Core Insights - The performance of mixed financial products has been outstanding this year, with the highest unit net value growth rate approaching 36% [1][2] - The recovery of the equity market and the emergence of structural opportunities in various sectors have contributed to the strong performance of mixed financial products [2] - There is significant growth potential for mixed financial products as deposit interest rates continue to decline, prompting financial institutions to enhance their equity research capabilities and innovate product offerings [1][4] Performance Metrics - As of November 27, over 90% of mixed financial products have shown positive unit net value growth this year, with 11 products exceeding a 20% growth rate, the highest being 35.97% [2] - The average annualized returns for mixed financial products over the past week and month are 13.21% and 6.62%, respectively, reflecting increases of 112.44 and 35.32 percentage points compared to the previous quarter [2] Market Position - The total outstanding scale of mixed financial products reached 749.19 billion yuan, accounting for 2.37% of the total bank wealth management market, with an increase of nearly 160 billion yuan since the end of January [3] Strategic Development - Financial institutions are actively developing mixed financial products to meet diverse investor needs, especially in a declining deposit interest rate environment [4] - Challenges include increasing product homogeneity, stricter regulatory requirements, and conservative risk preferences among bank wealth management investors [4] - Recommendations for financial institutions include promoting diversified asset allocation, enhancing research capabilities, and focusing on sectors like technology growth and alternative fixed-income assets [4]

Core Viewpoint - The fund adopts a flexible global asset allocation strategy aimed at achieving long-term capital growth and income while managing downside risks. The strategy allows for dynamic adjustments across various asset classes to adapt to changing market conditions [5][10]. Fund Overview - Fund Code: 968175 - Fund Type: Flexible USD Mixed Equity and Bond - Benchmark Index: Morningstar Europe USD Investment Target Risk Balanced Allocation Index (USD) - Fund Size: 14.78 billion CNY as of November 24, 2025 - Fund Managers: Huang Siyuan, Fan Zhizhen, Guo Shaoyu - Fund Company: Swiss Pictet Asset Management - Annual Comprehensive Fee Rate: 1.69%, slightly above the peer median of 1.63% [1][13]. Historical Performance - From May 2017 to October 2025, the fund achieved an annualized return of 7.93%, outperforming the Morningstar peer benchmark by 90 basis points and ranking in the 14th percentile among similar funds [1][11]. - The fund's volatility, measured by standard deviation, was 8.98%, lower than the peer average of 9.30% during the same period [11]. Asset Allocation Strategy - The fund's asset allocation is flexible, with stock positions ranging from 20% to 70%, bond positions from 15% to 60%, and cash positions sometimes reaching 20%. Additionally, investments in gold, alternative assets, and real estate typically do not exceed 5% [5][6]. - The investment themes include long-term structural growth, cyclical opportunities, and diversified income, allowing the fund managers to adjust allocations based on market conditions [5][6]. Management Team - The fund is managed by Huang Siyuan, who has 23 years of investment management experience, supported by Fan Zhizhen and Guo Shaoyu, who have 10 and over 20 years of experience, respectively. The team collaborates closely, leveraging resources from Pictet's global multi-asset department [2][4]. Investment Style - The fund's investment style has shifted from a balanced/value approach before 2020 to a growth-oriented style since then. This flexibility in style impacts the fund's performance based on the manager's asset and stock selection [10][11].

Core Insights - The mixed-asset financial products are gaining popularity due to their high return potential and effective risk diversification, becoming a focal point for both investors and institutions [1][4] - The market for mixed-asset financial products is expanding significantly, with a notable increase in both returns and market size [2][3] Summary by Category Performance Metrics - As of November 21, four mixed-asset financial products have achieved returns exceeding 20% over the past six months, while 17 products surpassed 15%, with some nearing 40% [1] - The average annualized return for mixed-asset financial products over the past seven days and one month is 13.21% and 6.62%, respectively, reflecting increases of 112.44 basis points and 35.32 basis points from the previous quarter [2] Market Growth - The total outstanding scale of bank wealth management products reached 32.13 trillion yuan as of September 30, 2025, marking a 4.76% increase from 30.67 trillion yuan on June 30, 2025 [3] - The market size of mixed-asset financial products has grown to 670.50 billion yuan, a 40.69% increase from 476.25 billion yuan at the end of the previous year, significantly outpacing the 12.72% growth of fixed-income products [3] Strategic Recommendations - Institutions are encouraged to promote diversified asset allocation and product innovation to enhance product flexibility and meet diverse investor needs [4] - The development of financial technology is expected to improve smart advisory services and dynamic asset allocation, enhancing management efficiency and customer experience [4] - Institutions should focus on green finance and sustainable investment opportunities, leveraging policy support to capture new growth prospects [4]

