多资产图景： 整体收益方面，本周（12 月 6 日至 12 月 13 日），权益方面，沪深 300 下跌 0.08%，恒生指数下跌 0.42%，标普 500 下跌 0.63%；债券方面，中 债 10 年下跌 0.85BP，美债 10 年上涨 5.01BP；汇率方面，美元指数下 跌 0.59%，离岸人民币升值 0.22%；大宗商品方面，SHFE 螺纹钢下跌 2.65%，伦敦金现上涨 2.45%，伦敦银现上涨 11.03%，LME 铜上涨 1.47%， LME 铝下跌 0.69%，WTI 原油下跌 4.4%。 资产比价方面，本周金银比数值为 67.39，较上周下降 5.64；铜油比数 值为 205.72，较上周上升 11.89；铜螺比数值为 30.71，较上周上升 1.25； 金铜比数值为 0.37，较上周上升 0.01；股债性价比数值为 4.11，较上 周上升 0.02；AH 股溢价数值为 119.87，较上周上升 0.08。 铜价再创新高。近期全球铜价迎来历史性突破，呈现屡创纪录的强势走 势。12 日，沪铜连续合约收盘价达 94020 元/吨，LME 铜价也创下 11952 美元/吨的历史峰值。(1)全球铜矿 ...

这并非简单的赛道转换，而是一场将养老金管理的严谨性、平台化协作的深度以及前沿技术赋能相结合的系统性工程。面对巨大的居民理财需求，她和她的 团队正试图交付一种更稳定、更可预期的解决方案。 "绝对收益+"理念的迁徙与进化 于蕾的投资生涯始于中国人寿资产管理公司，并在企业年金这一特殊赛道深耕了20余年。年金的资金属性为超长期、相对稳定现金流、对亏损极度敏感、受 到多重严格监督，这深深塑造了她的投资内核。她坦言，历经市场大起大落和强制性止损的教训后，形成的是一套追求"长期收益最大化"，但始终将控制回 撤作为底线的稳定方法论。 "老百姓的钱需要被'严肃'地对待。要像做年金一样严谨，力争交付的是一个风险可控、收益良好的结果。"带着这样的信念于蕾加盟银华基金，并负责"固收 +"业务：将养老金管理的体系化能力，注入对散户理财需求的"固收+"产品中。 在她看来，"固收+"的本质是替投资者完成他们不擅长的资产配置。意义在于追求平滑波动，改善持有体验，让投资者避免"高点进、低点出"的情绪化陷 阱。而要实现这一目标，需要的是一个能够稳定输出特定风险收益特征的"平台生态"。 当一位拥有超过20年企业年金管理经验的"老将"，带着一整套经 ...

来源：点拾投资 在投资理念上，于蕾追求在力争控制回撤的基础上实现长期收益最大化。先做好防守，再追求进攻。这 个投资理念的核心是，性价比三个字。大类资产之间的性价比，各行业之间的性价比，个股之间的性价 比。在于蕾眼中，没有绝对意义的好资产或者好股票，只有合适的价格。2024年8月，在悲观的宏观叙 事中，于蕾看到的是相对便宜的股票资产，于是加大了对相关资产的关注度。到了2024年10月，她又把 目光转向了更具性价比的可转债。再到今年6月以后，于蕾把视线从高估的可转债转换到结构性机会较 多的权益上。每一次的节奏把控，都来自看到更优的性价比。 于蕾的另一个不同是，她有很强的产品思维。她认为卖给客户的不是独立的产品，而是完整的产品解决 方案。资产端的基金经理画像，和负债端的客户需求画像始终要保持某种一致。即便基金经理做了更 替，产品的风险收益特征也不能漂移。 在于蕾带领下的养老金和多资产团队，提供了固收、权益、"固收+"配置、FOF四大策略，每一个大类 策略下，又有不同的细分子策略，满足客户多样化的投资需求。而支撑起多资产投资能力，需要打造平 台生态解决能力。 银华基金的平台生态解决能力，对应了资产配置、团队文化、信息 ...

