Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," which outlines directions for the public fund industry, including optimizing fee structures for actively managed equity funds and enhancing the alignment of interests between fund companies and investors [1] Group 2: Company Initiatives - China Europe Fund has actively responded to the policy by launching the "Star Advisor Program," collaborating with Huatai Securities to inject momentum into the high-quality development of the industry [1][5] - Huatai Securities, as a leading domestic brokerage, has introduced the "Worry-Free Investment" service, which provides investors with tailored fund investment strategies and a one-stop wealth management experience [2] Group 3: Investment Strategies - The "Worry-Free Investment" service aims to create a diversified and global asset allocation framework, capturing various sources of differentiated returns, and has launched multi-asset allocation strategies that include traditional A-share investments and extend to overseas markets and fixed income [2] - The "Worry-Free Investment" team consists of over 100 professionals who have developed investment signals such as the "Worry-Free Valuation Thermometer" and "Worry-Free Seasonal Investment" to help investors navigate market investment rhythms [2] Group 4: Collaborative Efforts - The "Star Advisor Program" by China Europe Fund focuses on providing tailored services to top investment advisors in the wealth management sector, including developing high-quality educational content through the "European Master Class" service system [3] - A recent activity under the "Star Advisor Program" involved a deep dive into the humanoid robot industry, where a research team visited leading companies in Ningbo, Zhejiang, to explore technological breakthroughs and investment opportunities [3]

导读：过去几年我们一直在思考：投资者真正需要什么样的基金产品？从投资理财的第一原理出 发，获得正回报是每一个投资者最朴素的需求。 然而，没有一种单一资产能在所有时间段都能提供绝对回报。以中美两地权益资产为例，纳斯达 克100指数经历了2023（53.81%）和2024 (24.88%) 连续两年的大涨，当时很多人觉得纳指仍 有投资价值，但今年以来纳斯达克100指数下跌了-6.86%。 （数据来源：Wind，截至2025.4.30） 进入2025年，我们又在4月遭遇了美国关税政策触发的全球股市调整，今年以来沪深300指数的 回报率为-4.18%。 （数据来源：Wind，截至2025.4.30） 相比之下，截至1季末，摩根资产管理中国旗下的多只FOF产品都在波动的市场环境中为投资人 带来了可观的回报。 （数据来源：基金和业绩比较基准回报来自摩根资产管理相关产品2025年一季报，排名和最大回撤数据来自银河证 券，年化波动率数据来自万得，截至2025.3.31。摩根尚睿混合FOF A基金成立日期为2018-08-15，过去1年回报 15.47%，在银河同类混合型F0F基金(权益资产60%-95%)中排名前7/82。） ...

Core Insights - The number of FOFs (Fund of Funds) being liquidated continues to rise, with at least 7 public FOFs announcing potential liquidation in May alone, adding to the 6 that have already been liquidated this year [1][2] Group 1: Reasons for Liquidation - Initiated FOFs are facing liquidation primarily due to failing to maintain a minimum asset value of 200 million yuan three years after establishment, while open-end FOFs are at risk if their scale remains below 50 million yuan for 20 consecutive working days [2][3] - Despite some products outperforming benchmarks, they are still unable to grow in scale, leading to their unfortunate closure [2] Group 2: Scale Growth Challenges - The concentrated liquidation of initiated FOFs established in May 2022 highlights the "three-year test" where funds must maintain a net asset value of at least 200 million yuan to avoid termination [3] - For instance, the Huaxia Balanced Pension Target Three-Year Holding FOF, which started in May 2022, has a current scale of only 12.94 million yuan, prompting a suspension of subscription activities [3][4] Group 3: Market Trends - Despite the challenges, the total scale of public FOFs saw a growth of 13.5% in the first quarter of 2025, reaching 1510.79 billion yuan, marking a new high for the year [7] - As of May 18, 2025, the total scale further increased to 1598.52 billion yuan, indicating a potential recovery trend in the market [7][8] Group 4: New Market Dynamics - In 2025, 24 new public FOFs were established, raising a total of 20.8 billion yuan, nearly doubling the total issuance scale of 12.3 billion yuan from the entire year of 2024 [10] - Notably, six FOF products raised over 1 billion yuan, with the largest being the Fuguo Yinghe Zhenxuan Three-Month Holding FOF, which reached its fundraising cap of 6 billion yuan [10] Group 5: Future Recommendations - Experts suggest that FOF products should return to their core asset allocation principles, incorporating a wider range of assets such as gold, overseas investments, REITs, and commodities to meet the needs of pension investments and absolute return demands [11]

