Group 1: Industry Overview - The FOF (Fund of Funds) investment management industry is accelerating towards diversified competition and differentiated development, driven by public funds, bank wealth management subsidiaries, and securities asset management companies [1] - The FOF industry in China is transitioning from a "product platter" approach to a multi-asset, multi-strategy, and full-cycle model [3] Group 2: Company Strategy - The Guojin Asset Allocation Team is enhancing its investment research capabilities, aiming to meet client needs precisely and expand diversified asset allocation to build a competitive "moat" [1][3] - The team focuses on risk premium and factor investment concepts, innovating in portfolio construction and emphasizing the combination of major asset classes rather than solely relying on underlying funds [3] Group 3: Performance and Recognition - The Guojin Asset Allocation Team has received multiple awards, including the Golden Bull Award and the Yinghua Award, showcasing strong competitiveness [3] - A specific FOF product from the team ranked 8th among securities asset management products in terms of returns for the year 2024, indicating its performance strength [3] Group 4: Client-Centric Approach - The team emphasizes that product evaluation should consider alignment with client needs, not just performance, which is crucial for competitive differentiation [5] - The team employs an all-weather allocation strategy to maximize macro risk diversification and actively manage risks in volatile environments [5] Group 5: Response to National Initiatives - The Guojin Asset Allocation Team aims to strengthen its professional capabilities in response to the national focus on five key areas of finance, particularly in the realm of pension finance [6][7] - FOF investment is seen as uniquely advantageous for pension funds, allowing for flexible allocation across various assets to achieve low-cost, high-efficiency asset management [7]

Core Viewpoint - The FOF (Fund of Funds) investment management industry is accelerating towards diversified competition and differentiated development, driven by the active engagement of public funds, bank wealth management subsidiaries, and securities asset management [2] Group 1: Investment Strategy - The core of FOF investment lies in achieving diversified investment and portfolio optimization through asset allocation and fund selection, transitioning from a "product platter" approach to a multi-asset, multi-strategy, and full-cycle model [4] - The team at Guojin Asset Management focuses on risk premium and factor investment concepts, innovating the portfolio construction process by emphasizing the combination of major asset classes rather than solely relying on underlying funds [4] - Over the past two years, the Guojin Asset Management team has received multiple awards, including the Golden Bull Award and the Yinghua Award, showcasing strong competitiveness with one of their FOF products ranking 8th among securities asset management products for 2024 [4] Group 2: Client-Centric Approach - Evaluating product performance should not only focus on returns but also consider alignment with client needs, which is crucial for competitive differentiation [6] - The team utilizes an "absolute return" strategy within their FOF business to conduct asset research and leverage the advantages of multi-asset portfolios and low-correlation diversification [6] - The team has adopted an all-weather allocation strategy to maximize macro risk diversification and actively manage risks in volatile environments, helping clients understand the benefits of diversified asset allocation [6] Group 3: Response to National Financial Initiatives - The 2023 Central Financial Work Conference emphasized five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, with FOF investment having unique advantages in the pension finance sector [8] - FOF investment can flexibly allocate stocks, bonds, and commodities for pension funds, achieving low-cost and high-efficiency asset allocation, with the current scale of target-date FOF public funds in China being approximately 23.9 billion [8] - The investment characteristics of FOF align well with pension finance, as diversified asset allocation can better withstand significant downturns in single assets, making FOF a vital investment method in China's pension finance landscape [8]