Core Viewpoint - The article discusses the current state of global financial markets, emphasizing the importance of diversified asset allocation and the impact of geopolitical events on market performance [4][25][41]. Group 1: Market Performance Overview - Global stock performance has shown significant fluctuations, with emerging markets outperforming developed markets in recent years. For instance, emerging markets had a return of 29.93% in 2022, while developed markets returned 20.64% [3]. - The article highlights the poor performance of major indices in March, particularly in the context of the Iran conflict, which led to a significant drop in asset prices across the board [20][25]. - The article notes that the correlation between stocks and bonds has diminished, leading to a poor performance of traditional 60/40 stock-bond portfolios in March, marking the worst monthly performance since 2022 [20][22]. Group 2: Investment Strategies - The article suggests that investors should focus on diversified and balanced asset allocation strategies to mitigate risks associated with geopolitical uncertainties [25][26]. - It emphasizes the importance of preparing for different market scenarios and maintaining reasonable expectations at the beginning of the year [4]. - The article discusses the recent adjustments made in investment portfolios, particularly in response to increased uncertainty in the Middle East, advocating for a focus on absolute return strategies [15][14]. Group 3: Domestic Bond Market Insights - The article indicates that the domestic equity market's core narrative is tied to an unprecedented low interest rate environment, which is crucial for understanding equity performance [29]. - It mentions that the recent economic data has led to a slight adjustment in long-term interest rates, but significant downward adjustments are not expected in the near term [29][30]. - The article also highlights that the current market conditions favor equity investments over bonds, as the holding experience of bonds remains less favorable compared to equities [35]. Group 4: A and H Shares Market Analysis - The article points out that the pricing of A and H shares is heavily influenced by the geopolitical situation in the Middle East and oil price trends [39]. - It suggests that the current market pricing may be overly optimistic, indicating potential mispricing opportunities for investors [40][41]. - The article warns that disruptions in oil supply could lead to inflationary pressures, affecting market liquidity and potentially leading to a liquidity crisis in the small-cap index [40]. Group 5: Convertible Bonds - The article notes that the convertible bond market is primarily driven by institutional pricing, making it a valuable tool for observing market trends [43]. - It highlights that the supply-demand mismatch in the convertible bond market remains at historically high levels, supporting high valuations [45]. - The article concludes that despite recent declines, convertible bonds are still not cheap, suggesting a cautious approach to investment in this area [51].

Market Overview - Major U.S. stock indices experienced declines, with the Dow Jones Industrial Average down 278.82 points (-0.61%), Nasdaq down 842.92 points (-1.40%), and S&P 500 down 58.04 points (-0.88%) [1] - Gold prices fell to $4,573 per ounce, a decrease of 1.66%, while silver prices dropped to $70 per ounce, erasing year-to-date gains [1] - U.S. Treasury yields saw significant increases, with the 10-year yield reaching 4.39%, the highest level since August of the previous year [1][2] Geopolitical and Economic Factors - The U.S. plans to deploy thousands of additional troops to the Middle East amid ongoing geopolitical tensions [4] - Federal Reserve officials indicated a potential for three interest rate cuts this year, although market expectations are leaning towards rate hikes before December [4] - The geopolitical crisis in the Middle East is contributing to inflationary pressures, impacting market sentiment and asset performance [5] Asset Performance and Investment Strategy - Recent market conditions have led to a synchronized decline across various asset classes, including stocks, bonds, and commodities, indicating a tail risk scenario for diversified asset strategies [5] - The traditional safe-haven asset, gold, is facing downward pressure due to rising inflation expectations and delayed interest rate cuts by the Federal Reserve, potentially becoming a risk asset in the current environment [5] - The correlation between different asset classes has increased, complicating multi-asset allocation strategies and leading to heightened volatility in equity markets [5]

