1、从客户需求变化看资产配置的新风向招商银行私人银行部2019年9月需求专业共识财富管理的本质：与客户达成共识“中等收益水平”比例在下降“进取型”和“保守型”的比例都在上升“理财避风港”正在消失资管新规、P2P暴雷、非标供给萎缩打破扭曲的风险收益特征后，客户的选择，要么追求安全性降低预期收益率，要么提高风险容忍度追求高收益风险偏好出现新的变化2019年的资产分布更加均匀监管与市场的双重影响应对“理财避风港”消失后的选择面对一个“浮动收益”的理财世界，客户需要重新构建自己的组合资产分布更加均衡各品类选择“增加”的人数显著增多，体现出投资者信心的提升选择“减少”的人数占比也增多，表现出投资者对于各 品

2、类偏好的分化受监管“房住不炒”政策指导影响，投资性房地产配置预 期放缓受当前股市回升表现与市场信心的影响，高净值人群对于债券产品的配置热情有所下调投资的积极性提高资产配置，不再是要不要做，而是如何做体系的搭建和真正的实践 引导销售团队投资理念的转变 加强市场机会和策略的研究，帮客户发掘更多市场机会 搭建丰富多元的产品平台帮客户捕捉机会和分散风险 建立资产配置体系，引导客户使用正确的投资方法 跟踪组合绩效，陪客户穿越周期资产资产 比例比例策略策略比例比例本月绝对本月绝对涨跌幅涨跌幅对组合绩对组合绩效的影响效的影响今年以来今年以来对组合绩对组合绩效的影响效的影响现金5%5%无无无固定收益类50%*

3、策略10%0.35%0.03%0.46%*策略30%0.58%0.16%1.24%*策略10%无无无股票类 30%*策略10%1.79%0.16%4.05%*策略5%-0.75%-0.04%0.62%*策略7%1.93%0.14%1.88%*策略5%2.00%0.10%0.62%*策略3%0.58%0.02%-0.11%另类15%*策略5%-0.36%-0.02%0.78%*策略5%0.87%0.04%0.69%*策略5%2.95%0.14%0.53%合计合计100%100%100%100%0.77%10.75%回归本源：引导客户向市场化投资理念转变回归中国机会，境外配置以分散风险为首要目标境

4、内外服务一体化是中资银行发力点需求+专业=共识调整心态，回归本源适应资产新规，引导帮助客户完成从“保本”到市场化投资的理念及投资方式转变强化资产配置方法的落地提升团队专业能力与人打交道的能力提升投资能力境内外服务一体化加强一体化的服务建设搭建海外产品平台注重非金融服务SUSTAINABLE INVESTMENT:LATEST TRENDS AND OUR APPROACH AT BNP PARIBAS ASSET MANAGEMENTDANNY HESEPTEMBER 2019FOR PROFESSIONAL INVESTORS-MARKETING COMMUNICATION1.LATEST

5、GLOBAL AND EUROPEAN TRENDS2.OUR APPROACH AT BNP PARIBAS ASSET MANAGEMENT3.INTEGRATING SUSTAINABILITY IN PORTFOLIOS 4.CONCLUSION5.APENDICESCONTENT2LATEST GLOBAL AND EUROPEAN TRENDS13Reconciling financial returns with positive social and environmental impactThe six main approaches to sustainable inves

6、tmentExclusionESG integrationAcross teams and asset classesESG multi-factorBest-in-classImpact investingGreen BondsSocial BusinessThematic4UN Global CompactSector policiesClient-specificClimate ImpactWater StrategySMaRT FoodHuman Dev.Active ownershipProxy votingActive ownershipPositive changeSource:

7、BNP Paribas AM,March 2019.SRI scopeAlso known as positive screeningApplied across all our assetsA growing sustainable investment market,led by EuropeUSAUSD 11,995 bn+38%CanadaUSD 2,132 bn+42%AustraliaUSD 734 bn+46%Asia*USD 52 bn+16%EuropeUSD 14,075 bn+11%Sustainable assets in 2018(including ESG)and

8、2016-2018 growth a USD 31 trillion marketSource:Global Sustainable Investment Review 2018.*Asia was not included in the GSIR 2018 report,hence data is from the 2016 report,with 2014-2016 growth.Japan USD 2,180 bn+307%53 KEY DRIVERS:1.Japans first Stewardship Code in February 2014(encouraging institu

9、tional investors to engage with companies in which they invest)2.The Corporate Governance Code in June 2015(setting rules on whistle-blowing,disclosure and stakeholders rights)3.The Japanese Government Pension Investment Fund(GPIF)becoming a PRI signatory in September 2015,driving market adoption.Ja

10、pan is experiencing great momentum6From USD 474 billion in 2016,Japanese sustainable assets jumped to USD 2.1 trillion,or 41.7%of total surveyed assetsJapans sustainable assets growthAs growth continues and deepens beyond asset owners to retail investors,latest trends from Europe can help give an id

11、ea of what may be coming to JapanSource:Japan Sustainable Investment Forum,January 2019.ESG integration is now the fastest growing approach in Europe7(In EUR million)Source:European SRI Study,EUROSIF,2018 Similarly to the rest of the World,exclusions remain the most widely used approach A growing in

12、terest in sustainable investing among millennialsSource:Brochure Finding out peoples attitudes to SRI in Europe BNP Paribas,20178Millennials Interested in Sustainable investingMillennials wanting sustainable investing options for their 401(k)plansMillennials willing to align their investments with t

13、heir values86%90%67%Drivers and deterrents for SI demand,a European viewSource:European SRI Study,EUROSIF,2018 9Drivers to SRI demandDeterrents to SRI strategies10Policy on the riseCumulative number of policy interventions per year(counting individual revisions separately)Source:PRI responsible inve

14、stment regulation database published at Global Guide to Responsible Investment Regulation(2016)ESG disclosure requirements for companies in38 of the largest 50 economiesESG reporting guidance led by Stock Exchanges or industry associations in 26 out of the largest 50 economies 11Sustainable investme

15、nt has been moving to the forefront3 December,2018Mercer report,20018Frances article 173 in 2016 came as a fore-runner of TCFD12For asset managers andasset ownersThe focus on climateAssessing impact on and from climateMoving to mandatory disclosure While previously only asset managers had

16、 mandatory disclosure on ESG,article 173 extend it to asset owners Implemented via comply or explain principleNeed to report both on:1.How they integrate ESG in investment strategy2.How they contribute to the energy transition(for AM or AOs with AUM above EUR 500 mn)Given the urgency and financial m

17、ateriality of environmental challenges,within ESG focus is set on the E pillar,and in particular climate change Investors should demonstrate both how they:Integrate risks linked to climate change Contribute to the 2 C objectiveSource:BNPP AM,March 2019.TCFD Disclosure recommendations13Disclose the o

18、rganizations governance around climate-related risks and opportunitiesGovernanceStrategyRisk ManagementDisclose the actual and potential impacts of climate-related risksand opportunities on the organizations businesses,strategy,and financial planningDisclose how the organization identifies,assesses,

19、and manages climate-related risksDisclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities.Metrics and TargetsSource:TCFDLaunched in 2015 by FSB,Chaired by Mike Bloomberg.Recommendations launched in 2017:apply to companies;fund managers;and pension f

20、unds One comprehensive strategy|three main objectives|ten actionsEU roadmap to finance sustainable growth(launched in 2018)14Mainstreaming Sustainability into risk ManagementFostering transparency and Long-termism23Integrate ESG in Ratings and Market ResearchClarify investors&asset managers duties78

21、9104Incorporate sustainability in prudential requirementsStrengthen Sustainability Disclosure&AccountingFoster Sustainable Corporate GovernanceIncorporate Sustainability in investment advice6Establish EU Sustainable TaxonomyCreate Standards and LabelsFoster Investment in Sustainable ProjectsDevelop

