中国经济网北京1月9日讯 今日，山证（上海）资产管理有限公司公告，王翊离任山证资管策略精 选混合。 | 基金名称 | 山证资管策略精选灵活配置混合型证券投资基 | | --- | --- | | | 金 | | 基金简称 | 山证资管策略精选混合 | | 基金主代码 | 003659 | | 基金管理人名称 | 山证(上海)资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基 | 独孤南薫 | | 金经理姓名 | | | 离任基金经理姓名 | 王朝 | (责任编辑：康博) 王翊历任华宝证券医药行业分析师，浙商证券资管部研究员，浙商证券资管公司投资经理，研究总 监等职，2022年8月至今在山西证券股份有限公司公募基金部从事研究管理工作。2023年11月起担任基 金经理。 山证资管策略精选混合A成立于2016年12月29日，截至2026年01月08日，其今年来收益率 为-0.79%，成立来收益率为86.04%，累计净值为1.8604。山证资管策略精选混合C成立于2025年11月21 日。 ...

Core Insights - The private equity securities asset management scale in China is expected to exceed 70 trillion yuan by 2025, driven by steady market growth and strategic innovation [1] - The 20th Private Fund Development Forum will be held on January 8, 2026, focusing on AI-enabled investment paradigms and opportunities in the equity market [1] Group 1: Industry Trends - The private equity industry has shown robust vitality over the past year, with the number of billion-yuan private equity firms steadily increasing and significant growth in product registrations [2] - The public quantitative investment sector is experiencing three major trends: rapid growth of quantitative scale compared to active management, the potential of "quantitative fixed income+" to attract funds from the 10 trillion yuan wealth management market, and the combination of active and quantitative strategies [2] Group 2: Investment Opportunities - In 2026, both stocks and gold are expected to continue rising, supported by a moderately loose monetary policy and a potential bull market in A-shares [2] - The CTA strategy is gaining attention as a stabilizing asset in portfolios due to its low correlation with traditional assets, with expectations for good performance in 2026 [3] - The current global environment of interest rate cuts and high volatility in commodity markets makes CTA investments a favorable diversification tool [3] Group 3: Gold as a Safe Asset - Gold is viewed as a safe asset that can provide value preservation and appreciation, especially in the context of rising inflation and de-globalization trends [3]

Core Insights - The market has experienced significant price movements among various companies, indicating a mix of company-specific developments and broader market trends [1] Company-Specific Developments - John Hancock ESG Large Cap Core Fund Class A (JHJAX) saw a dramatic price drop to $12.56, reflecting a -42.01% change, potentially due to shifts in investor sentiment towards ESG investments [2][8] - Immuneering Corporation (IMRX) experienced a stock price decline to $4.92, a -40.94% change, likely influenced by market reactions to updates from its Phase 2a trial of atebimetinib for pancreatic cancer [3][8] - MSP Recovery, Inc. (MSPR) had its price decrease to $0.05, translating to a -38.29% change, with a notable increase in short interest indicating growing bearish sentiment among investors [4][8] - CorMedix Inc. (CRMD) saw a decrease to $7.43, a -33.47% change, possibly due to challenges related to its lead product candidate and recent leadership changes [5] - Locafy Limited (LCFYW) experienced a price drop to $3, a -31.03% change, which may be linked to updates on its technology platform and market positioning [6] Market Trends and Investor Sentiment - The significant trading volumes for these companies suggest active investor engagement, likely in response to recent announcements or broader market conditions [3][4][5][6] - Understanding the underlying causes of these price changes is crucial for investors, as they reflect the dynamic nature of the stock market influenced by clinical trial results, financial performance, and strategic shifts [7]

Core Viewpoint - The Gross Law Firm is notifying shareholders of Blue Owl Capital Inc. regarding a class action lawsuit due to alleged misleading statements and undisclosed liquidity issues during a specified class period [1][3]. Group 1: Allegations - The complaint alleges that Blue Owl faced significant pressure on its asset base from redemptions by business development companies [3]. - It is claimed that the company was experiencing undisclosed liquidity issues as a result of these pressures [3]. - The lawsuit suggests that Blue Owl may need to limit or halt redemptions of certain business development companies, which contradicts previous positive statements made by the company regarding its business and prospects [3]. Group 2: Class Action Details - The class period for the lawsuit is defined as February 6, 2025, to November 16, 2025 [3]. - Shareholders are encouraged to register for the class action by February 2, 2026, to be eligible for potential recovery [4]. - Once registered, shareholders will receive updates through a portfolio monitoring software throughout the case lifecycle [4]. Group 3: Law Firm Information - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and fraud [5]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [5].

