Core Viewpoint - The article emphasizes the importance of diversified asset allocation strategies in response to market volatility and uncertainty, particularly in the context of the Guangdong-Hong Kong-Macao Greater Bay Area investment landscape [1][2]. Group 1: Investment Strategies in Volatile Markets - In uncertain market conditions, investors are advised to focus on asset allocation and portfolio management to achieve a balanced investment approach [3]. - Asset allocation involves diversifying funds across various asset types such as stocks, bonds, gold, and commodities to create a multi-faceted portfolio [3][4]. - The strategy is likened to forming a football team, where a mix of offensive and defensive players is essential for success, highlighting the need for a balanced approach in asset selection [3][4]. Group 2: Advantages of Using Funds for Asset Allocation - Public funds offer a wide variety of investment options, covering major asset classes like A-shares, Hong Kong stocks, U.S. stocks, gold, and bonds, allowing investors to tailor their portfolios to their risk preferences [5]. - The operational diversity of public funds, including active and passive management styles, provides investors with flexibility in their investment choices [5]. - High transparency in public funds, with regular reporting, enhances investor confidence compared to direct investments in stocks or bonds [5]. Group 3: Asset Selection and Risk Management - Investors should classify and select assets based on their functions and risk-return characteristics, considering the unique attributes of each asset type [7]. - A diversified portfolio can mitigate overall risk, as different assets react differently to market conditions, thus providing stability [6][8]. - The article suggests that investors should continuously adjust their asset allocations based on market conditions and their individual risk tolerance [11][19]. Group 4: Differentiated Asset Classes - Within major asset classes, further segmentation can enhance investment choices, such as distinguishing between growth and value stocks within equities [9]. - Fixed income assets can also be subdivided, with convertible bonds offering a blend of stock and bond characteristics, potentially outperforming traditional equities in certain market conditions [9][10]. Group 5: One-Stop Asset Allocation Tools - FOF (Fund of Funds) is recommended as a comprehensive asset allocation tool, investing in various funds to optimize risk-return profiles [14]. - FOFs provide a professional selection of funds, allowing investors to indirectly hold multiple funds through a single investment, thus enhancing diversification [14][15]. Group 6: Principles of Asset Allocation - Investors are encouraged to adhere to principles such as maintaining portfolio rebalancing to align with risk tolerance and investment goals [19]. - The impact of currency fluctuations on returns is highlighted as a critical consideration for cross-border investments, as exchange rate movements can significantly affect overall returns [20].

专题：财富启新程 湾区共潮生 2025招商银行财富合作伙伴论坛 8月7日金融一线消息，招商银行在深举办"财富启新程湾区共潮生——2025财富合作伙伴论坛"，头部基金、理财、保险、私募机构齐聚粤港澳大湾区，共商 大财富管理高质量发展新征程。 华夏基金总经理李一梅出席论坛并发表主题演讲，她表示，二季度末，公募基金市场管理规模达到34万亿的历史新高，行业连续6个季度实现盈利，二季度 合计盈利将近40003900亿元。站在高质量发展的新征程起点，财富管理的结构性变革将更为深刻，让行业存在更大发展空间。财富管理行业中，制度 向"源"、产品向"需"、策略向"稳"、服务向"实"、数字向"深"这五个趋势值得关注。 以下为演讲实录： 尊敬的王良行长，王颖副行长，各位领导，各位嘉宾，大家下午好！ 今天非常激动和兴奋在这样一个场合聆听整个行业在财富管理大格局下的各种新思考，另一方面也非常感谢有这个机会向大家汇报一下，先道个歉，我们些 可能还非常不太成熟的想法和实践，也供大家参考和指正。 今年以来，我相信大家也觉得是一个非常令人振奋的市场环境，在宏观经济回升向好，特别是资本市场改革向纵深发展推进，的过程当中，我们一揽子稳定 市场政策 ...

