就在刚刚过去的这个周末，中东大地上的爆炸声再次牵动全球神经。当 " 黑天鹅 " 从地缘政治的天空掠 过，全球资本市场的神经也随之紧绷，油价应声而动的预期、金银等避险资产的瞬间涌入，再次印证了这 个朴素的道理——市场的本质，就是不确定性和变化。 动荡之下，说"多元资产配置"的人就更多了。这个原本属于机构投资者的专业术语，之所以能成在过去的 一两年间加速成为理财论坛中的热门词，是真有原因的。 一是因为躺赢的日子一去不复返了。伴随利率的持续下行，单纯持有债券或存款已难以满足基本的收益预 期。哪怕只想求个稳，年化收益目标只有3%-4%，也不得不走出躺赢的舒适区。 二是因为地缘政治的黑天鹅一个接着一个起飞。正如这场周末突燃的战火，加上过去的各种制裁、谈判， 让大家更加深刻地意识到，鸡蛋不能放一个篮子，篮子最好也别放一辆车上。面对越发复杂的外部大环 境，得用不同类型的资产来对冲波动。 更重要的当然还是收益效应。2025年的市场为多元资产配置实打实地做了广告。不少多元资产配置的先行 者，股票（基金）赚一波，黄金又赚一波，一算总账，回撤还比别人小。效果摆在那，理念自然就传开 了。 多元资产配置固然好，可知道不等于真能做。事实 ...

证券研究报告 多元资产配置系列之二： 低利率时代的FOF多元配置趋势与应用实践 证券分析师 郭子睿 投资咨询资格编号：S1060520070003 任书康 投资咨询资格编号：S1060525050001 陈 瑶 投资咨询资格编号：S1060524120003 研究助理 胡心怡 一般从业资格编号：S1060124030069 2026年2月26日 高 越 一般从业资格编号：S1060124070014 请务必阅读正文后免责条款 投资要点 风险提示：历史业绩不代表未来表现；策略复杂性与成本风险；海外市场汇率风险；流动性风险。 1 发展背景与配置格局：（1）宏观背景：利率持续下行推动资产配置型产品需求抬升。存量产品来看，偏债型FOF通过债券打底、多资产增厚的策略，精准契合了当前市 场资金对于低波动、稳健收益的风险偏好，2025年偏债混合型FOF规模增长176%；增量产品来看，新发产品通过显性化的"多元"标签强化多元资产配置属性。（2）多 元配置格局：越来越多的FOF开始将黄金、商品、港股指数、全球股指纳入基准，香港市场为主的主动及被动基金、QDII权益/混合/债券基金、商品型基金、互认基金、 REITs、中性策略等 ...

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]

多家机构测算数据表明，2026年到期的居民存款规模或达数十万亿元级别。在市场利率中枢持续下行、 传统投资渠道不确定性增加的宏观背景下，如何为这部分寻求稳健回报的资金找到"新大陆"，已成为市 场关注的焦点。 "核心—增强"双轮驱动，构建多元资产配置体系 在此背景下，一款旨在提供低波动、稳健回报解决方案的公募产品应运而生。富国基金旗下的富国智安 稳健90天持有期混合型基金中基金（FOF）（以下简称"富国智安稳健FOF"）（A类：026343，C类： 026344）于今日（2月24日）正式进入首发募集期。据悉，该产品定位为偏债混合型FOF，拟由多元资 产投资总监张子炎担纲管理，力求通过"债基打底、多元增强"的策略，为投资者在当前复杂的市场环境 中提供一个兼具防御性与收益弹性的配置工具。 规模两年翻倍，偏债混合FOF成低波配置新宠 在低利率环境与市场波动加剧的双重驱动下，单一资产策略愈发难以满足投资者对财富保值增值的核心 诉求。作为资产配置的"专业买手"，FOF类基金凭借其分散投资、平滑波动的天然优势，正逐步走向舞 台中央。 其中，偏债混合型FOF的崛起尤为引人注目。Wind数据显示，该类产品规模自2024年初至20 ...