22、Sustainability Benchmarks1235Reorienting capital towards sustainable investment 1EU:outcomes from the Technical Expert Groups(TEG)15BenchmarksMandatory investor disclosures of E&S risks and impacts Sustainability TaxonomyEuropean Green Bond StandardOUR APPROACH AT BNP PARIBAS ASSET MANAGEMENT216Our

23、philosophy17WE FOCUS ON ACHIEVING LONG-TERM SUSTAINABLE INVESTMENT RETURNS FOR OUR CLIENTSSUSTAINABILITYIS ATTHE HEART OFOUR STRATEGYThe foundations:BNPP AM is a recognised leaderMember of advisory committees at international bodies such asthe PRI,FSB TCFD,and IIGCC.A17-yearhistoryinaddressinginvest

24、ment-relatedsustainability issues.Undertaking ESG*research across all asset classes,regionsand sectors.Rankedfirst-in-class(A+)byPRIforourapproachtoresponsibleinvesting;recognisedbytheUKFinancialReporting Council for our quality approach to stewardship.A multi-disciplinary team of 25 ESG professiona

25、ls withfinancial,economic and legal expertise.Source:BNP Paribas Asset Management,PRI rating as of January 2019.*ESG:Environmental,Social,Governance;*PRI:Principles for Responsible Investment;IIGCC:Institutional Investors Group on Climate Change;TCFD:Taskforce on Climate-related Financial Disclosure

26、;FSB:Financial Security Board.A LONG HISTORYREWARDED FOR OURESG PERFORMANCEA DEDICATED TEAM OF SEASONED PROFESSIONALSA RECOGNIZED OPINION LEADER AND ADVOCATEA GLOBAL SCOPE1819Why a Global Sustainability Strategy?ARTICULATE our sustainable investment approach and ambition and communicate on them both

27、 internally and externallyDIFFERENTIATE ourselves from our peers through the clarity of our approach and ambitionPROVIDE a set of clear objectives and targets against which we can measure successINTRODUCE a framework to measure our potential impact for clients and the economyIn a fast changing world

28、,our focus is on achieving long-term sustainable returns for our clients.In line with this,BNP Paribas Asset Management is committed to integrating sustainable investment practices across all our strategies.Our commitment:become fully sustainable by 2020 We believe this is both in the financial inte

29、rest of our clients,and of the economy at large.The commitment incorporates two key components:Our full range of investment strategies will be sustainableComprehensive research and integration of ESG factors,responsible business conduct and product-based exclusions,stewardship,and reporting will be

30、implemented for all of our investment strategies.Aligning our investment portfolios and engagement activity with a sustainable futureOur Sustainable Investment Roadmap(2019-2022)sets out a formal process in place to achieve our sustainable investment ambition.Firm-wide approachFirm-wide targets20A w

31、ell-resourced Sustainability Centre to deliver on our ambitionsSource:BNP Paribas Asset Management-As of 15 March 201921A strong ESG team with diverse backgrounds Consulting Advocacy&Policy NGOs Intergovernmental Organisation Mainstream investments Sell-side Analysis Sales&Marketing Industry experie

32、nce8 languages spokenFrench,English,German,Italian,Chinese,Dutch,Spanish,Hungarian 14 new hires In 2018&201910+and 270+yearsAverage&cumulative professional experience25 ESG expertsAcross 3 continents,including 4 in AsiaIn Asia,recruitments in stewardship and green bonds,to promote greater adoption o

33、f sustainable investment and take advantage of growth opportunities such as green bondsand a network of 45 ESG championsOur sustainable investment beliefs*Environmental,Social,GovernanceOur sustainable investment beliefs further underpin our conviction about embedding ESG*criteria in the core of our

34、 investment approach.22ESG integration helps us achieve better risk-adjusted returns Stewardships an opportunity and obligationOur Fiduciary Duty is aligned with sustainable investmentSustainable economic future relies on sustainable investment practices Walking the talk is critical to achieving exc

35、ellenceWe are long-term,forward looking investors Improve risk-adjusted returnsBNPP AMs Sustainable Investment ApproachSource:BNP Paribas Asset Management,March 2019.*Environmental,Social,Governance;*Exactly 399 Billion In AUM As Of 31 December 201823Sustainable InvestmentESG*Integration across all

36、investmentsForward Looking Perspective:The 3EsResponsible business conduct expectations&Sector-based exclusionsStewardship(Voting,Engagement,Public policies)Protect company value;influence sound regulatory framework;promote better social and environmental outcomes2Enhance investment decision-making;

37、preserve long-term market performance4Avoid reputational,regulatory and stranded asset riskImprove risk-adjusted returns13Impact,thematic and socially responsible investment24Including 37bn*in Targeted*strategiesSource:BNP Paribas Asset Management,March 2019.*As Of 31 December 2018;*Socially Respons

38、ible InvestmentImpact investmentGreen BondsSocial BusinessThematicClimate ImpactWater StrategySMaRT FoodHuman Dev.Best-in-classAlso known as positive screeningOur ESG scoring methodology:a 3-step processCombining quantitative data and in-depth research on key material issues for each sectorSource:BN

39、P Paribas AM,January 2019 Quantitative scoring of companies from 0 to 100 (100=highest)based on:Common ESG indicators across sectors(min 40%)Sector specific indicators(up to 60%)Quant data In-depth analysis on key material ESG issues(climate change,etc.)Exchange with companies&controversies follow u

40、pReflected in+/-30%qualitative overlay to ESG scoreQualitative assessment Final ESG score Benchmarking of companies against peers Ranking by decile from 1 to 10(1=highest)ESG company ranking123251.ESG integration 26At the core of all our investment processes,analysts and portfolio managers integrate

41、 a consideration of relevant ESG factors into their company,asset and sovereign evaluation and investment decision-making processes.”Sustainable investing integrates ESG factors into each stage of the investment processInvestment philosophyResearch and idea generationVotingEngagementPortfolio constr

42、uctionRisk managementDisclosure and reportingSome common principles for ESG integration apply across all asset classes,while others are asset class or strategy-specificPHILOSOPHYWe will not invest in a public entity without an ESG score,or performing qualitative ESG analysis in the absence of a quan

43、titative ESG ratingRESEARCHWe will not invest in a private entity without performing ESG due diligence STEWARDSHIP&ENGAGEMENTWe will not invest in a weakly rated entity without actively engaging particularly on the key issues identifiedWe will disinvest from weakly rated entities which do not respon

44、d to engagementHoldings of weakly-ratedpublic entities will need to be justified by additional documented qualitative analysis integrating ESG factorsKPIs&REPORTINGWe should aim to hold portfolios with more positive ESG characteristics than their respective(invested)benchmarks.We should aim to hold

45、portfolios with a lower carbon footprint than their respective(invested)benchmarks.Source:Global Sustainable Strategy BNPPAM,March 20192.Stewardship is central to our strategyWe work closely with organisations that serve as a reference in the field of responsible investment to promote sustainable de

46、velopment and improve common practices 27The 3EsEnergy Transition,Environmental Sustainability and Equality serve as the focus for our global sustainability engagement effortsResponsiblebusiness conductWe are committed to engage with or exclude companies that appear on our watch list for serious con

47、troversies,including those deemed to be in violation of the UN Global Compact Principles.A major priority for usas part of our ongoing dialogue with the companiesin which we invest is to promote good governancepractices.Public policyActive engagement with regulators helps to shape the markets in whi

48、ch we invest and the rules that guide and govern company behavior.Engagement(voting,governance,management quality)28ESG integration can help generate better risk-adjusted returnsOxford study based on over 200 academic studiesCost of capitalSound sustainabilitystandards lower thecostofcapitalofcompan

49、ies90%88%80%Operational performanceSolidESGpracticesresultinbetteroperational performanceof firmsStock price performance of companiesStockpriceperformanceofcompaniesispositivelyinfluencedbygoodsustainability practicesPercentage of the studies showingSource:BNPP AM,University of Oxford,“From The Stoc

