 1: Company Development and Strategy - Huahua Wealth Management was established as China's first joint venture wealth management company, leveraging the strengths of both Amundi and Bank of China to create a diversified asset allocation system and robust risk control capabilities [4][7]. - The company has developed a product system called "Global Navigation," which has gained market recognition for its cross-border investment advantages and stable returns [4][8]. - The company aims to double its asset management scale by 2025, focusing on diversification and expanding its product offerings across various asset classes [9]. Group 2: Market Opportunities and Future Outlook - The Chinese market is viewed as one of the most dynamic and promising areas for asset and wealth management, with a growing middle-income group and increasing investment maturity [7][12]. - Huahua Wealth Management is positioned to capitalize on the opportunities presented by Shanghai's development as an international financial center, aiming to be a model for high-level financial openness in China [8][12]. - The company plans to enhance its absolute return investment goals through diversified asset allocation, global investment capabilities, and strong investor engagement [14][15]. Group 3: Industry Trends and Innovations - The article discusses the shift in wealth management strategies from local to global perspectives, emphasizing the importance of cross-asset investment portfolios in response to market volatility [13][15]. - Technological innovation is identified as a key driver for the asset management industry, enabling firms to implement diversified strategies and enhance competitive advantages [15].

Core Insights - Understanding the interconnected mechanisms between different markets and constructing a scientifically diversified cross-market asset portfolio is becoming an important path for investors to cope with market volatility and achieve stable allocation [1] - The increasing popularity of QDII funds among investors for global allocation reflects the need to address market uncertainties, with the total scale of QDII funds reaching 910.6 billion yuan, a 49% increase compared to the end of 2024 [1][3] Group 1: Current Market Conditions - The current economic cycle, technological revolution, and valuation patterns are driving significant opportunities for global asset allocation [5] - Major global economies are at different stages of the economic cycle, providing a favorable macro window for cross-market allocation [6] - The technological revolution, exemplified by AI advancements, is shifting capital focus from hardware to application ecosystems, creating opportunities for QDII funds to participate in this innovation wave [7] Group 2: Valuation Disparities - As of Q3 2025, valuation levels in the Hong Kong stock market are lower than in other major global markets, while U.S. tech stocks have returned to reasonable valuation levels [8] - The structural valuation differences across global markets provide diverse choices for cross-border asset allocation and potential opportunities for QDII funds to achieve excess returns [9] Group 3: Performance of QDII Funds - The performance of QDII funds, particularly the Guangfa Global Select Stock (QDII), has been impressive, with a return of 147.77% from the end of 2022 to Q3 2023, and an increase in scale from 2.045 billion yuan to 9.256 billion yuan [3][10] - Guangfa Global Select QDII is one of only two actively managed QDII funds with over 500% cumulative returns since inception, showcasing its long-term performance [12] Group 4: Investment Strategy - The fund manager has demonstrated a keen ability to navigate global investment opportunities, adjusting allocations based on market conditions, such as reducing exposure to high-valued U.S. tech stocks while increasing positions in European and Hong Kong stocks [12][14] - The fund's portfolio includes significant investments in U.S. tech giants, reflecting a strong belief in their long-term growth potential [16] Group 5: Future Outlook - The fund manager anticipates continued investment opportunities in AI and related sectors, driven by ongoing collaborations between major chip manufacturers and AI companies [24] - The structural upgrade of China's industry is seen as a certain trend, with a focus on sectors like semiconductors and cloud computing [24]

Core Viewpoint - The wealth management industry is transitioning into a 3.0 era focused on planning, addressing the alignment of interests between wealth management providers and investors, amidst a low-interest-rate environment and increasing asset allocation needs in the Greater Bay Area [2][5][11]. Group 1: Wealth Management Evolution - Wealth management has evolved from a 1.0 era of "selling products" to a 2.0 era of "doing allocation," and is now moving towards a 3.0 era of "doing planning" [2][4][5]. - The 1.0 era was characterized by a focus on product sales, often leading to misalignment of interests between wealth management firms and clients, resulting in situations where funds perform well but investors do not [4][10]. - The 2.0 era introduced a client-driven advisory model, but still relied heavily on transaction-based revenue, which could lead to neglect of post-investment management [4][10]. Group 2: Current Challenges and Strategies - The traditional asset allocation strategies are facing challenges due to low interest rates and an "asset shortage," prompting the need for diversified asset allocation strategies [6][7]. - Investors are encouraged to explore multiple asset classes, including global bonds, alternative strategies, and real estate investment trusts (REITs), to enhance returns and reduce volatility [7][8]. - The "5A allocation model" proposed by the company emphasizes aligning investment strategies with client risk preferences, dynamic asset allocation, and comprehensive risk assessment [8][9]. Group 3: Market Size and Future Directions - The wealth management scale in Shenzhen has reached 31 trillion RMB, while Hong Kong's wealth management scale is at 35 trillion HKD [3][13]. - Future directions for wealth management institutions in the Greater Bay Area include focusing on cross-border client needs, developing family offices and trusts, and enhancing cross-border service capabilities [3][13]. - The integration of digital technologies and data analytics is seen as essential for improving advisory efficiency and service coverage in the wealth management sector [12][13].

