随着市场行情持续升温，公募FOF再次成为市场关注的焦点。 工银瑞信基金FOF投资部基金经理周崟近日在接受证券时报记者采访时表示，多资产风险对冲是FOF捕 捉多重收益的重要来源。其中，战略配置获得的系统性贝塔收益，是组合收益的主要来源，应根据不同 资金性质来量体裁衣。战术资产配置则应着眼于中短期，力争通过高配看多资产，获取阿尔法收益。在 接下来的结构性机会中，可关注科技+制造特征的成长板块。 多资产风险对冲 是收益重要来源 周崟是一名有着逾12年从业经验的金融老将。在2014年加入工银瑞信基金之前，在中银基金等买方机构 从事公募产品的开发和研究工作，在这些工作经历中，逐渐形成完整的资产配置和基金精选方法论。 截至目前，周崟共管理6只FOF产品，既有偏债FOF，也有偏股和养老FOF。据基金二季报统计，周崟 管理的6只FOF今年以来均取得了不错回报，工银睿智进取一年A今年以来取得了14.88%的回报，近一 年实现了31.62%的净值增长率。根据基金二季报数据，工银睿智进取一年逾九成仓位持有基金资产， 包括港股通互联网、创新药、芯片、红利低波、黄金、纳指等ETF。二季报显示，该基金穿透后看，权 益仓位处于中性水平，结 ...

多只"固收+"、FOF产品细化业绩比较基准 一个基准涉及六类资产 数据显示，8月以来，新成立的多只FOF产品业绩比较基准较以往更为细化，大多由4～6类资产构成， 涵盖了美股、港股、商品、存款等多种资产类别。 【导读】多只"固收+"、FOF产品细化业绩比较基准 相较以往简单的股债搭配，记者发现，新一批多资产组合产品的业绩比较基准组成更为丰富。 比如，多只新发成立的FOF、"固收+"基金的业绩比较基准涵盖债券、A股、港股、美股、黄金、存款 等多类资产，其设计背后体现出基金管理人的多重考量。 业内人士表示，随着市场中基金产品和基金类型的不断丰富，同质化的问题也更加突出。通过细化业绩 比较基准，表明行业整体投资策略正在向更加精细化、多元化、特色化的方向转变。 永赢元盈稳健多资产90天持有基金经理段伟良表示，一方面，它明确了产品的投资边界，各资产类别的 权重设定实质上框定了组合的风险敞口，为资产配置提供清晰的约束框架。另一方面，多元化的基准有 助于强化投资纪律，要求管理人建立系统化、流程化的多资产研究与决策机制，减少"拍脑袋"式配置， 提升投资的科学性与可持续性。此外，多资产组合的收益来源复杂，细化的基准支持更精准的绩 ...

Core Viewpoint - The recent trend of high-performing funds implementing "purchase limits" reflects a shift from scale-oriented strategies to investor return-oriented strategies, aimed at protecting existing fund holders' interests amidst a hot market [1][3]. Group 1: Fund Purchase Limits - Several high-performing funds have recently announced limits on large purchases, including the Caizhong Securities Asset Management's Digital Economy Mixed Fund, which has a return rate of 56.37% year-to-date as of August 18 [1]. - The Great Wall Pharmaceutical Industry Selected Mixed Fund and the CCB Flexible Allocation Mixed Fund have also set purchase limits, with year-to-date return rates of 135.09% and 49.74%, respectively [2]. - The招商成长量化选股 fund has implemented its second purchase limit this year, with a return rate of 29.55% as of August 18 [2]. Group 2: Reasons for Purchase Limits - Fund managers indicate that limiting purchases is necessary to protect performance, as large inflows at high net asset values can dilute returns and lead to inefficient cash management [2][3]. - Controlling fund size is crucial to avoid operational constraints on portfolio adjustments, especially when the fund size exceeds the manager's capability, which could lead to significant net asset value fluctuations [3]. Group 3: Market Focus and Alternatives - The limited funds primarily focus on popular sectors such as innovative pharmaceuticals, technology, and military industries, which are currently crowded, suggesting that now may not be the optimal time to invest [3]. - Fund companies are exploring other niche sectors and offering products like "fixed income plus" and FOFs to provide investors with a balanced selection [3][4]. - There is a growing interest in "fixed income plus" products and FOFs, with over 90% of FOFs achieving positive returns this year, making them an attractive option for investors seeking stable returns [4].