50、kholder To The Stakeholder”,March 2015.*65.4%positive;5.8%negative(University of Hamburg,Deutsche Bank,“ESG and financial performance:aggregated evidence from more than 2000 empirical studies”,December 2015)ESG is particularly relevant for EM,which has the highest positive relation between ESG and c

51、orporate financial performance.Research supports our focus on Stewardship,helping to drive ESG improvements companies we invest in.Positive ESG momentum can be a driver of financial performance29Performance of Top versus Bottom ESG Momentum Quintile PortfoliosSource:MSCI research,November 2018.Data

52、covers two hypothetical long-short indexed portfolios.Developed market performance represents going long for the equal-weighted upper quintile of MSCI World Index,while the bottom equal-weighted quintile goes short.DM data is from June 2009 to February 2018.The emerging-market hypothetical portfolio

53、 applies the same methodology to the MSCI Emerging Markets Index,from June 2013 to February 2018.3.Responsible Business Conduct3010 Principles coveringHuman rights LabourEnvironmentAnti-corruptionUnited NationsGlobal CompactA universal benchmark for assessing companiesControversial weapons*Asbestos*

54、Tobacco*Coal Policy*Palm oil and Wood PulpNuclearMiningOil sandsAgricultureBNPP AM Sector policiesImplementation of policiesfor sensitive sectorsWe expect companies to meet their fundamental obligations in the areas of human and labour rights,protecting the environment and ensuring anti-corruption s

55、afeguards338 companies excluded from our open-end funds70companies under surveillanceSource:BNP Paribas Asset Management,March 2019.*Exclusion policies.Other sensitive sector policies are based on minimum requirements.4.Forward looking perspective:the 3EsWe have identified three critical pre-conditi

56、ons for a more sustainable and inclusive economy.31Future EconomyTogether,these“3Es”represent the pathway to an economic sustainability that enable us,as investors,to safeguard long-term returns2.EnvironmentalSustainability3.Equality&Inclusive Growth1.EnergyTransition32We have established a set of t

57、argets and developed key performance indicators(KPIs)relating to these 3 Es,addressing how we will align our investment research,portfolios,and company and regulatory engagement.4.Forward looking:the Three EsSource:Global Sustainable Strategy BNPPAM,March 2019ENERGY ENERGY TRANSITIONTRANSITIONGreen

58、Green Share Share%AUM%AUMIEA IEA SDSSDSALIGNMALIGNMENTENTPortfoPortfolio lio CO2 CO2 emissiemissionsonsreductreductionsionsENGAGEMENTWe will also engage with companies on these topics with associated targets and reporting on outcomesENVIRONMENENVIRONMENTAL TAL SUSTAINABISUSTAINABILITYLITYWater Water

59、 footprifootprintntForest Forest footprifootprintnt%of%of Female Female Board Board membersmembersEQUALITY&EQUALITY&INCLUSIVE INCLUSIVE GROWTHGROWTHINTEGRATING SUSTAINABILITY IN PORTFOLIOS 333How can investors integrate sustainability in portfolios?Sustainable investment approaches can be used acros

60、s traditional investment portfolios Source:BNPP AM,March 2019.34Adoption of a Sustainable Investment Policy(e.g.incl.climate change)Active broad market portfoliosPassive&alternative indexationOur solution:ESG&low carbon multi-factor&indexedOur solution:ESG integration,with strong stewardshipResponsi

61、ble business conduct§or based exclusions across portfolio Specialist portfoliosForestWaterGreen InfraGreen BondOur solution:add thematic&impactCONCLUSION435Sustainable investment is becoming mainstream,with both increasing investor demand and promising regulatory developments,particularly in Eur

62、ope BNPP AM has been a pioneer in sustainable investment and has set a target to be sustainable across our investment strategies by 2020We look forward to partnering with you as“future makers”,to achieve what should be a joint aim:a sustainable futureConclusion36APPENDICES537From ESG integration to

63、impact,thematic and SRISource:BNP Paribas Asset Management as at 31 December 2018.The 4 components:ESG integration,Stewardship,Responsible business conduct and sector-based exclusions,Forward-looking perspective the 3Es.*SRI:Sustainable Responsible Investment38SUSTAINABLE INVESTMENTIMPACT INVESTMENT

64、SOCIAL BUSINESSPrivate investments in small and medium enterprisesRoughly EUR 100 millionALL INVESTMENTSThe 4 components of sustainable investment*are integrated across our investment strategiesEUR 399 billionTHEMATIC Investments in specific areas such as energy transition,green bonds,water,human de

65、velopment,food,the global environment and climate changeEUR 7.7 billionSRI*Uses a best-in-class approachIncorporates wider range of exclusions beyond those captured in our full-fund line upEUR 29.3 billionIntegrating ESG can improve corporate financial performance39Valid across each ESG pillars,asse

66、t classes and geographiesUniversity of Hamburg&Deutsche study based on over 2200 studies on the relation between ESG and corporate financial performance Source:BNPP AM,University of Hamburg,Deutsche Bank,“ESG and financial performance:aggregated evidence from more than 2000 empirical studies”,Decemb

67、er 2015.Chart based on the study of 644 vote count studies with identifiable ESG categories showing the relation between ESG and corporate financial performance.58.7%55.1%62.3%35.3%4.3%5.1%9.2%7.1%0%10%20%30%40%50%60%70%EnvironmentalSocialGovernanceVarious E,Sand GcombinationsPositiveNegative52.2%63

68、.9%71.4%4.4%0.0%0.0%0%10%20%30%40%50%60%70%80%EquitiesBondsReal EstatePositiveNegative42.7%26.1%33.3%38.0%65.4%7.1%8.0%8.9%7.7%5.8%0%10%20%30%40%50%60%70%NorthAmericaEurope Dev.AsiaDev/Aus/NZDev.MarketsEMPositiveNegativeDisclaimer40BNP PARIBAS ASSET MANAGEMENT France,“the investment management compa

69、ny,”is a simplified joint stock company with its registered office at 1 boulevard Haussmann 75009 Paris,France,RCS Paris 319 378 832,registered with the“Autoritdes marchs financiers”under number GP 96002.This material is issued and has been prepared by the investment management company.This material

70、 is produced for information purposes only and does not constitute:1.an offer to buy nor a solicitation to sell,nor shall it form the basis of or be relied upon in connection with any contract or commitment whatsoever or2.investment advice.Opinions included in this material constitute the judgement

71、of the investment management company at the time specified and may be subject to change without notice.The investment management company is not obliged to update or alter the information or opinions contained within this material.Investors should consult their own legal and tax advisors in respect o

72、f legal,accounting,domicile and tax advice prior to investing in the financial instrument(s)in order to make an independent determination of the suitability and consequences of an investment therein,if permitted.Please note that different types ofinvestments,if contained within this material,involve

73、 varying degrees of risk and there can be no assurance that any specific investment may either be suitable,appropriate or profitable for an investors investment portfolio.Given the economic and market risks,there can be no assurance that the financial instrument(s)will achieve its/their investment o

74、bjectives.Returns may be affected by,amongst other things,investment strategies or objectives of the financial instrument(s)and material market and economic conditions,including interest rates,market terms and general market conditions.The different strategies applied to the financial instruments ma

75、y have a significant effect on the resultsportrayed in this material.All information referred to in the present document is available on www.bnpparibas- 从布局到变局资管行业数字化转型埃森哲金融服务2019年9月Copyright 2019 Accenture All rights reserved.目录1:全球行业与市场洞察2:数字化资产管理-“布局”与“转型”3:数字化财富管理-浪潮之下，机遇与挑战并存Copyright 2019 Acce

76、nture All rights reserved.3 3全球各地区资产管理规模水平略显差距，资产管理危机后增速缓慢，亚洲成为全球资产管理增速最快的市场24.512.94.42.231.217.25.85.63318.466.6055北美欧洲日本和澳大利亚亚洲（除日本）各地区资产管理规模对比（单位：万亿美元）200720152016 以美国为主的北美地区依旧是全球最大的资管市场，占比48%，但增长较为缓慢 欧洲地区资产管理增速危机后保持3%-5%的增速 英国净流入资金相对疲软，英国市场整体呈现资金净流出，脱欧导致的英镑贬值反而抵消了净流出的影响。欧洲其他地区资金净流入较快

