VIDE (5) 9 雷燕军 ◎记者 黄坤 从单一资产到多元策略 理财寻找收益新增量 多资产多策略，已成为资管机构在低利率高波动环境下探寻确定性的一把"金钥匙"。但在新的市场环境 下，做好多资产多策略知易行难。 "加什么资产不难，关键是如何组合好资产。"近日，光大理财股票投资部总监雷燕军在接受上海证券报 记者专访时表示，多资产多策略资产配置，不仅体现在资产类别多、策略齐全，还需要对策略本身风险 收益特征的认知和应用，更需搭建有跨资产、跨市场投资能力的投研团队。 从"可选项"到"必选项" 多资产多策略成共识 过去，银行理财公司以债券投资为核心优势，在中高风险的权益类证券、另类资产等方面相对薄弱。而 在低利率市场环境下，依赖单一资产配置已难以持续，提升多元资产配置能力成为行业共识。 雷燕军表示，以往银行理财产品以固收资产为主，通过信用利差和久期管理获取收益。但随着利率中枢 下移，传统模式的收益空间明显收窄，波动和不确定性反而上升，"这倒逼行业必须从单一资产策略向 多资产多策略转变"。 在雷燕军看来，多元资产配置从"可选项"到"必选项"主要源于两端：一端是资产端债券类资产的收益减 少，必须发挥多资产多策略的禀赋来提 ...

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]

数据说明： 混合类产品范围为理财公司发行的3—6月（含）投资周期的公募混合类产品，统计截止日期为2025年8月21日，统计区间为近6 月。 榜单排名来自理财通AI全自动化实时排名，如您对数据有疑问，请在文末联系助理进一步核实。 | ਸਾਰ ਕੁਰ | 产品名称 | 管理人 | 净值增 长率 | 最大回撤 | 年代渡 动率 | 卡玛比率 | | --- | --- | --- | --- | --- | --- | --- | | | 宁赢平衡增利混合 类开放式理财3号 | 宁银理财 11.42% 7.22% | | | 7.15% | 3.19181 56 | | | (最短持有180天) | 销售机构:宁波银行 | | | | | | | 一赢平衡增利智能 制造活 - 3 - 5 - 5 | 宁银理财 | 11.02% | 7.59% | 7.79% | 2.92597 329 | | | 号(最短篇6个 | | | | | | | | FD | 销售机构:宁波银行 | | | | | | | | 兴银理财 10.06% 10.28% | | | 16.53% | 1.96428 ਰੇਵੇਂ ਕ | | | ...