导读：于蕾在加入银华基金前，在年金投资的赛道沉淀了20年。如何在高波动的权益市中，实现 股债混合的绝对收益？如何用多资产和多策略满足不同客户的需求？如何实现策略体系的滚动和 迭代？如何提高团队成员的投研效率？这些困扰许多人的问题，于蕾都有自己的独到理解。 于蕾认为，多资产和"固收+"投资有两个主要的目标：1）力争为客户赚到"真金白银"。她曾经比 较过两条区间收益率相同的净值曲线，从资金持续流入的资金加权角度看，大起大落的净值曲线 整体收益反而是亏损的，而通过控制回撤相对平稳的净值曲线却能创造一定的收益。2）为持有 人提供专业的资产配置能力。在不同的市场环境下，各类资产的性价比完全不同，动态调整资产 配置来捕捉各类资产的投资机会。 在投资理念上，于蕾追求在力争控制回撤的基础上实现长期收益最大化。先做好防守，再追求进 攻。这个投资理念的核心是，性价比三个字。大类资产之间的性价比，各行业之间的性价比，个 股之间的性价比。在于蕾眼中，没有绝对意义的好资产或者好股票，只有合适的价格。2024年8 月，在悲观的宏观叙事中，于蕾看到的是相对便宜的股票资产，于是加大了对相关资产的关注 度。到了2024年10月，她又把目光转向 ...

Group 1 - The overall profit effect in the market has narrowed in September, with significant gains concentrated in the A-share dual innovation sector and Hong Kong stocks, while other areas performed poorly [1][4] - The small-cap stocks, represented by the CSI 2000 index, experienced their first monthly decline since May, indicating a shift in market dynamics [4] - The Shanghai Composite Index struggled to break through the 3800-point level after a brief surge, leading to a cooling effect in the market [4] Group 2 - Recent trading activity in the brokerage sector showed signs of manipulation, with significant net selling observed in the Hong Kong market and a notable reduction in margin financing [6][9] - The net buying of margin financing was only 4.4 billion, the lowest since September 3, indicating a lack of enthusiasm among investors [6][7] - The surge in brokerage stocks was seen as a temporary measure to utilize accumulated funds, while institutions were actively selling related ETFs [9][10] Group 3 - The semiconductor sector has become a new focus for investors, driven by a recent surge in the U.S. memory chip market, suggesting a potential upward trend in the semiconductor cycle [11][12] - Leading stocks in the semiconductor space, such as Huaxin, saw significant price increases, with some stocks rising over 15% [12][14] - The A-share market is currently trading at a 60% premium compared to the Hong Kong market for similar stocks, indicating a divergence in valuation [16] Group 4 - A notable industry development involved Zhang Qinghua from E Fund stepping down from his vice president role to focus on investment management, which may reflect a broader trend in the industry towards specialization [22][26] - Zhang Qinghua is recognized for his expertise in multi-asset investment, managing a range of products that have performed well, particularly in global asset allocation [24][26] - The performance of Zhang's managed products, such as the E Fund Global Allocation fund, has shown impressive returns, highlighting his investment strategy's effectiveness [28]

Core Insights - The event titled "Investment for Good" focuses on the intersection of ESG (Environmental, Social, and Governance) principles and asset management within university foundations [1] - The discussions aim to explore innovative investment strategies and sustainable investment paths for university foundations in the context of low interest rates and market volatility [1] Group 1: Event Overview - The event is organized by Xinhua Global Fund, Xinyin Wealth Management, and Fudan University School of Management, highlighting a collaborative approach to asset management [1] - Keynote speeches will address innovative paths and solutions for investment work within university foundations, as well as perspectives on major asset classes from an equity investment standpoint [1] Group 2: Discussion Topics - Roundtable discussions will focus on sustainable investment pathways for university foundations and the outlook for multi-asset investment opportunities [1] - The event is scheduled for September 22, 2025, indicating a long-term commitment to fostering dialogue on responsible investment practices [1]

