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华商基金胡中原:潜心研究的行者 风险收益比的掌控者
Xin Lang Ji Jin· 2025-10-10 02:18
今年以来,A股市场呈现显著的结构性行情。8月沪指一路向上冲破3800点,但随之而来的是市场热点 的加速轮动,各板块之间涨跌互现、此起彼伏。尤其是3800点后市场高位震荡,行情较难把握,甚至有 不少投资者可能错失行情。 尽管复杂的行情加大了投资的难度,但同时也是检验基金经理能力的试金石,在波动的环境下保持稳健 向上的曲线,才是真正优秀的基金经理,华商基金胡中原正是其中之一。 据银河证券数据,胡中原在管的所有混合型基金,近1年、3年、5年的业绩排名,均位列同类前十。其 中,华商双翼平衡混合A近1年、3年、5年业绩均位列同类第一;华商润丰灵活配置混合C近5年业绩位 列同类第一,近1年、3年业绩均位列同类前五,可见胡中原对市场的理解力与资产配置的掌控力。 | | 业绩排名 | | | | | --- | --- | --- | --- | --- | | | 近1年 近3年 | | 近5年 | 近7年 | | 基金名称 | 2024.09.01至 | 2022.09.01全 | 2020.09.01至 | 2018.09.01 套 | | | 2025.08.31 | 2025.08.31 | 2025.08.31 ...
30年国债ETF博时(511130)盘中翻红,最新单日净流入3.11亿元,瑞银:外资持续加码中国债券市场
Sou Hu Cai Jing· 2025-08-13 06:55
Core Viewpoint - The 30-year government bond ETF from Bosera has shown a significant increase in value and liquidity, indicating strong market interest and potential for further investment from foreign investors as global monetary diversification trends continue [2][3]. Group 1: Performance Metrics - As of August 12, 2025, the 30-year government bond ETF from Bosera has accumulated a 10.05% increase over the past year [2]. - The latest fund size of the 30-year government bond ETF is 14.99 billion yuan [2]. - The fund has achieved a net value increase of 9.93% over the past year, ranking 7th out of 418 index bond funds, placing it in the top 1.67% [3]. Group 2: Liquidity and Trading Activity - The ETF recorded a turnover rate of 21.84% with a trading volume of 3.276 billion yuan, reflecting active market participation [2]. - Over the past five trading days, the ETF has seen a net inflow of 551 million yuan, with an average daily net inflow of 110 million yuan [3]. Group 3: Investment Trends and Market Outlook - UBS forecasts that foreign investment in the Chinese bond market may increase, potentially leading to a third wave of inflows into the renminbi bond market [2]. - The anticipated interest rate cut by the U.S. in September may narrow the interest rate differential between China and the U.S., making Chinese bonds more attractive for diversification [2]. Group 4: Risk and Return Analysis - The maximum drawdown for the ETF over the past six months was 6.75%, with a relative benchmark drawdown of 0.51% [3]. - The fund's management fee is set at 0.15%, and the custody fee is 0.05% [3]. Group 5: Tracking Accuracy - As of August 12, 2025, the tracking error for the ETF over the past two months is 0.043%, indicating a close alignment with the underlying index [4].
中国债市要火?瑞银:第三波外资正赶来!
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-12 14:43
Core Insights - UBS Asset Management's Director General highlighted the potential for increased foreign investment in China's bond market due to ongoing global currency diversification trends [1] - The anticipated interest rate cut by the US in September may narrow the interest rate differential between China and the US, making Chinese bonds more attractive [1] - Since March 2018, foreign holdings of Chinese bonds have grown from approximately $200 billion to around $600 billion by March 2025, indicating rapid growth [1] Group 1 - The current foreign investment proportion in China's bond market is relatively low at 2.3% as of March 2025, suggesting room for growth [1][2] - The low foreign investment is attributed to the short time foreign investors have been in the market since the introduction of the CIBM direct investment program in 2016 [2] - China's bond market, being the second largest globally, holds significant value for international investors, indicating a positive long-term outlook for foreign investment [2] Group 2 - In the current structure of China's bond market, interest rate bonds account for approximately 62.3%, while credit bonds make up about 37.7% [2] - Foreign investors tend to start with basic products such as government bonds and policy bank bonds, leading to a concentration in interest rate bonds [2] - There has been a noticeable increase in foreign investment in bank negotiable certificates of deposit (NCDs) over the past two years, driven by favorable yield conditions [2]
国金资管黄学共:以差异化竞争力构筑FOF投资护城河
中国基金报· 2025-06-18 07:30
Core Viewpoint - The FOF (Fund of Funds) investment management industry is accelerating towards diversified competition and differentiated development, driven by the active engagement of public funds, bank wealth management subsidiaries, and securities asset management [2] Group 1: Investment Strategy - The core of FOF investment lies in achieving diversified investment and portfolio optimization through asset allocation and fund selection, transitioning from a "product platter" approach to a multi-asset, multi-strategy, and full-cycle model [4] - The team at Guojin Asset Management focuses on risk premium and factor investment concepts, innovating the portfolio construction process by emphasizing the combination of major asset classes rather than solely relying on underlying funds [4] - Over the past two years, the Guojin Asset Management team has received multiple awards, including the Golden Bull