刘水清介绍，相比于以往同类产品，此次ETF-FOF新品在业绩比较基准的设定上，对多资产投向提出了 更为明确的要求。 资料显示，兴证全球盈丰多元配置三个月持有（ETF-FOF）的业绩比较基准为"中证A500指数收益率 ×60%+MSCI世界指数（MSCI World Index）收益率（使用估值汇率折算）×15%+中债综合（全价）指 数收益率×15%+恒生指数收益率（使用估值汇率折算）×5%+上海黄金交易所Au99.99现货实盘合约收盘 价收益率×5%"，涵盖A股、海外股票、国内债券、港股、黄金五大类资产。 "从长期来看，对相关性较低的资产加以组合，能更好地分散风险，提高收益稳健性。并且，当前债券 及现金类资产收益又比较低，保持较高的权益资产比重，长期也能争取到更好的收益表现。国内ETF市 场经过了过去几年的蓬勃发展，可选择的指数化工具已得到极大丰富。"在刘水清看来，当前正是推出 刘潇 随着国内市场指数化投资日益成熟，如何挑选和运用这些指数化工具，成为不少投资者面临的难题。伴 随结构化行情持续演绎，多资产策略逐步得到市场关注和认可，指数化工具产品凭借其纯粹且透明的优 势，正在成为落实大类资产配置策略的有力抓手。 ...

随着国内市场指数化投资日益成熟，如何挑选和运用这些指数化工具，成为不少投资者面临的难题。伴 随结构化行情持续演绎，多资产策略逐步得到市场关注和认可，指数化工具产品凭借其纯粹且透明的优 势，正在成为落实大类资产配置策略的有力抓手。 借此时机，兴证全球基金多元资产配置部启动ETF-FOF策略，推出拟由资深FOF基金经理刘潇和指数投 资"强将"刘水清共同管理的兴证全球盈丰多元配置三个月持有（ETF-FOF）。日前，刘潇、刘水清在接 受中国证券报记者采访时，围绕如何借助指数化工具践行多资产配置策略展开了详细介绍。 兴证全球基金 刘潇 兴证全球基金 刘水清 ETF-FOF推出时机成熟 "一方面，基于公司的主动权益投研观点支持，我们会在市值、成长、价值等方面适当做些风格暴露， 利用指数化工具来表达我们对于市场因子的观点；另一方面，ETF在极端情况下会出现定价失真的情 况，我们会积极把握这样的套利机会；此外，我们还会参与一些网下IPO、定增以及大宗交易的机会， 为组合积累更多的超额收益。"刘水清表示。 在海外权益投资部分，刘水清坦言，由于海外市场的机构化程度较高，相比指数难以做出更稳定的超额 收益，团队在这方面的主动管理操 ...

投容大咖啡 刘潇（左）、刘水清 海纳全球优质资产 善用ETF触达未来 ——访兴证全球多元资产配置部基金经理刘潇、刘水清 以即将问世的兴证全球盈丰多元配置三个月持有期混合型FOF为例，这只基金将由刘水清和刘潇共同管 理，投资标的聚焦ETF，投资于ETF的比例不低于非现金基金资产的80%。业绩比较基准覆盖中证A500 指数、境外权益资产、固收资产和黄金。在当前的时点推出这样一只产品，基金经理要表达什么？ "首先，这是一只以权益资产为主的多元配置产品，用多种资产来搭建组合，在充分获取权益资产回报 的同时，以跨资产、跨地域的配置方式来降低分散风险。"刘潇介绍，"其次，我们主要将被动的ETF产 品作为投资工具。过去两三年被动投资发展迅猛，ETF数量已超千只，整体管理规模突破4万亿元，品 种多样且类别丰富，当前时间点推出ETF-FOF的时机已然成熟。" 兴证全球多元资产配置团队研究认为，如果将视野扩展至全球并进一步拓宽投资品类，借助FOF的形 式，以ETF为主要投资标的，能以一种简单明了的方式搭建组合，为投资者带来更好的持有体验。 对于普通投资者来说，ETF-FOF还比较陌生，但它本质上很简单。在刘水清看来，有点像乐高玩 ...

多只"固收+"、FOF产品细化业绩比较基准 一个基准涉及六类资产 数据显示，8月以来，新成立的多只FOF产品业绩比较基准较以往更为细化，大多由4～6类资产构成， 涵盖了美股、港股、商品、存款等多种资产类别。 【导读】多只"固收+"、FOF产品细化业绩比较基准 相较以往简单的股债搭配，记者发现，新一批多资产组合产品的业绩比较基准组成更为丰富。 比如，多只新发成立的FOF、"固收+"基金的业绩比较基准涵盖债券、A股、港股、美股、黄金、存款 等多类资产，其设计背后体现出基金管理人的多重考量。 业内人士表示，随着市场中基金产品和基金类型的不断丰富，同质化的问题也更加突出。通过细化业绩 比较基准，表明行业整体投资策略正在向更加精细化、多元化、特色化的方向转变。 永赢元盈稳健多资产90天持有基金经理段伟良表示，一方面，它明确了产品的投资边界，各资产类别的 权重设定实质上框定了组合的风险敞口，为资产配置提供清晰的约束框架。另一方面，多元化的基准有 助于强化投资纪律，要求管理人建立系统化、流程化的多资产研究与决策机制，减少"拍脑袋"式配置， 提升投资的科学性与可持续性。此外，多资产组合的收益来源复杂，细化的基准支持更精准的绩 ...