Core Viewpoint - In a low-risk return environment, traditional bank wealth management fails to meet investors' yield demands, leading institutional investors to seek stable returns through diversified asset allocation [1] Group 1: Understanding Institutional Investor Needs - The multi-asset team at Huaxia Fund focuses on understanding the "constraint conditions" of the liability side, which is crucial for making investment choices [4] - The team emphasizes communication with institutional clients to understand their specific needs and constraints, leading to a negative list of what cannot be done [4] - The investment strategy is shaped by the clients' requirements for absolute returns and stable relative rankings, avoiding credit downgrading strategies [4][5] Group 2: Sources of Excess Returns - The team adopts a "quality over faith" approach, focusing on the quality of underlying assets rather than relying on policy beliefs, which can be fragile [2][12] - Discipline is essential in managing human weaknesses, as absolute return products cannot tolerate annual losses, necessitating strict adherence to risk budgets [3][15] - The diverse team composition fosters collective wisdom, allowing each member to leverage their unique strengths and expertise in specific asset areas [2][19] Group 3: Investment Strategy and Execution - The team utilizes a macroeconomic strategy and has developed the MVP analysis model, which enhances their competitive advantage in duration strategies [7] - Huaxia Fund has strategically increased the duration of their portfolios, anticipating shifts in economic growth patterns, which has yielded significant excess returns [7][8] - The team recognizes the potential in convertible bonds, which often have pricing discrepancies, allowing for substantial excess returns [8][9] Group 4: Balancing Discipline and Flexibility - The team implements a main account holder model to unify risk and return characteristics across products, enhancing overall performance [15] - Each fund manager is given the autonomy to make investment decisions within the established risk budget, promoting differentiated product management [15][16] - The risk budget sets clear disciplinary boundaries, allowing fund managers to make informed decisions on where to allocate risk [16] Group 5: Multi-Asset Investment Culture - Huaxia Fund aims to create a "Lego" approach in asset management, fostering a culture that supports diverse asset types and strategies [17][22] - The team comprises professionals with varied backgrounds, enhancing their ability to navigate different economic environments and achieve stable returns [19][20] - The reliance on a strong research platform and team collaboration is essential for adapting to market fluctuations and ensuring consistent decision-making [20]

（原标题：震荡市中如何做到攻守兼备？配置思维来支招） 随着粤港澳大湾区金融市场交流日渐频繁，资产管理行业服务模式也日渐多样化，居民对投资理财的需求也进一步增加。与此同时，作为宏观经 济的"晴雨表"，资本市场的活跃、投资者信心的提振，都离不开经济的稳健运行。而投资者金融素养的提升与对资本市场信心的提振，都将有助 于为资本市场注入更多活力。 为更好地满足服务粤港澳大湾区居民投资理财和金融素养提升需求，中国基金报以"活跃资本市场，提振投资者信心"为宗旨，联合行业协会、金 融机构等共同推出"粤港澳大湾区投资公开课"系列活动。 近年来，在结构性行情主导的市场环境下，单一资产配置策略的局限性日益凸显，投资者对风险收益平衡的需求显著提升。2025年二季度以来， 海内外政策冲击使得市场波动加剧，进一步催化投资者多元配置需求。 面对经济复苏斜率变化与产业转型的复杂性，如何通过科学配置实现"下跌有缓冲、上涨有弹性"成为投资者核心诉求。 播出时间：8月6日 15点 本期节目将通过中国基金报官方视频号、中国基金报官方APP、官方微博、官方抖音、万得3C会议、百家号、雪球、东方财富、搜狐视频等全媒 体平台进行同步直播。此外，本期节目播 ...

摩根盈元稳健三个月持有期混合型FOF的"一日售罄"并非偶然。这只由摩根资产管理（中国）资产配置 及退休金管理首席投资官恩学海与基金经理吴春杰共同管理的FOF产品6，精准切中了当前投资者的核 心需求——稳健低波动与多元收益来源。 专题：新浪仓石基金研究院 8月5日，摩根基金管理（中国）有限公司发布公告，宣布旗下摩根盈元稳健三个月持有期混合型FOF提 前结束募集。 这只代码为024695（A类）和024696（C类）的FOF产品，原定募集截止日为2025年8月22日，因销售火 爆，募集截止日提前至8月4日，发行仅一日便告售罄。 公告显示，8月4日当日的有效认购申请将全部予以确认。记者从渠道获得消息，该基金募集规模已近28 亿元，成为2025年以来首只"一日售罄"的FOF产品。 低波稳健配置，摩根盈元FOF一日售罄的密码 银行渠道成为FOF销售主力军。以招商银行为例，截至2025年6月30日，招行FOF保有规模已达460亿 元。今年多只由招商银行托管的FOF产品都取得亮眼募集成绩，除东方红盈丰、富国盈和外，南方稳见 3个月持有首发规模也在30亿元以上。养老FOF市场同样加速扩容。2022年个人养老金制度落地后，目 ...