Core Viewpoint - The current fund market is characterized by a mix of excitement and caution, with investors showing varied responses to the recent market rally, leading to both inflows and outflows in different fund categories [2][3][18]. Group 1: Market Dynamics - The A-share market has seen a significant rise, with the Shanghai Composite Index reaching a nearly ten-year high, yet the enthusiasm among fund investors remains muted, as evidenced by net redemptions in some existing products [2][6][12]. - Many investors are opting to redeem or take profits from equity products after recovering their initial investments, indicating a cautious approach despite the market's upward trend [6][12][18]. - A notable trend is the preference for funds focused on growth sectors, with significant net subscriptions observed in actively managed equity funds that have performed well and lack historical burdens [9][10]. Group 2: Fund Company Responses - Fund companies express a sense of being unprepared for the rapid market changes, with some admitting to a lack of readiness for the current bull market, which has caught them off guard [11][12]. - There is a recognition among fund managers that the current market rally is more stable compared to previous surges, with a desire for a slower, steadier growth to allow for better positioning and investment strategies [15][18]. - The overall sentiment among fund companies is optimistic, with hopes that the market will continue to grow at a sustainable pace, allowing for the absorption of existing capital and fostering solid growth [15][16][18]. Group 3: Investor Behavior - There is a clear divide in investor behavior, with some actively seeking to exit positions while others are beginning to show interest in new investments, particularly in sectors like technology and innovation [6][9][14]. - The increase in inquiries about fund investments at banks indicates a growing interest among retail investors, although actual purchase volumes remain modest [14]. - The cautious approach of investors is reflected in the limited scale of new capital entering the market, with net inflows being relatively small compared to previous periods [10][16].

Market Overview - The A-share market experienced dramatic fluctuations this year, initially benefiting from breakthroughs in artificial intelligence and strong government support for emerging industries, leading to a quick recovery [1] - Following a cooling period, the market shifted towards defensive investment styles, with many investors taking profits, but later saw renewed activity in sectors like new consumption and innovative pharmaceuticals [1] - Globally, indices such as the Korean Composite Index, German DAX, and UK FTSE 100 performed well in the first seven months of the year, while gold remained a popular asset class [1][2] Investment Environment - Investors are facing a complex market environment, leading to indecision and cautious behavior due to fears of missing out on potential gains while also being wary of market volatility [2] - The current market conditions highlight the need for investment products that can provide a sense of security and capitalize on various asset classes without excessive risk exposure [3][15] FOF Products - In the U.S., $3.4 trillion has been allocated to Fund of Funds (FOF) products, indicating a significant trend towards diversified investment strategies [4][5] - FOFs offer a diversified investment approach by investing in multiple funds with different strategies, which helps mitigate non-systematic risks [6] - The convenience of FOFs allows investors to save time and effort in selecting individual funds, as professional teams conduct thorough research and analysis to create optimized portfolios [7] Domestic FOF Market - The domestic FOF market has seen rapid growth since its inception, with increasing public awareness and a variety of underlying assets available for investment [9][12] - The success of products like Huaan Yingrui demonstrates the effectiveness of multi-asset strategies, achieving significant growth in assets under management [12][14] Management and Strategy - The management team behind FOF products, such as Huaan Yingrui, employs a systematic asset management approach, focusing on strategic asset allocation and risk parity to enhance risk-return profiles [16][18] - The investment strategy aims to capture upward potential while preparing for short-term volatility, aligning with current market needs for stability and growth [18]

