Group 1 - The evolution of public FOF products is driven by market demand, with a focus on all-weather multi-asset allocation strategies to manage volatility and drawdowns in the current market environment [1][2] - Zhang Chuan from Puyin Ansheng emphasizes the importance of a systematic approach to asset allocation, moving away from traditional selection-based FOF products to provide comprehensive solutions for clients [1] - The core investment philosophy is to prioritize risk management before asset allocation, aiming for a high Sharpe ratio by controlling risks first and then enhancing returns through timing and rotation strategies [1][3] Group 2 - The global market is experiencing increased divergence and volatility, making asset allocation more challenging for investors; multi-asset funds can provide natural hedging capabilities [2] - Puyin Ansheng's Yingfeng Multi-Asset Allocation 3-Month FOF fund, launched on October 16, employs a top-down macro research approach for all-weather asset allocation, suitable for turbulent markets [2] - The essence of multi-asset allocation products lies in their strategic significance, addressing timing and market style transition challenges for investors [2][3] Group 3 - Despite short-term fluctuations, the long-term investment value of core Chinese assets remains intact, supported by economic stabilization and innovation [3] - Investors are encouraged to maintain a long-term perspective and utilize appropriate investment strategies to seize long-term opportunities, including diversified allocations across various asset classes [3]