【导读】汇丰晋信基金总经理李选进：坚守长期主义，让投资更简单 "让投资更简单"——汇丰晋信基金总经理李选进指着公司成立时的牌匾说。回顾二十年发展历程，他感 慨万千。 "公司创立时，就确立了'让投资更简单'的初心。"李选进介绍道，这一理念背后，承载着公司对提升投 资者体验的追求。要实现这一目标，仅凭短期业绩远远不够，必须着眼于投资者的长期需求，并致力于 构建一套持久、可持续的投资体系。 二十年的公司发展，让李选进愈发笃信"长期坚持"才是正途。行业浪潮翻涌不息，有时为了坚守理念， 必须有所取舍，有所为、有所不为。对于汇丰晋信基金来说，"坚持"不仅是一句口号，而是深深融入公 司产品体系、投研方法与投资者服务之中的具体实践。 作为行业发展的亲历者，李选进也分享了他对公募基金行业未来发展的思考。他认为，资产管理行业必 须清楚认识到，这是场比耐力的"马拉松"。无论是投资还是服务，都应该看得更长远。基金从业者必须 明确自身的价值所在——为投资者创造价值，为他们实现人生目标提供财富管理"解决方案"。 守正不移廿载路 行稳致远长期心 谈及汇丰晋信基金过去二十年的发展历程，李选进将其总结为一个关键词——坚持。在他眼中，这 份"坚 ...

【导读】汇丰晋信基金总经理李选进：坚守长期主义，让投资更简单 中国基金报记者 曹雯璟 "让投资更简单"——汇丰晋信基金总经理李选进指着公司成立时的牌匾说。回顾二十年发展 历程，他感慨万千。 "公司创立时，就确立了'让投资更简单'的初心。"李选进介绍道，这一理念背后，承载着公司 对提升投资者体验的追求。要实现这一目标，仅凭短期业绩远远不够，必须着眼于投资者的 长期需求，并致力于构建一套持久、可持续的投资体系。 照片拍摄：曹雯璟 二十年的公司发展，让李选进愈发笃信"长期坚持"才是正途。行业浪潮翻涌不息，有时为了 坚守理念，必须有所取舍，有所为、有所不为。对于汇丰晋信基金来说，"坚持"不仅是一句 口号，而是深深融入公司产品体系、投研方法与投资者服务之中的具体实践。 作为行业发展的亲历者，李选进也分享了他对公募基金行业未来发展的思考。他认为， 资产 管理行业必须清楚认识到，这是场比耐力的"马拉松"。无论是投资还是服务，都应该看得更 长远。基金从业者必须明确自身的价值所在——为投资者创造价值，为他们实现人生目标提 供财富管理"解决方案"。 守正不移廿载路 正是这份"坚持"，使得汇丰晋信基金在公募基金行业竞争日趋激烈的当 ...

Core Viewpoint - The chairman of Bank of China Wealth Management, Huang Danggui, emphasized the need for wealth management companies to accelerate their professional and market-oriented transformation to better align with the high-quality development goals of the 14th Five-Year Plan [1][2] Group 1 - Wealth management companies should act as a bridge linking investment and financing more closely, focusing on expanding their positioning based on current conditions, particularly in direct and equity investments, which are currently underrepresented in their portfolios [1] - The development of multi-asset allocation and "fixed income plus" products is essential for enhancing the quality of service to the real economy and providing higher returns to clients in a low-interest-rate environment [1] - Strengthening the layout of medium- to long-term products and developing differentiated services is crucial, as the client base seeks stable returns, and longer product durations can help mitigate market volatility [1] Group 2 - Three suggestions were made for achieving high-quality development in the wealth management industry: optimizing business structure to encourage medium- to long-term products, promoting cross-border wealth management services, and enhancing investment capabilities to diversify product offerings [2]