Core Viewpoint - The article introduces "Ruyuan Fund," a newly registered private equity fund in Shenzhen, focusing on low-risk fixed income products and multi-asset allocation strategies to enhance portfolio returns in volatile market conditions [2][9]. Group 1: Company Overview - Ruyuan Fund was established on March 20, 2024, and completed registration with the Asset Management Association of China on August 16, 2024, with registration number P1074843 [2][9]. - The fund's investment strategy emphasizes a foundation of fixed income products, aiming for relatively low risk and good liquidity while capturing structural opportunities in convertible bonds, commodities, and financial derivatives [2][9]. Group 2: Development Timeline - Key milestones include the establishment of Ruyuan Fund in March 2024, registration completion in August 2024, and the launch of its asset management business with the first fund product issuance in October 2024 [9]. Group 3: Core Team - The core team has extensive experience in the bond market, with an average tenure of over 10 years and all members holding master's degrees or higher from prestigious institutions [10]. - Key personnel include Lin Sheng, who has 13 years of bond research experience and 11 years in bond investment management, and Zhu Yangmo, the founding partner and president, with 7 years of experience in top bond private equity fund management [10][12][15]. Group 4: Investment Strategy - The fund employs a combination of top-down asset allocation and bottom-up asset selection strategies, focusing on macroeconomic fundamentals, policies, and market structures to manage a diverse portfolio [17]. - The strategy aims to balance risk and return by diversifying across various asset classes, adapting to macroeconomic changes, and seizing opportunities in different market environments [18]. Group 5: Product Offerings - Ruyuan Fund offers products like "Ruyuan Xuanwu," focusing on convertible bonds, leveraging their dual characteristics of debt protection and equity appreciation [19]. - The fund's products are designed to provide stable returns while managing risks associated with market fluctuations [20].

Core Insights - In 2025, investors face unprecedented complexities due to global economic fluctuations, Federal Reserve policy shifts, and geopolitical conflicts, leading to a revaluation of gold and the dollar [1] - Velos Markets is leveraging technology-driven investment strategy optimization tools to provide professional investors with pathways to certainty in opportunities [1] Market Trends - The gold market serves as a safe haven during economic turmoil, with price fluctuations driven by multiple factors, including Federal Reserve monetary policy signals [4] - Historical data analysis by Velos Markets indicates a 78% probability of gold price increases within three months when the U.S. core PCE price index rises over 3% year-on-year [4] - Velos Markets employs a unique three-dimensional analysis model to track central bank gold reserves, analyze CME gold futures positions, and monitor geopolitical risk indices [4] Strategy Logic - Velos Markets integrates machine intelligence with investment wisdom, offering dynamic asset allocation engines that automatically generate asset portfolios based on user risk assessments [5] - Conservative strategy includes 40% allocation to gold spot contracts, complemented by treasury futures and money market funds, while aggressive strategy allocates 25% to cryptocurrency derivatives [5] - The system dynamically adjusts strategies based on market conditions, such as increasing gold hedge positions when the VIX index rises over 15% in a day, demonstrating effective risk management [5] Tool Evaluation - Defensive tools include gold spot contracts optimized for liquidity, with cost savings comparable to a 15% discount on highway tolls during peak times [7] - Balanced tools utilize volatility-neutral combinations of gold ETFs and dollar index futures, enhancing market noise filtering efficiency to 82% during high-frequency events [8] - Aggressive tools integrate 13 technical indicators and fundamental factors to generate visual trading signals, improving the Sharpe ratio of trend strategies from 1.3 to 2.1 [9] Operational Guidelines - The first step involves account diagnosis, where users input existing holdings and risk tolerance to generate a "health score" [11] - The second step is strategy simulation, allowing users to observe performance during historical crises [12] - The third step involves selecting a main strategy framework based on diagnostic results [12] - The fourth step focuses on real-time monitoring of key warning indicators [12] - The final step emphasizes dynamic optimization and iteration of strategies based on the latest market data [12] Conclusion - Velos Markets aims to help investors establish a "probability advantage" by transforming ambiguous experiential judgments into executable signal systems [13] - The integration of technology and investment wisdom is redefining the keys to certainty in opportunities [14]