Core Viewpoint - Guoyuan Futures has evolved from a nascent entity into a prominent player in China's futures industry over the past fifteen years, focusing on serving the real economy and enhancing comprehensive services through professionalism and innovation [1] Group 1: Business Development - Guoyuan Futures has expanded its business landscape and upgraded service capabilities, establishing a "multi-dimensional collaborative" business structure that provides comprehensive derivative services for the real economy and financial markets [2] - The core engine of the company, the futures brokerage business, has transitioned from "traditional service" to "comprehensive service," marking a strategic leap from "scale-driven" to "value-led" [2][3] Group 2: Asset Management - Since obtaining asset management qualifications in 2014, Guoyuan Futures has adhered to an absolute return investment philosophy, creating a virtuous cycle of "distinctive investment, growth in scale, and team expansion" [4] - The asset management business has developed a diverse product system, including options trading strategies, CTA strategies, FOF strategies, and fixed income strategies, aiming to become an "all-weather service provider for wealth management" [4] Group 3: Risk Management - Guoyuan Futures' risk management subsidiary has focused on supporting the real economy by providing services such as basis trading, warehouse receipt services, and over-the-counter derivatives since its establishment in 2015 [5][6] - The company has actively engaged in projects that align with national rural revitalization strategies, expanding its "insurance + futures" model across 15 provinces and completing over 300 projects [6] Group 4: Core Support Capabilities - The company has established five core support capabilities: information technology, compliance and risk control, human resources, operational services, and research consulting, which are essential for high-quality business development [7][9] - Information technology has been upgraded to lead the digital transformation of the financial industry, significantly enhancing business response speed and service innovation [8] - The human resources strategy has evolved to focus on team building, resulting in a professional team of over 340 members, optimizing talent structure across various fields [8] Group 5: Future Outlook - Guoyuan Futures has received multiple accolades, including the "2021-2023 Capital Civilization Unit" award, reflecting its commitment to serving the real economy [10] - The company aims to continue its mission with a focus on risk control, market orientation, and customer-centricity, contributing to the construction of a strong financial nation [10]

Core Viewpoint - In an increasingly uncertain market environment, investors are confused about asset allocation directions for the second half of 2025, highlighting the importance of diversified risk and multi-asset strategies as a key approach for stable progress [1] Asset Allocation Framework - Penghua Fund's unique asset allocation framework combines strategic asset allocation (SAA) and tactical asset allocation (TAA) to form a comprehensive investment decision-making system [2] - The framework sets withdrawal control and volatility levels based on clients' risk-return preferences, categorizing them into low, medium, and high-risk profiles [2] - The methodology emphasizes "fractal art of asset allocation," allowing for the reverse calculation of asset weights across different time dimensions to ensure alignment with strategic goals while being adaptable to short-term fluctuations [2] Risk Management - A multi-layered risk control system is integrated throughout product design and investment management processes [3] - Strategic asset allocation is based on the team's cross-cycle alpha capabilities and client fund attributes, while tactical asset allocation employs dynamic adjustment mechanisms to respond to market changes [3] - A systematic fund selection mechanism is established, utilizing a "three-tier screening" process to narrow down from approximately 200 funds to about 20 core holdings, ensuring diversity and quality of underlying assets [3] Market Outlook for H2 2025 - Penghua Fund's Chief Asset Allocation Officer, Zheng Ke, indicates that the asset allocation strategy will focus on "new productive forces + strategic resources," with an emphasis on overweighting the A-share market to seize bull market opportunities [4] - The strategy will also involve underweighting domestic bonds and U.S. stocks while strategically overweighting gold to hedge against potential risks in the Jamaican monetary system [4] - The focus within the A-share structure will be on growth styles, with national strategic investments expected to provide foundational support, and new productive forces anticipated to be a key driving force for market trends [4]