Core Insights - The market environment is enhancing the value of FOF (Fund of Funds) allocation strategies, with private FOF strategies rapidly increasing their share in high-net-worth client asset allocation [1][2] - The FOF strategy is expected to become a mainstream asset allocation tool in the domestic market, driven by the evolution of risk awareness and investment tools [3][4] Group 1: FOF Development and Market Potential - The demand for wealth management is shifting from "single appreciation" to "stable diversification," making FOF strategies increasingly attractive due to their multi-asset and multi-strategy advantages [2][3] - Historical support for FOF strategies includes a large fund product market, long-term capital entering the market, and improved investor awareness transitioning from "high returns" to "stable returns" [2][3] - The domestic market has a rich base asset pool, with non-monetary public fund scale exceeding 22 trillion yuan and private fund scale exceeding 12 trillion yuan [2] Group 2: FOF Strategy Framework - The FOF strategy employs a three-tier framework: macro direction setting, strategy selection, and fund selection, focusing on risk tolerance and target volatility [4][5] - The strategy allows for dynamic balance through disciplined processes, enhancing the cost-effectiveness of investment portfolios compared to purely subjective or all-weather strategies [4][5] Group 3: Risk Control Mechanism - The core of FOF risk control lies in "double diversification," which isolates and dilutes risks more effectively than traditional funds [5] - The first layer of diversification involves asset dispersion within underlying funds, while the second layer focuses on diversifying strategies and managers to mitigate "same-source risk" [5] - FOF strategies can capture economic recovery gains through equity funds, provide stable foundations with bond funds, and hedge against market downturns with CTA strategies [5] Group 4: Future Outlook - The potential for domestic FOF products is significant, with expectations for the introduction of quantitative and hedging strategies to enhance risk-return profiles [6] - The industry anticipates that FOF allocation strategies will become essential tools for investors seeking stable wealth growth [6]

Core Insights - The value of FOF (Fund of Funds) allocation strategies is being reinforced in the current market environment, with a rapid increase in its share among high-net-worth clients' asset allocations [1][2] - The FOF strategy is expected to become a mainstream asset allocation tool in the domestic market, driven by a large fund product market, long-term capital inflows, and improved investor awareness [2][3] FOF Development Potential - The demand for wealth management is shifting from "single appreciation" to "stable diversification," making FOF strategies increasingly attractive due to their multi-asset and multi-strategy advantages [1][2] - The domestic market has a rich base asset pool, with non-monetary public fund scale exceeding 22 trillion yuan and private fund scale exceeding 12 trillion yuan [2] Multi-Dimensional Allocation Framework - FOF strategies require investors to set target volatility based on their risk tolerance, forming a three-layer framework of "macro direction, mid-level strategy selection, and micro fund selection" [3] - The FOF strategy allows for diversified asset allocation and strategy dispersion, mitigating extreme risks from single assets while capturing multi-dimensional returns [2][3] Risk Control Mechanism - The core of FOF risk control lies in "double dispersion," which provides a more robust safeguard compared to traditional funds that only diversify single asset risks [4][5] - The first layer of dispersion involves diversifying underlying fund assets, while the second layer focuses on diversifying strategies and managers to avoid "same-source risk" [5] Future Outlook - The potential for FOF products in the domestic market is significant, with expectations for the introduction of quantitative and hedging strategies to enhance risk-return profiles and product attractiveness [5]

Core Viewpoint - The world is reassessing Chinese assets, and it has reached a stage where investment in China is essential [1][2] Group 1: Investment Perspective - The founder of APS believes that the risk premium for Chinese assets has significantly decreased, leading to potential P/E ratio expansions of 20%-40% for many companies [2][7] - There is a strong fundamental basis for investing in Chinese stocks, contrary to some international opinions that question the investment value of China's capital markets [2][3] - The founder emphasizes that the perception of Chinese assets by foreign investors is less important than how Chinese investors view them [2][3] Group 2: Economic Strengths - China's GDP growth rate continues to outpace that of Germany, the UK, Japan, and the US, and this trend is expected to persist for many years [3][4] - China leads in various fields such as 5G, upcoming 6G, drones, lithium batteries, high-speed rail, electric vehicles, and the BeiDou navigation system [3][4] - The country has established a robust manufacturing ecosystem, producing 35% of the world's industrial products, which is expected to strengthen further with AI integration [4][5] Group 3: MIT Advantage - The "MIT" framework represents Manufacturing, Innovation, and Talent, which are seen as China's competitive advantages [4][5] - Manufacturing in China is supported by a comprehensive infrastructure that is unlikely to be replicated by any other country in the foreseeable future [4] - Innovation is increasingly evident in Chinese enterprises, with a significant number of STEM graduates contributing to research and development [5][6] Group 4: Historical Context and Future Outlook - The founder has a history of successful investments, including a notable contrarian investment in Chinese A-shares during a period of widespread pessimism [6][7] - The current strength of China's economy and its ability to withstand external pressures suggest a further reduction in the risk premium associated with Chinese assets [7] - There is optimism that overseas investors will recognize the investment value of the Chinese market, leading to renewed growth in the stock market [7]