Core Insights - Over a hundred bank wealth management products have announced a reduction in performance benchmarks, with some products seeing cuts of up to 155 basis points [1][3][4] - The banking wealth management sector is facing challenges due to a "asset shortage" amid recent interest rate cuts, prompting firms to diversify asset allocation and innovate products [1][3][6] Group 1: Performance Benchmark Adjustments - Since May 7, over a hundred bank wealth management products have lowered their performance benchmarks, with notable examples including a product from Industrial Bank that reduced its benchmark from 2.1%-4.05% to 1.5%-2.5% [3] - The average annualized yield for open-ended fixed-income wealth management products fell to 2.62% from the previous week, a decrease of 0.29 percentage points [3] Group 2: Market Environment and Strategies - The People's Bank of China has released significant liquidity into the market through interest rate cuts, which has led to lower market rates and a favorable environment for bond prices, although it has negatively impacted bond coupon yields [3][4] - Analysts suggest that banks should optimize investment portfolios by diversifying into various asset classes to balance risk and return [4][6] Group 3: Product Innovation and Client Engagement - In response to the low interest rate environment, wealth management firms are reducing fees and enhancing product innovation to attract clients [6][7] - Institutions are encouraged to create products with flexible returns, including "fixed income plus" strategies that incorporate equity or alternative assets, while also offering differentiated products based on market trends and investor needs [7][8]

（原标题：全球新变局！最新解读） 【导读】公募基金经理解读全球市场新变局：重视多元资产配置稳住组合基本盘 中国基金报记者 李树超 曹雯璟 张玲 近日，中美经贸高层会谈在瑞士日内瓦举行，根据双方发布的《中美日内瓦经贸会谈联合声明》，美方 取消了共计91%的加征关税，中方相应取消了91%的反制关税；美方暂停实施24%的"对等关税"，中方 也相应暂停实施24%的反制关税。 在此背景下，全球资本市场各类资产表现各异，随着"去美元化"趋势的推进，哪些资产具有相对较高的 配置价值？海外市场有哪些投资机会值得关注？从中长期视角来看，如何优化或调整大类资产配置？对 此，中国基金报记者采访了中欧预见养老2025基金经理邓达、永赢慧盈一年持有基金经理段伟良、交银 施罗德基金FOF基金经理刘迪、前海开源基金FOF投资部基金经理李赫、民生加银基金基金经理代宏 坤、诺安基金基金经理杨琨，共同解读在全球市场新变局下大类资产配置的新方向和新变化。 中欧基金邓达：中美关税谈判取得不错的进展，中国对美出口预计将显著恢复，有利于我国出口板块和 整体经济的平稳运行，并保持与其他经济体的相对竞争优势。 永赢基金段伟良：中美关税谈判落地后，资本市场总 ...

