Core Viewpoint - The article highlights the shift of investors towards low-volatility "fixed income +" funds amid market fluctuations, showcasing the unique investment approach of Feng Fan, a prominent fund manager at Yinhua Fund, who utilizes quantitative methods to manage multi-asset portfolios [1][3]. Group 1: Investment Strategy - Feng Fan's investment strategy is characterized by a "top-down" approach, contrasting with the prevalent "bottom-up" strategy in the domestic public fund sector, emphasizing the importance of overall portfolio management over individual asset classes [7][17]. - The tactical asset allocation principles employed by Feng focus on understanding the current macroeconomic environment rather than predicting future trends, allowing for precise asset matching based on existing information [9][11]. - A scoring system is utilized to evaluate asset selection, analyzing macroeconomic cycles and asset pricing dynamics to inform investment decisions [11][13]. Group 2: Risk Management - Feng Fan's risk management framework is divided into three phases: pre-investment, during investment, and post-investment, with specific withdrawal control lines set based on targeted annualized returns [16]. - Dynamic adjustments to the portfolio are made during the investment phase using a win-rate and odds system, while post-investment monitoring ensures adherence to risk thresholds [16]. - The emphasis on comprehensive risk management and the ability to precisely time re-entry into the market positions Feng as a key figure in the evolving landscape of investment management [17].

Core Viewpoint - The banking wealth management companies are actively seeking strategies to overcome challenges posed by ongoing "asset scarcity" and volatility in the bond market, focusing on diversifying asset allocation and exploring alternative and equity assets for better returns [1][3]. Group 1: Market Conditions - The current market is characterized by "low interest rates and high volatility," with a recent 10 basis point reduction in both 1-year and 5-year LPR rates, and a 10-year government bond yield fluctuating between 1.6% and 1.7% [1]. - As of the end of Q1, the allocation of wealth management products to bonds, cash, and bank deposits was 43.9%, 23.3%, and 13.5% respectively, indicating a heavy reliance on fixed-income assets [1]. Group 2: Strategic Shifts - Wealth management companies are shifting towards diversified layouts, with 招银理财 focusing on enhancing fixed-income assets and equity assets through strategies like low-dividend combinations and market-neutral strategies [3]. - Alternative and equity assets are becoming focal points for the second half of the year, with a balanced allocation among stocks, bonds, and gold expected to yield opportunities due to a low inflation and ample liquidity environment [3]. Group 3: Risk Management and Product Development - Wealth management firms emphasize absolute returns over relative returns, focusing on risk control and drawdown management in equity investments [3][4]. - 招银理财 aims to develop a product system centered on absolute return goals, with its PR3 and above products exceeding 240 billion yuan [4]. - Despite challenges, wealth management companies are responding to the "long money, long investment" call by increasing investments in capital markets, including ETFs, indicating a commitment to diversification and transformation [4].