投资组合管理对中国投资者的重要性日益增加

自从30年前中国开始实施改革开放政策以来，中国投资者已经在这段不长的时间里体验了各种经验教训。最近的一次，就是今年实施熔断机制以来的第一周。中国股市充斥着大量散户，一直以来都是投机交易。大多数投资者蜂拥购买一支上涨的股票，全然不顾高股价，又或者集中抛售一支下跌的股票，使得中国股市成为了世界上波动最大的股权市场。

贝恩咨询的一份研究报告表明截止2014年底，中国的私有财产已达112万亿人民币（约合17万亿美元），中国成为仅次于美国的全球第二大私人财富管理市场，人均可投资产约为8.2万元。然而，储蓄和银行理财产品仍然是最主要的方式，占到66.5%，股票占到16.1%。

本周早些时候，中国最大的投资银行和研究服务公司之一——中国国际金融股份有限公司（CICC），敦促中国投资者将他们的投资策略从单一地押在一类资产的升值和紧盯风云变幻的股票市场，转变成采取投资组合策略，融合例如债券这样不与股票市场同步的投资，从而分散风险，降低投资的波动性。

根据汇丰银行的报告，中国境内债券作为后起之秀，按美元价值计算回报率为2.5%。汇丰全球资产管理亚太固定收益产品首席投资官陈宝枝说：“越来越多的中国大陆投资者今年正在进入美元投资的离岸债券市场。”

在我看来，中国投资者是时候开始转变采取投资组合策略了，不仅是指那些传统的投资产品，例如股票和债券，也包括其他非传统产品，例如大宗商品、货币、私募股权基金、房地产和海外资产。一个多样化的投资组合能帮助分散因某一项投资未达预期而可能产生损失的风险。

Portfolio Management Becomes Increasingly Important for Chinese Investors

Since China’s Economic Reform and Opening-up policy that started some 30 years ago, Chinese investors have learnt abundant lessons within this relatively short timeframe, most recently, the plunge in the first week after the launch of circuit breaker mechanism. China's stock market, crowded with retailer investors, has been historically filled with speculative speculation as most investors flocked to one rallying stock, regardless of its already high-valuation, and sell off a plunging stock in herds, causing one of the most volatile equity markets in the world.

A Bain’s research report showing that by the end of 2014, Chinese private wealth had hit 112 trillion yuan ($17 trillion)——the second largest private wealth management market next to the US -- with per capita investing wealth of 82,000 yuan. However, deposit and banks' wealth management products still take up the majority (66.5%), while securities take up 16.1%.

Early this week, China International Capital Corp (CICC), one if China’s largest investment banking and research services companies, urged Chinese investors to shift their investment strategy away from betting on appreciation of a single asset class and relentlessly go after a surging stock, to take a portfolio strategy, blending, for example, bonds, an asset class that does not in sync with stocks, with stocks that could diversify risks and reduce the volatility of the investment.

According to HSBC, Chinese onshore bonds was a rising star, with a 2.5-percent total return in US-dollar terms. “More Chinese mainland investors are entering the offshore bonds market with US dollars this year”, said Cecilia Chan, Asia Pacific fixed-income chief investment officer at HSBC Global Asset Management (HK).

In my opinion, it is time for Chinese investors to shift to portfolio investment, not only the traditional investment products like stocks and bonds, but also unconventional products such as commodities, currencies, private equity funds, real estate, and overseas assets. A diversified portfolio can help spread the risk of possible loss because of below-expectations performance of one or a few of them.