法国巴黎银行年度调查显示，越来越多的全球投资者计划在今年向聚焦中国的对冲基金增资，这与三年 前的争先撤资形成鲜明逆转。该行调查发现，2026年净增14%的投资者有意向中国基金注入更多资金， 其中约9%的投资者已在去年付诸行动。 调查表明，随着资金更广泛地从美国资产转移，今年投资者对全球第二大经济体的风险敞口需求，仅略 低于对北美的兴趣，而后者自2025年以来已显著下降。这进一步印证了自2023年以来的回暖趋势——当 时有42%的资金配置方从中国基金撤资。"中国的反转故事确实在去年开始上演，"该行驻伦敦的全球资 本引入业务主管马林.奈杜在接受采访时表示，"感觉在今年这一趋势将会更加明显。" 这项于去年12月进行的调查涵盖了246家资金配置方，他们或直接分配资金给对冲基金，或为有此需求 的客户提供咨询。这些机构管理的对冲基金资产总额达1.1万亿美元，占全球行业总规模逾五分之一。 过去几年，地缘政治风险上升、中国经济增速放缓以及对多个行业的监管整顿，令投资者望而却步。 MSCI中国指数目前仍较2021年2月中旬的高点下跌超过30%。 对中国基金重燃的兴趣，源于深度求索(DeepSeek)去年年初的人工智能突破引发广 ...

Core Insights - The global alternative investment landscape is evolving towards a "public-private convergence" era by 2026, characterized by the expansion of private markets, diversification of asset classes, and structural opportunities driven by technology and macro trends [1][9][12]. Private Market Growth - The private market asset size is nearing USD 20 trillion, with private credit growing from USD 250 billion in 2007 to USD 2.5 trillion today, highlighting its significance in the global financial system [1][11]. - Private credit is projected to reach USD 3.5 trillion by 2029, with deepening integration between public and private credit markets [3]. Real Estate Trends - A durable recovery in global commercial real estate (CRE) is anticipated for 2026, with equity yields expected to surpass debt yields, driven by lower interest rates and economic expansion [43][54]. - High-quality assets are predicted to outperform across all sectors, while the office sector is experiencing uneven recovery, with prime locations showing low vacancy rates and strong rental growth [43][44]. Infrastructure Investment - Infrastructure investment is at a structural growth inflection point, driven by energy demand, security, and transition factors, with capital expenditures expected to exceed depreciation for the first time [1][11]. - Energy utility companies are positioned to benefit from existing generation and transmission assets, combining defensive characteristics with growth potential [1]. Transportation Assets - Transportation assets are benefiting from a USD 3.5 trillion asset replacement cycle and evolving trade patterns, with strong demand for modern, efficient transport assets across maritime, aviation, and rail sectors [2]. Timberland and Hedge Funds - Timberland assets are gaining attention for their inflation resistance and stable cash flows, supported by improving housing affordability and the development of carbon credit markets [2]. - Hedge funds are entering a "renaissance period" for alpha generation, capitalizing on increased market volatility and the integration of AI into investment processes [2][34]. Private Equity Dynamics - The private equity market is returning to normalization, with improved fundraising environments and active transaction levels, particularly in the small and mid-market segments [2][34]. - AI and healthcare are emerging as core innovation sectors, with private markets becoming central to value creation [2][34].

Investment Rating - The report indicates a dual scenario for the investment management industry in 2026, with profit growth under pressure and unprecedented opportunities for differentiated competition [4]. Core Insights - The investment management industry is at a critical turning point, with increasing cost pressures and the rapid development of AI reshaping the boundaries between active and passive management, as well as between public and private markets [6][11]. - Active ETFs are gaining popularity, with their net inflows in the U.S. increasing from 1% in 2014 to 26% in 2024, indicating a shift towards investment tools that combine professional active management with ETF structures [7]. - The private equity fundraising landscape has seen a decline, with total fundraising down by about one-third from its peak in 2021, but regulatory changes may provide new opportunities for growth [10][19]. - Hedge funds are showing signs of recovery, with sustained inflows indicating a rebound in investor confidence, particularly in a volatile market environment [11]. - Regulatory reforms are expected to ease access to private markets and drive product innovation, with a focus on cross-industry collaboration becoming a key opportunity [16][19]. - The demand for talent is shifting towards digital capabilities and product specialization, with a notable increase in recruitment for roles requiring AI expertise [25][34]. Summary by Sections Industry Overview - The investment management industry is experiencing a fundamental restructuring, with a convergence of active and passive investment strategies and the emergence of hybrid products [6][14]. Regulatory Changes - Regulatory reforms are anticipated to relax private market access restrictions, fostering product innovation and expanding the asset allocation framework for investors [16][19]. Talent Strategy - Institutions are re-evaluating their talent strategies to emphasize digital literacy and product expertise, reflecting the evolving demands of modern investment strategies [25][27]. AI Integration - The report highlights a transition from isolated AI pilot projects to enterprise-level applications, with many firms beginning to see tangible returns on their AI investments [37][41]. Future Outlook - The report outlines three key action paths for investment management firms to achieve growth and scale by 2026: prudent product architecture selection, talent transformation, and establishing scalable AI operational models [43][46].

