作者 胡群 在人口老龄化速度加快、基本养老保险替代率持续承压、第二三支柱覆盖面有限、个人养老金账户开户活跃度不足、居民长期投资意愿薄弱、资本市场缺乏 稳定长钱流入机制等多重因素叠加下，中国养老金融体系正面临制度设计滞后、产品供给错配与投资者行为偏差相互交织的深层次结构性挑战。 富达投资大中华区投资策略及业务资深顾问郑任远指出，问题的核心并非投资者缺乏知识，而是制度设计未能顺应人性。他直言："美国花了40年才明白， 不能指望人理性；中国没有40年时间重走弯路。"这一观点直指当前国内养老金融推广中过度依赖投资者教育的误区。郑任远以美国养老金制度演进为例， 提出"默认机制+产品适配"才是破局关键。他强调，通过立法确立"自动开户、自动投资、自动递增"的三自动原则，并搭配目标日期或目标风险基金作为默 认选项，才能真正实现长期资金的稳定积累。如今，这一理念正通过富达与国信证券的合作在中国试点落地，将交易行为转化为养老定投，用"无感参与"对 抗人性惰性。这不仅是一次产品创新，更是一场制度层面的预演。 默认机制 对抗人性惰性的制度设计 郑任远曾于1996年首创目标日期基金，如今已成为全球养老金配置的主流工具。他认为，中国养老 ...

来源：市场资讯 （来源：好买财富） 好买说 今年全球股市普遍上涨，美国、日本、德国等多国股市持续刷新历史新高，A股上证综指也再次站上4000点。AI科技革命带动新的资本开支周期，全球央 行维持货币宽松，投资者风险偏好提升，多重因素叠加，股票市场持续走高。 但是，随着美股AI科技行情进入第三年，市场估值逐步抬升，波动也逐渐加大。越来越多的投资者也开始产生焦虑，担心市场出现较大波动，犹豫该不 该调整资配布局。 为了帮助大家更深入的了解当前的市场环境和资配思路，更高效的做好全球配置，我们准备了"AI科技浪潮中的全球配置"系列文章。我们会先以全局视角 看看当前AI浪潮下的资配战术，再深度剖析具体资产的投资方法，最后我们从实践角度讲讲怎样落地资配方案。 进攻型资产 以科技股为矛 近期，随着美股不断刷新历史高点，越来越多的声音开始提示股市风险与潜在波动。看美国三大指数估值水平，均处近十年来的中高位。 从估值角度看，短期持续上涨过后，美股确实到了一个偏高估的点位。但从企业盈利角度看，美股业绩增速仍然较高。看美股最新披露的第三季度财报， 63%的上市公司实现了每股收益和收入双方面的超预期，业绩超预期的广度是2021年以来之最 ...

Core Viewpoint - 汇华理财, as the first joint venture wealth management company in China, has successfully navigated market fluctuations and industry transformations over the past five years, focusing on sustainable growth rather than rapid expansion [1][3][7] Group 1: Company Development - Established in 2020, 汇华理财 quickly gained traction in a favorable market environment, marked by high deposit rates and a booming stock market, leading to a "glorious start" [3] - The company faced a challenging market adjustment period from 2022 to September 2024, characterized by increased stock market volatility and declining interest rates, with the one-year interbank certificate of deposit rate dropping to around 1.6% [3][4] - To adapt to market changes, 汇华理财 implemented a new absolute return investment framework and diversified its product offerings, achieving a "transformation" and doubling its asset management scale by 2025 [4][5] Group 2: Investment Strategy - 汇华理财's core competitive advantage lies in its unique joint venture background and precise positioning, focusing on "global allocation, diversified enhancement, and professional standing" [4][6] - The company has expanded its product offerings from solely RMB to include USD, EUR, and HKD, with notable products like "Time Friend" and "Wealth Lighthouse" achieving significant performance metrics [4][5] - In a low-interest-rate environment, 汇华理财 has successfully enhanced returns and hedged risks through a multi-asset approach, achieving a domestic fixed income annualized return exceeding the index by over 100 basis points and an equity return of 32% [5][6] Group 3: Future Outlook - Looking ahead, 汇华理财 aims to prioritize steady returns and customer reputation, avoiding blind expansion and focusing on conservative strategies during unfavorable market conditions [1][6][7] - The company plans to strengthen its absolute return capabilities, deepen global allocation, and enhance investor engagement, reflecting a commitment to long-term wealth management principles [7] - 汇华理财 is positioned to leverage its international perspective and advanced foreign experiences to drive innovation in investment solutions and comprehensive services, contributing to the development of Shanghai as an international financial center [6][7]