【导读】多只 " 固收 +" 、 FOF 产品细化业绩比较基准 中国基金报记者 曹雯璟 比如摩根盈元稳健三个月持有的业绩比较基准设定为中证纯债债券型基金指数收益率 *80%+ 中证偏股型基金指数收益率 *5%+MSCI 世界指数收益率（使用估值汇率折算） *5%+ 上海 黄金交易所 AU99.99 现货实盘合约收益率 *5%+ 活期存款利率（税后） *5% 永赢元盈稳健多资产 90 天持有的业绩比较基准设定为中债 - 综合指数（全价）收益率 *70%+ 沪深 300 指数收益率 *10%+ 标普 500 指数收益率（经汇率调整） *5%+ 恒生指 数收益率（经汇率调整后） *5%+ 上海黄金交易所 Au99.99 现货实盘合约收盘价收益率 *5%+ 银行活期存款利率（税后） *5% 8 月以来，新成立的多只 " 固收 +" 基金业绩比较基准也涵盖了债券、 A 股、港股、存款等 多类资产。比如工银稳健添益的业绩比较基准设定为 中债 - 综合财富（总值）指数收益率 *84%+ 沪深 300 指数收益率 *10%+ 金融机构人民币活期存款利率（税后） *5%+ 中证港 股通综合指数（人民币）收益率 *1% 。 此外 ...

21世纪资管研究院研究员 唐曜华 实习生 姜博文 近期股市气势如虹，8月22日更是突破3800点，债市则持续震荡，呈现冰火两重天的景象，股债"翘翘板"效 应持续显现。不少固收类产品投资者在网上吐槽收益又绿了，而含权比例高的理财产品则净值涨势喜人。 理财通评评"理"第47期继续测评银行热销产品，本期测评北京银行APP京选理财推荐的一款混合类产品：秋系列瑞盈60天持有期1号（多元）A类。8月22日 APP显示，该产品已有6427人次购买。 这是一款多元配置策略的 混合类理财产品，理论上权益类资产投资比例可以达到很高，不超过80%就行，不过这只产品8月15号后净值却连跌三天，8月18日、19日、20日净值均出现 下跌，跟股市创10年新高的火热行情似乎不太相符。跟很多买了固收类产品的投资者的悲伤则较为相似。 ["秋系列瑞盈60天持有期1号(多元配置策略)理财产品A"净值走势] 这可能跟该产品权益类投资青睐优先股策略、市场中性策略等，同时把权益多头仓位控制在比较低的水平有关。今年二季度末该产品投资的权益类资产里超 过80%为优先股，权益多头仓位中枢控制在1%左右。权益多头仓位低可能导致该产品受益股市不明显，而债市最近出 ...

黄金作为传统避险工具，在数字货币波动加剧背景下重现光芒。实物黄金配合 (02599.HK/N5B8R)、 (02599.HK/R2T9L) 等黄金 ETF 组合，既规避持仓风险，又保持流动性优势。技术面显示，当前金价在 1950 美元 / 盎司附近形成强支撑，与 (02599.HK/W7V3D)、(02599.HK/S4K8M) 等矿业股形成联动效 应。 组合构建策略建议采用 "核心 + 卫星" 架构：以 (02599.HK/D5F9G)、(02599.HK/3T8Q4) 等宽基指数产品 作为核心资产，配置权重不低于 50%；用 (02599.HK/Y6H2J)、(02599.HK/Z9L3K) 等行业轮动品种捕捉 超额收益；最后通过 (02599.HK/U1P5R)、(02599.HK/E4S8M) 等另类资产平抑波动。这种包含 (02599.HK/J7N2D)、(02599.HK/5G8T3) 等多资产标的的组合，回测显示近三年年化波动率较纯股组合 降低 38%。 随着 (02599.HK/A2B9C)、(02599.HK/6T8V1) 等跨境投资工具日益丰富，建议投资者保持动态再平衡， 每季度评估 (0 ...