77、，尤其是正在发生“存款向资管产品迁移”过程的西班牙和意大利 日本、澳大利亚地区资产管理保持3%-4%的增速，但日本流入资金相对疲软，日本市场相对较低的权益回报率降低了对资金的吸引力 亚洲其他地区近年来资产管理增速虽有放缓，但过去十年来仍保持年均11.61%的增速，主要得益于中国市场不断发展和新兴市场带来的新财富管理机会数据来源：中金公司研报Copyright 2019 Accenture All rights reserved.4 4 截止2019年第一季度，全球前20大资产管理机构资产管理总规模超过44.8万亿美元，占全球资产管理市场份额超过44.5%，前50大市占率则超过80%银行系资管机

78、构在全球前20名资管机构中数量过半，一方面依托多元金融牌照，均衡资产配置，提供全品类产品，一方面聚焦高净值客户，引流资产管理数据来源：wind从全球资产管理机构管理规模来看，国际市场的寡头化趋势相对明显，前20名资产管理机构合计占比已达44.5%排名资产管理机构管理资产（十亿美元）母公司性质1BlackRock6,520基金系2Vanguard Group5,600基金系3UBS3,256银行系4State Street Global Advisors2,805银行系5Fidelity Investment2,459基金系6Allianz Group2,357保险系7JP Morgan Ass

79、et Management2,096银行系8Capital Group1,859基金系9BNY Mellon1,841银行系10PIMCO1,760保险系11Goldman Sachs Group1,599银行系12Amundi1,598银行系13AXA Group1,597保险系14Morgan Stanley1596银行系15Prudential Financial1,456保险系16Credit Suisse1,438银行系17Deutsche Bank1,355银行系18Legal&General Investment Management1,322保险系19BNP Paribas1,

80、206银行系20Northern Trust1,162银行系Copyright 2019 Accenture All rights reserved.5 5银行系基金系保险系管理资产规模产品类型客户结构产品费率2.1 万亿美元1.8万亿美元6.5万亿美元5.6万亿美元1.8万亿美元1.5万亿美元个人客户、机构客户机构客户为主机构客户为主机构客户为主约50bp约20bp5bp10bp85%资产配置平台实现100%资产配置全球财富管理平台北美财富管理平台 2018年，WMP已陆续在亚洲及欧洲上线。2019年到2021年，UBS将继续在WMP与WMAP两个平台的投入超过6亿瑞士法郎 届时，美国地区1

81、00%的客户投资资产将在WMAP进行管理，全球其他地区也将会有大于85%投资资产在WMP进行管理 WMP及WMAP财富管理平台的建设包括建立现代投顾工作站、整合数据平台、建设灵活可扩展的中后台核心运营平台，使供应、流程和工具标准化，达到提高投顾效率、降低成本的目的。资料来源：UBS global investor updateCopyright 2019 Accenture All rights reserved.3636中国数字化财富管理平台建设方兴未艾，但领航者已经启程重视金融科技，中后台研究更新的数据几分钟之内就可以从总行达到各区域客户经理手上，根据实时数据为客户进行投资策略调整。持续建

82、设专属私人银行业务的财富W+系统，打造财富管理平台，是招商银行首批通过工信部DevOps 标准评估的的四个项目之一资料来源：公司年报，Accenture Research“2019年上半年，公司继续加大财富管理平台建设力度，致力于以客户需求为中心、以关注客户的整个生命周期为出发点此外，以线上核心生态系统gWMS系统为依托，加快释放平台价值，持续优化升级客户端和投顾端，包括财富规划在内的功能不断扩充”2019年6月5日，蚂蚁金服与Vanguard合资成立先锋领航投顾（上海）投资咨询有限公司，受金融开放“新11条”的影响，合资公司公募投顾试点有望加速获批，蚂蚁通过联姻Vanguard实现“业务+技

83、术双轴开放”，依托技术优势，将业务延伸到财富科技智能投顾业务领域Copyright 2019 Accenture All rights reserved.3737智能投顾2011年起步之初以创业公司为主，当前，传统金融机构已意识到提供智能投顾服务的重要性和必要性，智能投顾正处在向大众普及的阶段Copyright 2019 Accenture All rights reserved.3838智能投顾的出现及快速发展为传统面对面的财富管理模式带来了冲击并促进新的财富管理模式，埃森哲认为目前财富管理有三大模式传统财富管理模式：基于投资产品，财富顾问提供面对面的投资咨询服务纯智能投顾模式：根据客户投资

84、目标，通过人工智能算法平台提供投资建议。低成本、低费率、全时的财富管理服务模式，适用于精通科技的80后90后的大众人群，但是个性化建议有所欠缺混合模式：客户不仅能够使用数字化工具帮助其自行做投资决策，而且也可以定期或按需获取财富顾问的投资建议。该模式可以增加服务的客户数量及提高财富顾问的服务效率欢迎联系并探讨相关业务，谢谢！Promoting life insurers role to support Sustainable Development Goals(SDGs)SDGs and ESG Investment in the Asia-Pacific1Global Asset Alloc

85、ation Leaders Summit10-11 September,ShanghaiGeneral Manager,International AffairsNippon Life Insurance CompanySherpa,APFF Insurance and Pension GroupProject Director,Music for SDGs ProjectLife Insurers and Sustainable Development Goals(SDGs)2019 Progress Report to APEC Finance Ministers LIAJs Initia

86、tives on SDGs Understanding SDGs Recent ESG/SDGs Investment and Financing SDGs Equity Fund Policy Recommendations Shared challenges and recommendations Expanding the regions long-term investors base Promoting long-term oriented regulation/accountingMusic for SDGs Enhancing public awareness on SDGs t

87、hrough music2CONTENT（Photo United Nations,New York,USA)Adopted at the United Nations Sustainable Development Summit in September 2015,the 2030 Agenda for Sustainable Development commits to the achievement of 17 goals and 169 targets by 2030 for a sustainable,equitable,and inclusive society with no o

88、ne left behind.All U.N.member countries are asked to work together through public(government)and private(corporations and citizens)partnerships.It is a common global language for sustainable society characterized by the universality,which all nations including both developing countries and developed

89、 countries must take actions,with no one left behind as a keyword to ensure inclusive.To define priorities,Nippon Life evaluated 17 SDGs goals and selected 10 goals from 17 goals.17 GoalsLife Insurers and Sustainable Development Goals(SDGs)3Nippon Lifes 10 PrioritiesI.Access to FinanceFinancial Incl

90、usionFinancial Infrastructure DevelopmentII.Financial Market DevelopmentAsia Region Funds PassportFinancial Market infrastructure Technology42019 Progress Report to APEC Finance Ministers APFF is a regional platform for collaboration among public sector,private sector and multilateral institutions t

91、o help accelerate the development and integration of financial markets and services in the APEC region,and is an official policy initiative under the APEC Finance Ministers Process,tasked to support the implementation of the Ministers Cebu Action Plan(a 10-year roadmap for the development and integr

92、ation of financial markets in the region).The management of APFF has been entrusted by the Finance Ministers to the private sector through the APEC Business Advisory Council(ABAC),which reports its progress to APEC senior finance officials and ministers throughout the year.Activities aligned with th

93、e priority issues announced by Chile as 2019 APEC Host,and 10 of the 17 UN Sustainable Development Goals(SDGs).These are(a)No poverty(SDG#1),(b)Zero Hunger(SDG#2),(c)Good Health and Well-Being(SDG#3),(d)Quality Education(SDG#4),(e)Gender Equality(SDG#5),(f)Affordable and Clean Energy(SDG#7),(g)Decen

94、t Work and Economic Growth(SDG#8),(h)Industry,Innovation and Infrastructure(SDG#9),(i)Reduced Inequalities(SDG#10),(j)Sustainable Cities and Communities(SDG#11),(k)Climate Action(SDG#13),and(l)Partnership for the Goals(SDG#17).III.Financial Resilience and SustainabilityDisaster Risk Financing and In