Core Viewpoint - The article highlights the ongoing expansion of public FOFs (Funds of Funds) in 2026, driven by increased fundraising and a shift towards multi-asset allocation strategies, with a notable rise in the average fundraising scale and a decrease in the number of fundraising days [1][5][8]. Group 1: Fundraising Trends - The recently launched招商智盈优选6个月持有混合FOF has raised over 20 billion yuan, with estimates around 27 billion yuan [2][4]. - Since 2026, there have been 15 FOFs with fundraising scales exceeding 10 billion yuan, accounting for over 45% of the total new FOFs established this year [2][4]. - The average fundraising scale for FOFs established in 2026 is 14.23 billion yuan, compared to 9.5 billion yuan in 2025, while the average number of effective subscriptions has increased significantly [4][5]. Group 2: Product Characteristics - The current trend shows a preference for mixed-type FOFs, with all newly established FOFs in 2026 being of this type, emphasizing "multi-asset" strategies [5][6]. - The emergence of ETF-FOF products is notable, with 3 such products launched this year and a total of 13 ETF-FOF products reported as of March 9 [6][8]. - The issuance of ordinary FOFs is increasing, while the number of pension-type FOFs has decreased, indicating a shift in focus towards more versatile investment strategies [6][8]. Group 3: Market Dynamics - The expansion of public FOFs is seen as a second wave since their introduction in 2017, with the current market conditions favoring multi-asset allocation due to a recovering equity market and low interest rates [7][8]. - The majority of new FOFs are being managed by leading fund companies, but there remains significant market space for smaller firms to participate, especially if they can leverage effective distribution channels [9]. - The trend indicates that while larger firms dominate the FOF market, there is still potential for smaller firms to carve out niches, particularly in the context of evolving investor preferences towards diversified risk [9].

Core Viewpoint - The growth of Fund of Funds (FOF) in 2025 marks a significant positive trend in the industry, with public FOFs rebounding to historical highs after a period of decline [2][5]. Group 1: Performance and Trends - All FOF products showed good performance in 2025, indicating a recovery in the market [2]. - The public FOF scale began to rise again in 2025, surpassing previous historical highs after a prolonged period of decline [2]. Group 2: Key Characteristics - The dominant type of FOF is the mixed bond type, driven by strong demand for stable investment options amid rapidly declining interest rates [5]. - There is a shift from simple fund selection to diversified asset allocation, with new FOF products incorporating various asset classes such as gold, commodities, and global stock indices [6][7]. Group 3: Insights from Industry Experts - Insights from industry experts, including a senior manager with extensive experience, highlight the evolution of FOF from merely diversifying risk to providing solutions in an asset-scarce environment [8][13]. - The FOF is seen as an ideal vehicle for diversified asset allocation, helping investors achieve stable asset growth in a complex market [13]. Group 4: Historical Context and Evolution - The public FOF has transitioned from a niche product to a core asset, emphasizing asset allocation over mere fund selection [14]. - The focus has shifted from yield-driven strategies to risk-adjusted returns, with a strong recognition of FOF's ability to control drawdowns [14]. Group 5: Investment Strategy and Framework - The investment strategy involves a comprehensive asset allocation framework that combines strategic and tactical asset allocation with bottom-up yield enhancement [17][20]. - The top-level asset allocation is crucial, with historical data indicating that over 90% of portfolio returns come from asset allocation decisions [20]. Group 6: Risk Management and Transparency - The FOF team emphasizes a robust dynamic risk control mechanism to manage drawdowns and enhance transparency in underlying assets [23][24]. - The team is committed to improving portfolio transparency to address issues of inadequate understanding of underlying assets, which can impact risk assessment [24]. Group 7: Team Structure and Research Capabilities - The FOF team comprises members with over ten years of research experience, covering key areas such as quantitative research and overseas asset allocation [29]. - The integration of internal resources and a collaborative approach enhances the efficiency of asset and industry allocation [30]. Group 8: Product Offerings - The team is launching two new mixed bond FOFs aimed at moderate risk investors, focusing on stable returns through diversified asset allocation [32].

