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].

Group 1 - The issuance of new funds remains active in August, with 72 new funds launched as of August 4, 2023, including a single day where 21 funds were issued [1][2] - The majority of new funds are equity products, with 16 active equity funds and 32 passive index funds launched, alongside other mixed and bond funds [3] - Some funds, like Morgan Asset Management's product, experienced "one-day sell-out" status, raising approximately 2.8 billion yuan on the first day of issuance [3] Group 2 - Fund companies are shifting their strategies, focusing on filling product lines rather than solely increasing scale through new fund launches, indicating a change in market approach [4] - Many fund companies are now issuing more bond funds and multi-asset products due to previous challenges in selling active equity funds, reflecting a strategic realignment [4][5] - The passive investment sector is growing, with many mid-sized fund companies entering the market through index funds, as the demand for ETFs rises [5] Group 3 - Market sentiment is optimistic, with expectations for a strong market performance, particularly in sectors like AI applications and semiconductors, as well as opportunities in high-dividend stocks [6][7] - Fund managers are focusing on sectors with potential growth driven by technological innovation, indicating a shift towards digital economy-related investments [6][7]

Group 1 - The issuance of new funds remains strong in August, with 72 new funds launched as of August 4, 2023, and a significant number of funds sold out on the first day of issuance [1][2] - Major fund companies such as E Fund, GF Fund, and Invesco Great Wall are among those launching new products, including equity and bond funds, to meet diverse investor needs [1][3] - The majority of new funds are equity products, with 16 active equity funds and 32 passive index funds launched, indicating a shift towards a more diversified product line [2][3] Group 2 - Fund companies are adjusting their issuance strategies, focusing on filling product gaps rather than solely increasing scale through new fund launches [3][4] - There is a growing interest in passive investment products, particularly index funds, as many smaller fund companies seek to participate in this segment without the high costs associated with ETFs [3][4] - Market sentiment remains optimistic, with expectations of a strong market driven by sectors such as technology and financials, as well as structural opportunities in the A-share market [4]

Group 1 - The issuance of new funds has remained robust from March to July, with each month seeing over 100 new funds launched [1] - As of August 4, 72 new funds are set to be launched in August, indicating continued strong interest in fund issuance [1] - There have been multiple instances of more than 10 new funds being launched in a single day, with 13 on August 1 and 21 on August 4 [1] Group 2 - The new funds being launched include products from both leading and smaller fund companies, showcasing a diverse range of offerings [1] - Major fund companies such as E Fund, GF Fund, and Invesco Great Wall are introducing products like E Fund Value Return and GF Resource Smart Selection [1] - Smaller firms like Golden Eagle Fund are also participating, launching unique products such as the Golden Eagle CSI All Share Free Cash Flow Index [1]