Core Insights - The average return of nearly 1,500 multi-asset strategy private equity products reached 19.55% in 2025, with over 90% achieving positive returns, indicating strong performance in the sector [1] - Leading private equity firms reported returns exceeding 30%, marking a second consecutive year of satisfactory results [1] - The effectiveness of multi-asset strategies has been validated, with a shift in focus from single asset predictions to building resilient investment portfolios for 2026 [3][4] Group 1: Performance and Strategy in 2025 - Multi-asset strategies demonstrated significant effectiveness in 2025, driven by flexible allocation across various asset classes, particularly equities, gold, and industrial metals [2] - The performance of the A-share market, especially in technology stocks, contributed to substantial returns in the equity segment [2] - The evolution of investment philosophy emphasizes the importance of multi-asset allocation over reliance on single asset performance [2] Group 2: Outlook for 2026 - Private equity firms exhibit a cautiously optimistic outlook for 2026, focusing on constructing resilient portfolios amid high asset prices and macroeconomic uncertainties [3] - Key investment themes for 2026 include structural opportunities in emerging industries, continued demand for precious metals, and selective opportunities in industrial metals and agricultural products [3] - The investment approach will prioritize risk management and scenario simulation to navigate potential market volatility [3][4] Group 3: Industry Evolution and Trends - The multi-asset strategy sector is maturing, with increased recognition and participation from high-net-worth individuals through wealth management channels [6] - The net subscription of multi-asset strategies has improved significantly in 2025, reflecting a deeper understanding of their value in risk reduction and adaptability [6] - Domestic private equity firms are developing unique competitive advantages by enhancing their investment capabilities and strategies, focusing on local market conditions [6][7]

Core Insights - 2025 is recognized as a significant year for assets, with a shift in investment strategies focusing on industry trends, valuation restructuring, and global pricing power [1] - Understanding indices is crucial for grasping market consensus during specific periods, making it an essential skill for investors [1] Group 1: Seasonal Highlights - Spring marked a technological revaluation led by AI breakthroughs, reshaping market narratives around Chinese technology [2] - The AI and technology-related indices saw substantial annual gains, with the 5G communication index increasing by 101.49% and the AI-focused indices also performing strongly [3][6] - The introduction of new products related to the Sci-Tech Innovation Board simplified access to technology investments for the general public [4] Group 2: Mid-Year Developments - Mid-year saw a focus on dividend strategies, with low-volatility dividend indices gaining recognition for their stability and reliability [7] - The market acknowledged the value of dividends that do not rely on macroeconomic acceleration, with various categories of dividend assets being tailored to meet different investor needs [7] Group 3: Autumn Trends - Autumn brought renewed focus on fundamentals as US-China tariff negotiations began, with the AI industry and traditional sectors showing improved profitability [8] - The A-share market experienced significant trading volumes, with daily transactions exceeding 30 trillion, marking a ten-year high [8] Group 4: Year-End Reflections - By year-end, the Shanghai Composite Index briefly surpassed 4000 points, but concerns over AI sector bubbles and fluctuating monetary policy led to increased market volatility [9] - The A500 core index emerged as a balanced investment option, appealing to investors seeking stability amid market fluctuations [9] Group 5: Investment Trends - Industry-specific ETFs became the most attractive investment area, driven by technology and cyclical sectors, particularly in AI, semiconductors, and resource stocks [14] - The Hong Kong stock market attracted investor interest due to its differentiated value propositions, suggesting a strategy of gradual investment in undervalued assets [15] - Gold prices surged over 70% during the year, highlighting the importance of rational asset allocation in gold investments [16] - Broad-based indices like the CSI A500 and CSI 300 delivered solid returns, emphasizing the effectiveness of a balanced investment strategy [17] Group 6: Bond Market Insights - The bond ETF market saw significant growth, reflecting a strong demand for stable, low-risk assets despite the diminishing tax advantages of government bonds [18] Group 7: Future Outlook - The consensus around indices indicates a collective understanding of market dynamics, with ETFs experiencing rapid growth [19] - The narrative around AI technology is expected to continue evolving, with potential applications across various industries anticipated in 2026 [22] - The Hong Kong market presents promising opportunities, particularly in technology, consumer goods, and high-dividend stocks [22] - A diversified and balanced asset allocation strategy is projected to become increasingly important in the face of market uncertainties [23]

