Group 1: Global Asset Performance and Strategy Evolution in 2025 - In 2025, global financial markets exhibited a "high volatility, high return" structural characteristic, driven by the Federal Reserve's preventive interest rate cuts and a shift towards loose monetary policy globally [2][11] - A-shares and H-shares were at historical low valuations, leading to excellent risk-adjusted returns in equity assets, with AH shares achieving steady returns amidst relatively low volatility [2][11] - The US dollar index fell by 8.5% in the first three quarters, marking the largest decline since 2018, which boosted the revaluation of non-US assets and led to record inflows into emerging market equity funds, totaling $52 billion [2][11] - Gold and other safe-haven assets performed exceptionally well due to geopolitical tensions, trade frictions, and dollar depreciation, becoming important hedging and value-adding tools in portfolios [2][11] - Fixed income assets showed a mixed pattern, with US Treasury yields remaining high and attractive for allocation, while the Chinese bond market experienced significant volatility with limited yield contribution [2][11] Group 2: Asset Management Industry Trends in 2025 - The iteration of quantitative strategies accelerated, driven by AI, with end-to-end models achieving scalable application, demonstrating stronger generalization and adaptability [13][14] - Competition in the quantitative space intensified, leading to product innovation as managers optimized terms and introduced new product forms to enhance client experience [13][14] - Subjective long-only managers faced redemption pressures despite positive returns, with trust in subjective strategies not fully restored, highlighting the need for transparency and long-term performance validation [13][14] - All-weather strategies entered a rapid development phase, with the "stock + gold" allocation further enhancing their effectiveness, showing lower drawdowns and higher Sharpe ratios compared to traditional single-asset strategies [13][14] Group 3: Building Differentiated Competitive Advantages - The company has focused on a "small steps, continuous evolution" development path, building a compounding capability flywheel [5][17] - A subjective manager selection capability has been established, focusing on genuine Alpha creation ability rather than manager history or size [5][17] - A deep evaluation system for quantitative managers has been developed to identify those with differentiated data, computational power, or strategic advantages [6][15] - The company actively covers over 2,000 private equity managers, employing a "broad net, deep digging" approach to capture emerging forces with non-consensus but correct characteristics [7][16] - The company embraces product and tool innovation, maintaining an open attitude towards derivatives, structured design, and risk control mechanisms to enhance client experience [8][17]