Core Viewpoint - The strategic value of multi-asset allocation continues to stand out in a globally differentiated economic cycle and a volatile macro environment, with traditional safe-haven assets like gold and silver showing steady appreciation alongside strong performance in emerging market sectors such as technology and healthcare [1][5]. Group 1: Multi-Asset Allocation Strategy - Multi-asset and multi-strategy investment emphasizes both the breadth of asset coverage and the necessity for in-depth research on various asset classes [1][2]. - The key to a multi-asset allocation framework is identifying the underlying logic that drives asset price movements and defining it through factors, which allows for more intuitive comparisons and refined portfolio management [2][3]. Group 2: Performance and Historical Context - The management of the Guangfa Antai Stable Pension FOF has demonstrated strong historical performance through strategic allocations in response to market conditions, focusing on long-term pure bonds and rate bonds while also balancing equity investments with value-style funds [3][4]. - The Guangfa Pension Target 2060 FOF showcases a diversified investment strategy across various sectors, including military, technology, photovoltaic, and healthcare, integrating both actively managed and passive index funds to create a multi-dimensional revenue source [4]. Group 3: Market Insights and Future Outlook - The current market environment indicates a shift in asset performance dynamics, with Chinese markets showing liquidity advantages due to undervaluation and capital inflows, contrasting with the historically dominant U.S. dollar assets [5][6]. - The upcoming market outlook suggests a focus on Chinese and European assets, with technology likely leading the next market rally in A-shares and Hong Kong stocks, while emphasizing the need for strategic timing and diversified strategies to mitigate equity volatility [6].