12月9日，中国投资有限责任公司（下称中投公司）发布经董事会批准的《2024年度报告》（下称《年 报》）。《年报》显示，截至2024年12月31日，中投公司总资产达1.57万亿美元，净资产达1.37万亿美元，过 去十年对外投资年化净收益率按美元计算为6.92%，超出业绩目标61个基点；中央汇金受托管理的国有金融资 本达6.87万亿元人民币，较年初增长6.44%。 《报告》显示，在中投公司境外投资组合中，公开市场股票占比34.65%。在公开市场股票行业类型分布，信息科 技占比25.85%。记者注意到，2023年的报告中信息科技行业占比是21.91%，2024年提升了约4个百分点。2023年 的报告还披露了股票的区域分布，其中美股占比60.29%，非美发达股票占比25.58%，新兴市场股票及其他占比 14.13%。2024年未披露这一数据。 "在公开市场股票方面，强化业绩导向，优化调整相关策略规模。做好自营投资规划，有重点地加大自营投资力 度。持续加强前瞻性研判，积极把握主题投资机遇。聚焦重点区域和领域，研究优化策略结构。"《报告》称。 公开市场股票投资占比34.65% 《报告》披露了中投公司境外投资组合分布及比 ...

Core Viewpoint - The memo by Howard Marks emphasizes the importance of understanding risk tolerance and willingness in investment decision-making, highlighting that the ultimate goal is to meet specific investment objectives rather than outperforming peers [4][8]. Group 1: Attitude Towards Risk - The memo introduces a two-dimensional matrix categorizing risk tolerance and willingness, which helps in understanding the financial capacity and psychological readiness to take risks [5][20]. - The four quadrants of the matrix are defined as follows: "Fully Utilized" for high capacity and willingness, "Defensive" for high capacity but low willingness, "Protective" for low capacity and willingness, and "Immature" for low capacity but high willingness [27][29]. - The board's risk willingness is moderate, but their financial capacity is above average, allowing them to avoid excessive volatility while still achieving reasonable returns [29][30]. Group 2: Setting Investment Goals - The board prioritizes investment goals, placing "outperforming peers" at the bottom, indicating a focus on fulfilling pension obligations rather than relative performance [46][48]. - The primary goal for a pension plan is to ensure the payment of pensions while minimizing costs to the sponsor, rather than competing with peers [49][50]. - The memo stresses that success is defined by the ability to meet pension commitments, regardless of the performance of peers [51][52]. Group 3: Volatility and Performance Measurement - The board ranks the Sharpe ratio last among performance metrics, emphasizing the importance of ensuring pension payment capabilities over maintaining stable contributions [61][62]. - The memo argues that investors often overemphasize volatility as a risk measure, suggesting that the focus should be on the risk of permanent loss instead [64][65]. - The discussion highlights that the perception of risk is influenced by external factors, and that volatility may not be a significant concern for long-term investors [71][72]. Group 4: Investment Strategy and Tactics - The board agrees that investment portfolios should be designed to adapt to various environments rather than relying on market timing [78]. - A majority of members are open to using leverage within a range of 15% to 20%, which is deemed reasonable given the fund's financial stability [80][81]. - The board supports allocating a portion of the portfolio to illiquid assets, provided that pension payments and expected cash needs are met [83]. Group 5: Performance Evaluation - The most important performance metric identified is achieving the actuarial return assumption, followed by outperforming the policy benchmark [93][94]. - The memo discusses the challenges of evaluating investment performance, emphasizing the need for relative rather than absolute benchmarks in the short term [100][101]. - It concludes that performance evaluation should cover a complete market cycle to accurately assess investment capabilities [115][116].