Core Viewpoint - The FOF market is expected to experience a strong recovery in 2025, with over 80 new funds launched and a total fundraising scale of 800 billion yuan, highlighting the increasing importance of multi-asset allocation for clients [1] Multi-Asset Allocation Core - Multi-asset allocation emphasizes diversification across various asset types, including global equity markets and flexible fixed income investments, as well as commodities and alternative investments [3] - The core of multi-asset allocation lies in understanding macroeconomic and industry cycles, along with risk control capabilities, which are dynamic rather than static [3][5] Multi-Strategy Approach - Multi-strategy provides another dimension to multi-asset allocation, with common strategies including CPPI, risk parity, and macro allocation strategies [4] - The essence of multi-asset allocation is to seek heterogeneous returns and risk sources to reduce volatility and risk [5] Sources of Returns in Multi-Asset Allocation - Returns from multi-asset allocation can be broken down into two core dimensions: the ability to grasp trends in individual asset categories and top-down macro allocation capabilities [8] - For equities, understanding industry trends and cycles is crucial, while fixed income requires a comprehensive assessment of macro variables like interest rate risk and economic growth [8] Effective Multi-Asset Allocation - Effective multi-asset allocation should focus on diversifying into heterogeneous assets like bonds and gold to lower portfolio volatility and risk [12] - It is essential to conduct sector rebalancing based on different industry and economic cycle characteristics, as well as asset price-performance ratios [12]

Core Viewpoint - The launch of the Southern Stable Income Bond Fund aims to meet the growing demand for stable and high-yield investment products in a complex market environment, focusing on low volatility and high certainty [1][2] Group 1: Fund Overview - The Southern Stable Income Bond Fund will officially launch on July 28, 2025, and is designed to provide a flexible investment tool that balances stability and returns [1] - The fund adopts a low volatility strategy and references annuity investment concepts, targeting long-term stable investment experiences for investors [2] - It is classified as a low-volatility secondary bond fund, with equity positions controlled between 5% and 20%, aiming to maximize returns while managing risks [2] Group 2: Investment Strategy - The fund employs a dynamic adjustment of stock and bond positions, utilizing annuity risk control methods to achieve maximum returns while controlling risks [2] - The investment strategy includes participating in new stock subscriptions to enhance returns, selecting high-rated credit bonds and money market instruments for the bond portion, and focusing on undervalued high-dividend value stocks and competitively strong growth stocks for the equity portion [2] Group 3: Management Team - The fund is co-managed by experienced fund managers Liu Shukun and Liu Yicheng, who have extensive backgrounds in equity and fixed income investments, respectively [3] - Southern Fund, as a leading asset management institution in China, boasts a strong mixed asset research team and rich experience in pension fund management [3] - The company has established a comprehensive risk management system to strictly control credit risks, ensuring the safety of investors' funds [3]