頭部養(yǎng)老目標(biāo)日期FOF管理人下滑曲線設(shè)計(jì)對(duì)比分析報(bào)告

/

CONTENTS01020304FOFFOFFOF1.1FOF??FOF//51.1????——??6Wind1.1FOF??——&702FOF2.1FOF???2022

Q4208962.15119782.1089180.05FOF目標(biāo)風(fēng)險(xiǎn)-規(guī)模(億元)目標(biāo)日期-規(guī)模(億元)目標(biāo)風(fēng)險(xiǎn)-數(shù)量(右軸,只)目標(biāo)日期-數(shù)量(右軸,只)1200100080060040020001401201008060402009Wind2023

02

282.1??4550.56%148.9675.57%9TOP10TOP10,

7,40.01,

20%,

48.16,24%,

6,

5,

5,,

44,

7.55,4%17.13,

9%,

4,

4,,

9.60,5%,14.49,

7%,

,,

4,11.31,

6%,9.61,

5%,

3,

3,

411.82,

6%13.69,

7%

13.76,

7%10Wind2023

02

282.2????72035

2040

2045

2050

2055252035

2045A535.6924.32205520352035203520402045204520502055006622.OF016079.OF006289.OF006620.OF015682.OF006891.OF011745.OF2035A2019-04-242022-11-292018-09-132019-04-092022-06-242019-03-262021-05-181.980.86203520402045AA12.6111.5610.082.342045A20502055A0.5811Wind2023

02

282.2??50%

204070%

2055權(quán)益比例下限權(quán)益比例中樞權(quán)益比例上限權(quán)益比例下限權(quán)益比例中樞權(quán)益比例上限806040200807060504030201004550556065707580859030

35

40

45

50

55

60

65

70

75

80

85

90()()12Wind2023

02

282.2????2050205011%-60%4%-80%35%-60%55%-80%50%70%5651()()(2023)(2023)(2022Q2)(-)203520357-600-250-10--203520402045AAA52.9355.6461.36-2.935.6411.36-2040204511-6035-6050702045A7-604-800-300-102050205520502055A73.3273.923.323.9255-8013Wind2023

02

282.2???20452045A0-50%5515%-50%2045A572045A2045A2045A806040200404550556065(7075808590)14Wind2023

02

282.3Target-To???2035

2040

2045

2050

2055

2060

638.753.0742035

2040

2045

2050203520402045205020552060006295.OF007650.OF007651.OF006886.OF009340.OF013060.OF20352040204520502055AAAA2018-10-312019-09-172020-01-212019-03-282020-09-022022-01-064.432.351.972.450.520.10206015Wind2023

02

282.3Target-To??偏好隨年齡變化，需要?jiǎng)討B(tài)調(diào)整金融資產(chǎn)配置方案使得投資者退休時(shí)的財(cái)富期望效用最大化作為出發(fā)點(diǎn)，通過對(duì)生成的備選下滑路徑Target-To????16Wind2023

02

282.3Target-To??10%15%60%

204570%

2050807060504030201008070605040302010040455055606535404550(556065())17Wind2023

02

282.3Target-To??2045205010%-60%45%-60%55%-80%60%70%47?8%-80%45()()(2023)25-5040-6045-60(2023)(2022Q2)51.1057.7359.3775.01(-)20352040204520502055206020352040204520502055AAAA8-559-604555606.102.73-0.635.014.08-0.6410-609-80-55-807074.0869.368-80206018Wind2023

02

282.4???52030

2035

2040

2045

2050

520352050420302035204020452050007661.OF006290.OF009572.OF009573.OF015270.OF2030203520402045AAAA2019-12-032018-11-062020-07-292020-07-222022-03-232.469.321.210.630.13,205019Wind2023

02

282.4????50%

204070%

2050806040200806040200455055(6065404550556065)()20Wind2023

02

282.4??5%205020505%-60%40%

2035

2040

20455%-80%0%-30%203050%??0%-25%55%-80%70%2030()()(2023)(2023)(2022Q2)(-)20302030203520402045AAAA25-5040507053.0643.4249.0137.5165.6313.062035204020452050-6.58-0.99-12.49-4.375-605-800-300-2535-6055-80205021Wind2023

