8月12日，瑞银资产管理董事总经理、亚洲固定收益组合主管桂林在媒体分享会上表示，随着目前全球 货币多元化趋势不断推进，外国投资者对中国债券市场的配置有可能会进一步加大，人民币债券市场流 入的第三波浪潮或将出现。 （文章来源：21世纪经济报道） 谈及外资的投资配置倾向，桂林表示，在中国债券市场当前结构中，利率债占比约62.3%，信用债占比 约37.7%。其中，利率债主要由中央、地方政府及政策性银行发行的债券构成；信用债则主要包括国企 和非国企发行的信用债券等。 他指出，由于进入中国债市时间较短，外资更倾向于从最基本的产品开始配置，如国债、政策性银行债 和银行大额存单（NCD），因此当前主要配置集中于利率债，信用债配置仍有待发展。目前，外资正 积极研究中国信用债市场，未来可能会考虑作出更多配置。 桂林补充道，近两年趋势显示，外资明显加大了对银行NCD的配置力度。主要原因是，经过前期上 涨，近一两年利率水平已低于过去几年。在此背景下，银行存单相对于利率债在收益率上仍具一定优 势。 桂林指出，市场普遍预计美国将在今年9月降息，中美利差可能收窄。同时，由于中国债券市场与发达 市场固定收益的相关性较低，具备良好的分散化配 ...

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]

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]