Investment Strategy Overview - The report introduces a "systematic macro strategy" framework that addresses four key elements of strategy research: macro trend analysis, style selection, industry comparison, and risk control based on technical buy/sell points, essentially forming a multi-dimensional selection system focused on Beta [3][13][15] - The report emphasizes the importance of implementing investment strategies through portfolio investment methods, particularly focusing on ETF combinations rather than individual stock selection [3][13] Regulatory Changes and Market Dynamics - From 2023 to 2026, regulatory bodies like the CSRC and the Asset Management Association of China have introduced five significant new regulations aimed at enhancing the quality of public funds, shifting the focus from scale to returns and from products to clients [4][14] - The new regulations emphasize the need for transparent and accurate performance benchmarks, linking relative performance to management compensation, thus necessitating a shift in focus from Alpha to Beta [4][14] ETF Investment Landscape - The total volume of ETFs surpassed 60 trillion in 2025, and with the new regulations set to take effect, 2026 is anticipated to be the "year of ETF portfolio investment" [6][15] - The report argues that many believe the strategy types achievable with ETFs are limited, but it aims to provide more solutions for strategy and product implementation, showcasing the diverse strategic dimensions available under multi-asset and single-asset benchmarks [6][15] Multi-Asset and Single-Asset Strategies - The report discusses the importance of multi-asset allocation in a volatile global economic environment, highlighting that a well-constructed multi-asset portfolio can provide better investment value than single equities or bonds [19][21] - It presents findings on the correlation of various asset classes from 2006 to 2025, indicating that stocks and bonds have shown negative correlation, particularly post-2020, enhancing the case for multi-asset strategies [20][25] Performance Metrics and Risk Management - The report details the performance of various asset allocation models, noting that a traditional risk parity model has outperformed multiple asset classes since January 2018, achieving an annualized return of 5.13% with a volatility of 3.08% [29][41] - It emphasizes the necessity of using a systematic framework to ensure that underlying assets maintain a consistent Sharpe ratio, thereby maximizing the advantages of risk parity models [50][52] Strategy Implementation and Product Development - The report outlines the construction of a "core-satellite" strategy using ETFs, where core strategies focus on broad market indices while satellite strategies target high-growth sectors [71][74] - It suggests that the implementation of multi-asset and multi-strategy approaches can be translated into tradable ETF FOF products, designed to achieve specific risk and return objectives [58][61]

Core Viewpoint - The launch of "Minsheng E Selection Huixing Juma" brand focuses on ETF investment, marking a strategic move by Minsheng Wealth Management in the diversified asset allocation field [1] Group 1: Brand Concept and Vision - The brand's visual representation was showcased simultaneously in seven cities, illustrating the core logic of ETF combination investment through the dynamic effect of "scattered stars converging to achieve brilliance" [2] - "Hui Xing" signifies the gathering of high-quality ETF targets across the market, breaking the limitations of single assets and covering various asset types and segments [2] - "Ju Mang" emphasizes the professional combination construction capability, consolidating the advantages of diversified targets through optimization, hot spot layout, and sector switching, thus achieving "diversified risks and aggregated returns" [2] Group 2: Professional Focus and Market Strategy - The introduction of the brand is a proactive response by Minsheng Wealth Management to market development trends, recognizing ETFs as essential tools for asset allocation due to their low cost, high transparency, trading flexibility, and risk diversification [3] - The company leverages its mature market research and ETF investment management system while actively connecting with external high-quality research resources to achieve strategy complementarity and capability synergy [3] - This approach allows the company to maintain control over overall product risk and return while incorporating unique advantages from external institutions in specific segments and strategies, creating a robust ETF investment model [3] Group 3: Product Offering and Investor Experience - The E Selection series primarily utilizes ETFs, capitalizing on advantages such as transparency, risk diversification, strong strategy discipline, and high liquidity, forming a product matrix that covers various strategy themes and risk levels from secondary to quinary [4] - The series aims to meet diverse investment goals and risk tolerance levels, smoothing portfolio fluctuations and optimizing the holding experience [4] - The company emphasizes its commitment to professionalism and focus, enhancing its product system and service philosophy in response to the dual drivers of capital market reform and upgraded wealth management needs [5]

Core Viewpoint - Minsheng Wealth Management has launched a new ETF-focused product brand named "Minsheng E-Select Hui Xing Ju Mang," marking its strategic entry into diversified asset allocation [1][6]. Group 1: Brand Launch and Concept - The brand was unveiled with a synchronized light show across seven cities, symbolizing the company's commitment to diversified asset allocation [1][6]. - The brand's visual representation illustrates the core logic of ETF combination investment, emphasizing the gathering of high-quality ETF assets and the optimization of risk and return [2][7]. Group 2: Professional Focus and Market Strategy - The launch of "Minsheng E-Select Hui Xing Ju Mang" is a proactive response to market trends, leveraging the low-cost, high transparency, and risk diversification features of ETFs [4][9]. - The company aims to integrate external research resources with its established ETF investment management system, enhancing its investment strategy and capabilities [4][9]. Group 3: Product Features and Investor Commitment - The E-Select series primarily utilizes ETFs, offering a product matrix that covers various strategies and risk levels, catering to different investor needs [5][10]. - The company emphasizes its commitment to professional asset management and aims to support long-term wealth growth for investors through diversified asset allocation and dynamic risk monitoring [5][10].