近日，作为海南恒立私募基金管理有限公司的总经理，潘焕焕在接受中国证券报记者专访时表示，每一 次选择的背后，他更在意的是自己想要做成什么样的事情。创立私募的初衷是希望在券商自营投资中被 证明有效的多资产多策略投资理念能够服务于更多客户。 从电厂技术员到回炉读研读博，再到券商研究员、头部券商自营部门总经理，潘焕焕并未止步于此，而 是选择再出发。他于2022年创业，成为一家私募机构的创始人，开启了一段新的投资征程。 采取多资产多策略模式 他认为，好的投资，防御性应该是第一位的，应在尽量避免较大回撤的基础上追求超额收益。而多资产 多策略模式恰恰是较坚硬的防御盾牌。目前恒立私募已形成多资产组合、定增组合、可转债组合和跨市 场套利四大主打产品线，致力于追求有韧性的绝对收益。展望未来，看好可转债资产的攻守平衡投资价 值。 潘焕焕表示，多资产多策略投资理念的形成，可回溯至他在券商工作的时期。早期，券商更多是按资产 类别将团队和资金划分为股票投资部、固定收益投资部、衍生品投资部等。然而，某一类资产遇到至暗 时刻的情况时有发生，这容易导致一个业务团队的投资因风控被全部斩仓止损，有时候在止损后不久， 这类资产又开始企稳回升。 这样 ...

这样的单一资产投资结构，在要求绝对收益的机构中，往往较难做出良好业绩。而多资产多策略的投资 模式，可以把握各类资产趋势性投资机会，并通过资产间对冲机制控制整体风险水平，实现更加平稳的 投资收益。尤其是当不同资产之间的相关性较弱时，多资产多策略能够有效分散风险，避免低位卖出的 尴尬。 □本报记者张韵 从电厂技术员到回炉读研读博，再到券商研究员、头部券商自营部门总经理，潘焕焕并未止步于此，而 是选择再出发。他于2022年创业，成为一家私募机构的创始人，开启了一段新的投资征程。 近日，作为海南恒立私募基金管理有限公司的总经理，潘焕焕在接受中国证券报记者专访时表示，每一 次选择的背后，他更在意的是自己想要做成什么样的事情。创立私募的初衷是希望在券商自营投资中被 证明有效的多资产多策略投资理念能够服务于更多客户。 他认为，好的投资，防御性应该是第一位的，应在尽量避免较大回撤的基础上追求超额收益。而多资产 多策略模式恰恰是较坚硬的防御盾牌。目前恒立私募已形成多资产组合、定增组合、可转债组合和跨市 场套利四大主打产品线，致力于追求有韧性的绝对收益。展望未来，看好可转债资产的攻守平衡投资价 值。 采取多资产多策略模式 潘焕焕 ...

Core Viewpoint - The asset management industry is facing a transformative era characterized by "breaking the old patterns" and "reconstructing core competitiveness," emphasizing a return to the essence of creating long-term stable returns for clients and enhancing capabilities through an open ecosystem and systematic thinking [1]. Group 1: Key Discussions at the Conference - The conference featured a main forum and two parallel thematic forums, attracting nearly a thousand industry professionals and notable speakers, including government officials and financial experts [1]. - Hu Zhiyong, Secretary of the Party Committee of Southern Finance and Economics Media Group, highlighted the need for the industry to break free from old dependencies and reconstruct its core competitiveness [1]. - Liu Shijun, former Deputy Director of the State Council Development Research Center, proposed structural reforms to boost consumption, focusing on housing for new citizens, pension system reforms, and facilitating the flow of production factors [4]. Group 2: Challenges and Strategies in the Low-Interest Rate Environment - Li Yang from the Chinese Academy of Social Sciences emphasized a dual approach to tackle challenges posed by the low-interest rate environment, advocating for the transformation of financial intermediaries and the development of capital markets [7]. - The roundtable discussion on "how asset management institutions can recreate competitiveness" underscored the importance of enhancing research and customer service capabilities, with a focus on comprehensive financial services [9]. - The conference released two significant reports: "2025 China Asset Management Development Trend Report" and "Internet Wealth Management Custody Business Development White Paper" [9]. Group 3: Trends in Asset Management - The forum on "new trends in asset management under the development of passive investment" noted that the low-interest rate environment and changing economic conditions present both opportunities and challenges for the wealth management industry [14]. - ETFs are emerging as a crucial tool for multi-asset and multi-strategy investment, with a diverse and healthy holder structure contributing to the revitalization of the ETF market ecosystem [14][15]. - The discussion highlighted that multi-asset and multi-strategy approaches are essential for addressing the challenges of low returns while meeting investor expectations [15].

Core Insights - The asset management industry is facing a critical period of "breaking the deadlock and restructuring," emphasizing the need to move beyond traditional paths and enhance core competitiveness [3] - The conference highlighted the importance of creating long-term stable returns for clients and adapting to the evolving economic landscape [3][5] Group 1: Conference Overview - The "2025 Asset Management Annual Conference" was held in Shanghai, focusing on themes such as multi-asset allocation and new trends in asset management under the rise of passive investment [1] - The event attracted nearly a thousand industry professionals and featured key speeches from prominent figures in finance and economics [1][3] Group 2: Economic Insights and Recommendations - Liu Shijin suggested that policies should focus on boosting consumption through investment and addressing structural imbalances in consumption's share of GDP [5] - Recommendations included reforms in housing for new citizens, pension system improvements, and facilitating the flow of production factors to drive urbanization [5] Group 3: Challenges and Strategies in Asset Management - Financial institutions are challenged by a low-interest-rate environment, necessitating a dual approach of transforming financial intermediaries and developing capital markets [7] - The focus for asset management institutions should be on enhancing research capabilities and client service to rebuild competitiveness [9] Group 4: Trends in Asset Allocation - The conference discussed the shift in client demands towards comprehensive solutions and absolute returns, necessitating a response to issues like strategy homogenization and product liquidity mismatches [11] - The importance of multi-asset strategies and the role of ETFs as a new foundational tool for asset allocation were emphasized [14][15] Group 5: Innovations and Future Directions - The event saw the release of significant reports on asset management trends and the introduction of new product systems by various institutions [9] - The ETF market is evolving, with a diverse and healthy holder structure, which is expected to invigorate the market ecosystem [14]