Core Viewpoint - The focus on multi-asset risk hedging is crucial for capturing multiple sources of returns in the FOF (Fund of Funds) market, with strategic allocation providing systematic beta returns as the main source of portfolio gains [1][4]. Multi-Asset Risk Hedging - Multi-asset risk hedging is identified as an important source of returns, emphasizing the need for a combination of subjective and quantitative approaches in investment strategies [3]. - The investment philosophy includes a focus on representative and liquid index funds, as well as actively managed funds that aim for long-term excess returns [3]. Strategic Asset Allocation - Strategic asset allocation is the primary step in portfolio investment, requiring an analysis of the risk-return characteristics and correlations of various asset classes [4]. - The systematic beta returns from strategic allocation are considered the main source of portfolio gains, even in the absence of tactical timing or alpha returns [4]. - The allocation strategy should be tailored to different funding characteristics, with an emphasis on recognizing macroeconomic conditions to enhance confidence in asset allocation ratios [4]. Market Outlook - The upcoming structural reforms in the capital market, represented by the new "National Nine Articles," are expected to reshape the A-share ecosystem in the long term [5]. - A potential recovery in the domestic inventory cycle and the global semiconductor cycle may enhance risk appetite [5][6]. - The focus on technology and manufacturing sectors is highlighted as a key area for growth, particularly in the context of the digital economy [6]. - The long-term downtrend in interest rates is anticipated to benefit high-dividend strategies, while investment opportunities in Hong Kong stocks are also emphasized [6].

Group 1 - The core viewpoint emphasizes that multi-asset risk hedging is a significant source of capturing multiple returns, with strategic allocation providing systematic beta returns as the main source of portfolio returns [1][3] - The investment strategy should be tailored according to the nature of the funds, with tactical asset allocation focusing on short to medium-term opportunities to achieve alpha returns [1][3] - The growth sectors to watch include those characterized by technology and manufacturing [1][4] Group 2 - As of now, six FOF products managed by the company have shown good returns, with the "工银睿智进取一年A" fund achieving a 14.88% return year-to-date and a 31.62% net value growth over the past year [2] - The fund's asset allocation is diversified, with over 90% of its positions in various ETFs, including those focused on internet, innovative pharmaceuticals, chips, and gold [2] - The investment philosophy combines subjective and quantitative methods, utilizing macroeconomic analysis to assess economic cycles and systematic multi-perspective industry comparisons for asset allocation [2][3] Group 3 - Strategic asset allocation is crucial for investment, requiring an analysis of the risk-return characteristics and correlations of various asset classes to determine allocation ratios [3] - The principles for strategic asset allocation include a preference for equities over the long term and diversification to expand the investment scope [3][5] - The upcoming structural reforms in the capital market, represented by the new "国九条," are expected to reshape the A-share ecosystem positively [4][5] Group 4 - The macroeconomic outlook suggests that the domestic inventory cycle and global semiconductor cycle may be bottoming out, potentially enhancing risk appetite [4] - The focus on structural opportunities in equity assets will depend on policy support and profit recovery, with supply-demand improvements benefiting certain sectors [5] - The company highlights the importance of investing in technology and manufacturing sectors, particularly in the context of the digital economy and AI technology [5]