Asset allocation method, system and device

Abstract

The present application discloses an asset allocation method, system and device, which relates to the technical field of financial data mining and management. At least two virtual accounts are created for a user to be asset-allocated, and the at least two virtual accounts are managed with the user's physical account, and different virtual accounts in the at least two virtual accounts correspond to different investment needs; the funds of the physical account are allocated to the at least two virtual accounts, and the sum of the fund amounts of the at least two virtual accounts is not greater than the total fund amount of the physical account; according to the investment risk assessment result of the user, the risk tolerance range corresponding to each of the at least two virtual accounts is determined, and according to the volatility and rate of return of the candidate asset investment portfolio and the risk tolerance range corresponding to each of the at least two virtual accounts, the asset investment portfolios of the at least two virtual accounts are determined, and the asset investment portfolios include at least one type of asset and the proportion of each type of asset.

Description

Technical Field

[0001] The present application relates to the technical field of financial data mining and management, and in particular to an asset allocation method, system and device. Background Art

[0002] Asset allocation refers to the allocation of investment funds between different asset classes based on investment needs, usually allocating assets between low-risk, low-yield securities and high-risk, high-yield securities.

[0003] Different types of asset portfolios will generate different returns, but also have different risks. Different users have different investment needs (such as investment objectives, expected returns) and risk tolerance levels. Therefore, how to reasonably allocate assets based on the investment needs and risk tolerance levels of different users is a technical problem that needs to be solved at present. Summary of the invention

[0004] The embodiments of the present application provide an asset allocation method, system and device for performing asset allocation according to the risk tolerance and investment needs of a user.

[0005] In a first aspect, an asset allocation method is provided, comprising: creating at least two virtual accounts for a user to be asset allocated, the at least two virtual accounts being managed with the user's physical account, and different virtual accounts in the at least two virtual accounts corresponding to different investment needs; allocating funds of the physical account to the at least two virtual accounts, and the sum of the fund amounts of the at least two virtual accounts being no greater than the total fund amount of the physical account; determining the risk tolerance range corresponding to each of the at least two virtual accounts according to an investment risk assessment result of the user, and different virtual accounts in the at least two virtual accounts corresponding to different risk tolerance ranges; determining the asset investment portfolios of each of the at least two virtual accounts according to the volatility and rate of return of the candidate asset investment portfolios and the risk tolerance ranges corresponding to each of the at least two virtual accounts, and the asset investment portfolios including at least one type of asset and the proportion of each type of asset.

[0006] Optionally, determining the asset investment portfolios of each of the at least two virtual accounts based on the volatility and yield of the candidate asset investment portfolios and the risk tolerance ranges of each of the at least two virtual accounts includes: for each of the at least two virtual accounts, performing the following steps: allocating a candidate asset investment portfolio whose volatility matches the risk tolerance range corresponding to the virtual account to the virtual account.

[0007] Optionally, allocating the candidate asset investment portfolio whose volatility matches the risk tolerance range corresponding to the virtual account to the virtual account includes: if the volatilities of multiple candidate asset investment portfolios match the risk tolerance range of the same virtual account, allocating the best candidate asset investment portfolio among the multiple candidate asset investment portfolios to the same virtual account based on the volatilities and / or expected rates of return of the multiple candidate asset investment portfolios.

[0008] Optionally, the optimal candidate asset investment portfolio is the candidate asset investment portfolio with the lowest volatility among the multiple candidate asset investment portfolios; or the optimal candidate asset investment portfolio is the candidate asset investment portfolio with the highest expected return among the multiple candidate asset investment portfolios.

[0009] Optionally, before determining the asset investment portfolios of each of the at least two virtual accounts based on the volatility and rate of return of the candidate asset investment portfolios and the risk tolerance ranges corresponding to each of the at least two virtual accounts, the method further includes: determining the average rate of return of each type of investment asset based on the historical average rate of return of each investment product, wherein each type of investment asset includes at least one investment product; determining the expected rate of return of each candidate asset investment portfolio based on the average rate of return of each type of investment assets, wherein each candidate asset investment portfolio includes at least one type of investment asset; and determining the volatility of each candidate asset investment portfolio based on a mean-variance model.

