在国内利率下行的背景下，通过全球资产配置分散风险、增加多元收益来源，正得到越来越多投资者的 认可。 8月4日起，定位于多元资产配置的摩根盈元稳健三个月持有期混合型FOF正式发行，该基金将由摩根资 产管理中国资产配置及退休金管理首席投资官恩学海与基金经理吴春杰共同管理，其中，恩学海有着近 30年投研经验，曾领导富达401K投资计划产品及策略，过往管理富达全球多元资产等基金规模超1500 亿元人民币。 恩学海在接受证券时报记者采访时表示，当单一资产难以满足稳健收益的需求，通过FOF工具实现多元 配置可能是破局关键，摩根资产管理中国希望通过"债券打底+海外多元资产增厚"策略，探索中国市场 的"固收+"新解法。 让投资者正确认识风险偏好 在对各类资产的收益预期和相关性表现进行测算后，恩学海发现，"债券打底+海外多元资产增厚"的组 合比单一市场"股债搭配"相关性更低，可有效降低组合整体波动。摩根盈元稳健三个月持有期混合型 FOF在精选底层债券基金的基础上，可以通过QDII基金、香港互认基金布局海外权益、ETF、商品等资 产，力争增厚投资收益。 定量为主 层层筛选 如果说多元资产配置是分散风险的第一层，那么，通过优选基金 ...

Core Viewpoint - The article emphasizes the importance of scientific asset allocation to achieve stable investment returns in the current market environment, highlighting that single-asset investments are insufficient for sustained returns [1][2]. Group 1: Transition in Asset Management - The Chinese asset management industry is undergoing a significant transformation from a single product focus to a solution-oriented approach, moving away from traditional reliance on historical performance of stocks and bonds [2]. - Morgan Asset Management's multi-asset allocation system is built on three core pillars: global asset coverage capability, a scientific asset allocation framework, and a refined risk management system [2]. Group 2: Global Perspective and Framework - As a global asset management platform, Morgan Asset Management has specialized research teams covering various asset classes, enabling cross-market collaboration for informed investment decisions [2]. - The "Long-Term Capital Market Assumptions" (LTCMA) report evaluates the risk-return characteristics of various assets over a 10 to 15-year horizon, aiding in the construction of strategic asset allocation plans [2]. Group 3: Risk Management - Morgan Asset Management has established a comprehensive risk management system, including risk parity models and stress testing, to ensure portfolio stability under various market conditions [3]. - The core principle of multi-asset investment is not to predict the market but to achieve relatively stable returns through scientific allocation [3]. Group 4: Investment Strategies - In fixed income investments, Morgan Asset Management employs a systematic "core + satellite" strategy, selecting actively managed bond funds as core holdings while using duration tools for market opportunities [4]. - For equity investments, a "quantitative-first, qualitative-second" selection system is in place, utilizing different analytical methods for domestic and QDII products [4]. Group 5: Pension System Analysis - The article discusses the synergistic role of a three-pillar pension system: basic pension insurance provides foundational security, enterprise annuities enforce mandatory savings, and personal retirement funds focus on wealth appreciation [5]. - An ideal retirement investment strategy is likened to an autonomous vehicle, where investors set retirement age and expected living standards, and the system automatically matches optimal investment solutions [5].