全球资产波动加剧、分散配置需求上升，国际投资者扩大对中国资产的配置   2026-11-12

 

Several multinational asset management companies said at the Shanghai Global Asset Management Forum hosted by Yicai that they plan to increase their allocation to Chinese assets because of heightened volatility in global assets and growing demand for risk diversification.

US stock index futures weakened, US Treasury yields jumped, and precious metal prices came under pressure after official data showed that the country’s consumer price index rose 0.3 percent in October from September, up for the third consecutive month, ramping expectations for a Federal Reserve interest rate hike.

In an environment of low interest rates and high volatility in single markets, the significance and value of global multi-asset allocation are increasing, Wang Qian, general manager of Amundi Bank of China Wealth Management, China’s first foreign-controlled wealth management joint venture, said at the Shanghai Global Asset Management Forum’s internationalization session yesterday.

At the event, the Shanghai Asset Management Association and the French Asset Management Association signed a memorandum of understanding. AFG Chairman Philippe Setbon said that the deep complementarity of China and France in pension finance, green finance, and cross-border asset allocation will offer global investors a more diverse range of asset choices.

China-foreign joint venture wealth management companies are trying to bring Europe’s mature advisory and solutions models to the Chinese market, connecting Chinese household wealth with global markets through multi-layered asset allocation tools, Wang said

While short-term macro uncertainty pressures equity valuations, the core of investing lies in capturing intrinsic value, said Liu Song, president of Neuberger Berman Asia Pacific.

In the future, AI will form two relatively independent ecosystems, one in China and one in the US, Liu Song noted. “As global investors, we definitely need to allocate to both.” The combination of China’s AI applications and high-end manufacturing, and its massive domestic demand and pension needs, creates a long-term, sustainable investment environment.

Global funds still underweight Chinese assets, Tian Di, fund manager at Fidelity International, previously told Yicai. The forecast price-to-earnings ratio for Chinese mainland shares is only 10 times, which does not fully reflect the long-term prospects of many Chinese companies and remains below the historical average, at a substantial discount compared with some developed markets.

Tian believes that Chinese mainland shares still have room for improvement in earnings and valuations. Supported by technological innovation, industrial upgrading, electrification, and healthcare, China’s growth opportunities are gradually extending beyond traditional consumption, which is bringing new investment opportunities.

European investors are very interested in China, and the overall sentiment is positive, but converting that into actual allocation still faces challenges, such as obtaining product approval in Europe, completing client due diligence, managing currency risk, and covering the costs of fund structures, said Fabrice Chemouny, head of international distribution at Natixis Investment Managers.

Chemouny hopes Shanghai can become an operations and coordination hub, with shared operational support, such as centralized product information, reporting, and translated documents, and coordinated account opening, trade support, reconciliation, and cash management services across different products.

Source: Yicai Global

 

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