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 discussion emphasizes that in a low-interest-rate environment, wealth management companies must enhance their core investment research capabilities and seek breakthroughs through diversified assets and strategies [1][2] Group 1: ETF and Investment Strategies - ETFs are highlighted as one of the best tools for wealth management companies to participate in the equity market due to their transparency, tradability, large capacity, and convenience [1] - The future strategy for wealth management companies includes effectively utilizing ETFs and public funds to capture Beta or Smart Beta returns in the equity market [1] Group 2: Investor Expectations and Risk Management - Investor expectations have evolved from "rigid repayment" to emphasizing "fixed income," and now to focusing on "absolute returns," indicating a dynamic change in demand [1] - In the context of increasing market volatility, the focus on "stable returns" necessitates attention to how wealth management companies can achieve relatively stable returns under closing price adjustments [1] - Understanding the risk tolerance and duration requirements of investors is crucial for wealth management companies to effectively manage client relationships and expectations [2] Group 3: Challenges in the Low-Interest Rate Environment - The low-interest-rate era presents a significant challenge for the asset management industry, necessitating a focus on providing stable returns [2] - The concept of "asset scarcity" reflects a mismatch in returns, prompting wealth management companies to enhance their core investment research capabilities [2]

Core Insights - The CEO of La Banque Postale Asset Management, Alexandre Werno, expresses optimism about the prospects for financial and trade cooperation between China and Europe [1][2] - The company aims to meet the increasing demand for stable investment products among clients, emphasizing the importance of delivering consistent returns [3][4] Group 1: Product Performance and Client Demand - Since its establishment, the company has focused on a client-demand-driven product design philosophy, prioritizing stable returns over complexity [3] - All closed-end fixed-income products have met or exceeded performance benchmarks, which has garnered high client recognition [4] - The company plans to continue launching medium to low-risk products to address clients' needs for stable investments [5] Group 2: Channel Development and Business Expansion - Agricultural Bank of China serves as the core channel, significantly supporting the company's growth [6] - The company has successfully raised 2.5 billion RMB in 30 hours for its first product through Agricultural Bank's channel [6] - Efforts are underway to diversify channel development beyond Agricultural Bank, including partnerships with Nanjing Bank and Standard Chartered Bank [8] Group 3: ESG Opportunities - The company has integrated ESG principles into its operations, establishing a dedicated ESG research team [11] - ESG products are seen as a strategic component aligned with both French and Chinese shareholder interests, providing a solid policy foundation for development [11] - The growing focus on sustainability among investors presents an opportunity for the company to add value through ESG offerings [11] Group 4: Corporate Culture and Team Building - The CEO emphasizes the importance of communication and establishing a market-oriented performance evaluation system to foster a positive corporate culture [14] - The company aims to leverage the diverse backgrounds of its employees to enhance its global perspective [14] - Employee engagement is encouraged to contribute to the company's growth and sustainability [15]