十二年前，作为一家银行系公司，我们从固收业务起步，这份禀赋强化了我们对风险的深刻敬畏、对稳健的不懈追求，也让我们发展初期拥有了坚实 的"底座"。我们异常珍视，但始终未停止向前的脚步，我们深知，只有丰富多元的产品才是服务客户、承载信任的真正载体。 这种战略定力，也贯穿于我们近年的每一步发展印记中。过去三年，我们在红利与高股息板块崭露头角，但与此同时，我们从未停止对科技、周期等领域 的持续深耕与力量储备。正是基于长期积淀与逆市布局，我们才能从2024年起，敏锐地辨识出新一轮科技创新周期的曙光。 大家好，我是永赢基金总经理芦特尔。 岁聿云暮，新元肇启。值此辞旧迎新的美好时刻，我谨代表永赢基金，向始终信任我们的广大持有人，向一路同行的合作伙伴，向一年来辛勤付出的全体 永赢人，致以最诚挚的感谢和最美好的新春祝福！ 2025年，是国家"十四五"规划圆满收官之年，也是中国新质生产力蓬勃发展之年。资本市场与时代脉搏同频共振，这一年，我国公募基金总规模超37万亿 元，权益类公募基金突破11万亿元①。公募基金在服务实体经济、助推新质生产力发展中彰显担当，也在助力居民财富配置优化、提升投资者获得感的道 路上步履坚实。 置身于中国基 ...

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].

Group 1 - The core investment philosophy of Liu Yicheng emphasizes "doing the long-term right thing," balancing returns and risks while aiming to provide products with long-term investment value and stable elasticity [1] - Liu Yicheng's investment framework combines trend and value investing, focusing on asset value to enhance investment success rates [1] - The South Fund Yu Ying One-Year Holding Mixed A (014094) has achieved a net value growth rate of 24.60% since its inception, outperforming the benchmark growth rate of 18.14% [1][2] Group 2 - Liu Yicheng believes the current market is in a "relatively easy decision-making phase," with attractive overall stock market valuations and structural opportunities due to many sectors being at the bottom [2] - Key investment focuses include technology innovation and high-end manufacturing, globally competitive overseas enterprises, bottom cyclical sectors, and traditional dividend assets [2] - Liu Yicheng maintains an optimistic outlook for the capital market in 2026, supported by three core variables: the continuation of a global loose credit cycle, the ongoing rebalancing of global asset allocation towards China, and the long-term trend of domestic residents increasing equity asset allocation [2]

Core Viewpoint - The significant drop in the scale of bank wealth management products in January indicates a major shift in the industry, reflecting a healthy correction of inflated growth driven by unsustainable business models [1][4][26]. Group 1: Industry Scale Changes - In January, the scale of 14 leading bank wealth management subsidiaries decreased by over 800 billion, accounting for approximately 75% of the total wealth management industry scale, which was over 33 trillion at the end of 2025 [1][25]. - The total industry scale is estimated to have dropped by over 1 trillion in January, marking a substantial decline compared to previous years where the scale remained relatively stable [3][25]. Group 2: Business Model Implications - The decline in scale is seen as a necessary adjustment, as the previous growth was largely fueled by "retained earnings" and "ranking models," which artificially inflated yield levels [4][27]. - The end of the "ranking model" signifies a downward adjustment in the yield of pure debt wealth management products, which will lower the actual risk-free rate for Chinese residents and potentially increase the valuation of all risk assets [5][28]. Group 3: Future Industry Dynamics - The shift away from old business models necessitates a focus on research capabilities, product line structuring, and channel service improvements, leading to a transformation in wealth management product structures [5][28]. - The rise of multi-asset wealth management products indicates a growing trend towards diversification and a need for wealth management firms to adapt to changing market conditions [5][28]. Group 4: Market Environment - The low interest rate environment is pushing the industry towards a multi-asset investment approach, emphasizing the importance of asset allocation for both investment advisors and individual investors [5][29]. - The current market dynamics suggest that firms lacking the ability to provide effective asset allocation will struggle to remain competitive in the evolving landscape [5][29].

