Core Viewpoint - The public fund industry is increasingly focusing on the role of performance benchmarks in investment constraints, leading to a more detailed approach in setting benchmarks for multi-asset portfolio products [1][6]. Group 1: Performance Benchmark Details - Recent multi-asset products have significantly enhanced the richness of performance benchmarks, incorporating various asset classes such as U.S. stocks, Hong Kong stocks, commodities, and deposits [2][3]. - The performance benchmark for the newly launched Yongying Yuan Ying Stable Multi-Asset 90-Day Holding product consists of six components, including 70% domestic bonds, 10% A-shares, 5% U.S. stocks, 5% Hong Kong stocks, 5% commodities, and 5% deposits [2][3]. Group 2: Investment Strategy and Philosophy - The detailed benchmarks reflect a shift in investment philosophy from a simple stock-bond pairing to a more diversified and global asset allocation system, especially in the current low-interest-rate environment [1][6]. - The trend towards detailed performance benchmarks indicates a recognition within the asset management industry of the need for a more complex and varied approach to asset allocation [6][7]. Group 3: Communication and Transparency - The refined benchmarks serve as a communication bridge between investors and fund managers, clarifying investment strategies, styles, and performance measurement [5][6]. - Clear asset composition enhances product transparency, helping investors understand risk sources and return drivers, thereby establishing reasonable expectations [4][5]. Group 4: Future Implications - The introduction of multi-asset strategies is expected to transform performance benchmarks from passive references to active guides, influencing strategy design, management constraints, and performance attribution [7]. - The industry is moving towards a more systematic and process-oriented approach to multi-asset research and decision-making, reducing reliance on ad-hoc strategies [4][6].

Core Viewpoint - The public fund industry is increasingly focusing on the role of performance benchmarks in investment constraints, leading to a more detailed approach in setting benchmarks for multi-asset portfolio products [1][4]. Group 1: Benchmark Composition - Recent multi-asset products have significantly enhanced the richness of their performance benchmarks, incorporating various asset classes such as U.S. stocks, Hong Kong stocks, commodities, and deposits [1][3]. - The performance benchmark for the newly launched Yongying Yuan Ying Stable Multi-Asset 90-Day Holding product consists of six components, including 70% domestic bonds, 10% A-shares, 5% U.S. stocks, 5% Hong Kong stocks, 5% commodities, and 5% deposits [2][3]. Group 2: Investment Strategy and Transparency - The detailed benchmarks reflect a shift in investment philosophy from simple stock-bond combinations to a more diversified and global asset allocation approach, especially in a low-interest-rate environment [1][6]. - A clear and detailed performance benchmark enhances product transparency, helping investors better understand risk sources and return drivers, thereby establishing reasonable expectations [4][5]. Group 3: Communication and Decision-Making - The refined performance benchmarks serve as a communication bridge between investors and fund managers, clarifying investment strategies and measuring product performance [5][6]. - The trend towards detailed benchmarks indicates a cognitive evolution in asset allocation concepts within the asset management industry, with a focus on transitioning from "selection experts" to "multi-asset allocation experts" [6]. Group 4: Future Implications - The introduction of multi-asset strategies is expected to transform performance benchmarks from passive references to active guides, becoming integral to the entire product lifecycle management [6]. - The detailed benchmarks will help delineate product risk characteristics, shifting investment goals from return-oriented to risk-adjusted matching [6].

Core Viewpoint - The public fund industry is increasingly focusing on the detailed construction of performance benchmarks for investment, reflecting a shift in investment philosophy from selection to multi-asset allocation [1][6]. Group 1: Performance Benchmark Composition - Recent multi-asset products have performance benchmarks that are more complex, involving up to six asset classes, including A-shares, bonds, US stocks, Hong Kong stocks, commodities, and deposits [2][3]. - The newly launched FOF products have benchmarks composed of at least four asset classes, indicating a significant refinement compared to previous simpler stock-bond combinations [2][3]. - The "Yongying Yuan Ying Stable Multi-Asset 90-Day Holding" fund has a benchmark consisting of six asset classes, with 70% in bonds, 10% in A-shares, 5% in US stocks, 5% in Hong Kong stocks, 5% in commodities, and 5% in deposits [2]. Group 2: Investment Strategy and Transparency - The detailed breakdown of performance benchmarks allows for a more accurate reflection of the investment logic of "fixed income as a base, equity as an enhancement, and alternatives as a supplement" [4]. - Clear asset composition enhances product transparency, helping investors understand risk sources and return drivers, thereby establishing reasonable expectations [4]. - The diversification of benchmarks helps to strengthen investment discipline, requiring fund managers to adopt systematic and process-oriented multi-asset research and decision-making mechanisms [4]. Group 3: Communication and Market Trends - A refined performance benchmark serves as a communication bridge between investors and fund companies, clarifying investment strategies, representing investment styles, measuring product performance, and constraining investment behavior [5]. - Approximately one-third of the over 3,600 FOF and "fixed income+" funds in the market have performance benchmarks composed of at least three parts, indicating a trend towards the refinement of benchmarks in the asset management industry [7]. - The industry is transitioning from a traditional stock-bond binary model to a more diversified and global asset allocation system, recognizing the need for a more complex approach to adapt to changing macroeconomic environments [7].