Core Viewpoint - The public fund of funds (FOF) has experienced significant growth over the past eight years, with its scale increasing nearly ninefold, indicating a promising future for the FOF market in China [2][3][5]. Growth and Development - Since the approval of the first batch of public FOF products in September 2017, the number and scale of these products have significantly increased, with a diverse range of categories including low, medium, and high-risk ordinary FOFs, as well as target risk and target date pension FOFs [3][5]. - As of the second quarter of this year, the total management scale of 519 public FOFs reached 165.06 billion yuan, compared to 16.6 billion yuan for the initial six products, marking a growth of nearly nine times [5]. - The rapid growth of FOFs in the early stages can be attributed to three main factors: strong regulatory support, significant investment from leading institutions, and the favorable market conditions during the A-share bull market from 2019 to 2021 [5][6]. Performance and Returns - The average net value growth rate of public FOFs since inception is 12.3%, with nearly 90% of products achieving positive returns, and the highest performance exceeding 120% [7][8]. - The returns of FOF products are primarily derived from strategic and tactical asset allocation, as well as fund selection, with a growing emphasis on long-term stable performance as a core competitive advantage [10][12]. Future Outlook - The future development of public FOFs is expected to focus on enhancing research and investment capabilities, with a strong emphasis on long-term performance and multi-asset allocation strategies [11][12]. - The expansion of FOFs into new asset classes, including commodities, QDII funds, and public REITs, is anticipated to improve risk diversification and broaden sources of returns [16][18]. - The FOF market in China has significant growth potential, especially as the demand for multi-asset investment solutions and personal pension investments continues to rise [12][30]. Challenges and Recommendations - The development of pension FOFs faces challenges such as slow growth, product homogeneity, and insufficient investor awareness [25][27]. - To enhance the competitiveness and market recognition of pension FOFs, it is recommended to improve product design, increase investor education, and provide tailored asset allocation advice [27][28]. - Learning from international experiences, the industry should focus on optimizing institutional design, extending assessment periods, and enriching asset allocation tools to better meet investor needs [29][30].

Core Viewpoint - The article emphasizes the importance of a systematic approach to achieve stable returns in a low-interest, high-volatility market environment, highlighting the need for diversified income sources and rigorous risk control [1][17]. Group 1: Investment Environment - Investors are experiencing unprecedented anxiety due to high risks in the stock market and unsatisfactory returns from financial products [1]. - The market demand has shifted, creating a new investment challenge: how to design financial products that capture excess returns while strictly controlling drawdowns [1]. Group 2: Performance of Investment Products - The article presents the performance of several products managed by Wu Jianghong's team, showcasing their ability to maintain low volatility and strong performance over time [2]. - Specific products mentioned include: - 汇添富保鑫: 近半年业绩 1.41%, 近一年业绩 3.51% [2] - 汇添富鑫享添利: 近半年业绩 2.80%, 近一年业绩 6.07% [2] - 汇添富双鑫添利: 近半年业绩 2.27%, 近一年业绩 5.65% [2] - 汇添富稳健盈和: 近半年业绩 2.57%, 近一年业绩 6.00% [2] - 汇添富实业债: 近半年业绩 4.45%, 近一年业绩 10.13% [2] Group 3: Investment Methodology - The team employs a specialized division of labor, allowing each member to focus on their area of expertise, which enhances the overall investment strategy [5][6]. - The investment approach includes pursuing a broader spectrum of alpha by diversifying income sources across various asset classes, including bonds and stocks [7]. - The team emphasizes strict control of drawdowns and risk exposure, aiming for consistent positive returns regardless of market complexity [8][9]. Group 4: Focus on Convertible Bonds - Wu Jianghong's expertise lies in convertible bonds, which are viewed as low-error-cost equity assets that provide both debt protection and equity-like flexibility [11]. - The team identifies three types of convertible bond opportunities: - Bonds with asymmetric risk-reward profiles [12]. - Undervalued bonds from high-quality companies [13]. - Bonds from cyclical growth industries [13]. Group 5: Expansion of Investment Capabilities - Wu Jianghong has expanded his investment capabilities beyond convertible bonds to include equity investments, focusing on undervalued assets across various sectors [15]. - The investment strategy emphasizes diversification not only by industry but also by factors, ensuring a balanced exposure to different market conditions [15]. Group 6: Systematic Approach to Stability - The article concludes that true "stable returns" stem from a comprehensive system that includes diversified income sources, a rigorous risk control framework, and deep asset knowledge [17].

