● 本报记者王鹤静 以持续收益为目标 低利率时代，持续获取稳健收益成为投资者的广泛诉求，充分发挥对冲优势的多资产配置策略应运而 生。FOF(基金中基金)作为资产组合的重要载体，正逐步从此前自下而上的"选品"时代，迈进自上而下 驾驭贝塔的资产配置时代。 浦银安盛基金FOF业务部业务主管兼基金经理张川和他所带领的FOF团队，正是积极践行多资产配置 的"弄潮儿"。日前，张川在接受中国证券报记者采访时表示，多资产组合离不开风险管理这一重要前 提，团队根据一级资产、二级分布、三级策略对风险和收益进行逐层详细拆分，通过持续动态调整，力 争为投资者创造持续稳健的收益。 其中，一级资产是对大类资产按类型划分，包括A股、港股、美股、国内债券、商品等；二级风格是对 一级资产的贝塔进一步拆分，比如大盘价值、中小盘成长等；三级策略则进一步细化，例如权益资产的 代表性策略可以总结为"一守三攻"，"一守"即泛红利策略，"三攻"即大盘质量、中小微盘、科技成长策 略。 依靠这样纪律性的约束，张川告诉中国证券报记者，多资产组合收益的可持续性、可复制性、可迭代性 能够得到有力的保障。 在做好风险管理的前提下，张川和团队在底层标的选择上构建了一套 ...

● 本报记者 王鹤静 低利率时代，持续获取稳健收益成为投资者的广泛诉求，充分发挥对冲优势的多资产配置策略应运而 生。FOF（基金中基金）作为资产组合的重要载体，正逐步从此前自下而上的"选品"时代，迈进自上而 下驾驭贝塔的资产配置时代。 浦银安盛基金FOF业务部业务主管兼基金经理张川和他所带领的FOF团队，正是积极践行多资产配置 的"弄潮儿"。日前，张川在接受中国证券报记者采访时表示，多资产组合离不开风险管理这一重要前 提，团队根据一级资产、二级分布、三级策略对风险和收益进行逐层详细拆分，通过持续动态调整，力 争为投资者创造持续稳健的收益。 以持续收益为目标 在进入公募行业之前，张川有过券商自营、企业年金、理财FOF等领域较为丰富的投资管理经验。由于 上述资金的风险偏好相对较低，张川逐步形成了风格稳健的投资方法论。加盟浦银安盛基金后，张川将 这样的方法论进一步精进和升级。 为了实现这样的目标，张川和团队构建了一套完整的风险监控体系，根据一级资产、二级分布、三级策 略，对组合每天的收益和风险进行逐层详细拆分，详细跟踪各类资产的收益与风险特征是否匹配，通过 持续比较性价比，保持组合的动态优化。 其中，一级资产是对大 ...

Group 1 - The report focuses on the changes in the primary and secondary markets since 2024, highlighting the evolving landscape of public REITs [4][5]. - It emphasizes the importance of constructing a configuration system that transitions from Beta to Alpha, aiming to enhance investment strategies [4][39]. Group 2 - The analysis includes an annual assessment of REITs, detailing investor structures and dividend distributions, which are crucial for understanding market dynamics [4][24]. - The report provides a breakdown of various funds' positions in REITs, showcasing their allocation percentages and total holdings, which reflects investor sentiment and strategy [32][35]. Group 3 - The strategy section outlines the construction of a configuration system that shifts focus from Beta (market risk) to Alpha (excess returns), indicating a more active management approach [39]. - It presents performance metrics for different risk-return combinations, illustrating the annualized returns and volatility associated with various portfolio strategies [44].

Core Insights - The trust industry in China is undergoing a significant transformation, with total trust assets reaching 29.56 trillion yuan in 2024, marking a 23.58% increase from the end of 2023 [3][5] - Despite the growth in asset scale, the industry's profit has sharply decreased to 23.09 billion yuan, down 192.87 billion yuan from the previous year, indicating a potential threat to long-term industry development [3][4] Industry Overview - The trust asset scale has shown a notable increase, with a growth of 2.56 trillion yuan or 9.48% from mid-2024, and a total increase of 5.64 trillion yuan from the end of 2023 [3][5] - The trust industry is shifting from a focus on financial intermediation and asset management to an asset service-oriented model, reflecting a strategic adjustment to market demands [3][4] Business Segmentation - The "three classifications" of trust business have been implemented, categorizing them into asset service trusts, asset management trusts, and public welfare trusts, with a focus on wealth management services [6][7] - Wealth management service trusts dominate the business classification, accounting for 76% of the 25 categories, with family trusts and insurance trusts showing significant balances [7] - Risk disposal service trusts have rapidly expanded, with a balance of 24.1 trillion yuan, becoming the largest segment within asset service trusts [7] Financial Trends - The proportion of funds directed towards the securities market has significantly increased, with a total of 10.27 trillion yuan in 2024, up 55.61% from 6.60 trillion yuan at the end of 2023 [5] - The asset management trust business has shown mixed results, with a total scale of 11.39 trillion yuan, while equity trust plans have decreased by 16.73% [7] - The number of registered public welfare trusts has reached a new high, with 539 charitable trusts recorded nationwide [7]