95、surance MicroinsuranceCircular Economy Infrastructure Health FinancingExpanding the Regions Long-Term Investors Base Promoting insurers and pension funds roles to support sustainable,resilient and inclusive growth and development of the Asia-Pacific Triple wins through retirement income and long-ter

96、m investmentConsumers receive high and stable returns for long-term savingsThe financial sector is able to access deeper capital markets for infrastructure investment.Governments obtain relief from large contingent fiscal liabilities Sustainable and ESG Investing Regulation and Accounting 5（Photo so

97、urce:APEC)2019 Progress Report to APEC Finance Ministers(cont.)LIAJ established SDGs Promotion Project Team and ESG Investment Promotion Working Group to promote member companies contributions on SDGs.LIAJ revised its Code of Conducts to incorporate SDGs and set 8 priorities(Nov16,2018).LIAJs initia

98、tives on SDGs 8 priorities to achieve sustainable development goals:Establishing sustainable social security system Promoting financial literary education Promotion of consumer-oriented management,including treatment of senior citizens Taking measures to extend healthy life span Promotion of ESG Inv

99、estments Combating money laundering,terrorist financing,and antisocial sources Promotion of empowerment of women Protecting human rights 6o The first step is to understand SDGs,so we are carrying out various educational initiatives such as the following:Seminar for executives(December 2017)Prepared

100、materials for employees(May 2018)Online training and various information provided to people in the Company SDGs card game hands-on learning seminars(since May 2018)Distribute SDGs lapel pins Internal educational material SDGs lapel pins SDGs card game hands-onlearning seminarsSustainability Report(E

101、xcerpted Version)Understanding SDGs 7Invest in social bonds and healthcare bonds,thereby contributing to improve healthcare access and longevity.photo：Kenshiro Imamura/JICAHealthcarebonds by BPCE S.A.Social bonds by JICAFunds are utilized by enterprises which contribute to solve social issues(reduce

102、 poverty,sustainable economic growth,etc)in developingcountries(September2016)It contributes to improve medical services in France through providing financial services for regional medical institutions,health facilities and social accommodation.(July2017)(July2017)Financingforhospitaldevelopment pro

103、ject inTurkeyThis Loan was utilized to develop large-scale hospitals in Istanbul city.It helps alleviate shortage of hospitalbeds in Turkey.Recent ESG/SDGs Investment and Financing 8Invest in social bond and finance seawater desalination plant project.We contribute to gender equality and providing s

104、afe water.source：AquaSure PtyLtd.source：Pacifico EnergyFund investment for solar power plants projects(October2017)Nippon Life has invested in one ofJapans largest-scale solar funds,which is managed by GE Energy Financial Services (GE EFS).Domestic mega solar power plants in various locations in Jap

105、an are in the portfolio.(June2017)Financing for seawaterdesalination plants inAustraliaFinance for the project which operates seawater desalination plants in Melbourne city.Loan is utilized to deal with droughts in Australia,where serious droughts have repeatedly occurred.Recent ESG/SDGs Investment

106、and Financing(cont.)9Social bonds by InternationalFinance CorporationIt is utilized to help improve social outcomes in developing countries by providing finance to companies that buy from smallholder farmers,provide utilities for low-income households,support financial institutions that lend to wome

107、n-owned enterprises,etc.(July2017)Invest in Green Bond issued by Paris City and Tokyo Metropolitan Government,etc.We contribute to renewable energy,climate change adaption,and recycling-based society.photo：TMGsource：gettyimagesGreen bondsbyParisIt contributes to the Green Project promoted by the cit

108、y of Paris.Funds are utilized to introducehighenergy-efficient trams and other matters.Green bonds by Tokyo Metropolitan Government(TMG)(July2014)(September2017)TMG launched its first green bonds that a local government of Japan has issued.The funds raised are used to develop smart-energy cities”,to

109、 adapt to the effects of climatechange.(October2017)SocialResponsible Investment bond byRentenbankIt is utilized to finance renewable energy projects such as wind power and biomass inGermany.Recent ESG/SDGs Investment and Financing(cont.)10The first SDGs focused mutual fund in JapanFeb 2018:Nissay S

110、DGs Japan Select Fund May 2018:Nissay SDGs Global SelectFundResearch individual companies with our ESG analysis knowledge and identify which goals/targets each companies contribute to.Invest in companies(a)which can contribute to SDGs through their products or services,and(b)can increase shareholder

111、 value through contribution to SDGs.NameCountryIndustrySDGsGoal(17)SDGsTarget(169)BECTON DICKINSONUnitedStatesHealthcare33.33.8ZOETISUnitedStatesHealthcare22.3ECOLABUnitedStatesMaterials66.2AMERICAN WATERWORKSUnitedStatesUtilities66.16.36.4ALPHABETUnitedStatesInformation Technology3893.6.18.39.4DAIK

112、ININDUSTRIESJapanIndustrials99.4BRIGHTHORIZONSFAMILYSOLUTIONSUnitedStatesConsumerDiscretionary44.2CBREGROUPUnitedStatesReal Estate99.4RELXNetherlandsIndustrials1111.111.2DNBNorwayFinancials121712.617.14ZOETIS(US)A pharma company specialized in medicines and vaccines for livestock andcompanion animal

113、s,etc.Food demand is increasing.Their products improveproductivity ofagriculture and livestock industry,and contribute to achievement of Goal 2(ZERO HUNGER).SDGs Equity Fund 11ChallengesRecommendations ESG Rating and evaluation Enhancing reliability of ESG Rating Separating“ES”from“G”in rating to be

114、tter reflectdifferent natureInvestment selection Ensuring long-term profitability and assessingsustainability impact Providing useful information for investors in those areasper projects/companiesInvestment vs capital rulesand regulations Working toward a goal of balancing long-terminvestments,risks

115、 and regulation Promoting regulations and accounting which would notdisincentivize long-term investmentsStakeholder education（Employees/Customers/Shareholders/Invested companies）Educating all stakeholders not just investors Establishing a knowledge system and providinglearning opportunities12Shared

116、challenges and recommendationsExpanding the Regions Long-Term Investor BaseTriple wins thru Retirement income and long-term investment Consumers receive high and stable returns for long-term savings The financial sector is able to access deeper capital markets for infrastructure investment.Governmen

117、ts obtain relief from large contingent fiscal liabilitiesTriple gaps to address to achieve the above objective Pension/Protection Gap Mandatory provisions and scalable retirements systems Tax incentives to promote long-term saving products Product/distribution innovation and financial awareness Infr

118、astructure/Investment Gap Promotion of infrastructure as a defined asset class Adoption of various financing vehicles Broader public-private partnership(PPP)Regulatory/Accounting Gap Next Page13141.Bank-centric regulations Standards should reflect long-term nature of insurers Insurers should be allo

119、wed to invest in assets with long-term growth opportunities,such as infrastructure investments2.Short-term oriented economic regime Economic regime should have a long-term vision Insurers and investors should be encouraged to make decisions to be good in the long-run rather than looking good at a gi

120、ven moment3.“One-size-fits-all”models Standards should be principle-based and aim to achieve comparable outcome by taking into account the diversity in different jurisdictions（Photo All Nippon Airways)（Photo Beijing,China)（Photo:New York,USA)Regulatory issues and recommendations15What we do:Under th

121、e slogan of No one will be left behind!aiming to provide opportunities for general public to deepen understanding of SDGs in an easier and enjoyable way through music events integrating entertainment and educationPartner with It aims to support G20 2019 Japan,TICAD,Tokyo Olympics&Paralympics 2020,an

122、d Osaka Expo 2025The Secretariat established withMusic for SDGs Project with Social-Japan&ACTION NOWFor more details,visit or MusicForSDGor email Makoto Okubo(or MusicForSDG)Global Asset Allocation Leaders Summit,4-5 September,ShanghaiPromoting life insurers roles to support Sustainable Development

