Many big names are coming, and the 12th HED Summit Shenzhen Station is grandly held!

The "12th HED Summit" hosted by Caishi China will be held in Shenzhen on November 16, 2021. The conference was awarded to Shenzhen Investment Funds Association, Dongzheng Futures, Guotai Junan, Industrial Securities Family Wealth Office, Legian Group, Legian Funds, Shanjin Futures, Guangzhou Carbon Emissions Exchange, GF Securities, Galaxy Futures, Guantong Futures, Champion Power Finance, Haizheng Futures, Huaxin Securities, China Industrial Securities Futures, China International Futures, Eurex, Daofeng Investment, Dongrui Investment, Huajin Futures, OPIM and China Family Wealth Research Institute. Nearly 300 people came from Guests from banks, insurance, asset management, funds of funds, public funds, private equity funds, securities firms, futures, exchanges, trusts, investment advisors and other companies attended the scene.



Zhu Hao, Founder & CEO of Caishi China, attended the conference and delivered an opening speech: "The construction of equity market infrastructure has been very fast in the past two years. We have opened the Science and Technology Innovation Board, Guangzhou Futures Exchange, Beijing Stock Exchange and other infrastructures. Compared with the past, the tradable products and tools that can be used have also increased significantly, and the scale of the entire industry has grown rapidly. In the past ten years, Caishi China has always focused on the asset management industry chain, from the capital side, the manager to the product side. , Making it easier for all institutions in the chain ecology to exchange transactions. This is what we have tried our best to do and hope to do better in the past ten years."


▲Zhu Hao, Founder & CEO of Caishi China

Dr. Li Zhan, chief economist of the Research Department of China Merchants Fund, believes that the ups and downs of the market this year, looking at next year at the end of the year, the main keywords are still two, one is "quasi-stagflation" and the other is "investment". ". In his speech on "How to grasp the main line of the 2022 macro strategy", Dr. Li Zhan also said that there are two types of investment opportunities for balanced market judgments. Industries that express their views to accelerate development, such as energy independent and controllable categories. The other category is defensive industries and value-based companies that currently have relatively sufficient adjustments in industries and companies, and have long-term investment value, and mainly have wealth management advantages. Brokerage firms, banks, and consumer low-value companies.


▲ Li Zhan, Chief Economist of China Merchants Fund

Since the new asset management regulations, the entire asset management industry has been undergoing net worth transformation. A series of policies are leading the fund investment advisory business to the regular development. The fund portfolio business has been incorporated into the investment advisory business category, further concentrating clients with licensed institutions. Said Ms. Jin Na, executive director of Guotai Junan Securities and head of the research team.
In the theme of "Bringing the Wind and Waves to Meet the New Stage of Buyer's Investment and Advising", Ms. Jin Na also said that buyer's investment and advisory is the construction of the overall system, and gave a detailed introduction to the investment and advisory business from both the asset side and the demand side. Among them, she believes that the core of investment advisory business is investment research. In terms of investment research methodology, Ms. Jin Na summarized it into two words, industrial thinking and optimal alpha. Industrial thinking and optimal Alpha have constructed a series of researches on the asset side, from selected race tracks to selected strategies and selected managers. On the demand side, on the one hand, we are deeply cultivating asset allocation technology to build an effective frontier. On the other hand, we use multi-dimensional dynamic risk control methods to do multi-dimensional risk control. Whether it is profit or risk control, it needs to be combined with customer needs. Finally, Ms. Jin Na believes that buyer investment advisors have more market space. To meet differentiated competition with integrated financial services will have the effect of head concentration. Under the big asset management background of buyer investment advisory, indexed products with relatively low rates and active management products with relatively stable styles and distinctive features will obviously benefit.


▲Jin Na, executive director of Guotai Junan Securities and head of investment research team

Mr. Ni Chengqun, head of the Haizheng Futures Wealth Center, said that in the allocation of FOF, there are five major difficulties in the management of the fund of funds. First, it is difficult to understand the actual online strategy of the sub-fund. The second is not knowing the specific investment direction of the assets. Third, it is difficult to configure, some cannot be voted, and some are not worthy. Four coordination is difficult, and it is difficult to verify the effectiveness of the strategy. Fifth, the brand is difficult. With all the varieties on the market and the homogeneous and balanced configuration, it is difficult for products to stand out in the market.
On the theme: "FOF Business Linkage Issues and Solution Experience Sharing", Mr. Ni Chengqun, the head of Haizheng Futures Wealth Center, said that financial technology will empower wealth management. Our Hicend asset allocation management system has built a technology-driven shared business platform for various participants in FOF business, including securities, futures, private equity, and banks. Horizontal and vertical comparisons can be made in the post-investment management system to discover the manager’s strategy, style drift and ability first, and tap into the core competence of the investment research team. Connect FOF businesses such as securities, futures, private equity, and banking, and use massive system data and information technology to meet the needs of these institutions in professional research, public opinion sharing, asset identification, business collaboration and brand building, and improve business collaboration efficiency. Promote business development.