Core Insights - The traditional method of wealth management through bank deposits is becoming less viable as one-year fixed deposit rates fall below 1%, indicating a shift towards a low-interest-rate environment [1] - Financial institutions are adapting to this change by offering diversified wealth management strategies that balance returns, security, and global asset allocation [1][3] Wealth Management Demand Changes - There are three significant changes in wealth management demand: a rational adjustment of return expectations, an increased demand for protective products, and a growing awareness of global asset allocation [3] - The insurance market reflects this trend, with a 20% year-on-year growth in premium income from insurance channels, particularly in long-term dividend insurance products related to retirement [3] Fund Market Trends - The fund market is also showing a shift in demand, with a recovery in the issuance of equity funds and a notable increase in "fixed income plus" products, which saw a net buying volume of 460 billion yuan in the third quarter [5][6] Multi-Asset Strategies - Financial institutions are employing dual-track strategies of "core assets + opportunity assets" to navigate the low-interest environment, focusing on products like "fixed income plus," structured products, and dividend insurance [6] - The emphasis on multi-asset investment strategies is seen as essential for achieving higher returns while managing risks [6] Asset Management Era - The low-interest environment presents both challenges and opportunities, marking the beginning of a true asset management era in China, where equity assets are becoming central to wealth growth [7] - There is a positive long-term outlook for Chinese assets, particularly in sectors like AI, new energy, and innovative pharmaceuticals, which are gaining global competitiveness [7][8]

Core Insights - The forum on "Wealth Management from a Global Perspective" highlighted the rapid development of the Chinese market and the opportunities it presents for wealth management firms [1][3] - The importance of establishing resilient investment portfolios was emphasized as a necessary choice for wealth management [10][30] - The need for diversified asset allocation strategies was discussed, particularly in light of the current market volatility and low interest rates [7][30] Group 1: Industry Trends - The Chinese market is seen as a fertile ground for international innovation in wealth management, particularly in Shanghai, which is striving to become an international financial center [3] - The increasing significance of household savings in China presents new growth opportunities for wealth management firms to convert savings into investment potential [3][30] - The shift from traditional asset classes to a more diversified approach, including commodities and alternative assets, is becoming essential for navigating market challenges [33][34] Group 2: Company Strategies - Companies like China Bank are transitioning from a "sell-side" to a "buy-side" advisory model, focusing on global asset allocation and leveraging their extensive networks [10] - Standard Chartered emphasizes its dual role as a connector between Chinese and global markets, offering tailored investment strategies through a comprehensive client engagement framework [18] - Huizhong Wealth Management is focusing on enhancing its cross-border investment capabilities and developing a diverse range of products to meet client needs [30] Group 3: Future Outlook - The forum concluded with a consensus that wealth management should not be viewed as a risky endeavor but rather as a long-term journey based on professionalism and diversification [34] - The integration of technology in wealth management is seen as a key driver for industry transformation, enhancing operational efficiency and risk management [33] - The overall sentiment is optimistic, with expectations for continued growth in sectors like AI, defense, and high-dividend stocks, despite potential geopolitical risks [30]

p s Rab p water Ma 东方汇理资管全球首席执行官Valérie Baudson指出，设立汇华理财与东方汇理资管在华长期发展的战略高度契合——我们始终将中国视为全球资产与财富管 理领域最具活力、精细度极高且前景最为广阔的市场之一。东方汇理资管始终并将持续全力以赴地深耕中国市场，并将中国作为集团的核心战略市场。中国 拥有卓越的创新能力，出色的数字化应用水平和强大的财富创造力。中国的中等收入群体不断壮大，投资主体日益成熟，政府坚定发展可持续金融，这些力 量都在塑造着行业的未来。在此背景下，无论是现在还是未来，汇华理财都是我们在华业务的关键支柱。我们将持续投入资源支持其发展，为其注入新的投 资能力、创新产品以及全球最佳实践。此外，东方汇理资管正在将其在跨境投资解决方案、养老金管理以及长期储蓄投资解决方案的全球经验引入中国。 风华起五洲，共汇赴山海。"全球视野下的财富管理"主题论坛暨汇华理财五周年庆祝活动在沪隆重举行。汇华理财有限公司是由总部位于巴黎的欧洲第一大 资管公司东方汇理资管集团和中国银行旗下全资子公司中银理财于五年前合资设立，是中国首家合资理财公司。中国银行行长张辉，东方汇理资管全球首席 执行 ...