Core Insights - Dubai International Financial Centre (DIFC) has successfully registered its 100th hedge fund, solidifying its position as one of the top five hedge fund centers globally [1] Group 1: Hedge Fund Growth - The number of hedge fund managers in DIFC has doubled from 50 at the beginning of 2024, with 81 managers overseeing assets exceeding $1 billion [1] - The influx of hedge funds is attributed to DIFC's trading advantages that cover Asian, European, and American markets [1] Group 2: Talent and Capital - DIFC boasts a deep talent pool and capital sources, including ultra-high-net-worth individuals, family offices, and sovereign wealth funds [1] - The comprehensive banking and professional services ecosystem in DIFC provides crucial support for institutional development [1]

Core Insights - China Investment Corporation (CIC) reported a ten-year cumulative annualized net return of 6.92% as of December 31, 2024, surpassing the benchmark by 61 basis points [2] - Since its establishment in 2007, CIC's total assets have reached approximately $1.57 trillion [1] - The investment strategy has shifted towards alternative assets, which now account for 48.49% of the portfolio, while public market equities and fixed income have decreased in proportion [3] Investment Performance - The ten-year cumulative annualized net return of 6.39% since inception indicates consistent performance, with most years falling between 6% and 7% [2] - The annualized net investment return was significantly higher at 17.41% in 2019, reflecting a previous focus on stock investments [3] Asset Allocation - As of the end of 2024, the asset allocation is as follows: alternative assets (48.49%), public market equities (34.65%), fixed income (15.53%), and cash (1.33%) [3] - The shift from a higher allocation in equities in previous years to a greater focus on alternative assets suggests a strategic response to market volatility [3] Future Outlook - The global macroeconomic environment remains complex, with opportunities and challenges arising from AI and green transformation trends [5] - CIC aims to enhance its investment capabilities and optimize asset allocation to effectively navigate the uncertainties in the investment landscape [5]

Group 1 - Fullerton Fund Management, a subsidiary of Temasek Holdings, is gradually shutting down its private equity fund operations in China, including an 8-year-old hedge fund division [1] - The hedge fund division had recently stated that the Chinese stock market was becoming increasingly attractive for investors due to economic improvement, policy support, and appealing valuations [1] - The company has closed its Shanghai hedge fund division and most operations of another private equity fund, resulting in significant layoffs of onshore employees [1] Group 2 - Fullerton is part of the Seviora Group, an asset management company under Temasek, and plans to maintain its business presence in China [1] - Fullerton emphasized that China remains an important market for the company and is focusing resources on areas that best support its clients and investment portfolios [1] - According to the Asset Management Association of China, Fullerton Investment Management (Shanghai) was established in 2017 and manages assets of less than 500 million RMB, with a workforce of 5 full-time employees [1]

Group 1 - The article emphasizes the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [2] - It introduces a free course that systematically covers investment knowledge related to US dollar bond funds, indicating a growing interest in this area among investors [2] - The article highlights the rapid growth of "fixed income +" products in recent years, driven by declining deposit rates and increasing investor attention [7] Group 2 - "Fixed income +" funds typically add a small amount of stocks or convertible bonds to a pure bond base, leveraging the negative correlation between stocks and bonds to achieve stable returns while reducing volatility risk [5] - Traditional "fixed income +" products include primary bond funds, secondary bond funds, and mixed bond funds, with secondary bond funds and mixed bond funds being the most classic types [5] - The broader category of "fixed income +" also encompasses hedge funds and all-weather strategy funds, which may not hold a high proportion of bonds but use strategies to control volatility risk [5][7]