Core Insights - The core message of the news is the strategic vision and achievements of Huihua Wealth Management over the past five years, highlighting its unique advantages as the first joint venture wealth management company in China and its plans for future growth [1][2]. Group 1: Company Development - Huihua Wealth Management has experienced a transformative journey characterized by "gorgeous opening, changing winds, and breaking out of the cocoon" over the past five years [1]. - The company has successfully doubled its asset management scale and significantly improved product returns, demonstrating strong competitiveness in a low-interest-rate environment [1]. - The firm has achieved near-perfect compliance rates for its fixed income plus product series, reflecting the substance of its absolute return product system [1]. Group 2: Strategic Focus - The company emphasizes "global allocation, diversified enhancement, and professional standing" as key strategies to address industry challenges [2]. - Data comparison shows that the annualized return of A-shares over the past decade is only 1.7%, while the average return from mainstream global markets can achieve 10.76% with lower volatility [2]. - The company aims to balance scale and returns by focusing on steady investment performance and innovative service solutions, committing to creating long-term value for investors through "absolute returns" [2].

Core Insights - AI is both an opportunity and a mechanism for elimination, with a significant portion of the population likely to be left behind if they do not embrace AI [2] - The global GDP growth rate could reach 10% due to AI, indicating the creation of a new wealth era for those who understand AI [2] - The differentiation in society will shift from educational and familial backgrounds to the ability to seize AI-related opportunities [2] Group 1: Using AI - AI acts as a productivity amplifier across various fields, enhancing efficiency in content creation, financial research, and daily tasks [4] - The company is developing AI courses to help individuals effectively utilize AI as a language partner and research assistant [4] - The initial course sessions are conducted in-person to optimize the learning experience through real-time feedback [4] Group 2: Investing in AI - The "Investing in AI" membership aims to guide individuals in identifying the right investment directions amidst the AI wave, focusing on long-term structural opportunities rather than short-term speculation [6] - The emphasis is on deep understanding rather than merely acquiring information quickly, which is crucial for investment advantage [6] Group 3: Membership Benefits - Membership includes exclusive access to resources such as the "Global Allocation Guide" and "Bull-Bear Cycle Analysis," which provide insights into asset distribution and historical trends [7][16] - Members will receive advanced membership benefits from AI research assistant reportify, which aids in generating investment research and data visualization [19] - A special course will be launched in December to teach members how to conduct research using AI [19] Group 4: Future Outlook - The next five years are critical for establishing positions in the AI era, with the potential realization of AGI (Artificial General Intelligence) by 2030 marking a significant turning point [13] - The AI dividend belongs to those who take action and adapt, with a small percentage of the population likely to benefit from the opportunities presented by AI [13] - The company encourages continuous learning and adaptation to ensure participation in the AI-driven economic landscape [20]

Core Viewpoint - The article emphasizes the importance of global market diversification, highlighting that different markets exhibit varying performances, which presents investment opportunities [1][3]. Market Performance Summary - In October, A-shares remained flat with a 0% change, while the dividend index rose by 3.05%. Hong Kong stocks fell by 3.53%, and US stocks increased by 4.77%. This disparity illustrates the need for a diversified investment approach [2][1]. - The global allocation strategy outperformed in this mixed market environment, with the "Rui Ding Tou Global Version" achieving a monthly return of 2.66%, the "Lazy Balanced Portfolio" returning 2%, and the "Worry-Free Bond Portfolio" rising by 0.7% [1][6]. Diversification Benefits - The article discusses the benefits of diversification, stating that it captures more profit opportunities while effectively spreading risk. When A-shares and Hong Kong stocks weaken, the strength of US stocks and other assets supports overall performance [3][11]. - The consistent upward trend of the overall portfolio is attributed to the collaborative performance of global assets, which helps mitigate volatility [4][3]. Performance Metrics - The "Rui Ding Tou Global Version" has shown a year-to-date return of 19.98% as of November 2025, with previous annual returns of 7.87% in 2024 and 13.13% in 2023. This indicates a strong long-term structural performance rather than short-term luck [8][6][7]. - The "Lazy Balanced Portfolio" achieved a return of 2% in October and has a cumulative return of 13.83% for the year, demonstrating its stability during market fluctuations [17][14]. Investment Strategy - The article suggests that the global allocation strategy is suitable for long-term investment, as it tends to have lower volatility compared to single markets. Regular investments can help average costs and benefit from long-term compounding growth [12][13]. - The "Lazy Balanced Portfolio" is characterized as a more conservative option, with a lower equity ratio and higher bond and dividend proportions, making it suitable for investors seeking stability [17][14].