Core Viewpoint - The article emphasizes the importance of diversified asset allocation in the face of increasing geopolitical uncertainties and changing market conditions, highlighting that traditional investment strategies are no longer sufficient for achieving desired returns [2]. Group 1: Reasons for Diversified Asset Allocation - The era of easy gains is over, as sustained interest rate declines make it difficult to achieve basic return expectations through bonds or deposits alone, necessitating a move away from passive investment strategies [2]. - Geopolitical events, referred to as "black swans," have heightened awareness of the need for diversification, as relying on a single asset class can lead to significant risks [2]. - Successful examples of diversified asset allocation have shown that investors can achieve better overall returns with lower drawdowns compared to traditional strategies [2]. Group 2: Barriers to Effective Diversified Asset Allocation - The first barrier is the need to establish a framework that translates investment goals into actionable processes, requiring clarity on personal investment beliefs, risk tolerance, and asset understanding [5]. - The second barrier involves having a "anchor" for decision-making, which helps investors navigate market volatility and avoid impulsive reactions to market movements [6]. - The third barrier is the necessity of a risk budget, which involves determining the maximum allocation for an asset based on its volatility and correlation with other assets, ensuring that the overall portfolio remains resilient [7]. Group 3: Developing Asset Allocation Skills - Mastery of diversified asset allocation requires time and experience, akin to cooking, where understanding ingredients and techniques is crucial for success [9]. - Investors are encouraged to start with familiar asset classes, such as a stock-bond combination, rather than attempting to cover all asset types at once, which could lead to confusion [9]. - Learning from experienced investors and their insights can significantly enhance one's understanding and approach to asset allocation [9].

1. Report Industry Investment Rating - The industry investment rating is "Stronger than the market" (It is expected that the industry index will outperform the market by more than 5% in the next 6 months) [109] 2. Core Viewpoints of the Report - In the low - interest - rate era, the demand for asset - allocation products is rising, and FOF is gradually moving towards multi - asset allocation strategies. The multi - asset allocation of FOF has shown different performance in different risk - level portfolios and has certain advantages compared with some traditional funds [3] - Different types of FOF managers have their own unique multi - asset allocation management styles, which can achieve relatively stable returns and risk control [3] 3. Summary According to the Directory 3.1 Background: Low - interest - rate Era FOF Multi - asset Allocation Breakthrough - **Macro Background**: The continuous decline in interest rates has increased the demand for asset - allocation products. In 2025, the scale of partial - debt hybrid FOF increased by 176%. Newly issued products strengthen the multi - asset allocation attribute through the explicit "multi - asset" label [3][6] - **Configuration Pattern**: More and more FOFs include gold, commodities, Hong Kong stock indexes, and global stock indexes in their benchmarks. As of the end of 2025, there were 160 FOF products with Hong Kong stock indexes, 19 with overseas stock indexes, and 73 with commodity (including gold) indexes in their performance comparison benchmarks. From the perspective of actual positions, FOFs cover nine major categories of assets outside of A - shares and domestic bonds [12][18] - **Configuration Process**: The industry's participation in multi - asset allocation has significantly increased, and multi - asset allocation has gradually become the consensus of FOF managers. As of the 2025 semi - annual report, the proportion of multi - asset allocation considering Hong Kong stocks reached 13.55%, and that without considering Hong Kong stocks reached 9.13% [19] - **Configuration Status**: Currently, FOF multi - asset allocation mainly participates with low positions, and it will take time to progress from "tactical trial" to "strategic standard" [23] 3.2 Assets: From Traditional Stocks and Bonds to All - type Investment Products - **Hong Kong Stock Funds**: Hong Kong stock assets are the preferred choice for FOF multi - asset allocation. Managers' positions are concentrated in Hong Kong stock technology index and dividend - type index strategies. ETFs have become the mainstream vehicle for FOF to allocate Hong Kong stocks [30] - **QDII Stock Funds**: The high - concentration holding of US stock broad - based ETFs shows that FOF funds aim to obtain the long - term beta of mature markets. There are also signs of diversification in regional allocation [35] - **QDII Hybrid Funds**: The configuration logic of active - management QDII funds is to capture the comparative advantages in the global industrial chain [36] - **QDII Bond Funds**: Asian US dollar bonds are the main objects of FOF overseas fixed - income allocation [41] - **Commodity Funds**: The allocation of gold assets shows high strategic consistency, and gold is the primary choice for FOF to diversify underlying asset types. Other commodity funds are also widely included [49] - **Market Neutral Funds**: Market neutral funds have low volatility and better drawdown control ability, which are important tools for smoothing the portfolio net value curve [50] - **Mutual Recognition Funds**: Hong Kong mutual recognition funds effectively fill the configuration gap when QDII quotas are scarce and are an important supplement for FOF to allocate overseas fixed - income assets [54] - **REITs**: REITs are gradually being included in the "fixed - income +" configuration category by FOF due to their mandatory dividend characteristics and physical attributes of underlying assets [60] 3.3 Performance: Incremental Contribution of Multi - asset Allocation - **Comparison with Traditional Stock - Bond FOF**: - **Robust FOF**: Since 2024, robust multi - asset FOF has shown higher cumulative returns and better risk - adjusted performance, with overall investment efficiency superior to traditional stock - bond FOF [65][68] - **Balanced FOF**: Since 2024, there has been no significant difference between balanced multi - asset FOF and traditional stock - bond FOF in terms of return performance and risk - adjusted indicators [71] - **Aggressive FOF**: Since 2024, aggressive multi - asset FOF has shown high synchronization with traditional stock - bond FOF, and multi - asset allocation has not formed a stable risk - return advantage at this risk level [74] - **Comparison with Other Funds**: - **Compared with Hybrid Secondary Bond Funds**: Robust multi - asset FOF has a higher return level per unit of risk than hybrid secondary bond funds, showing better risk - return efficiency [78] - **Compared with Flexible Allocation Funds**: Balanced and aggressive multi - asset FOF still shows certain risk - return efficiency advantages, but the advantage is relatively limited [82] 3.4 Case: Practical Atlas of High - performing Managers - **Tang Jun**: He adheres to the multi - asset allocation framework for a long time and clearly incorporates the timing of major asset classes. His robust products can control drawdowns and continuously accumulate excess returns [85][88] - **Cao Jianwen**: He gradually transitions from traditional stock - bond allocation to a multi - asset framework, expands the source of portfolio returns by introducing commodities and overseas assets, and strengthens the timing of risk assets. The performance of his products has improved marginally after the transformation [90][92] - **Li Xiaoyi**: His multi - asset framework focuses on steady - state diversification and long - term structural optimization. He switches from active to passive in traditional stocks and bonds and enriches the defensive layer configuration through low - volatility assets such as QDII bond funds, mutual recognition funds, and REITs [95][97] - **Lin Guohuai**: He constructs the portfolio with a multi - asset index as the core benchmark, practices global multi - asset allocation in the strategic level, and balances high - equity offensiveness and cross - market diversification [100][103]