◎记者 黄冰玉 上海市委常委、常务副市长吴伟10月18日在全球财富管理论坛·2025上海苏河湾大会上表示，上海在国 家金融管理部门的有力指导下，扎实推进国际金融中心和全球资产管理中心建设，不断展现新作为、取 得新成效。 一是上海的金融市场规模稳步扩大。吴伟表示：今年1月至9月，上海金融市场交易总额达2967.83万亿 元，同比增长12.7%；集聚了股票、债券、期货、货币、票据、外汇、黄金、保险等金融要素市场及基 础设施15家，股票总市值、银行间债券市场规模等位居全球前列。 二是金融组织机构加快在上海集聚。吴伟介绍，总部设在上海的外资法人银行、合资基金管理公司、外 资保险公司的数量均占境内总数的一半左右。全球资管规模排名前十的资管机构已全部在沪开展业务， 外资私募证券投资基金管理人数量及资产管理规模全国领先。 三是金融改革开放全面深化。吴伟认为，"债券通"等重要机制持续完善，"北向互换通"再次扩容，进一 步吸引境外投资者配置人民币资产。"上海金""上海油""上海铜""上海胶"等"上海价格"全球信号功能进 一步夯实。 吴伟 四是金融法治环境持续优化。吴伟表示，上海在全国率先设立金融法院、金融仲裁院等专业机构，《上 ...

Core Insights - The scale of index products in China has reached approximately 6.5 trillion yuan, reflecting a 43% increase compared to the end of the previous year [1] - The Shanghai Stock Exchange is committed to promoting index investment development through systematic layout and enhancing the index and quantitative investment ecosystem [2][3] - The rapid growth of index and quantitative investment is significantly impacting the asset management industry, with a focus on regulatory development and market ecology [1][2] Index Product Growth - The number of indices compiled by the Shanghai Stock Exchange and China Securities Index has exceeded 8,700, with tracking product scale surpassing 5 trillion yuan [2] - The scale of ETF products in the Shanghai market has increased from 0.9 trillion yuan to 4 trillion yuan over the past five years, representing a cumulative growth of nearly 350% [2] Technology and Thematic Indices - A diverse index system focusing on technology innovation, including 369 technology-related indices with a product scale of 900 billion yuan, has been established [2] - The Science and Technology Innovation Board has become the segment with the highest index investment ratio, with 33 indices and a tracking product scale exceeding 340 billion yuan [2] Market Trends and Investor Behavior - The penetration rate of index investment in the domestic market has significantly increased, with ETF trading volume accounting for over 7% of total A-share trading volume [3] - Factors driving the growth of index investment include the transparency, low cost, and diversification of index products, as well as the increasing effectiveness of the market [3] ETF Market Development - The domestic ETF market has experienced rapid growth, with the number of listed ETF products nearing 1,200 and a total scale exceeding 5.6 trillion yuan [5] - The domestic ETF market has surpassed Japan, becoming the largest ETF market in Asia, with a total scale exceeding 5.5 trillion yuan [4] Future Outlook - The focus on broad-based index products is expected to increase in importance, with thematic indices in artificial intelligence and other sectors becoming key areas for fund managers [5] - Multi-asset allocation indices are anticipated to play a more significant role in wealth management for residents in a declining interest rate environment [5]

Core Insights - The Global Wealth Management Forum 2025 held in Shanghai focused on topics such as digital transformation, technological benefits, global financial cooperation, and investment outlooks, showcasing Shanghai's financial innovation and openness [1][2]. Group 1: Investment Trends - AI and gold emerged as hot topics during discussions, with experts highlighting the importance of AI for business competitiveness and the historical correlation between inflation and gold prices [5][6]. - The Shanghai financial market saw a trading total of 2967.83 trillion yuan from January to September, marking a 12.7% year-on-year increase, with stock market capitalization and bond market size ranking among the top globally [6]. Group 2: Financial Ecosystem Development - Shanghai's Jing'an District reported a financial services industry value-added of 28.817 billion yuan in the first half of the year, indicating robust growth and a well-developed financial ecosystem [8]. - The establishment of the Shanghai AI-FI Laboratory was a notable outcome of the forum, aiming to integrate AI into financial services, with various financial institutions launching innovative AI-driven tools [11][13]. Group 3: Policy and Infrastructure - The forum emphasized the need for continuous dialogue among industry practitioners, institutional investors, and policymakers to navigate complex market conditions and seize emerging trends [6][7]. - Jing'an District has been proactive in enhancing its financial environment, establishing services like a comprehensive financing service center and a cross-border financial service center to facilitate international investments [9][10].

