该产品的拟任基金经理赵强于2022年加入富达，拥有十多年投资管理经验，尤其擅长从全球视野深入把 握宏观环境进行资产配置。他同时也是富达基金多元资产部负责人、养老投资业务负责人，以及富达在 中国市场的首只FOF——富达任远稳健三个月持有混合型基金中基金的基金经理。 赵强表示："我们此次推出的养老FOF，其业绩比较基准中包含了恒生、标普500和黄金等全球资产，是 目前市场上首只在基准中包含海外市场指数的养老FOF基金。这一设计不仅体现了我们对全球资产配置 的前瞻性思考，更旨在通过全球多元布局，为国内养老人群提供更具韧性的投资组合。同时，该基金背 后还有来自富达全球研究网络、养老投资顾问郑任远先生，以及人工智能和金融科技团队的协作和支 持，助力我们更好地服务于中国投资者的养老需求。" 富达基金管理(中国)有限公司总经理孙晨表示："养老是关乎国计民生的重要事业，也是富达尤其能贡 献价值的领域之一，更是我们在中国的长期战略核心支柱。此次养老FOF的推出，标志着我们在中国养 老金融领域迈出了坚实的一步，借此，我们能够把富达在养老投资领域的国际经验及产品布局有序地引 入并落地中国市场，逐步为中国投资者打造覆盖全生命周期的养 ...

Core Insights - The recent surge in cross-border ETF trading activity has led to significant growth in the market, with total assets reaching 923.78 billion yuan as of November 16, marking an increase of over 117% since the beginning of the year [1][4]. Group 1: Market Dynamics - The growth of cross-border ETFs is driven by investors' ongoing demand for global asset allocation and the improvement of product attributes, which has expanded the investment landscape [1]. - The performance of Hong Kong stock ETFs has been particularly notable, leading in both investment returns and asset growth, thus becoming a key growth engine in the cross-border ETF sector [1][4]. Group 2: Premium Situation - Several cross-border ETFs, including the Southern S&P 500 ETF (QDII) and Huaxia Nasdaq 100 ETF (QDII), have recently issued warnings about significant premium risks in secondary market trading, with the Southern S&P 500 ETF (QDII) showing a premium of over 5% as of November 14 [2][3]. - The premium situation is attributed to three main factors: heightened demand for cross-border assets, the asynchronous nature of net value updates compared to foreign market trading, and external market volatility affecting redemption efficiency [2]. Group 3: Performance of Hong Kong Stock ETFs - Hong Kong stock ETFs have shown remarkable performance, with several achieving net value growth rates exceeding 50% this year, and five ETFs surpassing 90% growth [5]. - The investment focus on innovative pharmaceuticals and technology sectors has been a significant driver of the high net value growth rates for Hong Kong stock ETFs [5]. - Market sentiment for Hong Kong stocks is expected to improve, with potential for a technical rebound, as core assets in the Hong Kong market exhibit substantial upward elasticity [5].

Core Insights - The event "Zijin Wealth Management - Smart Financial Cube 2025 Annual Closed-door Private Sharing Conference" highlighted key investment opportunities for 2026, emphasizing the importance of technology sector selection, event-driven returns, and global asset allocation capabilities [1] - Experts discussed the inclusion of gold as a safe-haven asset in family asset allocation, along with a focus on dividend assets, retirement-related sectors, and data assets as new opportunities [1] Group 1: Wealth Management Innovations - The event featured discussions on wealth management innovation practices and investment strategies for high-net-worth clients [1] - The collaboration between Licaimofang and Huaxia Bank aims to combine intelligent investment research with high-end financial services, providing a one-stop wealth management solution [1] Group 2: Smart Account Product - Licaimofang's core product, the Smart Account, allows clients to access personalized investment services with a minimum investment of 300,000 to 500,000 yuan, breaking traditional high-threshold barriers [2] - The Smart Account supports automated follow-up investments and intelligent regular investments, enabling clients to enjoy professional asset allocation without constant monitoring [2] Group 3: Comprehensive Advisory Services - Huaxia Bank's investment advisor shared insights on macroeconomic trends and a comprehensive advisory service model that integrates investment banking, commercial banking, and private banking [2] - The bank's "1+1+N" service team structure includes dedicated client managers, senior private banking managers, and expert investment advisory teams, along with a scientific asset allocation recommendation of 40% base assets, 30% stable appreciation, 20% reduced correlation, and 10% income-generating assets [2]

