Core Viewpoint - Multi-asset and multi-strategy approaches have become essential for asset management institutions in a low-interest, high-volatility environment, shifting from optional to necessary strategies [3][4]. Group 1: Industry Trends - The traditional focus of bank wealth management on fixed-income assets is diminishing as low interest rates reduce yield opportunities, necessitating a shift to multi-asset strategies [3][4]. - The need for diversified asset allocation is driven by reduced returns from bond assets and clients' expectations for stable returns, prompting banks to seek additional sources of income [3][4]. Group 2: Company Initiatives - Everbright Wealth Management has been developing a multi-asset and multi-strategy framework since 2020, with plans to elevate this approach to a company-wide strategic priority by 2025 [3][4]. - The company has launched a research and investment platform focused on "multi-asset, multi-strategy, all-weather" investment [3][4]. Group 3: Investment Strategies - The evolution of "fixed income plus" strategies has expanded from basic equity inclusion to more complex forms such as IPO participation, REITs, quantitative strategies, and derivatives [4][5]. - Everbright Wealth Management successfully participated in an IPO as a direct investor, marking a significant step in its strategy to enhance product yield and optimize financial resource allocation [4][5]. Group 4: Challenges and Solutions - The main challenge for banks is not just adding assets but effectively combining them to enhance risk-return profiles, requiring a deep understanding of different strategies' risk-return characteristics [6][7]. - To improve multi-asset and multi-strategy capabilities, banks must focus on three key areas: a diversified strategy toolbox, strong competitive strategies, and effective large asset allocation [6][7].

Overall Performance - As of December 25, 2025, there are 128 mixed public wealth management products with an investment period of 3-6 months, showing an average net value growth rate of 2.97% over the past six months, with an average maximum drawdown of 0.94% [5] - 29 products have a net value growth exceeding 5%, while over 60% of the products have a growth rate between 1% and 5%, totaling 82 products; 17 products have a growth rate below 1% [5] - Ningyin Wealth Management and Hangyin Wealth Management have performed exceptionally well, with average net value growth rates of 8.49% and 7.60% respectively over the past six months [5] Highlighted Product Analysis - From June to December 2025, the gold ETF market experienced a strong upward trend, with several gold ETFs, such as Huaan Gold ETF and Bosera Gold ETF, showing a net value growth rate exceeding 30% [7] - The convertible bond market also performed well, driven by technology and growth stocks, with Bosera CSI Convertible Bond and Exchangeable Bond ETF rising by 15.93% year-to-date as of November 21, significantly outperforming pure bond indices and high-yield bond ETFs [7] - Hangyin Wealth Management's "Happiness 99 Excellent Mixed (Diverse Constant Profit) 180-day Holding Period" and "Happiness 99 Excellent Mixed (State-owned Enterprise Dividend Selected FOF) 100-day Holding Period" ranked third and fourth, with net value growth rates of 8.68% and 8.06% respectively, benefiting from the strong performance of the convertible bond market and gold sector [7][8] Product Details - "Happiness 99 Excellent Mixed (Diverse Constant Profit) 180-day Holding Period" has investments covering fixed income, equity, and gold, with equity investments and public fund holdings accounting for 27.95% and 23.64% respectively at the end of Q3; the top ten assets include convertible bond ETFs, gold ETFs, index funds, and stocks [8] - The product currently has a leverage level of 101.97%, with plans to increase leverage to enhance returns if funding rates are reasonable [8] - "Happiness 99 Excellent Mixed (State-owned Enterprise Dividend Selected FOF) 100-day Holding Period" has a public fund holding ratio of 47.04% at the end of Q3, maintaining a high gold position; its top ten assets include convertible bond ETFs, gold ETFs, Hong Kong stock ETFs, and various index funds [8] - The product management anticipates an active equity market in Q4, balancing dividends and technology sectors, while maintaining a bullish long-term outlook on gold [9]

Overall Performance - As of August 21, 2025, there are a total of 100 public mixed-asset products with investment cycles of 3 to 6 months that have been in existence for over 6 months. Among these, products from Ningyin Wealth Management, Xingyin Wealth Management, and others made it to the top ten, with Ningyin Wealth Management having three products listed and Xingyin Wealth Management having two [5]. Highlighted Product Analysis - The top three products have a yield exceeding 10% over the past six months, with Ningyin Wealth Management's two products ranking first and second, showing net value growth rates of 11.42% and 11.02% respectively. However, these products also exhibit relatively high maximum drawdowns and annualized volatility [6]. - The highest Calmar ratio is observed in the "Hengrui Ruiying Private Wealth 120-Day Holding" product from Industrial Bank Wealth Management, which has a one-year yield of 4.61% and a maximum drawdown of 0.87%. Xingyin Wealth Management's "Fuli Xinghe Evergreen Six-Month Open 3" also shows strong performance with nearly 10% yield and a maximum drawdown of only 2.90% [6]. - The top-ranked product from Ningyin Wealth Management is a level three (medium risk) bond-mixed product with a minimum holding period of 180 days. Since the beginning of 2025, it has achieved a price increase of 12.23%, with its share volume reaching 207 million by the end of June 2025, a sixfold increase compared to the end of 2024 [6][7]. Recent Position Changes - In the second quarter of 2025, the product reduced its holdings in highly liquid money market assets and increased its investments in bonds and public funds to enhance returns, maintaining an equity position of around 40%. The asset allocation as of the end of the second quarter includes 22.49% in cash and bank deposits, 28.83% in bonds, 42.68% in equity assets, and 6% in funds [7]. - The "Xinghe Huijing 1" product from Xingyin Wealth Management, ranked third, is a level four (medium-high risk) equity-mixed product with a six-month investment cycle. It has shown excellent performance in 2025, with a net value increase of 17.41% and an asset scale of 61.6138 million by the end of June 2025. The product has reduced its equity and public fund holdings while increasing its allocation to highly liquid assets and bonds [7].