The underlying logic of diversified allocation remains valid, and multi-asset portfolios are in urgent need of "dynamic calibration."

Whether it’s value-oriented strategies or commodity assets such as gold, performance under ongoing external disturbances has been unsatisfactory, posing a certain challenge to multi-asset investments. Since the beginning of this year, numerous FOF products adopting multi-asset strategies have recorded negative returns. Many underlying funds heavily held by FOFs, such as gold and dividend-themed ETFs, have generally performed below expectations. Although some assets have underperformed this year, professional investors see this as evidence of the cyclical nature of asset rotation, suggesting that dynamic balancing is preferable to static diversification in such an environment. For example, maintain a moderately positive tilt in equity investments, structurally focusing more on growth directions supported by industry trends, while also considering high-quality value assets with reasonable valuation safety margins; gold assets, given global geopolitical factors, fiscal expansion, and long-term asset allocation demand, continue to provide diversification benefits to portfolios, making them more suitable for strategic allocation rather than tactical trading tools.