Core Viewpoint - Morgan Fund's Morgan Yingyuan Stable Three-Month Holding Mixed FOF has successfully completed its fundraising in one day, indicating strong investor interest and market recovery [2][3][5]. Fund Performance and Strategy - The fund adopted a diversified "fixed income +" strategy, focusing on high-quality bond funds to achieve stable long-term returns while also capturing investment opportunities in various global assets [5][7]. - The fund's investment in equity assets is capped at 30% of total assets, allowing for flexible allocation to public REITs, gold funds, QDII funds, and Hong Kong mutual recognition funds, which helps in diversifying overall portfolio risk [5][7]. Market Context - Since the beginning of 2025, the A-share market has shown significant recovery, leading to increased investor sentiment and a gradual rebound in the issuance of equity funds [8][9]. - As of August 4, 2025, a total of 810 new fund products have been established, with a total issuance of 626.85 billion yuan, indicating a growing interest in fund investments [8]. Industry Insights - The strong performance of FOF products is attributed to the recovery of the equity market and the solid customer base provided by the custodian bank, China Merchants Bank, known as the "king of retail" [7][9]. - The overall FOF market is expanding, with 515 FOFs currently in existence, totaling 165.37 billion yuan, reflecting a trend towards multi-asset and multi-market diversification strategies in a low-interest-rate environment [9].

Core Viewpoint - The article emphasizes the increasing recognition among investors of the importance of global asset allocation to diversify risks and enhance multiple sources of returns in the context of declining domestic interest rates [1]. Group 1: Fund Overview - The Morgan Yingyuan Stable Three-Month Holding Period Mixed FOF was officially launched on August 4, managed by Chief Investment Officer En Xuehai and Fund Manager Wu Chunjie, with En having nearly 30 years of investment research experience [1]. - The fund aims to explore a new "fixed income plus" solution for the Chinese market through a strategy of "bond foundation + overseas diversified asset enhancement" [1]. Group 2: Strategic Framework - The fund's allocation framework is based on a long-term capital market assumption (LTCMA) system, which has been tested and refined over 29 years, providing guidance for strategic asset allocation by predicting the risk-return characteristics of various asset classes over the next 10-15 years [2]. - En Xuehai noted that the combination of "bond foundation + overseas diversified assets" has a lower correlation than a simple "stock-bond mix," effectively reducing overall portfolio volatility [2]. Group 3: Risk Diversification - A rigorous screening mechanism has been established to select funds, with a focus on a "core + satellite" strategy for bond investments, selecting actively managed bond funds as core holdings while using bond ETFs for flexible adjustments [3]. - The screening process involves three layers: initial screening to eliminate low-scale and high-concentration funds, behavioral scanning to identify stable duration and credit characteristics, and platform validation to ensure strong active management capabilities [3]. Group 4: Equity Investment Strategy - For equity investments, a "quantitative first, qualitative second" screening system has been established, employing a combination of holding and net value analysis for domestic active equity funds, while monitoring premium rates and liquidity indicators for QDII products [4]. Group 5: Investor Education - The core value of FOF is to allow investors to focus on matching their risk preferences while leaving the rest to professional allocation, emphasizing the importance of understanding one's risk tolerance rather than merely selecting funds [6]. - En Xuehai believes that the current global environment of continued monetary easing and fiscal stimulus is likely to improve risk appetite, with expectations of rising inflation in the U.S. and a stable domestic market [6].

Core Insights - The article emphasizes the importance of diversified asset allocation strategies in navigating market volatility and achieving stable investment returns over the long term [1][2][3] Group 1: Market Context - The rise of diversified asset solutions post-2008 financial crisis addresses three core investor pain points: the quest for yield in a low-interest environment, high asset price volatility, and frequent economic cycles [1] - The classic 60/40 stock-bond portfolio has achieved positive returns in 27 out of 36 years since 1990, with a 75% annual positive return rate, supporting the notion that asset allocation is the "only free lunch" in investing [1] Group 2: Company Strategy - Morgan Asset Management's global multi-asset product line has surpassed 3 trillion RMB, reflecting its commitment to long-term investment strategies that go beyond short-term speculation [2] - The company integrates global perspectives with local insights, utilizing over 1,300 investment experts across more than 70 locations to analyze market trends [2] Group 3: Product Innovations - Morgan Asset Management is launching the Morgan CSI A50 ETF in 2024, which will feature a mandatory quarterly dividend mechanism, contributing to a trend of increased dividends in broad-based ETFs [3] - The firm has introduced a range of Fund of Funds (FOF) products aimed at providing stable returns through diversified asset allocation, enhancing the overall investment experience for clients [3]

