近日，作为海南恒立私募基金管理有限公司的总经理，潘焕焕在接受中国证券报记者专访时表示，每一 次选择的背后，他更在意的是自己想要做成什么样的事情。创立私募的初衷是希望在券商自营投资中被 证明有效的多资产多策略投资理念能够服务于更多客户。 从电厂技术员到回炉读研读博，再到券商研究员、头部券商自营部门总经理，潘焕焕并未止步于此，而 是选择再出发。他于2022年创业，成为一家私募机构的创始人，开启了一段新的投资征程。 采取多资产多策略模式 他认为，好的投资，防御性应该是第一位的，应在尽量避免较大回撤的基础上追求超额收益。而多资产 多策略模式恰恰是较坚硬的防御盾牌。目前恒立私募已形成多资产组合、定增组合、可转债组合和跨市 场套利四大主打产品线，致力于追求有韧性的绝对收益。展望未来，看好可转债资产的攻守平衡投资价 值。 潘焕焕表示，多资产多策略投资理念的形成，可回溯至他在券商工作的时期。早期，券商更多是按资产 类别将团队和资金划分为股票投资部、固定收益投资部、衍生品投资部等。然而，某一类资产遇到至暗 时刻的情况时有发生，这容易导致一个业务团队的投资因风控被全部斩仓止损，有时候在止损后不久， 这类资产又开始企稳回升。 这样 ...

这样的单一资产投资结构，在要求绝对收益的机构中，往往较难做出良好业绩。而多资产多策略的投资 模式，可以把握各类资产趋势性投资机会，并通过资产间对冲机制控制整体风险水平，实现更加平稳的 投资收益。尤其是当不同资产之间的相关性较弱时，多资产多策略能够有效分散风险，避免低位卖出的 尴尬。 □本报记者张韵 从电厂技术员到回炉读研读博，再到券商研究员、头部券商自营部门总经理，潘焕焕并未止步于此，而 是选择再出发。他于2022年创业，成为一家私募机构的创始人，开启了一段新的投资征程。 近日，作为海南恒立私募基金管理有限公司的总经理，潘焕焕在接受中国证券报记者专访时表示，每一 次选择的背后，他更在意的是自己想要做成什么样的事情。创立私募的初衷是希望在券商自营投资中被 证明有效的多资产多策略投资理念能够服务于更多客户。 他认为，好的投资，防御性应该是第一位的，应在尽量避免较大回撤的基础上追求超额收益。而多资产 多策略模式恰恰是较坚硬的防御盾牌。目前恒立私募已形成多资产组合、定增组合、可转债组合和跨市 场套利四大主打产品线，致力于追求有韧性的绝对收益。展望未来，看好可转债资产的攻守平衡投资价 值。 采取多资产多策略模式 潘焕焕 ...

当前，银行理财行业正经历深刻变革，面临"低利率环境下优质资产短缺"与"投资者风险偏好审慎但收 益需求仍高"的结构性矛盾。在此背景下，徽银理财锚定两大方向破局：一是深耕"稳健收益"，筑牢居 民财富安全底线；二是通过专业能力拓展收益边界，为不同风险偏好投资者提供精准方案——"星徽 +"产品体系正是这一思路的核心实践。 据介绍，"星徽+"多资产多策略产品体系是徽银理财破局的核心抓手和战略选择。该体系以稳健固收资 产为基石，严控产品回撤，同时审慎配置权益、商品及全球化资产，通过多元化投资分散风险，通过量 化择时提升收益，实现收益与风险的更优平衡。本质上，这是徽银理财在服务国家高质量发展全局中， 突破理财行业传统投资范式，实现多资产多策略投资跨越式发展的实践探索。该体系创新性整合了"指 数+""多元+""全球+""权益+""另类+""结构+""信用+"七大系列，构建起"投资策略化—策略指数化—产 品标签化"的完整闭环。 为响应金融强国建设部署、践行"金融为民"使命，近日徽银理财推出战略级成果——"星徽+"多资产多 策略产品体系，并发布首只自主研发的大类资产配置策略指数"徽银理财宏观配置指数"。 这一举措既是响应金融强国 ...

Core Viewpoint - The asset management industry in China is poised for significant growth and transformation, driven by macroeconomic recovery and evolving investor preferences, as highlighted in the recent report on the asset management market for 2024-2025 [1][8]. Group 1: Economic Context - The Chinese economy has shown a strong recovery, with a GDP growth rate of 5.4% in Q4 of the previous year and maintaining the same growth rate in Q1 of this year, surpassing both last year's performance and the government's target of around 5% for the year [4][6]. - The government is implementing proactive fiscal policies and moderate monetary policies to stimulate internal demand and address external challenges, focusing on urban renewal and structural reforms [6]. Group 2: Asset Management Industry Insights - The asset management market in China is expected to reach a scale of 154 trillion yuan by the end of 2024, marking a 10% increase from the beginning of the year, with various segments such as bank wealth management, public funds, and insurance asset management all showing significant growth [8][10]. - The report indicates that bank wealth management products are shifting towards more stable, fixed-income products, with a 73% allocation in this category, while public funds are increasingly favoring index products, which have seen a growth rate exceeding 70% [8][10]. Group 3: Strategic Recommendations for Asset Management Firms - Asset management firms should leverage their strong asset allocation capabilities and diverse investment strategies to navigate the low-interest-rate environment and market volatility [7]. - Emphasis on technological innovation is crucial, as advancements in fintech are transforming the asset management landscape, enhancing client interaction, research analysis, and risk management [7][14]. - Firms are encouraged to develop comprehensive platforms that offer diversified investment options and enhance their ability to meet the evolving wealth management needs of investors [10][11]. Group 4: Brand Development and Client Engagement - 光大理财 has introduced a new brand slogan, emphasizing its commitment to understanding and meeting client needs, while also enhancing its product offerings to cater to diverse investor preferences [16][17]. - The company has established a systematic investment architecture and a comprehensive client service system to ensure effective management of products and investor relations [16][17].

