Core Insights - Guohai Liangshi Asset Management has achieved top rankings in "stock strategy" and "multi-asset strategy" for the first half of the year, showcasing its exceptional performance in the asset management sector [1][6]. Company Overview - Guohai Liangshi Futures was established in 1996 and is headquartered in Hangzhou, Zhejiang. It is controlled by Guohai Securities and has a significant stake from Zhejiang Grain Group. The company obtained asset management qualifications in 2014 and has developed a unique asset management path focused on large asset allocation and futures derivatives investment [6][8]. - The company emphasizes wealth management as one of its two strategic focuses, aiming to enhance its core competitiveness through innovative asset management practices [6][8]. Team and Expertise - The asset management team is characterized by a stable and highly skilled workforce, with core members having over 10 years of experience. Key figures include Yang Shaobin, who oversees asset management and has extensive experience across various financial sectors, and He Xiangqi, who specializes in quantitative investment strategies [7][8]. Investment Strategy - Guohai Liangshi employs a distinctive "321" strategic framework, which highlights three unique advantages of futures companies: a top-down research logic, a cross-asset allocation perspective, and deep expertise in futures and derivatives [8][9]. - The "321" strategy focuses on two differentiated features: optimizing risk-return characteristics through large asset allocation and leveraging futures derivatives for risk hedging [8][9]. - The investment system is built on three pillars: allocation, timing, and hedging, which work together to safeguard investment portfolios [9][10]. Investment Framework - The allocation strategy aims to optimize overall risk-return characteristics by selecting assets with different return sources and volatility traits. This includes detailed analysis of underlying strategies and their contributions to performance [10]. - Timing is used to enhance return potential by dynamically adjusting asset weights based on market conditions, which has been a focus since 2008 [11]. - Hedging strategies are employed to manage downside risks and smooth out return curves, utilizing various tools and strategies to protect against extreme market events [12]. Core Investment Principles - The company has developed three core investment principles based on behavioral finance: embracing uncertainty, understanding the asymmetry of profit and loss, and protecting against tail risks [13][14][15]. - These principles guide the company's pragmatic approach to investing, focusing on minimizing critical errors and capturing major market trends while maintaining capital for future opportunities [15]. Asset Strategy - Guohai Liangshi's asset strategy emphasizes diversified asset allocation to mitigate risks and capture investment opportunities across different market environments, with a focus on futures and derivatives to enhance returns [16][17]. - The strategy includes a multi-asset approach covering equities, bonds, and commodities, with specific modules for equity positions and derivatives trading [17][18].

Core Viewpoint - Guohai Liangshi Asset Management has achieved outstanding performance, winning the top positions in both "stock strategy" and "multi-asset strategy" for the first half of the year, indicating its unique strengths and capabilities in the asset management industry [2]. Group 1: Company Overview - Guohai Liangshi Futures was established in 1996 and is headquartered in Hangzhou, Zhejiang. It is controlled by Guohai Securities and has a significant stake from Zhejiang Grain Group. The company obtained asset management qualifications in 2014 and has developed a distinctive path in asset management focused on large asset allocation and futures derivatives investment [7][8]. - The company emphasizes wealth management as one of its two strategic focuses, aiming to enhance its core competitiveness through innovative asset management practices [7]. Group 2: Team and Expertise - The asset management team is highly stable and consists of professionals with extensive experience across research, investment, marketing, and private equity. Key members have over ten years of experience in the industry [8]. - The team is well-educated, with members graduating from prestigious institutions such as Harbin Institute of Technology, Zhejiang University, and New York University [8]. Group 3: Unique Strategic Framework - Guohai Liangshi employs a distinctive "321" strategic framework, which sets it apart in the asset management industry. This framework emphasizes three unique advantages of futures companies, two differentiated features, and one core value proposition [9][10]. - The three advantages include a top-down research logic, a cross-asset allocation perspective, and deep expertise in futures and derivatives [10]. Group 4: Investment System - The investment system is built on three pillars: allocation, timing, and hedging, which work together to safeguard investment portfolios [11]. - Allocation focuses on optimizing the overall risk-return profile by selecting assets with different return sources and volatility characteristics [12]. - Timing aims to enhance return potential by dynamically adjusting asset weights based on market conditions [13]. - Hedging employs various tools to manage downside risks and smooth out return curves [14]. Group 5: Core Investment Philosophies - The company has distilled three core investment philosophies based on behavioral finance and long-term practice: embracing uncertainty, understanding asymmetrical profit-loss ratios, and tail protection [15][16][17]. - These philosophies guide the company in constructing resilient portfolios that can adapt to various market environments while minimizing critical errors [18]. Group 6: Asset Strategy - Guohai Liangshi's multi-asset strategy focuses on large asset allocation and leverages futures derivatives to enhance returns while managing risks [19]. - The strategy encompasses equities, bonds, and commodities, with a focus on factor-based equity positions and derivatives trading [20]. Group 7: Commitment to Investor Experience - The company is dedicated to creating a positive investment experience for its clients by implementing its "allocation, timing, hedging" investment system and utilizing futures tools to empower large asset allocation [21].