▲Ni Chengqun, head of Haizheng Futures Wealth Center

At the launch ceremony of the Caishi China-FOF asset management strategic cooperation, Caishi China, Managing Director, Liping Zhai said. In an environment where the structural market of A shares is clearly differentiated and equity fund investment is more difficult, as one of the effective means of resource allocation, the FOF investment track has attracted attention, and domestic FOF “new models and new teams” continue to emerge. In order to more closely link the capital side and the asset side, during the same period of the conference, Caishi China joined 5 FOF investment institutions with a total investment of over 10 billion yuan to jointly launch the "Fiscal China-FOF Asset Management Strategic Cooperation" to select the The "Fu Award" selects outstanding multi-strategy private equity fund managers to promote the precise docking and efficient communication between FOF managers and managers.


▲From left to right are Caishi China, Mingsheng Dongcheng, Jiayue Investment, Junfeng Family Office, Zhejiang Yongxi, and Datang Kaiyuan

Li Jinlong, general manager of Reagan Group, general manager of Reagan Fund, and investment director, said: "Although the structured market is very unpredictable this year, it is difficult to capture, but from the perspective of the Hong Kong and U.S. stock markets, this year’s phased investment There are still many opportunities. At the conference on the theme: "Overseas Asset Allocation in Large Categories", Mr. Li Jinlong from the Reagan Fund said that the current overall environment, first of all, is the epidemic. As the epidemic gradually improves, so does the overall economy. Slowly get better. The focus is on the recovery of the overall economy after the epidemic. Inflation is the main line again. Finally, we must pay attention to the Sino-US relationship, which has always been in a fuzzy state. When it comes to the allocation of large-scale assets, Mr. Li said that he has paid attention to two things in the past two years. A bond market, one is Chinese-funded US dollar bonds, urban investment and banking, and the other is REITs. From now on, the overseas assets that will be the focus of attention will be re-allocated in Hong Kong stocks. Hong Kong stocks have three major industries, Internet technology, biomedicine, and consumer ; U.S. stocks will be combined with current market changes, including those related to industries such as Meta Universe; there are also many investment opportunities in other overseas markets, including crude oil.


▲Li Jinlong, General Manager of Reagan Group, General Manager/Investment Director of Reagan Fund

In the discussion on the topic of "Long-term Investment Strategy and Value Investment Effectiveness" hosted by Huang Zhentian, Investment Director of Taiyi Holding Group, he said: It is an honor to be here today to host the forum with you. The heavyweight guests talked about the classics together, hoping that our dialogue can bring you some thoughts on asset allocation next year.

At the same time, he believes that 2020 is not a particularly friendly year for some value investors, because many industries with below-average valuations did not have outstanding performance that year. At present, some policies are good, purely conceptual sectors are relatively hot, and the corresponding underlying prices have risen. Of course, there are also some views that their stock prices have overdrawn their future growth.
Fan Xiang, CEO of Jinyi Capital, explained: Investment is more about investing in a process, and every investment is investing in a process. We pay more attention to this investment process. When our company was founded, we emphasized that technology is the mainstay. We need the help of technology to complete the investment process. We need an IT team to build an investment management system and build a database of investment targets. What assets can be included in this database? How to invest after you come in? How to communicate the trading instructions of the fund manager to the traders? How do traders follow the plan step by step? Just like Mr. Li just said, it is necessary to have a concept of time. Once the system is built, all investments are centered on the process. We can filter through the process to a great extent to reduce the human factor, because people are the most important factor. In addition, people are prone to making mistakes. We hope that through the above procedures, we will select good industries and companies and try our best to maintain and increase the value of long-term assets.

Tian Feng, the managing director of Jinglin Assets, believes that "the philosophy and philosophy of investment is the starting point of our investment" and is also the most important part. What money do we make when investing? How do we establish our advantages in this regard, and what are our advantages compared with market participants? How to keep it? "Includes three dimensions:

The first dimension is depth. First of all, Jinglin invests in the secondary market with the mentality of industrial investment, and has not drifted in the past two decades; secondly, pays attention to the safety margin of investment and does a good job in reverse investment. Only with a deep understanding of the company can we dare to reverse when the market is falling. Investment; Finally, we believe that the growth of certainty is an important part of value, and the judgment of certainty is also based on a deep understanding of the company and the industry.