Core Viewpoint - The article emphasizes the importance of multi-asset investment strategies to navigate market volatility and economic cycles, advocating for a diversified approach rather than focusing on single assets [2][6][19]. Group 1: Historical Context and Evolution - George Peabody Morgan's leadership in the late 19th and early 20th centuries led to significant mergers and restructuring in the railroad and steel industries, establishing a foundation for modern diversified financial investment [3]. - Morgan Asset Management has over 50 years of experience in multi-asset investment management, providing a rich product portfolio and deep insights into global capital markets [5][14]. Group 2: Investment Strategies and Methodologies - The Long-Term Capital Market Assumptions (LTCMAs) published annually by Morgan Asset Management offer a framework for predicting returns and risks across various asset classes over a 10-15 year horizon [6][12]. - Multi-asset investment is characterized by innovation, combining previously uninvested assets or creating new combinations of assets, positioning Morgan Asset Management as a global asset allocation expert [7][9]. Group 3: Product Offerings and Client Solutions - Morgan Global Multi-Asset Allocation Fund (QDII-FOF) provides a one-stop solution for global asset allocation, covering a diverse range of stocks and bonds to meet the needs of domestic investors [7][8]. - The fund's top holdings include various equity and bond funds, reflecting a strategic allocation approach to enhance returns [8]. Group 4: Dynamic Asset Management - Morgan Asset Management employs a systematic approach to asset allocation, integrating long-term strategic planning with short-term tactical adjustments to respond to market changes [12][16]. - The firm emphasizes the need for a platform-based operational capability to manage diverse assets effectively, ensuring a sustainable investment strategy [13][14]. Group 5: Market Adaptation and Future Outlook - The financial industry is undergoing structural changes due to technological advancements and market dynamics, necessitating a more sophisticated approach to asset management [19]. - Morgan Asset Management aims to provide tailored investment solutions that adapt to varying client risk profiles and market conditions, leveraging its extensive global research and investment capabilities [15][19].

Group 1: Macro Environment and Market Impact - The current macroeconomic uncertainty is expected to negatively impact global demand due to trade wars and tariffs, leading to a supportive environment for the bond market [2][3] - The bond market is anticipated to maintain a favorable structure with potential structural opportunities despite short-term volatility [2][3] - The equity market is experiencing significant short-term fluctuations due to tariff impacts, but long-term opportunities are expected as macroeconomic recovery continues [4][5] Group 2: Investment Strategies and Opportunities - The focus on multi-asset investment strategies is emphasized, with a need for flexibility in asset allocation to manage risks and enhance returns in a low-interest-rate environment [12][14] - There is a growing interest in sectors such as cyclical, consumer, and technology, with specific attention to companies with strong cash flows and competitive advantages [9][10] - Convertible bonds are highlighted as having investment value, particularly in a low-risk environment where their dual nature can be leveraged for enhanced returns [6][10] Group 3: Gold and Alternative Assets - Gold is viewed as having good allocation value due to its characteristics as a safe-haven asset during periods of market volatility and its limited supply [7][8] - The long-term perspective on gold is influenced by the expansion of credit and the reassessment of the dollar as a reserve currency [7][8] Group 4: Risk Management and Asset Allocation - Effective risk management strategies involve a combination of top-down and bottom-up approaches to control exposure and enhance portfolio resilience [16][17] - The importance of diversifying across asset classes to mitigate risks associated with market volatility is emphasized [17][18]