Core Insights - The Chinese wealth management market is experiencing significant growth, with increasing importance in the global landscape, necessitating a reevaluation of asset allocation strategies in light of geopolitical and economic changes [1] - UBS Wealth Management's China head, Lu Zijie, emphasizes the need for a diversified asset portfolio that balances returns and liquidity, particularly in the context of rising gold prices and alternative investment opportunities [1] Investment Strategy - High-net-worth clients in China prioritize asset stability, often preferring cash holdings due to market risk aversion; however, low interest rates make cash savings insufficient against inflation [2] - Asset allocation should focus on risk control while enhancing overall return potential; for conservative clients, medium to long-term bonds are recommended as they typically yield higher returns than cash deposits [2] - UBS remains optimistic about stock investments but advises careful timing and sector selection due to significant market gains in the US, Hong Kong, and A-shares [2][3] Sector Preferences - In the US, UBS favors sectors with strong fundamentals such as healthcare and banking, while in Europe, high-dividend assets like REITs are preferred; in Asia, technology and AI sectors in Hong Kong and high-performing companies in mainland China are highlighted [3] - The recommended stock allocation for Chinese clients is around 25% to maintain stable growth without excessive market volatility [3] Alternative Investments - Family offices are increasing their allocation to alternative investments, rising from single-digit percentages to 14%-15%, which enhances portfolio stability despite lower liquidity [4] - Gold is viewed as a long-term investment rather than a short-term speculation, with central banks expected to maintain significant gold purchases, projected at 900-950 tons in 2025 [5] Art Investment - Art collection is evolving from a passion to a significant aspect of family legacy and value expression, with high-net-worth individuals expected to allocate 20% of their wealth to art by 2025, up from 15% in 2024 [6] - The Chinese ultra-high-net-worth demographic leads in art investment, with an average allocation of 44% of their wealth to art, reflecting a strong cultural and emotional connection to their collections [6] UBS's Wealth Management Position - UBS has a long-standing history in wealth management, with global investment assets totaling $6.9 trillion and $4.7 trillion specifically in wealth management, making it the largest in Asia [7] - The firm aims to assist clients in achieving liquidity, longevity, and legacy through differentiated services tailored to high-net-worth individuals in China [7][8] - UBS's integrated banking model enhances its ability to serve the Greater Bay Area, leveraging its extensive experience in Hong Kong and connections with Shenzhen and Guangzhou [8][9]

Group 1 - The core concept of "Fixed Income +" is to combine fixed income assets with a small portion of higher-risk assets like stocks and convertible bonds to enhance returns while maintaining stability [2][10][15] - "Fixed Income +" typically consists of two parts: the fixed income portion, which includes low-risk bond assets for defensive purposes, and the "+" portion, which includes stocks and convertible bonds for offensive growth [2][15] - The performance of "Fixed Income +" products is influenced by the negative correlation between stocks and bonds, which helps to reduce volatility risk [3][15] Group 2 - Different stock-bond ratios significantly impact the returns and risks of "Fixed Income +" products, with higher stock allocations leading to greater long-term returns but also increased volatility risk [5][6] - Classic "Fixed Income +" products include primary bond funds, secondary bond funds, and mixed bond funds, with secondary bond funds and mixed bond funds being the most representative [10][15] - Broader definitions of "Fixed Income +" also encompass hedge funds and all-weather strategy funds, which may not have a high proportion of bonds but use strategies to control volatility risk [12][15] Group 3 - The increasing attention on "Fixed Income +" products is attributed to the decline in deposit interest rates, leading to rapid growth in this investment category [15] - For investors seeking a more convenient way to invest in "Fixed Income +", products like "Monthly Salary Treasure" are recommended, with a low initial investment threshold of 200 yuan [15]

Core Insights - The report reveals that private wealth investors in Hong Kong are more actively seeking alternative investment allocations compared to their counterparts in Singapore [1] - There is a shift towards personalized wealth strategies that align with life goals and planning, balancing returns, liquidity, wealth transfer, and personal values [1] Group 1: Investment Trends - 47% of investors in both regions plan to allocate to private equity, with significant interest in structured products (42%), tangible assets (41%), and private credit (40%), indicating that alternative investments have become a core part of modern portfolios [1] - In Hong Kong, nearly half (42%) of professional investors have incorporated alternative investments into their overall wealth strategy, showing a higher adoption rate compared to Singapore [1] Group 2: Investor Behavior - 60% of investors are seeking more diversified income sources, particularly among middle-aged individuals preparing for retirement [1] - 40% of private wealth investors list inheritance and estate planning as a primary goal, reflecting a shift from mere wealth accumulation to personalized wealth strategies that align with life objectives [1] Group 3: Advisory Services - 70% of private wealth investors adjust their investment portfolios at least once a quarter, indicating a demand for more professional and personalized advisory services despite the availability of online self-service options [2] - There is a rising demand for a "hybrid model" that combines seamless digital experiences with personalized professional advice, especially crucial for navigating complex alternative investments and market volatility [2]