[0010] Optionally, the average rate of return of a first type of investment assets among the various types of investment assets satisfies the following formula, wherein the first type of investment assets is any type of investment assets among the various types of investment assets:

[0011]

[0012] Wherein, E(r) is the average rate of return of the first category of investment assets, r(s) is the historical average rate of return of the sth investment product in the first category of investment assets, and n is the number of investment products included in the first category of investment assets.

[0013] Optionally, the expected rate of return corresponding to the first candidate asset investment portfolio among the candidate asset investment portfolios satisfies the following formula, wherein the first candidate asset investment portfolio is any candidate asset investment portfolio among the candidate asset investment portfolios:

[0014]

[0015] Among them, E(R p ) is the expected rate of return corresponding to the first candidate investment asset portfolio, u i is the average rate of return of the i-th type of investment assets in the first candidate investment asset portfolio, wi is the proportion of the i-th type of investment assets in the first candidate investment asset portfolio.

[0016] Optionally, the volatility corresponding to the first candidate asset investment portfolio among the candidate asset investment portfolios satisfies the following formula, wherein the first candidate asset investment portfolio is any candidate asset investment portfolio among the candidate asset investment portfolios:

[0017]

[0018] Among them, σ p is the volatility corresponding to the first candidate asset portfolio, w i is the proportion of the i-th type of investment assets in the first candidate asset portfolio, w j is the proportion of the jth type of investment assets in the first candidate asset portfolio, Cov(R i , R j ) is the covariance between the i-th asset and the j-th asset.

[0019] Optionally, determining the risk tolerance range corresponding to each of the at least two virtual accounts based on the investment risk assessment result of the user includes: obtaining the risk tolerance level of the user based on the investment risk assessment result of the user; and obtaining the risk tolerance range corresponding to each of the at least two virtual accounts corresponding to the risk tolerance level based on the risk tolerance level of the user.

[0020] Optionally, the method also includes: respectively determining the asset returns of the at least two virtual accounts; respectively evaluating the asset allocation effects of the at least two virtual accounts based on the asset returns of the at least two virtual accounts; and determining the sum of the asset returns of the at least two virtual accounts based on the asset returns of the at least two virtual accounts.

[0021] Optionally, the at least two virtual accounts include, from low to high, according to the risk tolerance levels corresponding to different investment needs: a low-demand account; a medium-demand account; and a high-demand account.

[0022] In a second aspect, an asset allocation system is provided, comprising: a virtual account creation module, used to create at least two virtual accounts for a user to perform asset allocation, the at least two virtual accounts are managed with the user's physical account, and different virtual accounts in the at least two virtual accounts correspond to different investment needs; a fund allocation module, used to allocate funds of the physical account to the at least two virtual accounts, and the sum of the fund amounts of the at least two virtual accounts is not greater than the total fund amount of the physical account; an asset allocation module, used to determine the risk tolerance range of each of the at least two virtual accounts according to the investment risk assessment result of the user, and different virtual accounts in the at least two virtual accounts correspond to different risk tolerance ranges; and, according to the volatility and rate of return of the candidate asset portfolio and the risk tolerance range of each of the at least two virtual accounts, determine the asset portfolio corresponding to each of the at least two virtual accounts, the asset portfolio including at least one type of asset and the proportion of each type of asset.

[0023] Optionally, the asset allocation module is specifically used to: for each of the at least two virtual accounts, perform the following steps: allocate a candidate asset investment portfolio whose volatility matches the risk tolerance range corresponding to the virtual account to the virtual account.

[0024] Optionally, the asset allocation module is specifically used to: if the volatility of multiple candidate asset investment portfolios matches the risk tolerance range of the same virtual account, then allocate the best candidate asset investment portfolio among the multiple candidate asset investment portfolios to the same virtual account based on the volatility and / or expected rate of return of the multiple candidate asset investment portfolios.

[0025] Optionally, the optimal candidate asset investment portfolio is the candidate asset investment portfolio with the lowest volatility among the multiple candidate asset investment portfolios; or the optimal candidate asset investment portfolio is the candidate asset investment portfolio with the highest expected return among the multiple candidate asset investment portfolios.