Core Viewpoint - The increasing scale of household deposits maturing by 2026, potentially reaching several trillion yuan, highlights the need for stable return investment solutions in a declining interest rate environment and increasing uncertainty in traditional investment channels [1] Group 1: Product Launch and Market Context - The launch of the Fuguo Zhi'an Stable 90-Day Holding Period Mixed Fund of Funds (FOF) aims to provide a low-volatility, stable return solution for investors seeking robust returns [1] - The fund is positioned as a mixed bond FOF, managed by Zhang Ziyan, focusing on a strategy of "debt base and diversified enhancement" to offer a defensive and yield-flexible investment tool in a complex market [1] Group 2: Growth of Mixed Bond FOFs - The scale of mixed bond FOFs has doubled in two years, growing from 708 billion yuan at the beginning of 2024 to over 1.491 trillion yuan by the end of 2025, accounting for over 60% of the total public FOF scale [2] - The significant growth reflects a strong demand for stable investment tools with better risk-return ratios in the current market landscape [2] Group 3: Investment Strategy and Asset Allocation - The Fuguo Zhi'an Stable FOF employs a "core-enhancement" allocation framework, with the core consisting of high-quality bond funds to mitigate interest rate sensitivity and control net value drawdown [3] - The enhancement portion allows for 5%-30% equity asset exposure and can include commodity funds, QDII, and public REITs to capture structural opportunities and enhance yield flexibility [3] Group 4: Fund Management Expertise - Zhang Ziyan, the proposed fund manager, is a seasoned expert in multi-asset allocation with extensive research and practical experience, emphasizing refined asset allocation and deep selection of underlying funds [4] - His investment philosophy prioritizes risk control over yield pursuit, which has been validated by past performance, such as the Fuguo Zhi'an Stable FOF achieving a 9.06% return over one year compared to a benchmark of 2.19% [4][5] Group 5: Future Outlook - As global macroeconomic conditions evolve and asset correlations become more complex, the era of relying on single assets for passive gains may be over, making diversified and refined asset allocation essential for achieving long-term stable returns [5] - The demand for diversified FOF products that balance stability and flexibility is expected to continue growing, with the Fuguo Zhi'an Stable FOF enriching the public market's risk management toolbox [5]

