VIDE (5) 9 雷燕军 ◎记者 黄坤 从单一资产到多元策略 理财寻找收益新增量 多资产多策略，已成为资管机构在低利率高波动环境下探寻确定性的一把"金钥匙"。但在新的市场环境 下，做好多资产多策略知易行难。 "加什么资产不难，关键是如何组合好资产。"近日，光大理财股票投资部总监雷燕军在接受上海证券报 记者专访时表示，多资产多策略资产配置，不仅体现在资产类别多、策略齐全，还需要对策略本身风险 收益特征的认知和应用，更需搭建有跨资产、跨市场投资能力的投研团队。 从"可选项"到"必选项" 多资产多策略成共识 过去，银行理财公司以债券投资为核心优势，在中高风险的权益类证券、另类资产等方面相对薄弱。而 在低利率市场环境下，依赖单一资产配置已难以持续，提升多元资产配置能力成为行业共识。 雷燕军表示，以往银行理财产品以固收资产为主，通过信用利差和久期管理获取收益。但随着利率中枢 下移，传统模式的收益空间明显收窄，波动和不确定性反而上升，"这倒逼行业必须从单一资产策略向 多资产多策略转变"。 在雷燕军看来，多元资产配置从"可选项"到"必选项"主要源于两端：一端是资产端债券类资产的收益减 少，必须发挥多资产多策略的禀赋来提 ...

Core Viewpoint - The global market is experiencing fluctuations influenced by narratives and liquidity, while the domestic capital market in China is showing steady progress with A-shares exhibiting a "slow bull" pattern, highlighted by the Shanghai Composite Index surpassing 4000 points and the total market capitalization of A-shares exceeding 100 trillion yuan for the first time [3][4]. Group 1: Macroeconomic Landscape - The external environment is characterized by internal divisions within the US economy and monetary policy considerations that will dominate global liquidity expectations [5]. - The domestic policy framework for 2026 is shifting towards "stability while seeking progress and improving quality and efficiency," focusing on stimulating domestic demand, promoting technological breakthroughs, and addressing deflationary pressures [5]. - Key tasks include expanding consumer spending and driving industrial upgrades, which will outline a clear investment roadmap for the "14th Five-Year Plan" period [5]. Group 2: Market Outlook - The A-share market is expected to strengthen under the support of policies, funding, and fundamentals, continuing the "long bull" trend [6]. - The policy environment is fostering a stable framework for technological innovation and industrial upgrades, directing resources towards high-efficiency sectors [6]. - The trend of residents shifting asset allocation from real estate to financial assets is evident, with A-share dividend yields remaining attractive compared to government bond yields [6]. - Growth in earnings is anticipated in sectors like new energy, computing, and electronics, while some export chains and consumer service sectors may also rebound [6]. Group 3: Investment Strategy - The "long bull" trend is expected to persist in 2026, with structural opportunities emerging [7]. - Fixed income assets will remain a crucial part of investment portfolios, although the bond market may present fewer trend-based opportunities [7]. - A flexible approach to equity and convertible bonds is recommended to capture certain returns in a volatile market, emphasizing the importance of multi-asset and multi-strategy allocations [7].

Core Insights - The "fixed income +" wealth management products are being emphasized by banks, with some products achieving annualized returns exceeding 10% in the past month, particularly those linked to gold strategies [1][2] - The consensus in the wealth management industry is shifting towards multi-asset and multi-strategy configurations to diversify risks and broaden sources of returns in the current low-interest and volatile market environment [1][4] Group 1: Product Performance - A fixed income enhanced product from Xingyin Wealth Management reported an annualized return of 10.77% over the past month and 11.28% over the past three months, primarily linked to gold prices [2] - Another product from China Merchants Bank's Jia Yi series achieved an annualized return of over 9% in the past month and nearly 6% since inception, with a solid fixed income asset allocation of at least 80% [3] Group 2: Investment Strategy - The industry is increasingly recognizing the need for diversified asset combinations to navigate low-interest environments, moving from "asset-driven" to "strategy combination-driven" approaches to enhance product performance stability [3][4] - The introduction of low-correlation assets such as gold and commodities is seen as essential for risk reduction and capturing investment opportunities across different asset classes [4] Group 3: Risk and Return Dynamics - Many multi-asset multi-strategy "fixed income +" products have a risk level of R3, which is generally higher than pure fixed income products, reflecting the inherent risks associated with the inclusion of risk assets [6] - The performance of these products is closely tied to market conditions, with some experiencing negative returns due to fluctuations in gold prices, while others have shown resilience during market volatility [6]