市场犹如浩渺的未知海域，有人追逐浪花，有人畏惧风浪，而真正的航海家却会选择带上罗盘与耐心， 在潮起潮落中校准航向。2008年金融海啸过后，多元资产解决方案在全球快速崛起，其核心逻辑在于 跳出对单一资产的依赖，通过科学分散配置，力争让投资组合在市场波动中稳健前行。 近二十年间，多元配置策略直击投资者三大核心痛点：低利率环境下的收益渴求、资产价格的高波动困 扰、经济周期的频繁轮动。 正如航海家不会把命运交给一阵风，长期主义者也从不押注单一市场。当 市场波动成为常态，资产配置已从投资的"选修课"升级为"必修课"。 以经典的60/40股债组合（60%MSCI全球股票指数+40%彭博全球债券指数）为例，1990年初以来的 近36年间，27个年度实现正收益，年度正回报比例达75% ¹ ， 这印证了诺贝尔经济学奖得主马科维茨 的经典论断：资产配置是投资中"唯一免费的午餐"。 资产配置就像均衡饮食一样，股票是"蛋白质"， 债券是"碳水"，黄金等商品资产则如同"维生素"，真正的财富健康，源于科学的营养配比。 越来越多的投资者正形成共识：不怕慢慢变富，就怕坐过山车。为此，我们持续创新——注重分红与多 元配置，优化持有体验。 20 ...

Core Viewpoint - The asset management industry is undergoing significant changes in 2025, with a focus on holder experience and returns, driven by three long-term trends [1][3]. Group 1: Long-term Trends - The first trend is the decline in bond yields, with the 10-year government bond yield dropping to 1.74% [2]. - The second trend highlights the increasing volatility in equity markets, leading investors to realize that single assets cannot navigate macroeconomic cycles [2]. - The third trend emphasizes that investor returns have become a crucial indicator in the era of inclusive finance, with high volatility impacting returns, necessitating strategies to reduce single asset volatility [3]. Group 2: Shift in Investor Demand - There is a shift in investor demand from single asset return orientation to all-weather product solutions that provide returns while navigating macroeconomic volatility and reducing risk [3]. - The rise of multi-asset allocation is evident, as seen in Japan's increase in overseas asset allocation from 5% to 15% between 1990 and 2020 [3]. Group 3: Multi-Asset Investment Capabilities - Asset management institutions are required to enhance their investment capabilities across multiple asset classes and excel in global asset allocation [4]. - Morgan Asset Management is highlighted as a leading institution with significant multi-asset and multi-national investment capabilities [5]. Group 4: Importance of Diversification - The article discusses the limitations of traditional stock-bond allocation, noting that correlations can change, and both asset classes may perform poorly in certain macroeconomic conditions [8]. - A well-diversified portfolio should include low-correlation assets such as domestic and overseas bonds, gold, and equities to improve risk-return profiles [8][10]. Group 5: Morgan Asset Management's Offerings - Morgan Asset Management's multi-asset products, such as the Morgan Dual Season Bond FOF, have shown strong performance with a return of 3.72% since inception and a maximum drawdown of only -1.71% [10]. - The upcoming Morgan Yingyuan Stable Three-Month Holding Mixed FOF aims to provide a diversified investment solution focusing on stable returns and reduced volatility [12]. Group 6: Global Investment Team - Morgan Asset Management has a robust global investment team with over 600 investment strategies and more than 1,000 investment experts across 160 markets [23]. - The team emphasizes systematic and structured investment approaches, aiming for long-term sustainable results rather than short-term successes [27]. Group 7: Growth of FOF Products - The growth of FOF products indicates a rising awareness of the importance of multi-asset allocation, with a reported increase of 35.6 billion in FOF product scale in the first half of the year [29][31].