Core Insights - The scale of household deposits maturing in 2026 is projected to reach several trillion yuan, prompting a search for stable return investment options in a declining interest rate environment [1] - The launch of the FOF product, 富国智安稳健FOF, aims to provide a low-volatility, stable return solution for investors seeking robust asset allocation tools [1] Group 1: Market Context - The demand for stable investment tools has surged due to the dual pressures of low interest rates and increased market volatility, making single-asset strategies less effective [2] - The scale of mixed bond FOFs has doubled in two years, growing from 708 billion yuan at the beginning of 2024 to over 1.491 trillion yuan by the end of 2025, accounting for over 60% of the total public FOF market [2] Group 2: Product Strategy - The 富国智安稳健FOF employs a "core-enhancement" strategy, with the core consisting of high-quality bond funds to mitigate interest rate sensitivity and credit risk [3] - The enhancement portion allows for 5%-30% equity exposure and investments in commodities, QDII, and public REITs to capture structural opportunities and improve return elasticity [3] Group 3: Management Expertise - The fund is managed by Zhang Ziyan, a seasoned expert in multi-asset allocation with a proven track record in risk control and performance [4] - Zhang's investment philosophy emphasizes refined asset allocation and deep selection of sub-funds, focusing on optimizing risk-return ratios while prioritizing risk control [4][5] - Historical performance of Zhang's managed funds demonstrates significant outperformance against benchmarks, showcasing effective risk management and adaptability to market conditions [5]

Core Viewpoint - The company expresses gratitude to its stakeholders and emphasizes its commitment to serving the real economy while adapting to the evolving capital market landscape in 2025, which is projected to see significant growth in public fund sizes and equity funds [3][6]. Group 1: Industry Overview - By 2025, the total scale of public funds in China is expected to exceed 37 trillion yuan, with equity public funds surpassing 11 trillion yuan, highlighting the industry's role in supporting the real economy and enhancing wealth allocation for residents [3]. - The public fund industry is positioned to contribute to high-quality development, aligning with national strategies and industry trends [3][9]. Group 2: Company Strategy - The company has evolved from a fixed-income focus to a diversified product line, emphasizing the importance of a multi-faceted approach to meet client needs and build trust [5]. - Recent product launches include the first QDII product and a bond ETF, aimed at providing investors with global opportunities and innovative bond allocations [5][9]. - The company aims to develop a first-class asset allocation platform, enhancing its research capabilities and expanding its product offerings, particularly in ETFs and multi-asset strategies [9]. Group 3: Performance and Achievements - In the past year, the company achieved profits of 38.955 billion yuan for investors and has served over 54.39 million clients historically, reflecting its commitment to delivering value [6][12]. - The company has received recognition for its technological advancements, including the "Jingwei Investment Trading System," which won the Financial Technology Development Award for three consecutive years [9][12].

Core Viewpoint - The outlook for 2026 suggests a potential surge in investment opportunities in the Chinese market, supported by ongoing economic recovery and enhanced national competitiveness [1][4]. Group 1: Market Performance - In 2025, the A-share and Hong Kong stock markets performed well, with the Shanghai Composite Index rising nearly 20% and the Hang Seng Index increasing by approximately 30%. The STAR Market and ChiNext indices saw even greater gains, exceeding 40% and 50% respectively, making them among the best-performing markets globally [2][10]. Group 2: Fund Industry Development - The public fund industry is moving towards high-quality development, guided by the China Securities Regulatory Commission's action plan issued in May 2025, which aims to optimize the operational logic of the industry across various dimensions [2][10]. Group 3: Research and Investment Strategy - HSBC Jintrust has enhanced its research and investment process by adopting advanced practices from overseas asset management institutions, resulting in a structured and traceable investment research process that improves efficiency and risk management [3][11]. - The company has launched new investment products, including the HSBC Jintrust Multi-Asset Stable Allocation Fund, aimed at providing diversified investment strategies to meet the demand for stable long-term investment options [3][12]. Group 4: Future Outlook - The year 2026 marks a new beginning for both the public fund industry and HSBC Jintrust, with a commitment to accompany investors in various investment paths, including retirement planning, green finance, and overseas allocation [4][12].