Group 1 - The evolution of public FOF products is driven by market demand, with a focus on all-weather multi-asset allocation strategies to manage volatility and drawdowns in the current market environment [1][2] - Zhang Chuan from Puyin Ansheng emphasizes the importance of a systematic approach to asset allocation, moving away from traditional selection-based FOF products to provide comprehensive solutions for clients [1] - The core investment philosophy is to prioritize risk management before asset allocation, aiming for a high Sharpe ratio by controlling risks first and then enhancing returns through timing and rotation strategies [1][3] Group 2 - The global market is experiencing increased divergence and volatility, making asset allocation more challenging for investors; multi-asset funds can provide natural hedging capabilities [2] - Puyin Ansheng's Yingfeng Multi-Asset Allocation 3-Month FOF fund, launched on October 16, employs a top-down macro research approach for all-weather asset allocation, suitable for turbulent markets [2] - The essence of multi-asset allocation products lies in their strategic significance, addressing timing and market style transition challenges for investors [2][3] Group 3 - Despite short-term fluctuations, the long-term investment value of core Chinese assets remains intact, supported by economic stabilization and innovation [3] - Investors are encouraged to maintain a long-term perspective and utilize appropriate investment strategies to seize long-term opportunities, including diversified allocations across various asset classes [3]

Core Viewpoint - The global market is entering a critical policy window, with a focus on potential interest rate cuts from the Federal Reserve, while investors are exploring multi-asset allocation strategies to convert risks into wealth opportunities [1] Group 1: Market Outlook - Zhang Chuan, head of FOF business at Puyin Ansheng Fund, expresses a long-term positive outlook on A-shares and Hong Kong stocks, driven by AI computing power and industrial capital expenditure, despite potential short-term volatility [1][8] - The long-term liquidity of overseas equity assets may improve in the context of the Fed restarting its rate cut cycle, although the US stock market may enter a consolidation phase after continuous upward movement [1][9] - Gold is expected to face short-term upward pressure but is projected to rise in the long term due to global economic uncertainties, geopolitical conflicts, and ongoing central bank purchases [1][8] Group 2: Investment Philosophy - Zhang emphasizes a systematic investment philosophy focused on risk management before asset allocation, aiming to provide sustainable and stable returns in a low-interest-rate environment [2][5] - The transition from a "heroic era" of asset management to a systematic and industrialized approach is highlighted, with a focus on multi-asset allocation as a key growth area for asset management institutions [3][4] Group 3: Asset Allocation Framework - A four-step asset allocation framework is proposed: asset selection and positioning, strategic asset allocation, tactical adjustments, and attribution iteration, aimed at creating a transparent and efficient investment experience [7][8] - The framework categorizes assets into "winning assets" (e.g., bonds) that provide safety and "odds assets" that enhance portfolio sharpness, balancing volatility [6][8] Group 4: Current Market Positioning - The current market is viewed as a "period of resonance improvement" between Chinese and American liquidity, leading to an overweight position on A-shares, Hong Kong stocks, and overseas equities [8][9] - Caution is advised regarding bond assets, which are seen as lacking short-term directional opportunities, while US Treasuries are viewed with skepticism due to liquidity and quota constraints [9]