12月15日，外资私募腾胜投资在内地市场启动新一轮产品募资。 资事堂获悉，此次募集由中信证券、中金财富等头部券商渠道参与代销。这也是腾胜自11月初启动相关 产品发行以来，再一次面向市场的集中募资动作。 年底的私募市场，通常进入相对安静的阶段。 但就在多数机构忙着收官、复盘、放慢节奏的时候，一个意料之外的募资动作，在渠道端显露出不同寻 常的信号。 来自渠道的信息显示，一家顶级外资头部私募，借由王牌产品在内地市场的重新展开募集，一具举进入 百亿级外资私募机构的行列。 外资量化在中国，是否终于走过了试探阶段？ 01 年末募资 在外资私募的在岸展业路径中，渠道选择本身往往比募资节奏更具信息含量。与中信证券、中金财富这 类头部机构合作，几乎是多数外资资管机构进入中国市场的"标准动作"。 据悉，此次腾胜投资募集的产品以中证500指数增强策略为主体，同时配置少量商品期货CTA策略。 通俗理解，这种组合化设计的产品中，中证500指数增强可以被看作是底盘，CTA策略担当平滑收益的 角色。 可以看出，这家外资私募并不打算完全把客户资金带进高频博弈的节奏里，而是选择一种更慢一点的打 法，即指数负责收益方向，CTA负责缓冲。 限于信 ...

Group 1: Market Overview - The Federal Reserve's restart of the rate-cutting cycle has provided strong upward momentum for global markets, particularly benefiting risk assets in the short term. However, most asset markets are now significantly overvalued, especially in AI-related stocks, with investors exhibiting a "Fear Of Missing Out" (FOMO) mentality rather than worrying about high valuations [1][3]. - For the Chinese stock market, a clear recovery in corporate earnings is necessary to sustain the upward momentum in both Hong Kong and A-shares [1][3]. - In other Asian markets, South Korea and Taiwan have seen recent gains driven by strong tech exports and AI product demand, but high valuations may lead to short-term consolidation [1][3][7]. Group 2: Fixed Income and Commodities - Asian credit spreads have narrowed significantly, limiting further price increases in bonds, while the attractiveness of high-yield bonds has also declined [2][10][11]. - Gold prices have surpassed the $4,000 level, supported by global political uncertainties and central banks increasing their gold reserves [2][13]. - The multi-asset strategy is viewed as a suitable option to navigate volatile market conditions, emphasizing stable income sources as key drivers of investment returns [2][15]. Group 3: Regional Stock Insights - In the Chinese A-share market, retail investor interest is rising, with a shift from bank deposits to non-bank financial institutions, although foreign institutional investors remain underweight in the Chinese market [5][6]. - The Japanese stock market is influenced by the new Prime Minister's expected continuation of loose monetary policies, but rising local bond yields may limit upward potential [9]. Group 4: Emerging Markets - Geopolitical uncertainties remain a primary risk factor for emerging markets, but strong commodity prices and expectations of Fed rate cuts provide some support [8][12].

Core Viewpoint - The recent rally in the A-share market, with the Shanghai Composite Index surpassing 3900 points, has led to increased activity in the bank wealth management market, particularly in "fixed income +" products as banks adapt to the market's opportunities and challenges [3][4]. Market Performance - The three major stock indices collectively rose on October 9, with the Shanghai Composite Index closing at 3933.97 points, up 1.32%, marking a ten-year high. The Shenzhen Component Index increased by 1.47%, and the ChiNext Index rose by 0.73%. The total trading volume in the Shanghai and Shenzhen markets reached 26,718 billion yuan, an increase of 4,746 billion yuan from the previous trading day [3][4]. Wealth Management Product Trends - The performance of bank wealth management "fixed income +" products has closely followed the equity market trends. As of the end of September, the scale of mixed products increased from 6,470.76 billion yuan at the end of June to 6,548.11 billion yuan, reflecting a growth of 77 billion yuan [5]. - Analysts expect that the allocation of wealth management funds to equities could exceed 100 billion yuan in the second half of the year and throughout 2026, driven by an increase in the issuance of mixed and "fixed income +" products [5]. Investment Strategies - Banks are employing various strategies to participate in equity asset allocation, with a focus on sectors such as technology, manufacturing, gold, and dividend stocks, which have shown strong performance [5][6]. - The issuance of rights-based wealth management products has significantly increased, with 12 equity products launched this year compared to only 2 last year, and 202 mixed products compared to 169 last year [6]. Risk Management - Risk management has become a core focus for wealth management companies in their "fixed income +" product strategies. Companies are utilizing absolute return strategies and multi-asset strategies to mitigate risks while aiming for stable returns [8]. - The outlook for stocks, bonds, and gold remains optimistic, with expectations for significant investment returns in a low inflation and loose liquidity environment [9]. Future Directions - The future of "fixed income +" products may include a focus on public REITs, with projections indicating that the total market value of public REITs in China could exceed 200 billion yuan by 2025, with a potential market size of 400 billion to 500 billion yuan [9].

Core Insights - The anticipated increase in equity allocation from wealth management funds is expected to exceed 100 billion yuan in the second half of the year and throughout 2026, driven by a strong performance in the A-share market and rising investor interest in asset allocation [1][2] Market Performance - The A-share market has shown significant strength, with the Shanghai Composite Index surpassing 3900 points and achieving a 1.32% increase, marking a ten-year high [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 26,718 billion yuan, an increase of 4,746 billion yuan from the previous trading day [1] Product Trends - The performance of bank wealth management "fixed income plus" products is closely linked to equity market trends, with mixed-asset products increasing from 6,470.76 billion yuan at the end of June to 6,548.11 billion yuan by the end of September, reflecting a growth of 77 billion yuan [2] - The issuance of equity-related wealth management products has significantly increased, with 12 equity products launched this year compared to only 2 last year, and 202 mixed products compared to 169 last year [4] Investment Strategies - Banks are employing various strategies for equity asset allocation, with a focus on sectors such as technology, manufacturing, gold, and dividend stocks, which have shown strong performance [2][3] - The use of multi-strategy and risk management approaches is becoming crucial, with strategies like "fixed income plus options" being implemented to mitigate risks while participating in equity markets [5][6] Future Outlook - The market for public REITs is expected to grow significantly, with projections indicating a total market value exceeding 200 billion yuan by 2025, driven by institutional demand and the unique advantages of certain assets in a low-interest-rate environment [6]