转自：新华财经 2025年10月18日下午，"2025指数与量化投资发展论坛"在上海市虹口区北外滩来福士圆满举行。作为"全球资产管理中心 上海国际活动周2025"专场之 一，本次论坛由上海资产管理协会（简称"协会"）主办，虹口区金融服务中心、上海资产管理协会指数与量化投资专业委员会承办，上海对冲基金园区 支持。 论坛以"证券投资的科技思想、方法原理"为主题，汇聚了政府部门、金融监管部门、证券交易所，以及资管及财富管理、数智技术、学术研究、专业服 务机构约200位专业技术人员参与。 10月18日，上海对冲基金园区1期正式迁址北外滩来福士。（主办方供图） 贾飙和协会副会长、指数与量化投资专业委员会主任委员陶耿为协会指数与量化投资专业委员会正式揭牌。协会副会长、中行（上海）交易总部党委 委员、副总裁黄德主持论坛。 贾飙在致辞中表示，指数与量化投资快速发展，正从产品结构、技术手段、竞争格局等多个维度，对资产管理行业生态产生重要影响。此次新专委会 成立标志着协会专业体系建设迈出关键一步。未来，协会将努力承担好强化上海全球资管中心城市功能建设职责，推动资产管理业发展与区域发展深 度融合。 陶耿在致辞中表示，指数与量化投资 ...

一天之内，接连两场高规格会见，对象都是在美国商界举足轻重、在中国也家喻户晓的人物，这绝不是巧 合。当前，特朗普政府刚刚挥起新一轮关税大棒，中方也出台了稀土管制等反制措施，贸易战大有升级失 控的风险。全世界都在担心，这两个经济巨头的碰撞会殃及池鱼。 就在中美贸易战火气腾腾、两边互相加码关税的节骨眼上，美国外交圈的一位重量级人物——坎贝尔，突 然站出来说了句大实话：特朗普心里其实"非常想去中国"。他预测，明年年初，特朗普很可能就会访问北 京。 这个声音之所以引人注目，是因为它点破了当前中美关系一个心照不宣的驱动力：双方表面上吵得凶，但 台面下都在忙着为未来几个月的高层会谈，尤其是可能的元首会晤搭桥铺路。坎贝尔直言，现在美国财政 部（而不是传统上的白宫或国务院）成了对华外交的主角，这说明特朗普政府更倾向于从"做生意"的角度来 看待中美关系。 微妙时机的高规格会见 就在坎贝尔发声的几乎同一时间，北京也做出了动作。10月16日，中共中央政治局委员、中央外办主任王 毅在北京会见了美国金融巨鳄——黑石集团的董事长苏世民。无独有偶，中国商务部部长王文涛也在同一 天会见了苹果公司的CEO库克。 总而言之，坎贝尔的直言和王毅的会 ...

关于大模型对金融机构的赋能与重塑，浦银理财金融科技部总经理吴苗作为银行理财子公司代表，在活 动中分享了浦银理财在大模型应用方面的探索与实践。 21世纪经济报道记者 余纪昕 上海报道 今年8月，国务院印发《关于深入实施"人工智能+"行动的意见》，从国家层面对各行业人工智能应用提 出指导，并明确了时间表与路线图。在此背景下，上海作为全球金融中心，正积极推动金融科技与人工 智能的深度融合。早在2024年9月，上海市政府办公厅就发布了《上海高质量推进全球金融科技中心建 设行动方案》，提出力争用3至5年将上海建成具有全球引领性的金融科技中心。 10月17日上午，"临港新片区金融科技集聚区发展座谈会——暨智能投研技术联盟（ITL）成员机构代表 座谈会"在临港中心举办。来自上海市委金融办、临港新片区管委会、金融机构、金融科技企业及投资 机构等代表齐聚一堂，共商金融科技高质量发展路径。 同天下午，第六届1024资管科技开发者大会（ITDC 2025）也在临港中心顺利举行。大会由临港新片区 管委会指导，资产管理协会、智能投研技术联盟等共同主办。 从产业AI到金融AI，上海资产管理协会党的工作小组组长、秘书长韩康在本次座谈中指出 ...

Group 1 - The 2025 Index and Quantitative Investment Development Forum was held in Shanghai, focusing on "the technological ideas and methodological principles of securities investment" [1] - Approximately 200 professionals from various sectors including government, financial regulatory bodies, and asset management participated in the forum [1] Group 2 - The Shanghai Hedge Fund Park's first phase relocation ceremony took place during the forum, moving from Citic Square to North Bund Raffles [2] - The park, established in 2013, is the first specialized financial institution cluster focused on the hedge fund industry in China, contributing to Shanghai's international financial center development [2] - Nearly 50 quantitative private equity firms have settled in the park, making it a hub for quantitative hedge funds in the country [2] Group 3 - The Shanghai Asset Management Association's Index and Quantitative Investment Professional Committee was officially established, focusing on key areas such as professional technology application, compliance, risk management, and industry development [2]