Core Viewpoint - The FOF (Fund of Funds) market is experiencing a dichotomy, with some products struggling to survive due to low scales while others are achieving remarkable success, indicating a profound transformation in the asset management industry [1][2]. Group 1: Market Phenomenon - Several FOFs have been liquidated due to their small scale, with over 10 FOFs facing liquidation this year alone [2]. - Conversely, there have been notable successes, such as the Morgan Stanley Yingyuan Stable Three-Month Holding Period FOF, which sold out in one day with a scale of 2.752 billion [2]. - Other successful FOFs include the Dongfanghong Yingfeng Stable Allocation Six-Month Holding Period FOF with a scale of 6.573 billion and the Fuguo Yinghe Zhenxuan Three-Month Holding Period FOF with a scale of 6.001 billion [2]. Group 2: Changing Investor Demands - The shift in FOF performance is attributed to changes in investment strategies, with a focus on multi-asset allocation aimed at stable returns and high drawdown control [3]. - The increasing availability of multi-asset allocation tools in the public fund market has provided more options for FOF investments [3]. - Investors are becoming more risk-averse, prioritizing stable asset appreciation, which is reflected in the sales channels of banks [3]. Group 3: Strategic Developments - Major banks are increasingly emphasizing FOF products, collaborating with fund companies to create FOF selection pools [4]. - The TREE Long-term Plan by China Merchants Bank exemplifies a one-stop asset allocation solution that adheres to multi-asset allocation strategies [4]. Group 4: Future Outlook - The FOF market is transitioning into a 2.0 multi-asset allocation era, with recent FOFs adopting strategies characterized by diverse asset allocation [6]. - Analysts highlight the advantage of FOFs in utilizing various sub-funds across stocks, bonds, and commodities to achieve long-term and value investments [6]. - New FOF products are increasingly incorporating "multi-asset" in their names, indicating a trend towards diversified asset allocation [6]. Group 5: Recommendations - Future FOF products should focus on returning to the essence of asset allocation by incorporating assets like gold, overseas markets, REITs, and commodities to meet the needs of retirement investment and absolute returns [7].

智通财经记者 | 邹文榕 智通财经编辑 | 王姝 "12个月。" 作为上海一家头部券商资管投资经理，张林（化名）判断，按现有操作模式，券商资管靠在下沉市场买城投债赚管理费的好时光最多仅剩一年。 随着城投债信用利差的极致压缩，属于券商资管固收投资经理的风光时刻正在快速消减。 对比之下，城投债有政府背书，没有违约风险，张林认为，这是券商资管固收投资全面转向城投债的首要原因。 "快没有业务可以做了。"一位此前负责固收产品的投资经理刘茜（化名）向智通财经记者感慨。 "大型券商尚且能维持住原来的固收规模，但收益率相比前几年已明显下滑。"张林预计，明年开始，券商资管不仅会出现大面积的固收类产品业绩无法达 标，行业内的固收投资经理也将面临失业风险。 为了摆脱对城投债的依赖，张林所在的券商资管早在多年前就布局转型，张林本人也开始从城投债研究转向多资产多策略方向，资产范围涵盖境内外股票、 商品、债券等，策略也实现了多样化。 再见，城投债"躺赢"策略 券商资管脱胎于银行委外理财。 相比于公募基金固收投资以高等级利率债交易久期、银行理财更严格的信用债风控合规要求，智通财经从多位券商资管从业人员处了解到，近年来，在固收 业务上，买入 ...

Core Viewpoint - The article discusses the recent announcement by two departments regarding the reinstatement of value-added tax (VAT) on interest income from newly issued government bonds, local bonds, and financial bonds starting from August 8, which reverses the previous tax exemption policy [1]. Summary by Sections Tax Implications - The cancellation of the tax exemption applies specifically to the VAT on interest income, which is a fundamental aspect of the discussion [4]. - Different types of investors and their respective tax rates on bond investments are outlined, showing that public funds and certain asset management products previously enjoyed a 0% tax rate on government and local bonds [5]. Market Reactions and Conclusions - The first conclusion indicates that existing bonds (old bonds) will not be affected by the new tax policy, which is beneficial for these older securities [6]. - The second conclusion suggests that the new tax policy is relatively favorable for interest rate bonds while being unfavorable for financial bonds issued by banks and brokerages, as the latter will be subject to the new tax rules [8]. - The third conclusion states that credit bonds will benefit from the policy change since their tax obligations remain unchanged, leading to a narrowing of the price gap between credit bonds and interest rate bonds [9][10]. - The fourth conclusion emphasizes that the overall impact on bond investments is negative, as the removal of the tax exemption is detrimental to the bond category as a whole [11]. Fiscal Context - The fifth conclusion highlights the need for the government to find new sources of revenue, as public budget revenues have declined, necessitating the introduction of taxes on bond interest income [13][15]. Impact on Financial Institutions - The sixth conclusion discusses the implications for banks, brokerages, and insurance companies, noting that their bond issuance costs will increase and their profits will be affected due to the additional tax burden [16][17]. Individual Investors - The seventh conclusion reassures individual investors that the impact of the tax change on their investments is minimal, suggesting they should continue with their investment strategies without significant concern [18][19].