Award and the Yinghua Award, showcasing strong competitiveness with one of their FOF products ranking 8th among securities asset management products for 2024 [4] Group 2: Client-Centric Approach - Evaluating product performance should not only focus on returns but also consider alignment with client needs, which is crucial for competitive differentiation [6] - The team utilizes an "absolute return" strategy within their FOF business to conduct asset research and leverage the advantages of multi-asset portfolios and low-correlation diversification [6] - The team has adopted an all-weather allocation strategy to maximize macro risk diversification and actively manage risks in volatile environments, helping clients understand the benefits of diversified asset allocation [6] Group 3: Response to National Financial Initiatives - The 2023 Central Financial Work Conference emphasized five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, with FOF investment having unique advantages in the pension finance sector [8] - FOF investment can flexibly allocate stocks, bonds, and commodities for pension funds, achieving low-cost and high-efficiency asset allocation, with the current scale of target-date FOF public funds in China being approximately 23.9 billion [8] - The investment characteristics of FOF align well with pension finance, as diversified asset allocation can better withstand significant downturns in single assets, making FOF a vital investment method in China's pension finance landscape [8]
恒生科技指数调入比亚迪,什么信号?
Jin Rong Jie· 2025-05-19 06:32
Group 1 - The Hang Seng Index Company announced the quarterly review results, removing Tencent from the Hang Seng Tech Index and adding BYD, indicating a shift towards the automotive sector within the index [1] - The current proportion of the automotive industry in the Hang Seng Tech Index is 10%, which will increase to over 20% with the inclusion of BYD and other automotive-related companies [1][3] - The Hang Seng Tech Index is expected to benefit from the growing trend of electric vehicles, as evidenced by the accelerated capital inflow into the automotive sector [3] Group 2 - The Hong Kong Tech Index has a higher exposure to the automotive sector at 16% and also includes a significant allocation to pharmaceuticals, which enhances its performance compared to the Hang Seng Tech Index [3][5] - Major tech companies in Hong Kong, such as Tencent and Alibaba, reported substantial profit growth, with Alibaba's net profit increasing by 273%, reflecting the high growth potential in the semiconductor and new energy sectors [5] - The median market capitalization of index constituents is HKD 43.2 billion, with over 50% being small and mid-cap tech leaders, indicating potential for higher earnings elasticity during the AI application phase [7] Group 3 - The Hong Kong Tech Index has shown a higher stage increase compared to the Hang Seng Tech Index, with a year-to-date increase of 23.22% versus 18.20% for the latter [8] - The Hong Kong Tech sector is characterized by low valuations, high sensitivity, and significant growth potential, making it an attractive investment opportunity [8] - The Hong Kong Tech 50 ETF is available for T+0 trading, providing a diversified investment option in internet technology, new energy vehicles, and biotechnology [9]
全球震荡+澳洲大选=财富洗牌?你的投资组合该“换血”了!
Sou Hu Cai Jing· 2025-05-08 21:59
Group 1 - The article highlights the challenges faced by individual investors in Australia, including market volatility, information asymmetry, tax traps, and cultural barriers [2][4] - It emphasizes the importance of diversification in investment strategies, especially in the context of political uncertainty and rising global asset correlations [4] - The article discusses the potential structural opportunities arising from policy changes, such as pension reforms and renewable energy subsidies, while also warning of the risks associated with commodity price fluctuations and currency exchange rates [4][6] Group 2 - The upcoming seminar hosted by Solomons Group will focus on global financial trends for the second half of 2025, covering stock market hotspots, policy movements, and asset allocation strategies [5][6] - The event aims to provide insights into key variables affecting global markets and to enhance understanding of family asset management, risk hedging, and tax planning [6] - Attendees will have the opportunity for one-on-one discussions with experienced advisors to explore personalized asset allocation strategies [9] Group 3 - Solomons Group is an independent wealth management firm in Australia, focusing on customized asset allocation and wealth planning services for high-net-worth individuals and families [15][16] - The firm integrates a team of professionals, including lawyers and accountants, to provide comprehensive solutions in areas such as asset allocation, family trusts, and tax planning [15][16] - Solomons Group emphasizes a client-centric approach to wealth management, aiming for sustainable long-term growth strategies [15][16]