Core Viewpoint - The investment strategy employed by the company is not focused on undervalued investments or opportunistic arbitrage, but rather on systematic execution of strategies that most investors can implement [2][6][15]. Investment Strategy - The investment approach is characterized by a bottom-up selection of funds, categorizing them into different risk-return profiles akin to a "football formation" [2]. - The team emphasizes strict adherence to client-defined risk exposures, ensuring that equity positions remain within agreed limits to avoid tracking error [3][13]. - The company does not rely on market timing but instead utilizes a low-correlation multi-asset and multi-strategy approach to enhance the stability of excess returns [3][14]. Product Design - Absolute return products are designed with a focus on asset allocation, strategy alpha, and disciplined rebalancing to control volatility while enhancing the holding experience [3][21]. - The company differentiates between public FOFs, which serve as long-term savings tools for ordinary investors, and private accounts that cater to specific client needs with more flexible strategies [12][11]. Risk Management - The company aims to optimize risk-return characteristics through systematic research in arbitrage strategies, focusing on high win rates and favorable odds [3][19]. - The allocation to arbitrage strategies varies based on market conditions, with higher allocations during favorable scenarios while maintaining strict control over exposure to avoid excessive tracking error [17][19]. Market Outlook - The company adopts a gradual operational approach, remaining neutral in market sentiment and focusing on alpha generation rather than making large market predictions [29][30]. - The emphasis is placed on the stability of fund managers' styles and the sustainability of excess returns, rather than on expressing market views through investment choices [27][30].

当下，A股"牛市氛围"渐浓，曾在震荡期承压的基金投顾业务，终于挣脱蛰伏期的桎梏。 《每日经济新闻》记者了解到，行业标杆中金财富买方投顾业务规模突破千亿元；与此同时，华宝证 券、华安证券（600909）等多家券商基金投顾业务，也实现了规模与客户数的大幅增长，从中小散户到 高净值群体，从零售端到机构端，客群版图持续扩容，多元资产策略的迭代升级，正推动行业从规模冲 刺迈向生态重构，而试点转常规与配置范围扩容的业内呼声，更勾勒出基金投顾业务向纵深发展的迫切 诉求。 基金投顾规模扩张 在A股"牛市氛围"渐浓之际，作为券商财富管理转型抓手的基金投顾业务，终于迎来了显著的发展。 2025年7月，中金财富宣布买方投顾资产保有规模跨越1000亿元。《每日经济新闻》记者调查发现，今 年以来，拥有试点资格的绝大多数券商，基金投顾业务规模都实现了大幅增长。 作为公司的特色业务，2025年，华宝证券基金投顾延续此前确立的"策略工厂"业务模式，积极布局低利 率环境下的投资理财解决方案。截至7月中旬，华宝证券基金投顾规模突破55亿元，客户数超过15万 户，较去年末分别增长40%和20%，其增长的规模主要来自多元资产组合策略、"固收+"策略 ...