以下文章来源于风云君的研究笔记 ，作者专注于私募研究的 整体看，去年主流策略的表现都可圈可点。 但这就意味着全年可以安稳赚钱了吗？并不是。 比如股票量化策略，虽然前期因为小微盘走强、交投活跃，超额收益显著。但却在8月之后，资金抱 团AI科技板块，导致"指数涨、个股不涨"，超额收益持续承压。而11月后小微盘走弱，也让不少做 市值下沉的量化产品面临压力。 而主观多头更是波动明显。 像去年年初以及4月的极端反转行情，不少产品既承受了前期的波动， 又错过了后续的反弹。全年结构性行情频繁轮动，产品间业绩分化十分突出，投资胜率明显低一 些。 风云君的研究笔记 . 深耕私募行业多年，专注私募基金各个策略以及资产配置，希望能分享给大家更深入、更专业的私募那 些事。 2025年，市场交出了比较优异的答卷。 就说A股，说不上"大牛"，但"小牛"绝对称得上。500、1000指数涨幅都在30%左右，市场成交量 维持高位，无论是主观多头还是量化策略，赚钱效应都不错。 商品市场同样不乏亮点。贵金属、有色持续走强，能化持续疲软，还有"反内卷"带来的碳酸锂等品 种的趋势行情，给CTA策略提供不少交易机会。 CTA策略同样如此，不同策略间的表 ...

Core Viewpoint - The financial industry is shifting towards a "multi-asset multi-strategy" approach to address challenges posed by low interest rates and scarce quality assets, aiming for diversified investment to balance risk and return [2][3] Group 1: Multi-Asset Multi-Strategy Overview - Multi-asset multi-strategy is a diversified investment method that aims for long-term stable returns by investing in various asset classes with different correlations, employing diverse strategies to reduce portfolio volatility [3] - The diversified asset allocation includes bonds, stocks, gold, and non-standard assets, while the investment strategies encompass dividend strategies, quantitative strategies, index strategies, and global allocation [3] - The focus on major asset allocation has become crucial for wealth management, especially after the pressures faced by equity assets post-2021 [3] Group 2: Market Trends and Product Development - Several wealth management companies have launched multi-asset multi-strategy product systems, with notable examples including the "All+Fortune" series from China Merchants Bank Wealth Management, which has surpassed 370 billion yuan in management scale [4] - The "solid income+" product system, which combines fixed income assets with stocks, gold, and convertible bonds, is becoming mainstream, with a reported scale of approximately 9 trillion yuan as of September 2025, reflecting a 69% increase since December 2023 [4] - Mixed-asset products have seen significant growth, with a current scale of 830 billion yuan, representing 2.58% of all wealth management products, and notable performance improvements in returns [6] Group 3: Challenges and Strategic Considerations - The practice of multi-asset multi-strategy faces three main challenges: asset selection, defining specific investment strategies for each asset class, and effective asset allocation and rebalancing [5] - To achieve better investment outcomes, wealth management institutions need to enhance their research and investment capabilities systematically [5] Group 4: Regulatory Environment and Market Participation - The regulatory framework is increasingly supportive of long-term capital entering the market, with bank wealth management products now recognized as A-class investors, allowing participation in IPOs [7] - Currently, only mixed and equity products can participate in offline IPO subscriptions, with mixed products being the primary beneficiaries due to scale requirements [7] Group 5: Future Outlook - The structure of wealth management products is expected to continue optimizing, with mixed products projected to reach a balance of 1.52 to 1.9 trillion yuan by 2026, indicating significant growth potential [8] - To attract long-term investments, wealth management companies are introducing dividend products, offering both cash dividends and reinvestment options to enhance returns for investors [8]

Core Viewpoint - The article highlights the journey of Pan Huanhuan, who transitioned from various roles in the finance industry to founding a private equity firm, emphasizing a multi-asset, multi-strategy investment approach aimed at achieving resilient absolute returns [1][5]. Investment Philosophy - The multi-asset, multi-strategy investment philosophy was developed during Pan's tenure at a brokerage, where he observed the limitations of single-asset investment structures, particularly during market downturns [3][4]. - This approach allows for capturing investment opportunities across various asset classes while controlling overall risk through diversification, especially when asset correlations are low [4]. Main Strategies - The company has established four primary strategies: multi-asset strategy, fixed increase combination strategy, convertible bond combination strategy, and cross-market arbitrage strategy [5]. - The multi-asset strategy combines top-down macro analysis with bottom-up asset valuation to achieve diversified allocation [5]. - The fixed increase strategy focuses on discounted fixed increases and bulk trading to balance returns and liquidity risks [5]. - The convertible bond strategy employs financial engineering tools to create a multi-factor driven investment strategy [5][6]. - The arbitrage strategy encompasses various elements, including convertible bonds, stocks, commodities, and overseas markets [5]. Future Outlook - The company is optimistic about the investment value of convertible bonds, particularly in a low-interest-rate environment, where they can provide a balance of equity and debt characteristics [7][8]. - The firm has developed seven sub-strategies for convertible bond investments, focusing on diversification and specific market conditions [8]. - The expectation is that as market volatility increases, convertible bonds will offer better risk-adjusted returns due to their unique attributes [8].

Core Viewpoint - The article highlights the investment philosophy of Pan Huanhuan, emphasizing a multi-asset, multi-strategy approach to achieve absolute returns while maintaining defensive measures against significant drawdowns [1][3]. Group 1: Investment Philosophy - The multi-asset, multi-strategy investment concept was developed during Pan's tenure at a brokerage, where traditional single-asset teams often faced risks during market downturns [2]. - This approach allows for capturing various asset trends and controlling overall risk through hedging mechanisms, leading to more stable investment returns [2][3]. - The philosophy is likened to fishing in multiple ponds, where understanding diverse asset classes is crucial for successful investment [2]. Group 2: Main Strategies - The company has established four primary strategies: multi-asset strategy, fixed increase combination strategy, convertible bond combination strategy, and cross-market arbitrage strategy [4]. - The multi-asset strategy combines top-down macro analysis with bottom-up asset valuation to achieve diversified allocation [4]. - The fixed increase strategy focuses on discounted offerings and large transactions to balance returns and liquidity risks [4]. - The convertible bond strategy employs financial engineering tools to create a multi-factor driven investment strategy [4][5]. - The cross-market arbitrage strategy encompasses various elements, including convertible bonds, stocks, commodities, and overseas markets [4]. Group 3: Future Outlook - The company is optimistic about the investment value of convertible bonds, particularly in a volatile market, as they offer a balance of equity and debt characteristics [6][7]. - The investment strategy includes a diversified approach where no single convertible bond exceeds 5% of the portfolio, and no single industry exceeds 15% [7]. - The changing supply-demand dynamics in the convertible bond market are expected to enhance their investment value [7].

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]