Core Viewpoint - The "2025 Asset Management Annual Conference" highlighted the importance of diversifying asset allocation strategies, particularly in the bond market, to enhance returns through innovative approaches such as combining cash bonds with derivatives [1] Group 1: Bond Market Insights - The ten-year government bond yield faces significant downward resistance after reaching 1.6%, currently around 1.74% due to stock market fluctuations [3] - To enhance bond investment returns, traditional methods like credit spreads and duration should be complemented with new strategies, including the use of AI to achieve excess returns [3] - The "+" in "fixed income+" and "bond+" indicates a focus on additional asset classes, with convertible bonds previously seen as a strong investment opportunity, though their high valuation now warrants caution [3][4] Group 2: Equity Market Opportunities - The equity market is showing potential across various sectors, with technology and "anti-involution" areas performing well alongside traditional dividend stocks [4] - A rebalancing of underlying funds is occurring, evidenced by capital shifting from dollar assets to non-dollar assets, and from bonds to equities [4] - The reallocation of large volumes of maturing deposits is also contributing positively to equity assets [4] Group 3: Gold as an Investment - Gold remains a favorable asset class due to long-term factors such as the gradual weakening of the dollar's status and central banks' increasing allocation to gold [5] - Despite gold's high price level after three consecutive years of increases, its long-term outlook remains positive, although short-term price appreciation may be limited [5] Group 4: Client-Specific Asset Allocation Strategies - For clients holding dollar assets, products like QDII and mutual funds are recommended for diversification [6] - Clients with RMB assets should avoid concentrating solely on dollar assets and consider multi-currency allocations for balance [6] - Clients previously attracted to dollar-denominated high-yield products may find "fixed income+" offerings more suitable [6]

Core Viewpoint - The 9th Overseas Fund Golden Bull Award aims to establish a scientific evaluation system for overseas securities investment funds and managers, promoting excellent management institutions and advanced investment concepts in the industry [5]. Group 1: Award Overview - The award has introduced a new five-year evaluation dimension, focusing on long-term value creation and identifying top overseas asset management institutions that consistently generate excess returns [1][3]. - Categories for the awards include five-year and three-year awards for overseas private equity management companies and investment managers, as well as awards for overseas Chinese stock, bond, and index funds [3][8]. Group 2: Evaluation Criteria - The evaluation will guide long-term investment philosophies and help investors seize certain opportunities amid global market fluctuations [4]. - The awards are divided into three main categories: Overseas Chinese Fund Category, Overseas Private Equity Fund Category, and Mutual Recognition Fund Category, each with specific criteria and classifications [6][9][10]. Group 3: Registration and Submission - Institutions can register for the awards from August 18 to August 31, 2025, through the official website [2][13]. - First-time registrants must provide relevant licenses and complete data submissions for all participating funds to ensure eligibility [14][15].

Core Viewpoint - The public fund industry is undergoing significant reforms, leading to a transformation in fund sales institutions as they adapt to shrinking income from trailing commissions and upcoming sales fee reductions [1][2][3]. Group 1: Impact of Fee Reductions - The first major impact on fund sales institutions is the reduction of trailing commissions, with management fees and trailing commissions both decreasing since the initiation of the public fund fee reform in July 2023. The management fee income is projected to be 124.73 billion yuan in 2024, down 8.1% from 2023, while trailing commissions are expected to be 35.48 billion yuan, a decrease of 8.7% [2]. - Many fund sales institutions, such as China Merchants Bank and Tonghuashun, reported a significant decline in their distribution income, with reductions around 20% [2]. - The second wave of impact is anticipated with the upcoming sales fee reductions, which are expected to be implemented by May 2025, further constraining the income potential for sales institutions [3]. Group 2: Transition Strategies - Fund sales institutions are shifting from a seller-driven model to a buyer service model in response to the fee reductions. This includes adjusting product offerings from fixed-income products to multi-asset and equity products to meet diverse investor needs [4][5]. - Companies like Yingmi Fund are focusing on deepening their buyer advisory model, moving towards a fee structure based on advisory services rather than sales commissions [5][6]. - The industry is also seeing a push towards enhancing investor experience and focusing on long-term performance, with institutions like Tencent Licai Tong implementing comprehensive advisory services to improve investor decision-making and outcomes [8][9]. Group 3: Evaluation and Performance Metrics - The regulatory framework is evolving to include a classification evaluation mechanism for fund sales institutions, emphasizing metrics such as investor returns and holding periods, which will guide internal assessment and incentive structures [6][7]. - Companies are increasingly focusing on aligning their performance metrics with investor outcomes, with organizations like Yingmi Fund integrating user satisfaction and trust into their performance evaluations [7][10]. - The emphasis on improving investor holding experiences is becoming a common goal across the industry, with strategies aimed at enhancing investor education and risk awareness to foster better long-term investment behaviors [10].

Group 1 - The core viewpoint is that Switzerland's Pictet Asset Management sees China as a long-term strategic market and is committed to sustainable development in its Chinese operations [1][12] - Pictet Asset Management has increased its allocation to Chinese stocks, citing favorable policy support for market valuation recovery [1][6] - The firm is planning to launch a third mutual recognition fund and is optimistic about the expansion of the Wealth Management Connect in the Guangdong-Hong Kong-Macao Greater Bay Area [7][12] Group 2 - The U.S. tariff policy has shaken global investor confidence, leading some investors from South Korea and Taiwan to diversify away from U.S. assets into European and emerging market investments [3][4] - As of June 2023, non-U.S. investors held $26 trillion in U.S. assets, indicating that even a 5% shift to other markets could have a significant impact [4] - Asian investors are increasingly favoring low-volatility multi-asset strategies, reflecting a long-term trend towards income and fixed dividend preferences [5] Group 3 - The perception of the Chinese market has improved among Pictet's executives following increased visits to China, leading to a deeper understanding of the country's economic vitality [11][12] - The firm emphasizes a long-term investment approach, focusing on sustainable growth rather than short-term gains, which has historically led to stable returns [12][13] - Pictet Asset Management is cautious about rapid expansion, prioritizing employee sustainability and brand integrity over short-term growth [13]

全球经济格局深刻变革、地缘政治复杂多变。在此背景下，如何进行有效的资产配置，如何把握中国市场的独特机遇，成为当前投资界最为关注的焦点。 5月20日，由中国基金报主办的首届全球资产管理论坛在深圳举行。论坛圆桌讨论环节聚焦"全球资产配置与中国机遇"。中国基金报邀请顶尖的投资研究 专家、资产管理机构管理者，就资产类别选择、中国市场洞察等话题展开讨论，剖析全球资产配置的新格局，展望中国市场的投资潜力。 与会嘉宾认为，全球环境复杂多变，但也孕育机会。长期看好中国市场，当下，需要以长期的视角来渡过市场波动、摒弃"噪声"。 他们指出，关税虽然为全球投资环境带来挑战，但一些公司会应对得更加自如，比如那些国内供应链能力强的公司。消费市场中，某些拥有定价权的公 司，会化危为机。可关注区域性的物流公司，目前转运的需求已经恢复了，接下来一两个季度拥有定价权的公司，如航运公司等。 以下是各位嘉宾以及精彩观点： 安联基金总经理沈良（Leo Shen）：对于内地的投资者而言，互认基金、ETF互通、QDII基金等是分散组合的好工具。 渣打银行北亚区首席投资总监郑子丰（Raymond Cheng）：我鼓励海外客户关注中国特定的机会，比如在港上 ...