Core Insights - Retirement plan sponsors are increasingly interested in adding private markets exposure to defined contribution (DC) plans, with estimates suggesting that up to 20% of DC plans may incorporate such exposure within a decade [2][3] Group 1: Interest Levels Among Plan Sponsors - A 2025 Cerulli survey found that 37% of retirement plan sponsors are very interested in understanding the pros and cons of incorporating private market assets, particularly among those with $250 million to $1 billion in assets, where interest peaks at 57% [3] - Interest in private markets is lower among small and medium-sized sponsors (30% to 37%) and those with over $1 billion in assets (35%), indicating that larger plans may already have some allocation to private market assets [4] Group 2: Regulatory Environment and Historical Context - The Trump administration has pushed for the inclusion of private market assets in retirement plans, with an executive order aimed at facilitating this for DC plan sponsors [5] - Previous surveys indicated that around 20% of plan sponsors had already discussed incorporating private market investments with their consultants or advisors [5] Group 3: Future Projections - Asset management and DC consultants predict that by 2030, 7% of plan sponsors will have a private markets allocation through target date funds or managed accounts, potentially rising to 17% by 2035 [6] Group 4: Product Development by Asset Managers - Several asset managers are developing products for private market investments in retirement accounts, including Apollo Global Management, State Street Global Advisors, Empower, Goldman Sachs Asset Management, and Blackstone Inc. [7]

Core Viewpoint - Aurelion Inc. has announced an at-the-market equity offering sales agreement to sell up to $500 million of its Class A Ordinary Shares [1][2]. Group 1: Offering Details - The ATM Shares will be sold at or related to prevailing market prices, with parameters set by Aurelion regarding the number of shares, sale dates, and pricing limits [2]. - Aurelion is not obligated to sell any ATM Shares under this program [2]. - The sales agents for this offering include Cantor Fitzgerald & Co., Yorkville Securities, LLC, Canaccord Genuity LLC, and Cohen & Company Capital Markets [3]. Group 2: Agreement Terms - The ATM Sales Agreement will terminate upon the sale of all ATM Shares or as per the terms outlined in the agreement [4]. - The shares will be issued under Aurelion's Registration Statement on Form F-3, which was filed with the SEC and became effective on December 23, 2025 [5]. Group 3: Company Overview - Aurelion is recognized as NASDAQ's first Tether Gold (XAU) Real World Asset company, focusing on tokenized gold, which combines the stability of physical gold with blockchain efficiency [7]. - The company aims to provide investors access to tokenized gold reserves, serving as a hedge against inflation, currency devaluation, and crypto volatility, while also offering wealth and asset management services [7].

Core Viewpoint - Federated Hermes announces leadership changes in its global fixed income division, with R.J. Gallo succeeding Robert Ostrowski as CIO and Ann Ferentino becoming the sole head of the Municipal Bond Group, effective May 1, 2026, as part of a long-term succession plan [1][5][6]. Leadership Changes - R.J. Gallo, currently the deputy CIO and co-head of the Municipal Bond Group, will take over as CIO for global fixed income, overseeing $101.8 billion in assets as of September 30, 2025 [2][5]. - Ann Ferentino will assume full oversight of the Municipal Bond Group, which manages $7.1 billion in municipal assets as of September 30, 2025 [5][6]. Experience and Background - Gallo has 31 years of investment experience, having joined Federated Hermes in 2000, and previously worked as a financial analyst and trader at the Federal Reserve Bank of New York [4]. - Ferentino has been with Federated Hermes for 30 years and continues to manage multiple mutual funds and client portfolios [5][6]. Growth and Performance - Under Ostrowski's leadership since April 2004, Federated Hermes' fixed-income assets under management grew from $29.5 billion to $101.8 billion, an increase of $72.3 billion [6]. - The global fixed-income team consists of 107 professionals with an average of 19 years of industry experience, while the municipal fixed-income team averages 18 years [7][8]. Company Overview - Federated Hermes, Inc. is a global leader in active investment management with $871.2 billion in assets under management as of September 30, 2025, providing a range of investment solutions to over 10,000 institutions and intermediaries worldwide [9].