[0026] Optionally, the asset allocation module is further used to: determine the average rate of return of each type of investment assets based on the historical average rate of return of each investment product, wherein each type of investment asset includes at least one investment product; determine the expected rate of return of each candidate asset investment portfolio based on the average rate of return of each type of investment assets, wherein each candidate asset investment portfolio includes at least one type of investment assets; and determine the volatility of each candidate asset investment portfolio based on a mean-variance model.

[0027] Optionally, the average rate of return of a first type of investment assets among the various types of investment assets satisfies the following formula, wherein the first type of investment assets is any type of investment assets among the various types of investment assets:

[0028]

[0029] Wherein, E(r) is the average rate of return of the first category of investment assets, r(s) is the historical average rate of return of the sth investment product in the first category of investment assets, and n is the number of investment products included in the first category of investment assets.

[0030] Optionally, the expected rate of return corresponding to the first candidate asset investment portfolio among the candidate asset investment portfolios satisfies the following formula, wherein the first candidate asset investment portfolio is any candidate asset investment portfolio among the candidate asset investment portfolios:

[0031]

[0032] Among them, E(R p ) is the expected rate of return corresponding to the first candidate investment asset portfolio, u i is the average rate of return of the i-th type of investment assets in the first candidate investment asset portfolio, w i is the proportion of the i-th type of investment assets in the first candidate investment asset portfolio.

[0033] Optionally, the volatility corresponding to the first candidate asset investment portfolio among the candidate asset investment portfolios satisfies the following formula, wherein the first candidate asset investment portfolio is any candidate asset investment portfolio among the candidate asset investment portfolios:

[0034]

[0035] Among them, σ p is the volatility corresponding to the first candidate asset portfolio, w i is the proportion of the i-th type of investment assets in the first candidate asset portfolio, w j is the proportion of the jth type of investment assets in the first candidate asset portfolio, Cov(R i , R i ) is the covariance between the i-th asset and the j-th asset.

[0036] Optionally, the asset allocation module is specifically used to: obtain the risk tolerance level of the user based on the investment risk assessment result of the user; and obtain the risk tolerance range corresponding to each of the at least two virtual accounts corresponding to the risk tolerance level based on the risk tolerance level of the user.

[0037] Optionally, the system also includes an income statistics module; the income statistics module is used to respectively determine the asset returns of the at least two virtual accounts, evaluate the asset allocation effects of the at least two virtual accounts respectively according to the asset returns of the at least two virtual accounts, and determine the sum of the asset returns of the at least two virtual accounts according to the asset returns of the at least two virtual accounts.

[0038] Optionally, the at least two virtual accounts include, from low to high, according to the risk tolerance levels corresponding to different investment needs: a low-demand account; a medium-demand account; and a high-demand account.

[0039] According to a third aspect, a communication device is provided, comprising: a processor and a memory; the memory stores computer instructions; and the processor is configured to read the computer instructions and execute the method described in the first aspect.

[0040] According to a fourth aspect, a computer-readable storage medium is provided, wherein the computer-readable storage medium stores computer-executable instructions, and the computer-executable instructions are used to enable a computer to execute the method described in the first aspect.

[0041] According to a fifth aspect, a computer program product is provided. When the computer program product is called by a computer, the computer executes the method according to the first aspect.

[0042] In the embodiment of the present application, since at least two virtual accounts are created for the user to whom asset allocation is to be performed, the funds of the physical account are allocated to the at least two virtual accounts, and the risk tolerance range corresponding to each of the at least two virtual accounts is determined according to the user's investment risk assessment result, the asset investment portfolios of the at least two virtual accounts are determined according to the volatility and rate of return of the candidate asset investment portfolios and the risk tolerance range corresponding to each of the at least two virtual accounts, thereby achieving asset allocation according to the user's risk tolerance and investment needs. BRIEF DESCRIPTION OF THE DRAWINGS

[0043] Figure 1 An example of a flow chart of an asset allocation method provided in an embodiment of the present application is shown;

[0044] Figure 2 A schematic diagram of creating a virtual account, allocating funds, and determining a risk tolerance range provided by an embodiment of the present application is exemplified;

