Core Insights - The era of "beta-driven" investment is over, and the asset management industry is shifting towards multi-asset and multi-strategy approaches as a new paradigm for asset allocation [4][5] Industry Trends - The asset management industry is entering a phase of comprehensive competition and cooperation, with bank wealth management, public funds, and insurance asset management all exceeding 30 trillion yuan in assets under management (AUM), with wealth management reaching over 32 trillion yuan by the end of September [4] - The traditional asset allocation logic that supported growth is failing, leading to three main challenges: 1. In a "low interest rate, high volatility, and asset scarcity" environment, the consensus is shifting towards multi-asset and multi-strategy approaches [4] 2. The reallocation of household wealth presents growth opportunities, but wealth management is lagging behind insurance and public funds in terms of growth rates [4][5] 3. The "Net Value 3.0" era demands higher performance stability and consistency, requiring a shift from asset-driven models to strategy-driven models [5][6] Future Directions - The industry must develop a factory-like, industrialized management system that aligns with client risk-return needs, emphasizing professional division of labor, process control, and standardized output [5][6] - Key issues to address include: 1. Transforming "vague investment art" into "precise engineering blueprints" to enhance investment team capabilities and decision-making processes [6] 2. Upgrading from "workshop-style operations" to "standardized assembly line production" for precise process management [6][7] 3. Building a human-centered multi-strategy system to promote strategy upgrades and iterations, focusing on investment manager profiles and performance attribution analysis [7]

Group 1 - The article emphasizes the importance of long-term performance in the capital market, highlighting that strategies need to be continuously learned and iterated to achieve sustained profits [1] - It categorizes private equity products into "long-distance running" types, focusing on those with outstanding performance over the past five years and those established for over ten years, referred to as "double ten funds" [1] - As of July 2025, there are 61 private equity products that have been established for ten years, with 32 of them achieving an annualized return of over 10%, accounting for approximately 52% [2] Group 2 - Among the "double ten funds," 14 products reached historical highs in July 2025, with 25 of them being subjective long/short products [2] - Notable private equity firms such as Evolutionary Assets, Shenzhen Yitong Investment, Tonghe Investment, and Zhongrui Huyin each have two products listed among the top performers [3] - The article provides a detailed table of various private equity products, including their strategies, sizes, and performance metrics, showcasing the diversity in the market [4][5] Group 3 - The subjective long/short product "Xi Wa Xiao Niu No. 1," managed by Liang Hong, was established near the peak of the last bull market and has shown significant returns [5][6] - Liang Hong expresses a preference for core companies that can be compared with international leaders, rather than supply chain stocks [6][7] - The article also discusses the performance of quantitative long/short products, noting that the average annualized return for these products over the past five years is 13.27% [12] Group 4 - The multi-asset strategy products have an average annualized return of 10.84% over the past five years, with several products reaching historical highs in July 2025 [16] - The article highlights the performance of bond strategy products, which have an average annualized return of 11.87% over the past five years, with many products achieving historical highs recently [24] - It concludes with a focus on the performance of futures and derivatives strategy products, which also show strong returns and historical highs [20]

Core Viewpoint - The report provides an overview of the performance and management strategies of the Southern Haoda Steady Preferred One-Year Holding Mixed Fund of Funds (FOF) for the second quarter of 2025, highlighting its investment objectives, financial indicators, and market conditions affecting its performance [1][2][3]. Fund Overview - The fund is a mixed fund of funds (FOF) aiming for long-term stable appreciation of assets through diversified asset allocation across various funds with different risk-return characteristics [1][2]. - The fund's performance benchmark is set at 15% of the CSI 300 Index return and 85% of the Shanghai Government Bond Index return [1]. Financial Indicators and Fund Performance - As of the end of the reporting period, the A share net value was 1.0460 RMB, with a net value growth rate of 1.38%, while the C share net value was 1.0372 RMB, with a growth rate of 1.28% [5]. - The fund's performance over the past three months showed a net value growth rate of 1.27% for both A and C shares, with a standard deviation of 0.11% and 0.14% respectively [2][5]. Management Report - The fund manager has adhered to relevant laws and regulations, ensuring compliance and risk control while managing the fund's assets [4][6]. - The macroeconomic environment in the second quarter was stable, with improvements in PMI and a low inflation rate, while the U.S. economy showed signs of slowing down [4][3]. Investment Strategy - The fund adopted a multi-asset and multi-strategy diversification approach, focusing on domestic assets while also allocating to overseas assets and commodities [3][4]. - In equity investments, the fund increased exposure to large-cap value stocks and reduced holdings in high-growth technology stocks during market fluctuations [3]. Future Outlook - The fund maintains a cautious short-term outlook while remaining optimistic in the medium to long term, anticipating potential government stimulus measures and a stable economic recovery [4][3].