Core Viewpoint - The "Global Vision of Wealth Management" forum and the fifth anniversary celebration of Huihua Wealth Management were held in Shanghai, highlighting the company's growth and future direction in the wealth management industry [1]. Group 1: Company Development - Huihua Wealth Management has evolved from a "gorgeous opening" to experiencing "changes in the wind and clouds," ultimately achieving a "transformation" and is now focused on "global allocation, diversified enhancement, and professional standing" [4][5]. - The company, established as a joint venture between France's Amundi and Bank of China, began in a favorable market environment in 2021 but has adapted to low-interest rates and market volatility by implementing a top-down absolute return investment framework and a new product system [5][10]. - Huihua Wealth Management's asset management scale has doubled this year, with significant product yield improvements, and the compliance rate of fixed income + products is nearing full marks, demonstrating the effectiveness of its absolute return product system [5][10]. Group 2: Investment Strategy - The key to Huihua Wealth Management's transformation is diversification, having developed a comprehensive, multi-currency absolute return product system, including the "Time Friend" series and the "Wealth Lighthouse" series, which have outperformed industry averages [10]. - The company has achieved annualized returns of 3.23% and 2.7% for its RMB fixed income + and pure fixed income products, respectively, and has surpassed index returns by over 100 basis points in domestic fixed income investments [10]. - The firm emphasizes global diversification as essential for enhancing returns, noting that a ten-year investment in A-shares yielded only 1.7% annualized returns, while a diversified global equity allocation achieved 10.76% [16]. Group 3: Future Outlook - Looking ahead, Huihua Wealth Management aims to focus on "international vision, innovative leadership, and steady progress," prioritizing investment-driven product design over mere scale growth [17]. - The company plans to leverage its international perspective to enhance investment performance and service solutions, contributing to Shanghai's development as an international financial center [17]. - Huihua Wealth Management intends to maintain a conservative approach during unfavorable market conditions while seizing investment opportunities when they arise, aiming for sustainable growth and a solid reputation among clients [17].

Core Insights - The global monetary order is undergoing rapid restructuring, leading to a new round of value reassessment for Chinese assets [1] - The wealth management industry is transitioning from a "product-selling" model to a "service-oriented" approach, establishing a solid foundation for the growth of client-centered advisory models [2] Industry Transformation - The wealth management industry is experiencing profound changes driven by macroeconomic shifts, with a focus on enhancing client services [2] - As of July this year, the assets under management for the client advisory model at China International Capital Corporation (CICC) Wealth Management surpassed 1 trillion, recently exceeding 120 billion [2] Global Asset Allocation - The importance of global asset allocation is increasingly recognized amid deep economic integration and the dual opening of capital markets [2] - Investors face challenges related to information asymmetry and a lack of appropriate investment tools when pursuing global asset allocation [2][3] Technological Advancements - The advent of AI is expected to break existing limitations and provide more inclusive financial services [3] - The development of a systematic service framework that is accessible, understandable, and easy to invest in is currently lacking in the market [3] Financial Inclusion - China's inclusive finance sector has progressed from the "existence" stage to the "quality" stage, emphasizing the need for investor education and low-threshold, high-liquidity investment products [3]

