Wang Zhong, Chief Wealth Officer of Northeast Securities: In a low interest rate environment, securities firms' asset management is transitioning towards multi-asset allocation.

Recently, the 19th Shenzhen International Financial Expo and the 2025 China Financial Institutions Annual Meeting were held in Shenzhen. At the "China Securities Industry Asset Management Summit Forum", Wang Zhong, Chief Wealth Officer of Northeast Securities and General Manager of Dongzheng Ronghui, stated that since "9.24" last year, the stock market has undergone fundamental changes. The liquidity environment, participant structure, and market valuation factors interact and amplify each other, shaping a new market landscape together. Looking ahead, Wang Zhong is optimistic about the equity market, believing it is a good opportunity for asset management institutions to leverage systematic investment advantages. Regarding the fixed income market, Wang Zhong pointed out that the low interest rate environment has become an industry consensus, leading directly to the phenomenon of "asset shortage" in the fixed income market. Despite the large size of the fixed income market, high-quality assets that meet client needs are increasingly scarce. Faced with this dilemma, he emphasized that asset management institutions must move towards refined operations, making it a common industry issue to focus on helping clients with profit generation on a "BP by BP" basis. Wang Zhong also stated that in recent years, traditional fixed income assets have struggled to provide satisfactory cost-effectiveness for clients, driving the industry towards a transformation to multi-asset allocation. Asset allocation is essentially risk allocation. According to Wang Zhong, in recent years, Northeast Securities has explored a risk allocation-focused investment research system beyond the "fixed income +" model. The new risk framework allows the team to introduce futures, options, and volatility strategies linked to different underlying assets, achieving controlled volatility through portfolio management.