Market Overview - The bond market is experiencing a tightening of funds, with short-term yields declining and slight adjustments in long-term yields. As of May 16, the weighted average of DR007 was 1.64%, and the yield on 10-year government bonds closed at 1.68% [2] - In the stock market, the Hang Seng Index, Hang Seng Tech, and ChiNext Index saw weekly increases of 2.09%, 1.95%, and 1.38% respectively, with the beauty care, non-bank financials, and automotive sectors leading the gains [2] Break-even Situation - The number of underperforming wealth management products continues to decrease. As of May 18, 2025, there were 23,379 active public wealth management products, with 149 having a cumulative net value below 1, resulting in a comprehensive break-even rate of 0.64% [3] - The break-even rates for various investment categories remained relatively stable, with equity and mixed products at 52.63% and 6.93% respectively, while fixed income products had a break-even rate of 0.19% [3] New Product Issuance - A total of 356 wealth management products were issued by 31 companies from May 12 to May 16, with joint-stock banks leading in issuance. Huaxia Wealth and Xingyin Wealth each issued 32 products [4] - The newly issued products primarily consisted of R2 (medium-low risk), closed-end net value type, and fixed income public products, with mixed products totaling 8. Notably, the "Jinghua Huiying Qiu Series Ruiying 13M" from Beiyin Wealth is highlighted for its investment strategy [4] Product Pricing - The performance benchmark for newly issued products with a duration of over one year continues to decline, with an average benchmark of 2.69% for newly issued fixed income products, and several products having benchmarks below 2% [5] - The "ESG Preferred Stable Direct Train" from Bank of China has a benchmark of only 1.85%, focusing on fixed income assets and utilizing ESG investment principles [5] Yield Situation - All categories of RMB public wealth management products reported positive average yields last week, with fixed income products showing an average net value growth rate of 0.0879% [6] - The average weekly yield for cash management products in RMB, USD, and AUD was 1.495%, 3.945%, and 3.08% respectively [7] Industry Trends - The Shanghai Stock Exchange held a special training session for wealth management companies to promote equity fund entry, aiming to enhance the role of ETFs in attracting long-term funds [8] - The scale of bank wealth management has rebounded, surpassing 31 trillion yuan, driven by rising yields in the bond market and a shift in deposit strategies [9]

Core Viewpoint - The average performance benchmark for newly issued open-ended wealth management products has dropped to 2.04%, while closed-end products have decreased to 2.59%, indicating a significant decline in returns due to falling bond yields [1][2]. Group 1: Performance Benchmark Trends - As of April 20, 2023, 624 new wealth management products were launched, with 208 being open-ended (average benchmark 2.04%) and 416 closed-end (average benchmark 2.59%), reflecting a week-on-week decline of 0.04 and 0.06 percentage points respectively [2]. - Since the beginning of 2023, the average performance benchmark for open-ended products has fallen from 4.01% to 2.04%, a decrease of nearly 200 basis points, while closed-end products have dropped from 3.84% to 2.59%, a decline of 125 basis points [2]. Group 2: Factors Influencing Decline - The continuous decline in performance benchmarks is attributed to two main factors: the low yields on government bonds (10-year yield at 1.66% and 1-year yield at 1.45%) making higher returns difficult, and wealth management companies adjusting benchmarks to lower investor expectations [2]. - The Central Committee's proposal for potential interest rate cuts may further reduce bond yields, impacting the performance benchmarks of wealth management products [2]. Group 3: Market Dynamics and Challenges - The widening gap between the performance benchmarks of open-ended and closed-end products has increased from 32 basis points to 55 basis points over the past year, indicating a growing disparity in returns [4]. - Open-ended products, which are more sensitive to interest rate changes, have experienced a larger decline in benchmarks compared to closed-end products, which have a time lag in adjustments due to their locked-in nature [4]. Group 4: Investment Strategies and Recommendations - In response to declining expected returns, industry experts recommend adopting multi-asset and multi-strategy investment approaches, focusing on absolute return strategies while managing risk and volatility [6][7]. - Wealth management companies are encouraged to innovate product offerings in areas such as retirement planning, green finance, and technology finance, while utilizing digital tools for better customer risk profiling [7].