Core Insights - The article reflects on the current volatile market and the importance of understanding personal risk tolerance and investment strategies. It emphasizes the need for a disciplined approach to investing, particularly for individual investors who may be influenced by market noise and trends [1][3]. Investment Strategy - The article suggests that individual investors should prioritize capital preservation and manage their portfolios according to their risk tolerance. It recommends allocating funds to safer investments like bonds for those who cannot accept any loss, while a portion can be allocated to higher-risk investments [5]. - The risk-return spectrum is outlined, indicating that higher potential returns come with increased risks. The hierarchy of investment risk is presented, ranging from bank deposits to venture capital investments [5]. Market Trends - The article identifies a significant trend in the technology sector, particularly in areas related to AI, computing power, and robotics. It suggests that these sectors will continue to thrive as long as the AI performance bubble remains intact [9]. - It highlights the importance of understanding macroeconomic trends, particularly the impact of fiscal and monetary policies on liquidity and market conditions. The expectation is that global liquidity will improve over the next few years, creating favorable conditions for investment [7][9]. Investment Approach - The article stresses the importance of patience and a long-term perspective in investing. It suggests that capital markets will eventually reflect economic fundamentals, and investors should avoid panic during market fluctuations [11]. - It encourages investors to conduct thorough research and maintain a clear investment logic to avoid falling into traps during rapid market changes. The need for continuous observation of market trends and fundamentals is emphasized [9][11].

Market Overview - In September, domestic stock market indices showed a comprehensive increase, with the ChiNext Index rising significantly by 12.04%, while the CSI 1000 had a smaller increase of 1.83%. Year-to-date, the ChiNext Index has performed strongly with a gain of 51.20%, compared to a weaker performance of the CSI 300 at 17.94% [1][4]. - In terms of market style, small-cap stocks outperformed large-cap stocks in September, and growth stocks outperformed value stocks. Year-to-date, the ChiNext Small Cap Index has increased by 28.12%, while the ChiNext Large Cap Index has only risen by 17.64%. The Guozheng Growth Index has shown a gain of 30.64%, while the Guozheng Value Index has only increased by 4.61% [1][5]. - The best-performing sectors in September were Power Equipment and New Energy (+18.64%), Nonferrous Metals (+12.44%), and Electronics (+10.28%). Conversely, the worst-performing sectors were Comprehensive Finance (-8.04%), Banking (-6.65%), and Defense and Military Industry (-6.62%) [1][10]. - In the bond market, the total wealth index for corporate bonds decreased by 0.04%, while the total wealth index for government bonds fell by 0.52%. Year-to-date, corporate bonds have performed better with a gain of 1.46%, compared to a loss of 0.42% for government bonds [1][5]. - In the commodity market, major domestic commodity indices showed mixed results in September, with the Nanhua Gold Index rising by 11.05% and the Nanhua Agricultural Products Index declining by 2.79%. Year-to-date, the Nanhua Gold Index has increased by 39.76%, while the Nanhua Energy and Chemical Index has decreased by 10.57% [1][5]. - In overseas markets, major stock indices showed mixed results in September, with the Hang Seng Technology Index rising by 13.95% and the German DAX Index declining by 0.09%. Year-to-date, the Hang Seng Technology Index has performed well with a gain of 44.71%, while the French CAC40 Index has shown a decline of 6.98% [1][7]. ETF Strategy Performance - As of September 30, 2025, the Style Rotation Portfolio has shown outstanding cumulative returns since inception at 118.04%, surpassing its benchmark by 76.98%. The 80/20 Rotation Portfolio has also performed well with a cumulative return of 56.82%, exceeding its benchmark by 16.30% [2][11]. - The Valuation Selection ETF has demonstrated strong performance this year with a cumulative return of 44.33%, exceeding its benchmark by 39.72%. The Global Allocation Portfolio has achieved a cumulative return of 23.66% this year, surpassing its benchmark by 10.01% [2][11]. - The Dynamic Duration Strategy has shown a cumulative return of 19.41% since inception, exceeding its benchmark by 4.01%. The Asset Rotation Strategy has performed well this year with a cumulative return of 25.44%, surpassing its benchmark by 19.87%. The Asset Rotation Strategy 2.0 has also shown a cumulative return of 23.21% this year, exceeding its benchmark by 17.64% [2][11].