以下文章来源于巴蜀养基场 ，作者九思基哥 为什么听起来很简单的投资，做好却很难？ 投资说起来很简单，讲来讲去就是"低买高卖"、"价值投资"、"长线/逆向思维"、"资产配置"; 投资操作起来也很简单，开一个股票账户，或者是下载一个app，马上就能操作； 投资信息获取也很简单，互联网、自媒体、各种软件已经让信息是秒达; 投资赚钱似乎也很简单，到处都是资产翻了几倍的账户，处处都是股神。 巴蜀养基场 . 做好的理财经理教育，成为公募基金财富管理领域赋能的领先品牌，目前已服务280+金融机构和 100,000+理财经理。提供降费降佣背景下的行业各项解决方案（咨询、辅导、培训、基金产品测评、营 销策划等服务）基哥 18608036474（V信同号） 前天"中美关税政策调整"一出，朋友圈都是云涨停。 我一朋友刚刚减仓100万，当天晚上给我电话说有点着急了，错失了大涨； 结果昨天走势大跌眼镜，甚至都没有高开太多。昨晚该朋友又给我电话，昨天减仓了，实在是看不 懂这游戏。 PART. 0 1 但是做好投资的人很少，做好自己的投资也很难，为什么呢? 1.投资是跟人性对抗 参与投资的是人，人都是有情绪的，都是会出现"恐慌、焦虑、贪婪 ...

Core Viewpoint - The article emphasizes the importance of long-term stability in pension investments, highlighting the need for a balanced approach to asset allocation to withstand market volatility and achieve steady growth over time [1][2][3]. Group 1: Investment Philosophy - The fundamental principle of pension investment is to ensure "long-term cannot lose," which requires a focus on multi-asset allocation to reduce volatility and enhance the holding experience [2][3]. - Pension investments should be planned with a long-term perspective, typically over 5 to 10 years, balancing long-term returns with short-term fluctuations [2][3]. - The investment framework involves in-depth research on the historical performance of various asset classes and their underlying drivers to identify sustainable investment opportunities [2][3]. Group 2: Asset Allocation Strategy - Approximately 50% of the portfolio is allocated to bond assets as a base, with smaller allocations to gold and equities, allowing for flexibility based on market conditions [3][4]. - Emphasis is placed on controlling volatility within the investment framework, adhering to a risk parity approach between stocks and bonds, and avoiding participation in bubble assets [3][4]. - The strategy aims to diversify risk by combining different asset classes that perform differently in various market environments [3][4]. Group 3: Fund Selection Criteria - The selection of funds is based on three main criteria: the fund manager's experience through market cycles, clarity of the fund's return sources, and recent performance evaluated through quantitative models [4][5]. - A focus on funds with stable long-term performance and clear revenue sources is prioritized, while avoiding strategies that dilute investment effectiveness [4][5]. - The investment philosophy emphasizes the importance of proven methodologies over a mix of various strategies, which can lead to inefficiencies [4][5]. Group 4: Equity Investment Approach - The equity investment strategy has evolved from a purely mathematical approach to incorporating market realities, recognizing the influence of market sentiment on short-term price movements [5][6]. - The focus is on identifying "cleanly valued" assets driven by fundamentals rather than market emotions, often found in mature and less popular industries [5][6]. - The investment approach avoids high-difficulty scenarios, concentrating on sectors and companies that are well understood and have stable cash flows [5][6]. Group 5: Team and Platform Support - The success of the pension FOF management is supported by a diverse team with expertise in quantitative analysis, macro research, and fund evaluation, creating a collaborative advantage [7][8]. - The team structure allows for specialized roles, ensuring comprehensive research and analysis for effective asset allocation [7][8]. - The platform's competitive edge includes a robust fixed-income team and a wide range of index products, which help reduce costs and enhance investment strategies [8][9].

