Core Insights - The current investment landscape is dominated by passive products, particularly ETFs, which are favored by investors to capture market trends [2] - As of October 24, 2025, the net inflow into technology sector ETFs reached 182.863 billion, significantly surpassing other sectors, while mainstream broad-based indices experienced net outflows or limited growth [2] - The trend of sector-focused investments through ETFs is evident, but it also leads to concentration risks in a few industries, especially in the context of increased market volatility since September [2] - Investors are seeking to leverage the benefits of ETFs, such as high liquidity, transparency, and low costs, while diversifying risks across multiple sectors and asset classes [2] ETF-FOF Products - In 2025, 19 ETF-FOF products have been filed by public fund companies, with 4 already established, including the upcoming ETF-FOF from浦银安盛基金, focusing on multi-asset allocation primarily through ETFs [3] - The浦银安盛颐和稳健养老一年 fund holds 56 funds, with a significant portion in bond funds (70.2%), followed by stock funds (11.4%), and international QDII (8.86%) [4][5] - The asset allocation strategy includes a diverse range of assets such as A-shares, overseas markets, bonds, and commodities, aiming to smooth volatility and control drawdowns [4][5] Performance and Characteristics - The浦银安盛颐和稳健养老一年 fund has shown a return of 6.32% with a maximum drawdown of 1.41% over a recent period, indicating strong performance relative to traditional "fixed income plus" products [8][11] - The performance metrics of the fund include an annualized return of 7.82%, an annualized volatility of 2.42%, and a Sharpe ratio of 2.38, showcasing its attractiveness compared to low-volatility fixed income products [18] - The ETF-FOF products are seen as an upgrade to "fixed income plus" offerings, providing a broader asset class exposure while maintaining a significant bond allocation [12][14] Investment Strategy - The investment strategy for multi-asset FOFs emphasizes "risk budgeting and volatility control," with fund managers using volatility as a benchmark for overall portfolio construction [20] - The investment scope includes a wide range of public fund tools such as ETFs, LOFs, QDII funds, commodity funds, and public REITs, reflecting a comprehensive approach to asset allocation [20] - The diverse nature of multi-asset FOFs allows them to adapt to varying market conditions, providing opportunities even when certain asset classes underperform [19]

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]