养老FOF配置方法概览
　　养老FOF配置方法主要分为六个环节:大类资产配置、基金配置、股票投资、债券投资、多资产投资和风险管理。
　　头部养老目标日期FOF管理人下滑曲线设计
　　分析华夏基金、工银瑞信基金、南方基金、中欧基金、汇添富基金、华安基金、富国基金、广发基金、交银施罗德基金等9家头部管理人的下滑曲线设计。
　　下滑曲线设计和对比解析
　　总结三类下滑曲线设计理论依据，并对下滑曲线形态和权益配置比例区间进行对比分析。
　　风险提示
　　本报告结论完全基于公开的历史数据进行计算，对基金产品和基金管理人的研究分析结论并不预示其未来表现也不能保证未来的可持续性，亦不构成投资收益的保证或投资建议。
　　本报告不涉及证券投资基金评价业务，不涉及对基金产品的推荐，亦不涉及对任何指数样本股的推荐。
　　模型假设风险;模型估测不准确风险。
　　

研究报告全文：FOF20230303sunyu025238gtjascomzhangsiyu025304gtjascom181-2645-4162021-38676666S0880521090002S08805220900060102032CONTENTS01FOF02FOF0304FOF11FOFFOF5116Wind11FOF702FOF21FOF2022Q420896215119782108918005FOF目标风险-规模亿元目标日期-规模亿元目标风险-数量右轴只目标日期-数量右轴只1200140100012010080080600604004020020009Wind20230228214550561489675579TOP10TOP1074001206481624544575517139444960514497496151131633411826136971376710Wind202302282272035204020452050205552035204525356924322055A20352035006622OF2035A2019-04-241982035016079OF20352022-11-290862040006289OF2040A2018-09-1312612045006620OF2045A2019-04-0911562045015682OF2045A2022-06-2410082050006891OF2050A2019-03-262342055011745OF20552021-05-1805811Wind2023022822502040702055权益比例下限权益比例中枢权益比例上限权益比例下限权益比例中枢权益比例上限80807060605040403020201000455055606570758085903035404550556065707580859012Wind2023022822205011-6035-60505620504-8055-807051202320232022Q2-20357-600-25--20352035A529329320402040A11-600-1035-605055645642045A6136113620452045A7-600-30--20502050A73323324-800-1055-807020552055739239213Wind202302282220452045A0-50552045A15-50572045A2045A2045A806040200404550556065707580859014Wind2023022823Target-To20352040204520502055206063875307420352040204520502035006295OF2035A2018-10-314432040007650OF2040A2019-09-172352045007651OF2045A2020-01-211972050006886OF2050A2019-03-282452055009340OF20552020-09-020522060013060OF20602022-01-0601015Wind2023022823Target-To偏好随年龄变化需要动态调整金融资产配置方案使得投资者退休时的财富期望效用最大化作为出发点通过对生成的备选下滑路径Target-To16Wind2023022823Target-To101560204570205080807070606050504040303020201010004045505560653540455055606517Wind2023022823Target-To204510-6045-60604720508-8055-807045202320232022Q2-20352035A8-5525-5045511061020402040A9-6040-6055577327320452045A10-6045-60605937-063-20502050A9-8075015012055205555-807074084088-80206020606936-06418Wind202302282452030203520402045205052035205042030007661OF2030A2019-12-032462035006290OF2035A2018-11-069322040009572OF2040A2020-07-291212045009573OF2045A2020-07-220632050015270OF20502022-03-2301319Wind2023022824502040702050808060604040202000455055606540455055606520Wind20230228