在低利率与"资产荒"交织的宏观背景下，银行理财市场正经历收益来源重塑与产品结构转型的关键阶 段。当传统固收类资产收益空间不断收窄，理财行业将如何开辟新的发展路径？投资者该怎样调整配置 策略以应对市场变化？ 与此同时，随着居民养老投资需求不断升温，养老理财试点扩围后如何突破发展瓶颈？年内频现的"费 率战"又映射出怎样的竞争逻辑与行业转向？ 围绕这些市场关注的热点问题，《每日经济新闻》记者（以下简称NBD）近日专访了西南财经大学信 托与理财研究所所长、普益标准专业委员会主任翟立宏。 理财产品收益来源重塑 NBD：当前，低利率环境及"资产荒"给理财市场的资产配置带来挑战。如何看待这一宏观背景对理财收 益率的长期影响？银行理财的产品结构可能会发生哪些变化？ 翟立宏：低利率和"资产荒"的宏观背景正在重塑理财产品的收益来源，长期看，对银行理财业来说既是 挑战，也是机遇。 一方面，传统固收类产品收益明显受限，债市利率下行持续挤压票息收益空间，存款利率下行和非银同 业存款利率管控导致配置存款收益承压。此外，在化债背景下，非标资产收益率也面临压降；另一方 面，增配权益类资产将成为行业提升产品收益弹性的主要探索方向，多资产、多策 ...

本报（chinatimes.net.cn）记者卢梦雪 北京报道 11月末，银行理财规模站上34.0万亿元的历史高峰，较上年末增加4.0万亿元。从2022年末"赎回潮"后的 27.65万亿元，到如今不断突破新高，市场用三年时间完成了一场深刻的压力测试与信心重建。 然而，与规模持续扩容形成鲜明反差的是，理财产品的收益能力正在持续承压：年内，银行理财为投资 者创造的收益逐季递减，理财产品平均年化收益率较2024年显著回落。 当低利率成为常态，在"资产荒"与市场高波动交织的复杂局面下，2025年的银行理财行业，正被迫走出 以债券为主的传统"舒适区"，开启一场围绕投资逻辑与资产配置结构的全面重构。 告别单一路径 普益标准数据显示，2025年上半年理财产品平均年化收益率为2.12%，较2024年的2.65%显著回落；到 三季度，银行理财市场到期封闭式和开放式固收类产品平均年化收益率分别为2.73%和2.54%，呈现普 降态势，且均未达到其平均业绩比较基准。受此影响，银行理财为投资者创造的收益正逐季递减：一季 度收益规模尚有2060亿元，二季度降至1836亿元，三季度进一步下滑至1792亿元，环比下降3.81%。 收益下行 ...

【导读】可投基金的"固收+"产品崛起，行业呼吁放宽投资比例 伴随着"固收+"市场大发展，可以10%比例投资基金的非FOF产品也快速发展。截至今年三季度末，非 FOF产品投资公募基金的市值已超过34亿元，同比增长381.81%。部分产品的投资比例甚至超过股票， 在"固收+"产品权益增强上发挥了不小的作用。 业内人士认为，在支持含权产品大发展的背景下，可适当放宽非FOF产品投资公募基金的比例上限，更 好地满足投资者的配置需求，进一步推动"固收+"市场发展。 在这类产品已获得初步发展，且市场鼓励含权产品发展的大背景下，业内对放宽其投资基金比例的呼声 日益高涨，不少观点建议将比例上限从10%提升至15%—20%。 可投基金的非FOF产品 悄然增长 2021年10月11日，中欧基金旗下中欧招益稳健一年持有期混合获批。这只产品开创了一个新的基金品类 ——可投资基金的非FOF产品。根据规定，这类产品可以不高于10%的比例投资公募基金。过去几年， 伴随着"固收+"市场大发展，这类创新产品无论是数量还是持仓规模均获得显著增长。 数据显示，截至今年三季度末，共有48只非FOF产品投资公募基金，合计持有公募基金市值达到34.18 ...

Core Viewpoint - In a continuously declining interest rate environment, traditional fixed-income assets are providing diminishing coupon yields, making it increasingly difficult for investors to achieve returns. The core proposition of wealth management has shifted towards achieving stable asset appreciation, which is addressed by Yongying Fund through systematic multi-asset and multi-strategy layouts, particularly in the "fixed income enhancement" direction [1]. Group 1: Response to Low Interest Rate Environment - Yongying Fund's absolute return investment department general manager Liu Xingyu emphasizes that when interest rates remain low for an extended period, relying solely on bond assets to meet return targets is inadequate. Expanding into multi-asset and multi-strategy approaches is a necessary choice [3]. - Liu proposes a "multi-asset, multi-strategy" core solution, which involves diversifying asset classes (such as bonds, stocks, convertible bonds, gold, and overseas equities) to effectively broaden the investment portfolio's efficient frontier and optimize the risk-return ratio [3]. - Liu outlines seven specific paths to pursue absolute returns, highlighting the importance of identifying and enhancing long-term high Sharpe ratio assets, actively managing to achieve returns that exceed benchmarks [3]. Group 2: Deep Collaboration Between Stocks and Bonds - Yongying Fund's fixed income investment department general manager Wu Wei notes that the scale of fixed income enhancement products has returned to historical highs, with low to medium volatility being the core variety. Data shows that low to medium volatility strategies often better reflect the "synergistic effect of stocks and bonds" [5]. - The innovative "deep collaboration between stocks and bonds" operational model allows fixed income to play three core roles: liquidity management, providing basic coupon income, and assisting equity in enhancing returns and controlling drawdowns [5]. - Wu believes that under this model, fixed income managers will elevate their perspective from a single bond market to the overall product, focusing on comprehensive evaluations of the relationship between stocks and bonds to manage overall drawdown [5]. Group 3: Product Matrix and Performance - Yongying Fund has established a clear product matrix for fixed income enhancement, with a full range of low, medium, and high volatility layouts. For instance, the Yongying Xinxin A product achieved a return of 21.61% over the past two years, significantly outperforming the peer average of 11.93% [6]. - The Yongying Multi-Asset and Multi-Strategy product has a maximum drawdown of only -0.71%, better than the peer average of -1.39% [6]. Group 4: Systematic Research and Support - Effective execution of strategies relies on a robust systematic research and investment platform. Yongying Fund has developed five systems that span front, middle, and back offices, aiming to scientifically identify market cycle positions and capture various asset return opportunities [10]. - The Qianxing fixed income research system utilizes big data and AI technologies to construct intelligent rating, risk warning, and bond strategy modules, enhancing bond investment capabilities [10]. Group 5: Market Outlook - Looking ahead, Liu anticipates that global liquidity easing and fiscal expansion will likely continue, with U.S. tech stocks, U.S. Treasuries, and gold being noteworthy assets. The A-share market is expected to shift from valuation-driven to profit-driven, with improving corporate earnings as a key support [12]. - Wu provides a practical perspective on the bond market, suggesting that the monetary policy is likely to remain accommodative, with interest rate bonds expected to oscillate within a "low interest rate + high volatility" range, presenting trading opportunities [12].

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]