Core Viewpoint - The article discusses the investment management philosophy and risk control methods shared by Sun Yuemeng, an assistant general manager and fund manager at CCB Fund, during the 19th Huaxia Institutional Investor Annual Conference. The focus is on a disciplined investment framework that adapts to structural market changes and emphasizes matching product delivery with client needs [2][3]. Group 1: Investment Management Framework - The investment approach is divided into three layers: macro asset allocation adjustments, adjustments at the terminal industry level, and fund selection adjustments [3]. - The team emphasizes a disciplined adjustment strategy, particularly in response to structural market changes expected by 2025, with tactical adjustments made on a monthly basis [3]. - Sun Yuemeng provides an example of maintaining a balanced style while making marginal adjustments based on market conditions, aiming for a higher cost-performance ratio and better holding experience for clients [3][4]. Group 2: Client-Centric Product Delivery - The team adheres to two main principles: first, product delivery must match the "scenario-based needs" of clients, such as prioritizing holding experience in retirement products [4]. - The second principle involves a "layered and systematic quantitative framework" that integrates various factors like asset allocation, industry style, duration, and fund selection into a cohesive delivery system [4]. Group 3: Risk Control Strategies - In terms of risk control amid market volatility, the team focuses on balancing odds and win rates, particularly in public fund products where tools are limited [5]. - The team utilizes a cost-performance indicator commonly used in fixed income plus investments, which is more aligned with an "odds model" rather than a "win rate model" [5]. - Strategic decisions are informed by a framework that anchors on cost-performance while tactical adjustments are made based on macro factors to mitigate unexpected losses [5]. Group 4: Future Market Outlook - Looking ahead, Sun Yuemeng suggests that market styles may become more balanced, advocating for macro asset allocation as an anchor and balanced styles as a guiding principle in wealth management [5].