123、Goals(SDGs)SDGs and ESG Investment in the Asia-Pacific16Music for SDGs ProjectMack Okubo(project director)Seika Itoh(musical actress/singer)Women OrchestraShiori Abe(violin)&Mika Watanabe(piano)智能化的财富管理各国在财富管理上的发展现状美国中国英国新加坡财富管理市场规模（亿美元）93，62261，7354，197484财富管理线上化渗透率（%）40.7%34.6%24.9%27.9%智能手机用户（亿人）

124、2.267.170.450.06财富科技公司数量343518423财富科技融资规模（亿美元）27.528.34.60.2数据来源：BCG全球财富模型；BCG金融科技控制塔；世界银行；NEWZoo方兴未艾的中国财富管理市场中国个人可投资资产规模2007-2017年化增长20%23 77 91 110 126 142 159 178 199 221 02040608000万亿（RMB）2021估2020估2019估2018估2017估200132007.中国个人可投资金融资产包括离岸资产，不含房地产、奢侈品等非金融投资资产。资料来源

125、：BCG全球财富数据库；BCG分析；贝恩咨询数据来源：2017 中国大众富裕阶层理财趋势报告-全球化、互联网化招商银行和贝恩公司联合发布2019中国私人财富报告极佳的智能财富管理发展基础高净值人群对基于“金融科技”创新模式的期待大众富裕阶层理财渠道多选线上平台大众富裕阶层对平台的诸多期待资料来源：贝恩咨询、2017中国大众富裕阶层理财趋势报告-全球化、互联网化Fintech公司投射到Gartner技术曲线科技+金融正在重塑财富管理行业建构“以用户为中心”的智能财富管理KYC体系：技术驱动下的智能客户洞察引擎智能让我们“比用户更懂用户”投米RA:中国领先的智能理财平台AI+FOF：AI技术（人机

126、交互与机器学习）第一次运用到私募股投资领域智能保险:提供智能化+个性化保险解决方案AI+FA：打通全流程的智能创新应用Digital FA：个人理财顾问的数字化解决方案科技推动全价值链客户体验的持续优化自然语言处理计算机视觉语音技术客户画像智能风控个性推荐纵向任务横向任务智能问答密切和业务相关的，独立复杂的训练过程，有复杂的项目生命周期管理业务理解数据处理模型学习运行监控各领域通用的，针对某种类型数据或者计算模式的通用AI任务运行监控模型训练AI项目面临的两类任务AIMon平台监控性能测试、状态反馈、监控预警AILab智能试验室模型设计、模型训练、特征处理、模型评估、算法库、模型库等AIHub

127、智能服务发布测试、自动部署、模型更新、模型交付、产品封装、访问接口业务领域AI应用团队ADX数据中台业务领域AI应用团队业务领域AI应用团队业务领域AI应用团队AIKit智能工具箱对接数据中台、数据支持、虚拟运算数据标注、数据增强、通用特征工程AI中台CUI 会话式UI问答、闲聊、任务、场景、推荐机器人、主动外呼机器人AIMgt中台管理角色权限、租户管理、流程控制、资源管理AIAsset智能资产模型资产管理，AI能力沉淀、复用、盘点AI中台架构陪伴更多人走过财富管理的旅程更智能，是为了更赋能所 有 智 能 化 的 道 路，都 是 为 了 更 好 地 为 人 服 务 而 铺 设THANKS杭州明

128、得浩伦投资管理有限公司期货CTA基金的配置价值1期货市场的回顾与展望明得浩伦CTA策略21期货市场的回顾与展望1.1 中国期货行业的发展与现状1.2 中国与国际期货市场1.3 原油期货与商品期货国际化1.4 期货市场展望本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。1.1 中国期货行业的发展与现状中国期货行业发展的四大阶段02010初级发展阶段：期货行业爆发式增长国内期货成交额由5521亿增长到10万亿，这一增长与恶性投机和不规范外盘交易等因素直接相关。清理整顿阶段：期货交易所和期货公司数量大幅度减少，期货交易所由14家合并为3家期货公司总量由329家缩小到2

129、000年底的178家23个商品期货交易品种被取消市场成交额也逐年萎缩到2000年的1.6万亿元规范发展阶段：规范整顿后的期货市场开始了新一轮增长2001-2010年，商品期货总成交额和成交量复合增长率分别为161.4%、142.5%期货交易品种主要分为农产品、有色金属、能源、钢材四个品种，占比分别为59%、26%、6%、9%2009年，中国商品期货成交量首次超过美国，成为全球最大的商品期货市场。快速发展阶段：中国第一个金融期货品种 沪深300股指期货于2010年正式推出，弥补了中国金融期货的空白2013年9月6日，国债期货正式在中金所上市交易本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或

130、担保。1.1 中国期货行业的发展与现状交易量与交易额-100%-50%0%50%100%150%200%2000420052006200720082009200016201701,000,0002,000,0003,000,0004,000,0005,000,0006,000,000国内期货交易额变化（单位：亿元，左轴；国内期货交易额变化（单位：亿元，左轴；%，右轴），右轴）成交额（亿元）增速-80%-60%-40%-20%0%20%40%60%80%100%120%050,000100,000150,000200,000250

131、,000300,000350,000400,000450,00020004200520062007200820092000162017国内期货交易量变化（单位：万张，左轴；国内期货交易量变化（单位：万张，左轴；%，右轴），右轴）成交量（万张）增速本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。0%10%20%30%40%50%60%70%80%90%100%200017四大期货交易所成交额结构四大期货交易所成交额结构大商所上期所郑商所中金所0%10%20%30%40%50%6

132、0%70%80%90%100%200017四大期货交易所成交量结构四大期货交易所成交量结构大商所上期所郑商所中金所1.1 中国期货行业的发展与现状成交结构本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。1.2 中国与国际期货市场成交量对比2014年全球期货与其他场内衍生品成交量分布2013-2014年全球期货与其他场内衍生品成交量分布情况本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。2015-2016年全球期货与其他场内衍生品成交量（亿手）地域分布2016年全球和中国期货市场成交量对比1.2 中国与国际期货市场成交量对比本文表达

133、的观点仅代表明得浩伦，并非对未来业绩的预测或担保。原油铁矿石PTA2018年3月26日上市并引入境外交易者2018年5月4日引入境外交易者PTA期货引入境外交易者规则制定完成证监会副主席方星海表示，未来会有更多成熟品种走向国际化。期货市场国际化，将不断完善投资者结构，引入全球产业客户和机构投资者，增加市场深度，更好为实体经济服务，也为全球工业提供了中国金融“解决方案”。1.3 原油期货与商品期货国际化油本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。争取亚太地区原油定价权促进人民币国际化进程原油及成品油价格市场化为国内炼油企业提供避险工具交割中质含硫原油（亚洲进口油种代表，占全球产量

134、44%，与WTI和Brent形成互补）1.3 原油期货与商品期货国际化国内原油期货上市2018年03月26日中国SC原油期货上市本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。历史机遇1企业需求2意义重大3一带一路”沿线国家及地区有着丰富的化工、能源、农副产品等资源，借助“一带一路”历史机遇，为期货市场布局境外创造了条件随着国内企业“走出去”的步伐不断加快，企业对定价服务、规避风险的需求大大增加有助于提升我国金融“软实力”，助力实体经济增长，而且也有助于我国通过期货市场参与全球资源、财富分配1.3 原油期货与商品期货国际化商品期货国际化本文表达的观点仅代表明得浩伦，并非对未来业绩的预

135、测或担保。050000000250003000035000400002020223203042420506222070809202000202262018010

136、820203041720180427股指期货总成交量IFIHIC2017.02.17松绑2017.09.18松绑1.4 期货市场展望股指期货松绑2明得浩伦CTA策略1.1 CTA策略简介1.2 明得浩伦CTA策略介绍本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。2.1 CTA策略简介CTA定义期货投资基金简称期货基金(CTA Fund)，也称作管理期货(Managed Futures)基金。主要投资于全球期货市场、远期及期权市场，由大投资者将资金集中起来，委托给专业的期货投