Core Insights - The article highlights the increasing focus on "fixed income +" wealth management products by banks, with some products achieving annualized returns exceeding 10% in the past month, particularly those linked to gold strategies [1][2] - The consensus in the wealth management industry is shifting towards multi-asset and multi-strategy configurations to diversify risks and broaden sources of returns in a low-interest-rate environment [1][3] Group 1: Product Performance - A fixed income enhanced product from Xingyin Wealth Management reported an annualized return of 10.77% over the past month and 11.28% over the past three months, primarily linked to gold prices [1][2] - Another product from China Merchants Bank's Jia Yi series achieved an annualized return of over 9% in the past month and nearly 6% since inception, with a fixed income asset allocation of no less than 80% [2] Group 2: Industry Trends - The asset management industry is facing significant challenges, leading to a consensus on the need for multi-asset and multi-strategy approaches to enhance product performance stability and consistency [3] - The introduction of low-correlation assets such as gold and commodities is seen as essential for risk reduction and capturing investment opportunities across different asset classes [3][4] Group 3: Risk and Strategy - Many multi-asset multi-strategy "fixed income +" products have a higher risk rating (R3) compared to pure fixed income products, with expected returns varying significantly among different products [4] - The performance of these products is closely tied to market conditions, with some experiencing negative returns due to fluctuations in gold prices [4]

Group 1 - The core viewpoint of the article emphasizes the growth of fixed income enhancement products in the asset management industry, which has become a new growth point for the sector [1][3] - Asset management institutions are focusing on improving research and investment capabilities as well as customer service to enhance competitiveness [1][3] - The market outlook suggests that the bond market may remain volatile, while there are higher expectations for the stock market, supported by regulatory confidence in the healthy development of capital markets [3][4] Group 2 - The performance of fixed income enhancement products has improved this year due to favorable stock market conditions, contributing to wealth creation for investors [3][4] - Central Bank Wealth Management has seen a significant change in asset allocation, with a steady increase in equity proportion, focusing on "fixed income + products" and mixed debt products as strategic development priorities [3][4] - The company aims to enhance multi-asset and multi-strategy allocation capabilities, establishing an integrated management system for research, decision-making, investment, and post-evaluation [3][4] Group 3 - There is a strong push for improving research capabilities and transitioning from bond-dominated investments to a higher level of multi-asset allocation [4] - The company plans to align with national strategic development directions, particularly in developing pension products and responding to policy guidance for retirement wealth planning [4] - The focus will also be on guiding investment funds into the market and enhancing research capabilities for equity assets, aiming to discover investment opportunities in strategic emerging industries [4][5] Group 4 - As the distribution landscape for wealth management companies expands, there is an increasing demand for enhanced channel service capabilities [5] - The industry needs to shift from a product sales orientation to an investor demand orientation, improving the pre-sale, sale, and post-sale service systems to provide comprehensive and high-quality services to clients [5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, emphasizing the need for public funds to prioritize the best interests of investors and enhance their sense of gain [1] Group 1: Company Vision and Strategy - Changxin Fund aims to address the pain points in the fund industry by embedding the absolute return concept throughout its management, product, and investment processes [2] - The company has established an absolute return team since 2015, focusing on customer interests as its core value and striving for a better customer experience [2][3] - The management mechanism respects customer needs and product positioning, ensuring that fund managers develop their capabilities within this framework [4] Group 2: Systematic Construction - Changxin Fund's systematic construction is guided by customer needs, aiming to enhance customer experience and trust through a comprehensive management framework [5][6] - The company has integrated absolute return principles into its product lifecycle management, tracking products across pre-investment, during investment, and post-investment phases [4][5] Group 3: Quantitative Team and Performance - The quantitative team, established in 2008, has developed a comprehensive research and investment platform that enhances the efficiency of transitioning research into investment [7] - Changxin Fund has successfully launched various index-enhanced products, achieving stable excess returns over the past five years, with notable rankings in multiple categories [8] Group 4: Future Outlook - The successful practices of the quantitative team will inform the development of research platforms for fixed income and equity, furthering the implementation of the absolute return philosophy [9] - The company envisions a future where public funds serve as a tool for inclusive finance, enhancing customer trust and experience in investment [9]

Group 1 - The report emphasizes the implementation of a multi-asset multi-strategy allocation using ETFs, which includes allocations to Chinese equities, QDII (overseas assets), Chinese bonds, and commodities, aiming for an "all-weather" strategy through risk parity methods [4][5][6] - The performance of the all-weather strategy from 2021 to the present shows an annualized return of 9.44%, significantly outperforming the Shanghai and Shenzhen 300 Index, which recorded a return of -7.89% during the same period [6][57] - The report highlights the effectiveness of three sub-strategies: style rotation, sector rotation, and size rotation, all of which consistently outperform the Shanghai and Shenzhen 300 Index [6][60] Group 2 - The report details the systematic quantitative strategies and data systems employed, which include macroeconomic analysis and the use of various market indicators to enhance decision-making and risk management [12][25] - The report outlines the performance metrics of various strategies, including annualized returns, volatility, and maximum drawdown, showcasing the effectiveness of the strategies in different market conditions [19][21][50] - The report discusses the importance of liquidity in ETFs, noting that high liquidity is essential for efficient tracking of underlying indices, with examples of significant growth in specific ETFs [33][34] Group 3 - The report provides an in-depth analysis of the sub-strategies, including a systematic quantitative timing model for gold, which focuses on demand factors and investment behaviors that influence gold prices [38][39] - The report also covers a systematic quantitative timing model for Hong Kong stocks, which has achieved an annualized return of 8.28%, outperforming the Hang Seng Index [42][44] - The report discusses the performance of the dividend and growth rotation model, which has shown a high success rate in its trading signals and an annualized return of 12.27% since 2024 [47][48]