Core Viewpoint - The public fund industry is increasingly focusing on the role of performance benchmarks in investment constraints, leading to a more detailed approach in setting benchmarks for multi-asset portfolio products [1][6]. Group 1: Performance Benchmark Details - Recent multi-asset products have significantly enhanced the richness of performance benchmarks, incorporating various asset classes such as U.S. stocks, Hong Kong stocks, commodities, and deposits [2][3]. - The performance benchmark for the newly launched Yongying Yuan Ying Stable Multi-Asset 90-Day Holding product consists of six components, including 70% domestic bonds, 10% A-shares, 5% U.S. stocks, 5% Hong Kong stocks, 5% commodities, and 5% deposits [2][3]. Group 2: Investment Strategy and Philosophy - The detailed benchmarks reflect a shift in investment philosophy from a simple stock-bond pairing to a more diversified and global asset allocation system, especially in the current low-interest-rate environment [1][6]. - The trend towards detailed performance benchmarks indicates a recognition within the asset management industry of the need for a more complex and varied approach to asset allocation [6][7]. Group 3: Communication and Transparency - The refined benchmarks serve as a communication bridge between investors and fund managers, clarifying investment strategies, styles, and performance measurement [5][6]. - Clear asset composition enhances product transparency, helping investors understand risk sources and return drivers, thereby establishing reasonable expectations [4][5]. Group 4: Future Implications - The introduction of multi-asset strategies is expected to transform performance benchmarks from passive references to active guides, influencing strategy design, management constraints, and performance attribution [7]. - The industry is moving towards a more systematic and process-oriented approach to multi-asset research and decision-making, reducing reliance on ad-hoc strategies [4][6].

Core Viewpoint - The public fund industry is increasingly focusing on the role of performance benchmarks in investment constraints, leading to a more detailed approach in setting benchmarks for multi-asset portfolio products [1][4]. Group 1: Benchmark Composition - Recent multi-asset products have significantly enhanced the richness of their performance benchmarks, incorporating various asset classes such as U.S. stocks, Hong Kong stocks, commodities, and deposits [1][3]. - The performance benchmark for the newly launched Yongying Yuan Ying Stable Multi-Asset 90-Day Holding product consists of six components, including 70% domestic bonds, 10% A-shares, 5% U.S. stocks, 5% Hong Kong stocks, 5% commodities, and 5% deposits [2][3]. Group 2: Investment Strategy and Transparency - The detailed benchmarks reflect a shift in investment philosophy from simple stock-bond combinations to a more diversified and global asset allocation approach, especially in a low-interest-rate environment [1][6]. - A clear and detailed performance benchmark enhances product transparency, helping investors better understand risk sources and return drivers, thereby establishing reasonable expectations [4][5]. Group 3: Communication and Decision-Making - The refined performance benchmarks serve as a communication bridge between investors and fund managers, clarifying investment strategies and measuring product performance [5][6]. - The trend towards detailed benchmarks indicates a cognitive evolution in asset allocation concepts within the asset management industry, with a focus on transitioning from "selection experts" to "multi-asset allocation experts" [6]. Group 4: Future Implications - The introduction of multi-asset strategies is expected to transform performance benchmarks from passive references to active guides, becoming integral to the entire product lifecycle management [6]. - The detailed benchmarks will help delineate product risk characteristics, shifting investment goals from return-oriented to risk-adjusted matching [6].

Core Viewpoint - The public fund industry is increasingly focusing on the detailed construction of performance benchmarks for investment, reflecting a shift in investment philosophy from selection to multi-asset allocation [1][6]. Group 1: Performance Benchmark Composition - Recent multi-asset products have performance benchmarks that are more complex, involving up to six asset classes, including A-shares, bonds, US stocks, Hong Kong stocks, commodities, and deposits [2][3]. - The newly launched FOF products have benchmarks composed of at least four asset classes, indicating a significant refinement compared to previous simpler stock-bond combinations [2][3]. - The "Yongying Yuan Ying Stable Multi-Asset 90-Day Holding" fund has a benchmark consisting of six asset classes, with 70% in bonds, 10% in A-shares, 5% in US stocks, 5% in Hong Kong stocks, 5% in commodities, and 5% in deposits [2]. Group 2: Investment Strategy and Transparency - The detailed breakdown of performance benchmarks allows for a more accurate reflection of the investment logic of "fixed income as a base, equity as an enhancement, and alternatives as a supplement" [4]. - Clear asset composition enhances product transparency, helping investors understand risk sources and return drivers, thereby establishing reasonable expectations [4]. - The diversification of benchmarks helps to strengthen investment discipline, requiring fund managers to adopt systematic and process-oriented multi-asset research and decision-making mechanisms [4]. Group 3: Communication and Market Trends - A refined performance benchmark serves as a communication bridge between investors and fund companies, clarifying investment strategies, representing investment styles, measuring product performance, and constraining investment behavior [5]. - Approximately one-third of the over 3,600 FOF and "fixed income+" funds in the market have performance benchmarks composed of at least three parts, indicating a trend towards the refinement of benchmarks in the asset management industry [7]. - The industry is transitioning from a traditional stock-bond binary model to a more diversified and global asset allocation system, recognizing the need for a more complex approach to adapt to changing macroeconomic environments [7].