137、资机构，并通过商品交易顾问(CTA)进行期货投资交易。CTA基金最早源于商品期货投资；随着20世纪70年代以来全球金融期货的发展，CTA基金逐渐将其投资领域扩展到了利率期货、债券期货、股指期货、外汇期货、金属期货、能源期货、农产品期货甚至电力、信用等几乎所有衍生品品种。本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。CTA收益率比较CTA基金、股票及债券收益率对比资料来源：Barclayhedge数据来源：CME Group2.1 CTA策略简介本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。风险收益最佳化的投资组合

138、配置2.1 CTA策略简介本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。纯股票类投资组合 vs 包含CTA的40/40/20投资组合2.1 CTA策略简介本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。元盛BlueTrend*圆形面积表示相应基金的资产管理规模，虚线和实线分别对应2015、2016年底。2.1 CTA策略介绍全球50大CTA基金介绍红色为总部位于英国的大型CTA蓝色为总部位于美国的大型CTA宽立Aspect英仕曼AHL资料来源：CTA Intelligence本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。交易机制完善中国期货市场具有较完善的交易

139、机制，同时中国作为全球最大的大宗商品消费国，很多期货品种的交易量在全球名列前茅，这些都为宏观管理期货CTA的发展提供了广阔的施展空间。同时商品之王原油期货上市，带来的利好不仅仅是投资组合可以增加一个容量极大的品种，更重要的是再次提升资金对大宗市场的关注，必然提高大宗商品波动率！中国期货市场海原油上市刺激资金流入商品交易量放大，波动率加大蓝国债期货持仓量放开、股指期货限制逐步解除，金融期货配置权重提高与股票策略的长期低相关性CTA的机遇：资本的逐利性宏观管理期货获利加大2.1 CTA策略简介CTA的中国机遇的中国机遇本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。2.1 CTA策略介绍

140、全球宏观趋势CT A特点全球宏观趋势CTA基金交易型CTA基金多元化、所有期货品种（股指、国债、商品）较少覆盖全品种、板块侧重不一月度持仓，持仓收益为主、交易收益为辅交易频率低交易频率高全市场全资产类别覆盖、容量巨大较少交易全品种、容量受限VS自上而下宏观资产配置自下而上，重信号轻配置短线交易多、交易收益为主本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。明得浩伦“系统化宏观管理期货系统化宏观管理期货CTA策略策略”结合海外主流成熟的CTA策略和中国商品和金融期货市场的高流动性，坚持以科学 研究为导向，基于资产量价数据的统计分析和人工智能、机器学习技术，自自上而上而下下实现完全数量化

141、和系统化投资，本质上是一个“技术分析技术分析型型”系统。通过跟踪每日量价变化和波动率变化，在特定的目标风险指标下最优化组合多空仓位以实现利润最大化。投资策略多元化中长期趋势跟踪策略、非日内高频交易数量化、系统化、方向性策略投资标的范围中国期货市场：4个期货交易所，约46种期货品种按板块包括：化工品，农产品，贵金属，基本金属，股指和国债系统输入所有相关期货合约的历史价格数据、交易量数据2.2 明得浩伦CTA 策略介绍本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。最佳优化权重分配系统使用相互独立信号做最优化计算多维正交预测滤波器

142、独有的六阶信号滤波器中长期月度持仓自上而下宏观资产配置，交易频率低876最大回撤区间：稳健型10%稳健型产品实盘最大回撤为10%5多元化、全市场覆盖，大容量（80-100亿）商品期货、股指期货、国债期货过滤异常降低交易成本渐进式分仓系统从数据分析中得出仓位控制函数，结合信号强弱引导分仓节奏，可有效过滤奇异信号的干扰，降低交易费用纯量化、系统化投资策略智能算法给出所有交易决策，没有任何人为干预与元盛Winton，英仕曼AHL，宽立Aspect等风格相同4321基因源于海外大型CTA基金（蓝色趋势BlueTrend，欧洲第三大CTA基金，近100亿美金规模）2.2 明得浩伦CTA 策略优势本文表达

143、的观点仅代表明得浩伦，并非对未来业绩的预测或担保。本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。某年6月板块权重配置和收益率分布某年7月板块权重配置和收益率分布某年8月板块权重配置和收益率分布2.2 明得浩伦CTA资产配置逻辑本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。长期配置价值1.历史统计数据来看，每年都有2至3波明显的期货趋势行情。2.2018-2019年全年A股市场暴跌加震荡，CTA策略获取年化超10%收益，完美体现风险分担者角色。3.2019-2020年国际政治经济环境仍然复杂，配置CTA策略可以有效

144、抵抗风险，获取危机阿尔法收益。2.2 明得浩伦CTA本文表达的观点仅代表明得浩伦，并非对未来业绩的预测或担保。2.3 明得浩伦CTA全球投资组合2019年7月全球板块权重配置THANK YOU VERY MUCHEND机遇与挑战全球资产配置趋势2019年9月目录01全球资产配置趋势02机构投资者持续影响全球市场03中国资产配置现状及趋势04 机遇在何处？01全球资产配置趋势波士顿咨询：全球资产管理报告2019南方东英资产管理有限公司被动产品规模：15年内增长4倍4 2018年市场震荡，环球资管行业规模小幅下滑4%至74万亿美金，主要是由于复杂的市场环境引起的。主动管理产品中，价值型规模缩减最快

145、，成长型规模增速更稳定。2003-2018年，被动管理产品的规模出现爆发式增长，ETF/ETP规模从2003年的3万亿美金增至2018年的14万亿美金，占环球总资管规模的19%。价值型(大盘)规模缩减最快被动管理产品规模增长趋势未变主动管理产品中，成长型(中小盘）规模增速相对稳定 从规模角度，ETF的规模增速将继续傲视其他类别，增速超过15%。从利润率角度，另类产品将成为资管公司最强劲增长来源。传统主动管理产品中，成长型产品的规模和收入增速均将超越价值型产品。未来ETF和另类产品有望继续成为增长引擎南方东英资产管理有限公司5预计规模增速2018-2023（%）毛利润比率：(管理费收入/分销成本

146、)波士顿咨询：全球资产管理报告201902机构投资者持续影响全球市场金融危机后，为了刺激经济、支撑股市，日本央行于2010年底开始买入日本ETF。2018年，日本央行买入了6万亿日元（3700亿人民币）日本ETF，成为40%的上市公司的主要股东，占日本ETF市场规模约3/4（左图）。日经平均指数（又：Nikkei 225）在2008年的雷曼危机期间创下泡沫时期的最低点，由于安倍政府的刺激政策和企业的业绩改善，又在2018年创下27年来新高，在日本央行入市的9年中上涨了近160%（右图）。日本：央行入市ETF带动指数爬升资料来源：左图：Zerohedge(2017)，右图：日经中文网(2019)

147、南方东英资产管理有限公司72011 2012 2013 2014 2015 2016 2017日本ETF市场发展及日本央行ETF购买进程美国养老保险体系由公共养老金、职业养老金（如401K）和个人养老金（如个人养老金账户IRA）三大支柱组成，总规模在近40年来稳定增长至约30万亿美元（约200万亿人民币），其中第二和第三支柱增长迅速。1981年后，随着401K和IRA计划的普及，美股市场的波动率中枢明显下降。养老金追求长期稳定收益，从配置风格上看，偏好高股息公司；从持仓周期上看，2015年至今，美国养老金前20大重仓股每年仅有2-3只出现变化，平均持股周期更长，换手率更低。美国：养老金入市促进