Core Viewpoint - The article discusses the current investment landscape, contrasting the volatility in the U.S. stock market with the relatively stable A-share market, suggesting that investors should adopt long-term strategies like "timed dollar-cost averaging" and "diversified asset allocation" to navigate market uncertainties [4][5]. Group 1: Timed Dollar-Cost Averaging - The concept of "timed dollar-cost averaging" is a localized adaptation of Benjamin Graham's "dollar-cost averaging," focusing on investing in quality assets with long-term appreciation potential [7][9]. - Quality assets are defined by their long-term value growth expectations and clear valuation benchmarks, with examples including high-dividend stocks and reasonably priced growth stocks [9][10]. - The banking sector in the A-share market is highlighted as a suitable investment direction due to its long-term intrinsic value and stable valuation benchmarks [10][13]. Group 2: Diversified Asset Allocation - Ray Dalio's "All Weather Strategy" emphasizes the importance of asset allocation based on macroeconomic indicators, categorizing economic conditions into four states and recommending asset classes that perform well in each [16][20]. - The strategy involves creating sub-portfolios for each economic state and then combining them into a larger portfolio, ensuring equal risk contribution from each sub-portfolio [20][21]. - In the A-share market, high-dividend stocks can be seen as having bond-like characteristics, while cyclical stocks are linked to commodity prices, allowing investors to find suitable targets across different economic phases [21][22]. Group 3: Conclusion - Both "timed dollar-cost averaging" and "diversified asset allocation" emphasize the importance of long-term asset preservation and growth, while minimizing short-term speculative trading [31][32]. - The article advocates for simple, clear, and effective investment strategies that can help ordinary investors navigate the complexities of market cycles [32][33].

以下文章来源于楚团长聊聊天 ，作者楚团长 楚团长聊聊天 . 春来不是赚钱天，夏日炎炎正好眠。秋来蚊虫冬又冷，揣好钱包待明年。 长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 楚团长扯投资 来源：雪球 说来也是好笑 ， 特朗普2021年创立Truth Social （ 真实社交 ） 平台的初衷 ， 是因为其他主流平台承受 不住他的 " 胡言乱语 " ， 选择对其账号进行封禁 。 但当站在关税阴云波澜诡谲的当下 ， 本该贡献 " 真 相 " 的Truth Social平台 ， 反而在特朗普的高强度观点输出下 ， 批量制造了大量真伪难辨 、 朝令夕改的 矛盾内容 …… 如何应对特朗普对 " 真实Truth " 一词的重新解构 ？ 至少美股尚未找到答案 ， 否则美股各大权重指数也不 会在最近两周 ， 创出动辄±10%的宽幅波动 。 反观A股 ， 由于宏观政策路径相对清晰 ， 同时中央汇金等 " 类平准基金 " 平滑市场波动的意愿较为强烈 ， 所以A股投资者最近两周并未遭遇惊涛骇浪式的高波动冲击 ， 反而可以在流动性充裕的背景下 ， 寻找一 些可能的交易性机会 ...

截至4月13日，距离特朗普亮出"对等关税"牌已经过去了11天，在此期间，全球资本市场集体巨震，但 A股在随后的交易日里迅速回温，走出了波澜壮阔的反弹曲线。 面对市场的巨幅波动，基金经理们打响了一场"黄金坑"战役，有人坚信"这是一次历史性机会"，有人直言"波 动既是压力测试，也是超额收益的潜在来源"，而"V型"反转的资本市场，也正在用真金白银印证"波动不是风 险，而是机会"的投资哲学。 "这是一次历史性机会" 时间回到一周前，受美国所谓"对等关税"事件影响，清明假期期间，海外市场接连巨震，即使A股并未开盘， 各大论坛却氤氲着焦虑的情绪。 一方认为，在经过清明假期的发酵后，恐慌正在全球市场蔓延，特别是在黄金、美债等避险资产也接连下跌的 情况下，一旦恐慌情绪引发踩踏效应，那么市场将会形成负反馈，杠杆资金的强平潮甚至可能导致流动性危 机。 另一方则认为，虽然短期不确定性下市场难免出现波动，但国内政策空间充足，且资金对潜在的刺激政策仍抱 有期待，若市场持续下行，政策资金或加速进场，市场可能呈现先抑后扬的走势。 "看着同事们在讨论各种可能性，我放空了一会儿，然后坚定了一个想法——这是一次历史性机会。"这家公募 主投科技的 ...