Group 1 - The core viewpoint of the article emphasizes the growing importance of index investment and the need for investors to establish a robust allocation framework amidst style rotation [1] - The development of index investment in China has significantly progressed, with ETFs becoming mainstream investment tools, surpassing active funds in holdings as of Q3 2024 [4][5] - The total scale of ETFs in China reached approximately 5 trillion yuan, with stock ETFs accounting for around 4 trillion yuan, representing about 3% of the total A-share market capitalization [4] Group 2 - The article discusses the increasing market differentiation, highlighting the performance of the ChiNext index compared to traditional large-cap indices, suggesting that investors should consider using style factor indices to enhance returns [6][8] - Style factor indices, which blend active and passive investment strategies, can provide higher excess returns by breaking the limitations of traditional market-cap-weighted indices [7][8] - The analysis of over 1,000 ETFs indicates that style factor indices exhibit superior mean and variance performance, suggesting better risk-adjusted returns [7] Group 3 - The article outlines a simple and practical configuration logic for utilizing style factors, emphasizing the importance of optimizing stock selection logic and avoiding pitfalls like value traps [9][10] - A recommended strategy for multi-factor combinations is the "constant proportion rebalancing" approach, which can potentially outperform the CSI 300 index through systematic adjustments [10] - The complexity behind index investment is acknowledged, with a focus on the intricate stock selection logic and asset allocation strategies that can lead to excess returns [10] Group 4 - Looking ahead, the article posits that China's capital market has entered a phase of high-quality development in index investment, driven by the maturation of market participants and the application of AI technology [11] - Continuous policy support is expected to enhance market vitality and attract more investors to index investment, particularly in the ETF market [11] - The article aims to encourage a deeper understanding of style factor indices among investors, promoting the construction of resilient investment portfolios in the evolving ETF era [12]

时光荏苒，2025年已步入尾声。回望这一年的投资历程，市场参与者经历了权益市场起伏带来的忐忑，也感受到低利率环境下资产增值需求选择的迷茫。 在市场的波动中，投资者们共同见证了公募基金行业为优化持有人体验的深化改革。 2025年，于公募基金行业而言是"回归初心"的一年，于每一位投资者而言是需求和感受被加倍重视的一年。今年，证监会印发《推动公募基金高质量发展 行动方案》，明确行业改革方向。5月，首批与投资者利益紧密绑定的新型浮动费率基金问世，打破过往管理人"旱涝保收"的旧模式，展现出与持有人并 肩同行的诚意。费率改革持续推进，管理人实实在在的让利，让投资成本肉眼可见地降低，收益"落袋"比例稳步提高。业绩比较基准也在不断完善，给基 金贴上"说明书"与"合格线"，让投资者能够更直观清晰地看到产品的投资方向与表现优劣，减少"货不对板"的风格飘移问题。从产品供给的持续丰富，到 从"规模导向"向"投资者回报导向"的转变，公募基金行业的每一次变革，都在回应投资者长期以来的期待，本着"以投资者为本"的初心，切实改善了持有 人的投资体验。 截至11月底，公募基金年内新发产品数量超1370只，规模逾1万亿元，同比增长近35%，其中 ...