申万宏源策略 【申万宏源策略】降息预期波动加大，美元走强使全球权益回调——全球资产配置每周聚焦 (20251114- 20251121) 原创 阅读全文 ...

在当前复杂多变的全球市场环境中，如何有效分散单一市场风险、实现资产的稳健增值，已成为 越来越多投资者的核心关切。 近期，万得基金与头部基金投顾机构广发基金投顾展开深度合作，广发基金投顾携其拳头产品 ——广发全球多元稳健投顾组合，正式入驻万得基金平台，为投资者提供更加便捷、专业的全球 资产配置服务。 广发基金投顾介绍，作为旗舰产品，该组合以"多元配置，稳健为先"为核心理念，具备以下四大 鲜明优势： 同策略组合自2023年12月上线以来，历经市场考验，展现出优秀的风险收益特征。截至2025年 11月20日，累计收益率达13.21%，期间最大回撤仅1.6%。通过严格的资产配比控制与动态再 平衡机制，有效平滑市场波动，提升投资者持有体验，成为震荡市中可靠的稳健选择。 四、灵活配置：动态调仓，及时应对 一、精准策略：固收打底，全球增强 组合采用"固收打底、权益增强"的架构，约80%配置于优质债券资产，构筑收益安全垫；其余20%灵 活配置于全球权益、A股及黄金等多元类别。该设计在保持债券资产稳健属性的同时，通过跨市场、多 资产捕捉增长机会，较传统股债组合更有效分散风险，在控制回撤与增强收益之间实现良好平衡。 二、成熟配置 ...

Market Overview - The US added 119,000 non-farm jobs in September, significantly exceeding the expected 51,000, while the unemployment rate rose to 4.4%[3] - The US dollar index increased by 0.87% to 100.2, indicating the end of a weak dollar environment[3] - Global risk assets mostly declined, with significant drops in equity markets, particularly in A-shares and the Hang Seng Tech Index[3] Fund Flows - In the week ending November 19, 2025, foreign capital inflows into the Chinese stock market totaled $318 million, while domestic capital inflows reached $3.677 billion[3] - The US equity market saw a substantial inflow of $11.8 billion, while fixed income funds in the US attracted $10.99 billion[15] Valuation Metrics - As of November 21, 2025, the Shanghai Composite Index's valuation percentile was at 81.9%, second only to the S&P 500 and France's CAC40, but still significantly lower than US equities[3] - The risk-adjusted return percentile for the S&P 500 decreased from 47% to 39%, while the Nasdaq's dropped from 46% to 35%[3] Risk Sentiment - The S&P 500 closed at 6,602.99, below the 20-day moving average, with an implied volatility trend on the rise[3] - The put-call ratio for the S&P 500 decreased to 1.03 from 1.14, indicating a marginal increase in market optimism[3] Economic Data - The probability of a 25 basis point rate cut by the Federal Reserve in December rose to 71% from 44.4% the previous week, with an 80% chance of rates falling to 3.5%-3.75% by January 2026[3]

Core Insights - The global asset allocation trend is shifting towards increasing allocation in RMB assets, driven by China's economic recovery and technological innovations like AI, with A-shares expected to continue rising and sectors like new energy and consumption showing investment value [1][2][4] Global Asset Allocation Trends - Two main themes have emerged in global asset allocation: the first is risk aversion, with gold prices rising significantly as central banks increase their gold holdings, indicating strong market demand for safe-haven assets [4] - The second theme is the "valuation gap effect" in risk assets, where funds are moving towards undervalued assets, particularly in the Asia-Pacific region, as the dollar's strength diminishes [4] - The increasing convertibility and liquidity of RMB assets are enhancing their appeal to international capital [4] A-Share Market Outlook - The A-share market has shown resilience, with the Shanghai Composite Index experiencing a maximum increase of over 20% this year, maintaining a volatile yet upward trend after surpassing the 4000-point mark [7] - The current 4000-point level in A-shares differs fundamentally from previous bull markets, with a shift from retail and leveraged funds to institutional capital driving the market [9] - A-shares are expected to have a 20%-30% upside potential, supported by improving valuation and earnings [11] Investment Focus Areas - Three key investment directions are identified: technology sector opportunities, new energy sector expected to lead in the cross-year market, and precious metals as safe-haven assets [11] - The energy sector, including both new and traditional energy, is seen as a core driver of technological development, with innovative pharmaceuticals also gaining attention [11] - There is a noted overheating in AI hardware, with a potential shift of funds towards software and application sectors, emphasizing the importance of application services [11] Cross-Year Market Expectations - The A-share market is poised for a cross-year rally, supported by stable trading volumes and the absence of earnings burdens during the reporting gap [12] - New energy is expected to be the leading sector in the upcoming cross-year market, with regional sectors benefiting from policy expectations also gaining traction [13] - The upcoming Central Economic Work Conference is anticipated to provide clear policy signals that could further energize the market [13]