Decentralized allocation of underlying logic is still effective, and multi-asset portfolios urgently need "dynamic calibration".

This year, technology has dominated the unilateral market. Whether it's value styles or commodities like gold, their performance has been unsatisfactory in the continuous external disturbances, which has brought a certain impact to multi-asset investments. Many FOF products using multi-asset strategies have had negative returns so far this year, with underlying funds heavily invested in themes such as gold, dividends, and Hong Kong stock connect internet ETFs not performing as expected. Although some assets have underperformed this year, professional investors believe that this simply shows that different asset rotations are cyclical. In this environment, it is more important to maintain dynamic equilibrium rather than static diversification. For example, equity investments should remain moderately biased towards positivity, with a focus on growth directions supported by industry trends, while also considering high-quality value assets with safe margins. Gold assets still hold value in terms of risk diversification due to global geopolitical concerns, fiscal expansion, and long-term asset allocation needs, making them more suitable for strategic allocation rather than tactical trading tools.