Core Insights - The article discusses the increasing importance of index investment strategies and how to build a robust allocation framework amid style rotation, as highlighted by Lin Weibin, General Manager of the Index Investment Department at E Fund [1] Group 1: Industry Trends - Lin Weibin predicts that the next decade will be a golden period for ETF development in China, estimating that if the total market capitalization of A-shares achieves a 5% annual growth rate, it could reach 200 trillion yuan by 2035 [1] - He references the U.S. market's 10% ETF penetration rate, suggesting that the scale of stock ETFs in China could exceed 20 trillion yuan, and with contributions from bonds, gold, and commodities, the overall ETF market could reach 30 trillion yuan, positioning it among the global leaders [1] Group 2: Style Factors and Investment Logic - Lin Weibin defines style factors as a middle ground between active and purely passive investment, aligning with the Smart Beta concept in overseas markets, which aims to achieve excess returns through clear, rule-based stock selection logic [1] - He emphasizes that the main domestic style factors include dividend, low volatility, growth, value, and quality [2] Group 3: Practical Application of Style Factors - For single-factor usage, Lin suggests optimizing stock selection logic, such as avoiding the value trap by excluding stocks with unstable or negative ROE, and focusing on high dividend and free cash flow indicators [2] - In multi-factor portfolio configuration, he recommends a "constant proportion rebalancing" strategy, such as a 60% value and 40% growth mix, to outperform the CSI 300 index through regular adjustments [2] Group 4: Future of Index Investment - Lin asserts that index investment is not a "fool's investment," as it involves complex stock selection logic and asset allocation strategies [3] - He believes that China's capital market has entered a high-quality development phase for index investment, with participants evolving from simple beta investments to more complex factor investing and multi-asset allocations, further enhanced by AI technology [3]

Group 1 - The core viewpoint of the articles indicates that since 2025, there has been an accelerated redemption of bank preferred shares, with several banks announcing their plans to redeem these shares, leading to a shrinking market for preferred stocks, particularly in the banking sector [1][4][7] - As of December 18, 2023, a total of 55 preferred shares have been issued, raising a total of 906.55 billion yuan, with bank preferred shares accounting for 35 of these, totaling 839.15 billion yuan [1][4] - The redemption trend is primarily driven by banks seeking to optimize financing costs, with significant redemptions occurring this year compared to only two last year [4][7] Group 2 - The preferred shares are a major component of bank wealth management products, with over 90% of equity investments in these products being allocated to preferred shares [2][10] - Due to the shrinking market for preferred shares, wealth management products are now looking for alternative investment options, as the supply of preferred shares diminishes [3][10] - The issuance of perpetual bonds has surged, with 69 perpetual bonds issued this year, totaling 821.8 billion yuan, indicating a shift in capital-raising strategies among banks [8][12] Group 3 - The redemption of preferred shares must comply with capital adequacy requirements, necessitating prior approval from regulatory authorities to ensure banks maintain sufficient capital levels [8] - The fixed and floating interest rates of preferred shares are subject to adjustments, with some banks reducing their dividend rates in response to changing market conditions [7] - The overall market for equity assets in bank wealth management has been declining, with the proportion of equity assets dropping from 4.8% in 2020 to around 2% by the end of 2023 [10][11]

Core Insights - The asset allocation for 2026 faces both long-term and short-term challenges, with a transition into a low-interest-rate environment impacting the effectiveness of traditional stock-bond hedging strategies [1][4] - There is a shift in investor risk appetite, moving from extremes towards a more balanced approach, influenced by increasing confidence in China's governance and the positive outlook for the technology sector [1][4] Long-term and Short-term Challenges - Long-term, the low-interest-rate environment will diminish the historical stock-bond hedging effectiveness [1][4] - Short-term, the transition between old and new economic drivers has led to polarized risk preferences among investors, which are now stabilizing [1][4] Focus on Income Generation and Risk Reduction - In a low-interest-rate context, the focus should be on income generation through diversification into two asset categories and risk reduction using three specific tools [1][4] - Historical examples from mature markets, such as the Yale Endowment and Bridgewater, highlight the importance of expanding into overseas and alternative assets for income generation [1][4] Strategies for Low and High Volatility - For low volatility strategies, there is an emphasis on domestic trading opportunities in fixed income and overseas yield opportunities, while equity investments are shifting from dividends to mid-cap blue chips [5] - High volatility strategies should focus on risk control, including diversifying overseas assets beyond US stocks and reallocating some technology investments in A-shares to mid-cap blue chips [5] Passive and Active Management Approaches - The asset allocation strategy for 2026 is characterized by a "passive as shield" approach, focusing on diversification through passive asset allocation, including commodities like gold and alternative assets such as REITs [6] - The "active as spear" approach emphasizes active management in low volatility strategies for flexibility and high volatility strategies for risk mitigation, including style rotation in equities and seeking active trading opportunities in bonds [6]