Core Insights - The popularity of cross-border ETFs has surged in 2023, with the number of domestic cross-border ETFs increasing from 139 to 191 and total assets growing from 428.48 billion to 928.62 billion yuan, indicating a doubling in size within ten months [2][5] - The investment landscape for cross-border ETFs is expanding, now including emerging markets in Latin America, as evidenced by the recent listing of two Brazilian ETFs on domestic exchanges [2][5] - Despite the growth, high premium risks are emerging as a significant concern for investors, with instances of ETFs trading at prices significantly above their net asset values [7][9] Investment Trends - Cross-border ETFs are defined as those tracking indices outside of A-shares and listed on domestic exchanges, becoming increasingly attractive to investors seeking global asset allocation [2][5] - The core markets for these ETFs remain Hong Kong and the US, with Hong Kong-related products accounting for 74.69% of the total market size, while US-related products make up 17.72% [5][6] - The top 22 cross-border ETFs have assets exceeding 10 billion yuan, with several surpassing 40 billion yuan, highlighting a pronounced head effect in the market [5][6] Risks and Concerns - High premium rates pose a risk, as seen with the Huaxia Nomura Nikkei 225 ETF, which maintained a premium rate above 5% since November 5, prompting warnings from the fund manager [7][9] - Historical instances of extreme price movements and high turnover rates have raised alarms, with the Jiashi Germany DAX ETF experiencing a 61.27% price increase over 13 trading days earlier this year [8][9] - The underlying causes of high premiums include market sentiment and the inefficacy of arbitrage mechanisms during extreme market conditions, leading to sustained premium situations [9][10] Future Outlook - Experts believe that the cross-border ETF market has significant growth potential, driven by increasing global asset allocation needs among domestic investors [6][10] - The ongoing opening of China's financial markets and the growing wealth of residents are expected to further enhance the demand for cross-border ETFs [10]

Market Overview - Global markets exhibited significant divergence last week, with A-shares continuing their rebound while US, Japanese, and Vietnamese markets experienced pullbacks [1] - The overall bond market remained stable, and gold emerged as one of the few rising safe-haven assets, increasing by approximately 1.6% [1] Performance Summary - A-shares (CSI 300) rose by 0.90%, while the Hang Seng Index increased by 1.88%. In contrast, the Nasdaq 100 fell by 1.39%, the Nikkei 225 dropped by 2.86%, and the Ho Chi Minh Index declined by 2.25% [1] - The bond market showed minimal fluctuations, with the China bond index nearly flat and US 20-year bonds down by 0.22% [1] Investment Strategy - The company's global allocation strategy demonstrated its ability to maintain long-term value despite short-term volatility, achieving a cumulative return of 19.43% this year, marking the third consecutive year of positive growth [5] - The "Lazy Balanced" strategy reported a return of 14.01% this year, indicating a smoother performance and stronger resistance to volatility compared to previous years [6] Asset Allocation Insights - The "Lazy Balanced" portfolio currently holds approximately 57% in equities, allowing for sufficient capital to capitalize on potential market corrections [12] - The portfolio's bond component, despite a brief decline, quickly recovered, providing a reliable foundation for the overall strategy [6] Market Sentiment - The A-share market is expected to continue experiencing oscillations as institutions enter the year-end clearing phase, leading to generally weak trading intentions [8] - The Hong Kong market is anticipated to remain in slight fluctuations, influenced by external market performances, while its valuation remains reasonable compared to the S&P 500 and CSI 300 [8]

Core Viewpoint - The Hong Kong IPO market is experiencing a strong recovery since 2025, with fundraising exceeding HKD 200 billion, regaining its position as the global leader in IPOs [2][3]. Market Performance - The performance of the Hong Kong IPO market this year has exceeded expectations, with significant contributions from high-quality companies and a continuous influx of foreign capital [3][5]. - Notable projects such as the IPO of Mixue Ice City and the placement of BYD have demonstrated the market's robust recovery, with the former achieving record frozen capital and attracting substantial foreign investment [5][6]. Impact of HKEX Reforms - Recent reforms by the Hong Kong Stock Exchange (HKEX) have positively influenced the market, particularly in optimizing IPO pricing and public market regulations, making it more attractive for large A-share companies to list [8][10]. - The new regulations have stabilized the allocation ratio between institutional and retail investors, enhancing the pricing power of institutions and improving post-IPO performance [10]. Foreign Capital Inflow - There is a clear trend of foreign capital returning to the Hong Kong IPO market, especially from European and Middle Eastern investors, driven by the need for diversified asset allocation [11][12]. - The shift in foreign investment strategies reflects a rebalancing of portfolios, with increased interest in Chinese assets [12]. Future Trends - The outlook for the Hong Kong IPO market remains positive, characterized by a virtuous cycle of good supply creating good demand, with many high-growth companies planning to list [13][14]. - Key trends for the future include diversification in company size and industry, a strong linkage between supply and demand, and the globalization of Chinese enterprises, with Hong Kong serving as a vital capital platform [14].