Core Viewpoint - The significant drop in the scale of bank wealth management products in January indicates a major shift in the industry, suggesting that the previous growth was unsustainable and that a transformation in business models is necessary [1][6]. Group 1: Industry Scale Changes - In January, the scale of 14 leading bank wealth management subsidiaries decreased by over 800 billion, which represents approximately 75% of the total wealth management industry scale, indicating a total industry drop of over 1 trillion [1][3]. - The scale drop of 1 trillion is substantial, especially when compared to a decrease of over 1200 billion in January 2024 and an increase of about 500 billion in January 2025, highlighting a significant shift in investor behavior [3]. Group 2: Business Model Transformation - The release of retained earnings and the end of the "ranking" business model for wealth management companies signal a need for a focus on research capabilities, product line layout, and channel service capabilities [4][7]. - The competition landscape in the wealth management industry is expected to undergo drastic changes, with a shift away from unsustainable business practices towards more robust investment strategies [5][7]. Group 3: Market Implications - The decline in wealth management scale reflects a healthy adjustment in the industry, as it removes inflated growth driven by unsustainable practices [6]. - The end of the previous business model will lead to a decrease in pure debt wealth management yields, which will lower the actual risk-free rate for Chinese residents, potentially increasing the valuation of risk assets [7]. - The transition in wealth management is not just a change for wealth management subsidiaries but requires a comprehensive transformation across management and sales channels [7]. Group 4: Investment Strategy Recommendations - The current low-interest-rate environment necessitates a multi-asset investment approach, emphasizing the importance of asset allocation for both investment advisors and individual investors [7][8]. - The rise of multi-asset wealth management products indicates a shift in investor preferences, with a significant increase in the allocation towards fixed income and public funds [7].

Core Viewpoint - The article discusses the role of bond assets in multi-asset allocation, emphasizing that bonds are not primarily for generating high returns but serve as stabilizers, cash flow sources, and safety nets in investment portfolios [6][7][8]. Group 1: Role of Bonds in Multi-Asset Allocation - Bonds are not intended for high returns but serve three core functions: stabilizing overall portfolio volatility, providing predictable cash flow, and acting as a safety net during extreme risks [6][7][8]. - The focus of bond assets is on whether investors can hold them through market fluctuations rather than on the potential for high earnings [9]. Group 2: Understanding "Fixed Income +" Funds - "Fixed Income +" funds are not simply better bond funds; they typically consist of 70%-90% bonds and 10%-30% equity or equity-related assets, aiming for higher long-term returns with acceptable volatility [10]. - The essence of "Fixed Income +" can be summarized as bonds providing the base while equities act as the growth engine [11]. Group 3: Replacement of Bonds with "Fixed Income +" Funds - "Fixed Income +" can partially replace bonds in multi-asset allocation but should not be seen as an equivalent substitute [13]. - Three scenarios are outlined for the use of "Fixed Income +" in place of bonds: - **Partial Replacement**: When the primary goal of bonds is to smooth returns, a mix of 70% pure bonds and 30% "Fixed Income +" is advisable [15]. - **Cautious Replacement**: If a high proportion of equities is already present, replacing bonds entirely with "Fixed Income +" may lead to compounded risks [16][17]. - **Not Suitable for Replacement**: In cases where asset preservation and low volatility are critical, such as pre-retirement or specific financial goals, "Fixed Income +" should not replace bonds [18][19]. Group 4: Considerations Regarding Interest Rate Cycles - The current interest rate cycle significantly impacts the performance of bonds versus "Fixed Income +" funds, with different strategies being more effective in varying rate environments [20]. Group 5: Mature Allocation Thinking - "Fixed Income +" can serve as a yield enhancement module within bond allocations but cannot fully replace the foundational role of bonds in multi-asset strategies [21].