Core Viewpoint - The article discusses the evolution and trends in Fund of Funds (FOF) investment, emphasizing the importance of multi-asset and multi-strategy configurations in portfolio construction, as well as the significance of fund selection and investment objectives in achieving stable returns [2][10]. Group 1: Portfolio Construction - The importance of asset allocation is well-known, with classic investment theory suggesting that 90% of fund performance comes from asset allocation. However, many domestic investors initially understood asset allocation as merely the proportion of equities, bonds, and cash, which requires high foresight and predictability [4]. - The diversification of investment tools has allowed for a more mature multi-asset allocation environment in China since 2022, with an increasing number of tools available for FOF investment, including QDII funds and commodity funds [4][5]. - A key aspect of multi-asset allocation is to maintain low correlation between different asset classes, ideally negative correlation, to enhance net value stability. However, investors should be cautious of sudden high correlations during extreme market conditions [7]. - A new direction in asset allocation is multi-strategy configuration, which has been effectively applied in quantitative private equity. This approach combines various effective strategies to achieve more stable excess returns [7][8]. Group 2: Fund Selection - The two main pillars of FOF investment are asset allocation and fund selection. Despite the increasing importance of asset allocation, the significance of fund selection remains high. The ability to select funds is fundamentally about acquiring the alpha capability of fund managers [11]. - The alpha capability of excellent fund managers has shown a trend of recovery since 2025, with active management of public equity funds significantly outperforming mainstream market indices [11][12]. - When assessing a fund manager's alpha capability, it is crucial to separate industry beta and thematic beta, as these represent structural risks rather than true alpha [12]. Group 3: Investment Objectives - Common investment objectives for public funds include pursuing absolute returns, outperforming benchmarks, and leading in peer rankings. Each of these objectives holds different importance for investors, managers, and peer institutions [15]. - Absolute return is considered the ultimate goal for any investment product, especially after recent market fluctuations. Regulatory bodies have begun to suggest that average absolute returns should be a key performance indicator for fund managers [16]. - Outperforming benchmarks is essential for establishing trust with investors and is a core competency for fund companies. Recent market changes have highlighted the need for funds to consistently exceed benchmarks to ensure healthy industry development [17][18]. - Leading in rankings should not be an explicit goal, as it can lead to herd behavior among fund managers. Instead, focusing on absolute returns and benchmark outperformance will naturally result in favorable rankings over time [19].

Core Viewpoint - The article highlights the evolution and achievements of the brokerage asset management industry over the past 15 years, emphasizing the importance of value investment and the establishment of a diversified product matrix to meet investor needs [1][2][19]. Industry Development - The brokerage asset management industry began its independent operations in 2010 with the establishment of the first brokerage asset management company, marking a new chapter in the industry [2]. - The industry has experienced significant growth, with assets under management increasing from 2.8 trillion yuan at the end of 2011 to a peak of 18.8 trillion yuan in April 2017, driven by regulatory changes and market demand [5][6]. - The introduction of the new fund law in 2013 allowed brokerage firms to apply for public fund licenses, further expanding their operational scope [5][6]. Value Investment and Research Platform - The industry has focused on building a robust research and investment platform, emphasizing value investment based on fundamental research to achieve sustainable returns for investors [3][4]. - The establishment of independent asset management subsidiaries has allowed leading brokerages to enhance their operational capabilities and adapt to market changes [4][6]. Product Matrix and Innovation - The brokerage asset management sector has transitioned from a focus on single asset management to a more diversified product offering, including public and private fund management [10][11]. - As of June 30, 2025, the company managed 106 collective asset management plans across various investment fields, showcasing its strong investment management and risk control capabilities [10][11]. - The company has been proactive in launching innovative products, including the first public fund license among brokerages and a comprehensive range of FOF products tailored to different investor profiles [12][13]. Client Service and Trust Building - The company has developed a unique client service model, conducting extensive outreach and educational initiatives to foster a healthy investment mindset among clients [14][15][17]. - The "Oriental Red Ten Thousand Miles" client service initiative has been instrumental in building trust, with over 14,000 events held nationwide, reaching more than 2 million participants [17]. - The company aims to deepen its relationship with investors through a comprehensive service model that combines research, investment, and advisory services [18]. Future Outlook - The company is set to embark on a new strategic plan in 2025, focusing on serving emerging industries and integrating into the broader financial ecosystem [21]. - The commitment to value creation and high-quality service will continue to guide the company's operations as it seeks to enhance its competitive edge in the asset management industry [19][21].