148、美股机构化资料来源：养老金三支柱、再平衡与美股波动，广发证券（2019）8第二、三支柱养老金入市后，美股波动率逐年下降第二支柱：401(k)账户的股市投资比例高第三支柱：IRA资产配置-42%在美股市场03中国资产配置现状与趋势 2018年，在复杂的内外部环境下，中国股市下跌近25%，中国的资产管理规模仅缩减了4%至3.8万亿美金，比欧美市场的5%降幅更窄，凸显资管市场的韧性。目前，中国资管市场规模仅次于美国、英国和日本。波士顿咨询预计，中国的资管规模将在2025年内翻三倍以上，达到14万亿美金，并成为全球仅次于美国的第二大资管市场。中国将在7年内成为全球第二大资管市场南方东英资产管理有限公司

149、10波士顿咨询：全球资产管理报告2019环球资管规模2018年下滑4%，亚洲市场显韧性（万亿美金）截至2018年末，我国居民的总资产规模约达465万亿元人民币，较2017年增长12.8%。然而，中国居民总资产约70%投入了房地产，金融资产规模约139.5万亿人民币，仅占比30%，金融资产中又有一半为存款。股票仅占居民总资产的1.9%，股票基金仅占1.6%，债券仅占0.2%。南方东英资产管理有限公司11资料来源：炒房时代渐远，增配金融资产，海通证券（2019）现状：财富体量巨大，金融资产配置不足中国居民资产规模（万亿元）2018年中国居民金融资产构成70%30%美国居民的资产在80年代发生了从房

150、地产到金融资产的转变。新增资产中，配置房地产的比重从1970-1985年的32.3%降至2000-2015年的20.9%，而配置股票和投资基金的占比从1970-1985年的19.7%升至1985-2000年的35.6%南方东英资产管理有限公司12美国经验：从房地产到金融资产的转变资料来源：炒房时代渐远，增配金融资产，海通证券（2019）40年来美国居民资产配置增量分布（%）2018年美国居民资产配置分布 2018 年美国居民的资产总规模达到120万亿美元，其中超过七成配置了金融资产。相比于现金、活期存款和定期存款，他们更倾向于配置股票、基金保险等资产。2013-2015年，中国私人财富规模年复

151、合增速高达21%，全球化资产配置需求日益上升；尽管基数已较大，高净值家庭（可投资资产600万人民币以上）数量预计仍将保持中速增长（11-16%）。南方东英资产管理有限公司13波士顿咨询：全球资产管理报告2016中国高净值家庭数量年均增长可投资资产2013-2015 2015-2020（预计）1亿50%16%3000万-1亿人民币31%13%600万-3000万人民币28%11%中国高净值家庭数量增长高净值人群的持续增长 海外资产配置的主要动力包括：资产的安全和私密性、资产增值、对冲单一地区风险、实现多元配置、方便海外业务发展等。香港、美国和加拿大是中国高净值客户最偏好的三个市场，其中香港作为亚

152、洲人民币离岸中心和离岸私人银行业务中心，具有税收、人才服务、地理位置等优势。南方东英资产管理有限公司14波士顿咨询：全球资产管理报告2016需求引领的中国资产配置全球化04机遇在何处？中国一线城市房地产：涨幅超过300%（中国房地产总规模65万亿美元）南方东英资产管理有限公司16过去十年表现最好的大类资产 美国标普500指数：自2008年低点累积涨幅达335%（美股总规模42万亿美元）南方东英资产管理有限公司17过去十年表现最好的大类资产 环球债市中，过去十年，日本国债涨幅28%，美国国债涨幅37%，德国国债涨幅50%，英国国债涨幅79%*南方东英资产管理有限公司18过去十年表现最好的大类资产

153、*皆为以本国货币计价涨幅；资料来源：花旗，截至2019年8月30日统一基准点为8001701801908/20098/20108/20118/20128/20138/20148/20158/20168/20178/2018美国债券综合指数英国债券综合指数日本债券综合指数德国债券综合指数 瑞银南方东英全球跨资产趋势配置指数(GAMA指数)*是一个基于固定交易模型的量化投资策略，排除了人为主观判断，从而保证了指数长期收益的稳定性和投资风格的一致性。指数利用风险平价资产配置和跨资产趋势追踪策略，实现在全球主要资产类别上进行动态的分散配

154、置。跨资产趋势交易策略：指数根据各国股债及大宗商品在过去6个月的的相对表现以及全球股债的整体相对表现进行调仓，高配于相对表现较好的资产类别，从而获取大类资产周期性轮动的额外收益。指数等分为5个子组合，每天会根据最新市场数据对5个子组合之一的资产进行自动选择调仓，以及时反应市场信息。风险平价资产配置策略：指数根据各资产的风险而非金额进行配置，风险越高的资产配置权重越低，从而达到更好的风险分散。指数会在单一资产和组合水平同时进行波动率控制，以控制单一资产以及子组合整体的风险。单一资产的目标年化波动率为 10%，指数整体的目标年化波动率为4.5%。南方东英资产管理有限公司19*GAMA指数全名为UB

155、S CSOP Global Asset Momentum Allocation Index,其中文名称仅供说明用途GAMA量化指数交易策略趋势信号风险配置波动控制目标持仓 GAMA指数投资于如下标的资产：南方东英资产管理有限公司20GAMA量化指数交易策略资产大类细分资产底层标的资产细分资产权重工业国股债美国股指：CME S&P500 Index Future25%国债：US 10Y Note Future德国股指：Eurex DAX Index Future20%国债：Germany 10Y Note Future日本股指：Nikkei 225 Index Future18%国债：Japan

156、 10Y Note Future英国股指：FTSE 100 Index Future10%国债：UK 10Y Note Future澳大利亚股指：ASX 200 Index Future4%国债：Australia 10Y Note Future加拿大股指：S&P Toronto 60 Index Future3%国债：Canada 10Y Note Future大宗商品能源原油：Crude Oil Future10%工业金属铜：Copper Future10%历史数据回测的指数表现（费后）*南方东英资产管理有限公司21GAMA量化指数交易策略901401902403/20023/20033/

157、20043/20053/20063/20073/20083/20093/20103/20113/20123/20133/20143/20153/20163/20173/2018GAMA指数*年化超额回报4.79%波动率4.26%夏普率1.12彭博代码：UCGAMAUN Index*指数按ACT/365计提年化1%费用，以下未特殊说明，均指费后指数文内图表的模拟及假设性过往表现仅供说明用途，并非任何形式的保证。南方东英概不就未能达成任何预测、预计或目标承担责任 杠杆反向产品 以期货为基础的交易所买卖产品南方东英资产管理有限公司22杠杆反向产品牛市放大指数表现5%10%-15%-10%-5%0%5

158、%10%15%指数杠杆产品(2X)-5%5%10%-15%-10%-5%0%5%10%15%指数反向产品(-1X)熊市实现风险对冲2X 杠杆产品在牛市获得两倍回报-1X/-2X 反向产品在熊市获得反向一/两倍回报反向产品(-2X)杠杆反向产品为什么受欢迎？南方东英资产管理有限公司23杠杆反向产品反向产品可用作投资组合中的对冲工具，在跌市时增加防守性，对冲投资组合风险可守杠杆产品在升市时可简单放大投资回报，反向产品则可在跌市中获利可攻是于港交所上市的ETP（Exchange Traded Product)，同普通股票一样交易便捷，入场门槛低，且无需缴付印花税简单清晰的底层资产，结构简单；产品有资

159、产净值作指标，定价透明透明美国杠反产品总规模达418亿美元，日均成交额亦高达68亿美元。日本、韩国、台湾等地杠反产品规模也在60-90亿之间，日均成交额占整体ETF市场的60%-90%。南方东英杠杆反向产品规模是占率87%日均成交量是占率高达99%南方东英资产管理有限公司24杠杆反向产品南方东英恒生中国企业指数每日杠杆(2X)产品(7288.HK)南方东英恒生指数每日杠杆(2X)产品(7200.HK)南方东英恒生指数每日反向(-1X)产品(7300.HK)南方东英恒生中国企业指数每日反向(-2X)产品(7588.HK)南方东英恒生指数每日反向(-2X)产品(7500.HK)南方东英纳斯达克-100指数每日反向(-2X)产品(即即将上市将上市)