The second dimension is length. From the perspective of time, we need to hold outstanding companies for a long time; secondly, from a long-term perspective, there are not many really outstanding companies, and good companies need to hold heavy positions; finally, maintain a high position investment for a long time, because most of the investment income It is achieved in less time, and frequent timing may significantly reduce long-term benefits.

The third dimension is breadth. On the basis of strengthening investment and research on outstanding Chinese companies, Jinglin is also constantly expanding the breadth of research. At present, the research team has covered outstanding companies in South Asia, Southeast Asia and the United States. In the past few years, we have continued to expand the breadth of investment in order to find high-quality assets on a larger scale.

In terms of company selection: First, the company must have excellent products or services, which is the core; second, the company must have an excellent management team to integrate resources, establish a good profit model, and expand the business; finally, there must be an excellent company Governance mechanism is an important guarantee for the company's long-term stable development and expansion.

Xu Qunying, deputy general manager of Rongshu Investment, said that Rongshu Investment was established in 2006, focusing on the new economic field, deepening the four tracks of big consumption, medicine, new energy and the Internet. The definition of a great company is first and foremost in line with future development, but also to promote the progress of human civilization, with a good business model, excellent corporate culture and corporate governance. For long-term holdings, our Banyan Tree will classify the assets under management, and some of them will have more drawdowns or restrictions on you, and we will carry out appropriate risk control. Even great companies such as Kweichow Moutai, Tencent, or Amazon have all seen a very large drawdown in history. As an asset management agency, we are professional in responding to them in a timely manner. When your price is no longer good, first judge whether there is a problem with the company or the track, or it is just a systemic risk. Like the epidemic in early 2020, it is a short-term systemic risk, and related companies did not appear. Changes in fundamentals have even benefited some companies. Instead, we will increase investment.

Meng Qiao, Investment Director of Fidelity International China, said that fundamental research is the core. How can you buy a good company at a good valuation price and create long-term and effective long-term profitability in fundamental research? You need to have From a long-term perspective, our positions in the selection portfolio, I think they can serve as long-term winners. Whether it is a long-term perspective in management, a strategic perspective, and the management's execution strength that Mr. Tian said, is it doing a good job? Whether business can create long-term value in this good track is actually the core point in our selection of targets or investments. Fidelity has always used this kind of active investment and fundamental investment to select targets in different markets around the world with this vision and a 360-degree perspective. We think that in the future the A-share market will still uphold this concept and method. .


▲ Round table discussion, from left to right: Huang Zhentian, Li Ziyang, Fan Xiang, Tian Feng, Xu Qunying, Meng Qiao

Ms. Yang Ling, the co-founder of Starstone Investment, gave a speech with the theme of "Strategic Outlook: How to Find China's Cost-Effective Investment Opportunities?" Starstone is optimistic about the large consumption direction with reasonable valuation. Because Xingshi is more cautious, it does not mean that you must buy cheap things, but you want to buy more things with reasonable valuations. In this way, if the market has some volatility, the possibility of retracement is relatively high. The characteristics of consumers That is, you look at the consumer sector. From the valuation sector, it cannot be said to be absolutely cheap. Compared with bank real estate, it can only be reasonable and not cheap. Because of the impact of the epidemic, the impact of Sino-foreign trade frictions, and the economic growth rate. The impact of the adjustment is affected by the recovery and lag in consumption. We judge that after the overall rise in consumer product prices next year, the profitability of the sectors and enterprises in the big consumer sector will exceed everyone's imagination. The large consumer sector with a reasonable valuation is our optimistic direction. Which two areas are we optimistic about? There are two main lines. The first line is the industries that directly benefit from inflation. We just talked about PPI. It may basically peak in 2021. If the income end can directly benefit from inflation, in fact, its profitability will be elastic. It will be very prominent. This main line will directly benefit from industries where consumer product prices have risen throughout the year, such as food, beverages, agriculture, forestry, animal husbandry and fishery, and mass consumption. These industries will have lower cost pressures next year and will benefit from greater flexibility. This is the future. There is a better chance. We are relatively more concerned about the areas of big consumption. Because of the epidemic, many industries have been greatly affected. Some are in a state of loss. The epidemic will always pass, and a happy tomorrow will always come, whether it is the popularization of vaccines or With the introduction of new crown-specific drugs, the epidemic will not become a major threat to consumer life next year.


▲Ms. Yang Ling, co-founder of Star Stone Investment

Wang Ping, deputy director of the Quantitative Investment Department of China Merchants Fund, shared his views on the current state of public offerings and quantitative investment from the four major product directions of passive index type, index enhanced type, quantitative active type, and hedging type through a large amount of data display. He said that the current quantitative business of public offerings is developing steadily, and the competitive advantages of the quantitative business of leading fund companies are increasing. He is still optimistic about the high growth of the asset management industry, and ETFs will remain the top priority.


