Core Viewpoint - The asset management industry is entering a new era where redefining the risk and return structure is essential due to accelerated economic cycle changes, increased global uncertainty, and continuously declining domestic interest rates [1] Group 1: Multi-Asset Strategy Necessity - Multi-asset allocation has transitioned from an optional strategy to a necessary one for asset management institutions, driven by rising uncertainties in the global economic cycle and geopolitical environment [2] - The low correlation between different asset classes is crucial for effectively reducing portfolio volatility and enhancing investment stability, especially in a low-interest-rate environment [2] - The traditional fixed-income strategies are becoming less effective in providing stable returns, necessitating a balance between reducing volatility and enhancing returns through multi-asset and multi-strategy approaches [2] Group 2: Long-Term Value Creation - The banking wealth management sector serves as a vital support for residents' wealth growth, leveraging a "universal toolbox" of multi-assets and multi-strategies to provide comprehensive wealth management solutions [3] - Long-term capital management perspectives highlight the importance of multi-asset strategies, especially as the risk-free return rate trends downward and traditional credit guarantees are no longer reliable [3] Group 3: Evolving Investment Logic - There is a need to upgrade the investment logic from merely "allocating assets" to a combination of "allocating assets and strategies," particularly in the context of shrinking non-standard assets [4] - Active management strategies like "fixed income plus" are being utilized to fill the yield gap left by the contraction of non-standard assets, demonstrating the integration of multiple asset classes [4] Group 4: Systematic Investment Capability - Public funds are also pushing for the systematic and industrialized approach to multi-asset and multi-strategy investments to address the asset allocation challenges faced by investors in complex market environments [4] - The investment returns from multi-asset strategies are generally derived from the beta of selected assets, alpha generated from strategies, and configuration alpha from the combination of various assets and strategies [5] Group 5: Risk Management Challenges - Effective risk control management is critical in multi-asset and multi-strategy approaches, as the risk budget of individual assets and their correlations significantly impact the overall portfolio risk and return [6] - The challenges of balancing these factors require long-term data accumulation and analysis, with AI models potentially assisting in addressing these issues [6]

从"可选项"到"必选项" 多资产多策略成资管行业共识 ■圆桌论坛 ◎记者 张欣然 稳定的收入预期是消费增长的基础，而银行理财行业正是居民财富稳健增值的重要支撑。在李永锋看 来，银行理财行业的核心优势在于具有多资产、多策略的"万能工具箱"，能够通过组合优化，为客户提 供完整的财富管理解决方案，本质上就是创造长期价值。 险资机构则从长期资金管理的角度解释多资产策略备受关注的原因。中再资产副总经理罗若宏在会上表 示：一方面，随着经济结构和发展阶段的变化，无风险收益率处在长期下行趋势中；另一方面，过去的 信用刚兑逻辑被打破，使得投资者只能通过承担更多的市场波动来获取更高的收益。多资产、多策略的 本质，是通过构建更加分散化的投资组合，在降低市场波动影响的基础上争取收益的提升。 在经济周期变化加速、全球不确定性显著上升以及国内利率持续下行的背景下，资产管理行业正面临重 新定义风险与收益结构的时代命题。 12月12日，在上海证券报与交通银行上海市分行联合主办、基煜基金全程协办的"上证·大虹桥金融高质 量发展大会"上，来自银行理财、险资机构、公募基金的多位嘉宾认为，单一资产难以满足当前市场环 境下的风险抵御能力与收益增长需求 ...