02

282.5???42025

2035

2050

2055

421.12216.012025203520502055008639.OF006321.OF007241.OF017686.OF2025(FOF)A2020-04-152018-10-102019-05-102022-12-290.6112.593.4220352050AA20550.5122Wind2023

02

282.5????8060402003540455055)606570(23Wind2023

02

282.5??22050390-80%65%-80%80%203539?A00-23.88%()()(2023)(2023)(2022Q2)(-)20252025(FOF)A0-302.07-27.0717.0739.678020.8051.1573.39-3.7311.48-6.61-20352050205520352050AA4.84-59.410-8029.67-49.670-23.8865-8020550-807524Wind2023

02

282.6?201820192040122030

2040

2050

3?20302050?

3203020402050006763.OF007059.OF007060.OF,2030AAA2018-12-273.998.012.49204020502019-04-292019-05-1725Wind2023

02

282.6???69%

204080%

2050806040200806040200455055(606535404550(556065))26Wind2023

02

282.6??320%205020%-80%2022Q23563%-80%78%205063?2040()()(2023)(2023)(2022Q2)(-)203020402050203020402050AAA20-6036-605153.692.69-50-7563-80657870.5071.095.5020-80-6.9127Wind2023

02

282.7???32.652030

2040

20452030

204520402203020402045006575.OF20302040AA2019-04-261.640.890.12010320.OF014009.OF,2021-05-132022-12-06204528Wind2023

02

282.7????50%

204079%

204580706050403020100807060504030201004146515661455055(6065())29Wind2023

02

282.7??582030

20400%-60%53%-78%204035%-60%68%50%20455%-79%?2022Q22030()()(2023)(2023)(2022Q2)(-)20302040204520302040A53.7548.83-3.75-1.17-0-605-79-35-6053-785068A20450-2530Wind2023

02

282.8???220252022

320452022

62025A20252045013421.OF013420.OF20252045A2022-06-142022-03-302.740.6131Wind2023

02

282.8???19.7%

202575%

2045807060504030201008070605040302010062636465394449545964()()32Wind2023

02

282.8????2025204520450-29.7%0-80%2.6%-27.6%60%-80%17.6%75%45()()(2023)(2023)(2022Q2)(-)2025204520252045A0-29.7--2.6-27.617.6%75--0-8060-8040.55-34.4533Wind2023

02

282.9???34.992035

2040

2050203522040

20502035007668.OF008609.OF007250.OF20352020-09-092020-05-222019-04-261.001.692.292040205020402050AA34Wind2023

02

282.9??

1?

2?

355%

204072%

20508070605040302010080706050403020100455055(606535404550(556065))35Wind2023

02

282.9????5%204020505%-60%5%-80%36%-60%51%66.4%.51.4%-76.4%5%-30%()()(2023)(2023)(2022Q2)(-)20352040205020352040205028.6-53.643.635.1555.8567.58-8.455-605-80AA5-3036-60514.851.1851.4-76.466.436Wind2023

02

282.10?19.602035?50%

2035203580706050403020100008697.OF20352020-04-299.60A50556065()37Wind2023

02

282.10?2035A14%-60%29%-50%?30%-55%45%2035A20352035A14-60-(())30-5545(2023)(2023)(2022Q2)-46.981.98()38Wind2023

02

28010203204000403.1???412023

02

283.1???42Wind2023

02

283.1???405060432023

02

283.2??4-6??204020%2040

2045

205020238070605040302010020238020238060402006040200202020252030(203520402019

2024

2029

2034

2039

20442020

2025

2030

2035

2040

2045

2050)()()44Wind2023

02

283.2??2-52-10%?204020502045

20502023年807060504030201002023年8060402002020202520302035204020452020202520302035(20402045205045())Wind2023

02

283.32040???35%0%80%35%35%60%202350%2040204055%-80%70%204020409080706050403020100908070605040302046Wind2023

02

283.3204535%???0%80%40%2022204560%-70%35%-8