Core Viewpoint - Blackstone's stock is under pressure following President Trump's announcement of a potential ban on institutional investors purchasing residential properties, which could negatively impact the company's earnings outlook [1][5]. Group 1: Impact of Trump's Announcement - Trump's plan to bar institutional investors from buying residential properties is expected to tame soaring prices and could significantly restrict Blackstone's ability to invest in a key growth area [1][4]. - The company has made substantial investments in residential real estate, including $6 billion for Home Partners of America in 2021 and $3.5 billion for Tricon Residential [3]. - This ban could undermine Blackstone's rental income and long-term appreciation strategies, indicating increased regulatory risks for large investment firms [4]. Group 2: Current Stock Performance - Blackstone's stock has already declined approximately 18% from its 52-week high, reflecting investor concerns over the potential impact of the proposed ban [2]. Group 3: Long-term Outlook - Despite the challenges posed by the potential ban, Blackstone's diversified portfolio across private equity, credit, real estate, and infrastructure remains attractive, mitigating risks from any single segment [6]. - The firm benefits from ongoing trends in alternative asset management, with continued capital allocation from institutions and high-net-worth investors [7]. - Blackstone offers a 3.34% dividend yield, enhancing its appeal for income-focused investors [7].

Core Insights - The traditional 60-40 portfolio may need to be adjusted to a 40-60 allocation due to increased uncertainty in the market [1][2][3] Group 1: Market Conditions - Interest rate decisions are uncertain, and geopolitical tensions along with economic uncertainties persist from the previous year [2] - Stock market valuations may have peaked, with the AI frenzy potentially inflating prices [2] - Vanguard's market simulation forecasts U.S. stocks to underperform compared to international equities over the next decade [2] Group 2: Portfolio Strategy - A 40-60 portfolio is suggested as an ideal allocation to mitigate risks associated with stock market corrections [3][4] - Bonds are viewed as a protective ballast for portfolios, especially in a high-interest-rate environment [3][4] - Vanguard's models indicate that a 40-60 portfolio could achieve similar returns to a 60-40 portfolio with less risk over the next decade [4] Group 3: Bond Preferences - Treasuries are preferred as a safe haven during uncertain times, with a cautious stance on corporate debt and high yield [4][5] - Vanguard recommends three Treasury options: VGSH (Short-Term), VGIT (Intermediate-Term), and VGLT (Long-Term), all featuring low expense ratios of 0.03% [5][6] - VGSH is suitable for mitigating rate risk, while VGLT offers greater yield, and VGIT balances both aspects [6]

Core Viewpoint - BlackRock's U.S. head of equity ETFs, Jay Jacobs, indicates that despite significant inflows, crypto ETFs are still in their early stages as financial advisors have only recently gained access to these investment vehicles [1][2]. Group 1: Financial Advisor Access and Education - Many investors are beginning their educational journey regarding Bitcoin and its role in investment portfolios [2]. - Financial advisors, who previously lacked access to crypto, are now able to invest in products like the iShares Bitcoin Trust ETF (IBIT) as their platforms approve these options [2][3]. - BlackRock is focusing on educating advisors about crypto's behavior in various market conditions and its role alongside traditional assets like stocks and bonds [3]. Group 2: Investor Behavior and ETF Performance - IBIT has accumulated tens of billions in assets since its launch less than two years ago, indicating a growing interest in crypto investments [3]. - Despite price volatility in 2025, IBIT had one of its best years for asset gathering, suggesting that ETF investors are committed to long-term allocations rather than reacting to short-term price changes [4][5]. - ETF investors are treating Bitcoin and Ethereum as long-term investments, contrasting with direct crypto holders who tend to trade more frequently [5]. Group 3: Implications for Crypto Markets - The narrative of institutional adoption has been a key driver of crypto's rally in 2024-2025, but actual capital flow from advisors and institutions is still increasing [6]. - If crypto ETFs are indeed in their early days, inflows could continue for years as more advisors complete their due diligence [7]. - This sustained interest could provide a stable demand for crypto markets that is less affected by short-term volatility [7].