▲Wang Ping, Deputy Director of the Quantitative Investment Department of China Merchants Fund

Jiang Pugan, deputy general manager of Huaxin Securities Brokerage Business Department, stated in the "Huaxin Securities Xinke FOF and Selection Criteria": "As Huaxin Securities under the Shanghai SASAC, in terms of access, you should pay more attention to whether there is Good strategies and risk control measures refer to their own gold content, not just relying on historical conditions such as existing scale and development years. Huaxin provides a complete set of evaluation models with its unique "lighthouse system", which can evaluate private equity trading strategies in real time. In the future, passive investment and index enhancement should be the most suitable investment method for ordinary investors."


▲ Jiang Pugan, Deputy General Manager of Huaxin Securities Brokerage Business Department

The director of the investment department of China Southern Fund Index and fund manager Gong Tao expressed his opinion on "Tightly Balanced Recovery VS Relaxed Recession". From the fourth quarter of this year to the first half of next year, the market may continue to fluctuate, and we should look for superior sectors in defense. Configuration. On the one hand, from a defensive point of view, focus on some low-valuation, allocation value and growth sectors; on the other hand, under the judgment of structured market conditions, focus on the general direction of the country’s development in green governance, hard-core technology and other fields, and it is forward-looking Layout some high-quality tracks.


▲Gong Tao, director and fund manager of the investment department of China Southern Fund Index

Zhang Fan, founder and general manager of Tongxiao Investment: shared at the conference "Compound Multi-Strategy Driven by Quantification": It is a type of product that is very popular in mature overseas markets. It is also the main strategy of top asset management institutions such as Bridgewater and BlackRock. This type of strategy uses diversified, low-relevant quantitative allocations to resist the risks of single-asset-single-strategy and reduce the cyclical fluctuations of product net value. This makes such products show the characteristics of peak and narrow-tail yield distribution, while maintaining the sustainable development and sustained profitability of asset management products with large capital capacity. The quantitative compound multi-strategy solution of Tongxiao Investment is a comprehensive company’s long-term accumulation in fixed income, equity, multi-asset rotation, alternative risk premiums, etc., combined with the company’s founder’s in-depth practical understanding of the theory of large-scale asset allocation. Made by force.


▲Zhang Fan, Founder and General Manager of Tongxiao Investment

Ma Haiyuan, deputy general manager and risk control director of Zhicheng Zhuoyuan, believes that from the history of developed countries, the top quantification and the top subjective excess will be close to the same. The current domestic quantitative development history is still relatively short. In terms of years, the quantified excess is relatively high, but according to the general equilibrium principle of economics, this situation cannot be maintained forever. For the quantitative high frequency, it is a short-period forecast. Relatively speaking, the capacity is smaller than the long-period forecast. However, if someone makes a long-term forecast, some people will make a short-term forecast. When making short-term forecasts, machines are better than humans. Therefore, even if the quantitative excess of short-term forecasting in the future cannot always maintain the high excess of the previous few years, it will only return to an excess range acceptable to the market, and in this field, quantification has its unique comparative advantage.
Zhang Junbei, general manager of Haipu Investment, pointed out: The difference between risk factors and Alpha factors is that risk factors are more cyclical and more difficult to predict. From the perspective of excess return, the Sharpe of the excess return brought by the pure Alpha factor should be higher than the Sharpe of the excess return brought by the risk factor, but at the same time the source of the excess return brought by this part of the risk factor and the Alpha factor The result will be different, and some risk premium money has been made. Therefore, if the prediction of the model is more accurate from a long-term perspective, completely liberalizing the risk control exposure should make the excess return higher and the Sharpe of the excess return lower, because it makes a portion of the money with a low Sharpe risk premium.
Lu Chengtao, partner and deputy general manager of Qianxiang Assets, shared: In the long run, domestic Alpha will definitely decline. This is unquestionable. With the continuous growth of the scale of quantitative private equity in the market and the continuous increase in the proportion of institutional investors With the increase, the excess return of quantitative private equity will definitely gradually decline. With reference to the experience of mature foreign markets, this is an irreversible trend. However, the scale of quantitative products currently occupies a relatively low scale in the overall asset management industry, and it should still be in the dividend period of quantitative strategies in the next few years. The current excess level may remain for a period of time, and quantitative institutions will continue to increase. Invest, try to make the decline slower.


▲ Round table discussion, from left to right: Zhai Liping, Ma Haiyuan, Zhang Junbei, Lu Chengtao