Group 1: Global Asset Allocation - The report emphasizes the need for a new paradigm in asset allocation due to the changing macroeconomic environment, where traditional safe assets like bonds are losing their reliability as a safety net [3][4] - It suggests that embracing equity assets and industry trends is crucial for effective asset allocation, advocating for a multi-cycle framework that combines long-term and short-term strategies [4][5] - The report highlights the importance of diversifying asset allocation globally to overcome local market limitations, suggesting that investors should consider various international markets and asset classes [25][26] Group 2: Insights on Market Cycles - The report outlines the characteristics of the new global macroeconomic normal, including aging populations, rising geopolitical risks, and changing asset correlations, which impact long-term economic growth [6][8] - It discusses the failure of traditional asset allocation frameworks and the paradox of safe assets, indicating a significant decline in the supply of safe assets post-financial crises [9][19] - The report identifies the structural bull market logic for gold, driven by the shortage of safe assets and the growing demand for hedging against risks [19][20] Group 3: Investment Opportunities - The report recommends focusing on countries with favorable fundamentals for equity investments, particularly after technical corrections in markets like the US, Japan, and India [4][25] - It suggests that the bond market's core logic has shifted from seeking yield to pursuing diversification, with expectations of favorable conditions for government bonds due to anticipated monetary policy easing [4][25] - The report indicates that commodities, particularly gold, remain in a long-term bull market despite short-term corrections, while oil supply excess poses risks [4][25] Group 4: Historical Context and Future Trends - The report notes a historic turning point in Chinese residents' asset allocation, shifting from real estate-driven wealth storage to a more diversified approach involving financial assets [31][32] - It highlights the importance of understanding the lifecycle of asset allocation, where financial goals and personal milestones drive diversification strategies [21][31] - The report draws comparisons with global experiences in low-interest-rate environments, noting how different countries adapt their asset allocation strategies based on local economic conditions [90][95]

Core Insights - China's economic resilience, high-quality development path, and the low volatility characteristics of RMB assets provide unique value for risk diversification and stable returns in global asset portfolios [1][7] Group 1: Global Investment Opportunities - The current global economic landscape faces increased uncertainty and rising protectionism, yet financial globalization remains a crucial driver for economic recovery [2] - Long-term capital and management institutions are increasingly focusing on strategic and diversified allocations across economic cycles, geographical regions, and asset classes [2] - China's strong economic resilience and clear growth targets present significant opportunities for global investors, with per capita GDP projected to rise from $10,632 in 2020 to $13,445 in 2024 [2] Group 2: Cross-Border Capital Flow - China's commitment to high-level opening up injects confidence into cross-border capital flows, with foreign financial assets and liabilities exceeding $11 trillion and $7.2 trillion respectively by mid-2025 [3] - Despite the large market, foreign investment in China's stock, bond, and banking sectors remains relatively low, indicating substantial future potential [3] Group 3: RMB Asset Allocation Value - In the context of increasing uncertainty in global financial markets, diversification in asset allocation has become essential, with RMB assets gaining attention for their low volatility and stable returns [4] - The rapid development of the offshore RMB bond market provides a rich array of investment options, with significant growth in issuance and diversification of issuers [5] Group 4: Stability of RMB - The stability of the RMB and its low volatility enhance its attributes as an international currency, making it an attractive option for long-term investors [6] - Recent observations indicate that RMB exchange rate fluctuations are significantly lower than those of other major currencies, suggesting a shift towards a more mature international currency [6] Group 5: Future Directions - The ongoing reforms in capital markets, including the registration system and deepening of bond connect mechanisms, are enhancing the predictability and convenience of foreign investment [7] - Areas such as ESG investment, technological innovation, and industrial upgrading are viewed as key focus areas for future medium to long-term capital cooperation [7]

Group 1 - The "2025 Bay Area Wealth Conference" will take place on November 20, 2025, during the 19th Shenzhen International Financial Expo, focusing on "New Trends in Wealth Management: Investing Globally from the Bay Area" [1] - The event will gather top financial institutions and high-net-worth participants from the Greater Bay Area, discussing current wealth management and global allocation strategies [1][2] - The Greater Bay Area has an economic total of 14.79 trillion yuan, making it the largest bay area globally, with Hong Kong's asset and wealth management scale exceeding 35 trillion HKD and Shenzhen's wealth management total surpassing 31 trillion yuan [1] Group 2 - The morning forum will feature discussions on global wealth management, asset revaluation in China, alternative investments for high-net-worth individuals, and trends in the Hong Kong ETF market, with insights from major financial institutions [2] - The Guangdong-Hong Kong-Macao Greater Bay Area Research Institute will release the "2025 Cross-Border Wealth Management Report," revealing trends in cross-border wealth management over the past year [2] - The afternoon session will delve into global asset allocation, exploring new paradigms and practical topics such as Hong Kong stock investments and cross-border wealth management [2][3] Group 3 - The conference will analyze the changing investment behaviors of high-net-worth clients, focusing on the shift from preservation to "inheritance + impact investing" [3] - The collaboration between 21st Century Business Herald and Shenzhen International Financial Expo aims to create a platform for wealth management and asset management institutions to showcase their brands and foster cooperation [3] - Registration is open for representatives from financial institutions, high-net-worth individuals, and industry researchers interested in wealth management and asset allocation [3]

Core Viewpoint - The article discusses the ongoing tightness in US dollar liquidity and its impact on global markets, particularly highlighting the relative resilience of A-shares amidst overseas adjustments [2] Group 1: Market Conditions - US dollar liquidity remains tight, influencing global asset allocation strategies [2] - A-shares have shown relative strength compared to other markets during recent adjustments [2] Group 2: Investment Implications - The current market environment suggests potential investment opportunities in A-shares due to their resilience [2] - Investors may need to reassess their strategies in light of the tightening liquidity and its effects on various asset classes [2]