Core Viewpoint - Asset allocation is considered the only "free lunch" in investing, emphasizing the importance of effective diversification into negatively or lowly correlated assets while seeking higher certainty [1] Group 1: Investment Performance and Strategies - The performance of the 招银理财 products, such as the 嘉裕系列 and 智远系列, shows significant returns, with 嘉裕日开180天 achieving an 8.8% cumulative increase and an annualized return of 3.4% since its inception [2][3] - The investment team proactively adjusted strategies in response to market downturns, such as increasing gold allocations and reducing exposure to volatile equities, which helped recover losses quickly [4] - 招银理财 employs a multi-asset, multi-strategy approach, covering various asset classes including A-shares, Hong Kong stocks, US stocks, domestic bonds, US Treasuries, gold, futures, and options [4] Group 2: Team Structure and Operations - The 固收团队 (fixed income team) has undergone structural adjustments, elevating departments to enhance collaboration and efficiency, managing approximately 600 billion in fixed income products [8] - The investment management process is supported by a proprietary multi-asset management system that facilitates real-time monitoring and compliance, enhancing operational efficiency [10] - The team emphasizes collaboration over individual star managers, with a focus on collective decision-making and shared research among team members [14][15] Group 3: Risk Management and Return Control - 招银理财's products are designed with an absolute return focus, prioritizing risk management and minimizing drawdowns, with specific strategies in place to control volatility and ensure stable returns [12][24] - The 嘉裕系列 employs a down-side volatility control model, which mandates forced reductions in positions when drawdowns exceed predetermined thresholds [24][25] - The investment strategy includes a mix of defensive and offensive tactics, with a focus on maintaining liquidity and adjusting positions based on market conditions [30][41] Group 4: Market Outlook and Future Strategies - The 固收团队 anticipates opportunities in both stock and bond markets amid ongoing geopolitical uncertainties, suggesting a balanced approach to investment strategies [53] - The focus will be on structural alpha extraction in equities while maintaining a stable yield strategy in bonds, adapting to market fluctuations [53]

Group 1 - The report focuses on the ICBC Credit Suisse Active Quantitative Investment Team, highlighting their strong performance and innovative strategies in the current market environment [2][12][13] - The team operates under a "multi-perspective, multi-asset, multi-factor, multi-strategy" approach, led by experienced quant expert Jiao Wenlong, which provides them with a significant competitive advantage [2][12][13] - The team has a well-structured organization with diverse backgrounds, allowing for effective collaboration across various asset classes and investment strategies [3][15][24] Group 2 - The team has developed the ARC Investment Navigation System, which emphasizes active management, mean reversion, and certainty in investment decisions, enhancing their ability to navigate macroeconomic cycles [5][24] - The product line is diverse, primarily focusing on fundamental quantitative and index-enhanced strategies, which together account for over 80% of their total assets under management [35][36] - The team has achieved notable performance metrics, with specific products like ICBC New Value and ICBC New Opportunities showing strong returns compared to their benchmarks [4][20][36] Group 3 - The quantitative research framework is comprehensive, utilizing a combination of traditional multi-factor models and advanced algorithms to enhance stock selection capabilities [25][26][30] - The integration of subjective and quantitative analysis allows the team to leverage deep industry insights while maintaining a robust quantitative approach [30][31] - The team has established a systematic platform for research and investment, facilitating efficient collaboration and strategy implementation across the organization [32][33]