[0045] Figure 3 A schematic diagram of a process of selecting an asset investment portfolio provided by an embodiment of the present application is exemplified;

[0046] Figure 4 A schematic diagram of account investment management and income evaluation provided by an embodiment of the present application is exemplified;

[0047] Figure 5 An example of a structural diagram of an asset allocation system provided in an embodiment of the present application is shown;

[0048] Figure 6 The structure diagram of a communication device provided in an embodiment of the present application is exemplified. DETAILED DESCRIPTION

[0049] The technical solutions in the embodiments of the present application will be described clearly and in detail below in conjunction with the accompanying drawings. In the description of the embodiments of the present application, unless otherwise specified, " / " means or, for example, A / B can mean A or B; "and / or" in the text is only a description of the association relationship of associated objects, indicating that there can be three relationships, for example, A and / or B can mean: A exists alone, A and B exist at the same time, and B exists alone. In addition, in the description of the embodiments of the present application, "multiple" means two or more than two.

[0050] In the following, the terms "first" and "second" are used for descriptive purposes only and are not to be understood as suggesting or implying relative importance or implicitly indicating the number of the indicated technical features. Thus, a feature defined as "first" or "second" may explicitly or implicitly include one or more of the features, and in the description of the embodiments of the present application, unless otherwise specified, "plurality" means two or more.

[0051] The following first explains the technical terms in the embodiments of the present application.

[0052] (1) Multi-account asset allocation:

[0053] Multi-account asset allocation refers to placing investment portfolio products into multiple (including two or more) virtual accounts according to certain rules. Each virtual account selects investment targets with differentiation, and realizes independent buying and selling, and independently conducts investment performance evaluation.

[0054] (2) Mental Account:

[0055] Mental accounting refers to investors unconsciously allocating their wealth into different accounts and managing them using different accounting methods and psychological calculation rules.

[0056] (3) Investment portfolio pyramid structure:

[0057] The pyramid structure of an investment portfolio refers to an investment structure that takes into account both risk and return by dividing and selecting investment targets based on the three dimensions of investment security, potential, and rate of return.

[0058] (4) Asset investment portfolio:

[0059] An asset investment portfolio refers to the combination of various types of investment assets and the proportion of each type of investment assets selected according to user needs to meet the user's investment needs. Different combinations of investment assets and different proportions of investment assets will produce different return results and / or risk ranges.

[0060] Among them, different types of investment assets include different investment products, and different types of investment assets have different yields and / or volatility (i.e., investment risks). One type of investment asset may include multiple investment products of the same type, that is, a combination of multiple investment products of the same type may constitute a type of investment asset. For example, the types of investment products may include: bonds, bank time deposits, credit cards, stocks, insurance and financial management, currencies, bonds, funds, real estate, etc. For another example, multiple stock investment products (such as stock A, stock B, and stock C) may constitute stock investment assets.

[0061] It can be understood that the asset investment portfolio may include multiple types of investment assets and the proportion of each type of investment assets. One type of investment assets may include multiple investment products. For example, taking Class A investment assets (bonds and stocks), Class B investment assets (funds), and Class C investment assets (insurance) as examples, the asset investment portfolio may include the following 7 types, namely: a combination of 50% Class A investment assets and 50% Class B investment assets, a combination of 40% Class A investment assets and 60% Class B investment assets, a combination of 50% Class A investment assets and 50% Class C investment assets, a combination of 30% Class A investment assets and 70% Class C investment assets, a combination of 50% Class B investment assets and 50% Class C investment assets, a combination of 30% Class A investment assets, 30% Class B investment assets and 40% Class C investment assets, and a combination of 20% Class A investment assets, 40% Class B investment assets and 40% Class C investment assets. The above is only an example, and the number of investment asset combinations may be more, and the embodiments of the present application are not limited to this.

[0062] At present, most asset allocation methods provide a single investment portfolio and a fixed asset allocation ratio based on the investor's risk tolerance. The advantage is that it can match the investor's risk tolerance and provide an asset allocation plan with reasonable volatility, but there are one or more of the following defects:

[0063] (1) There is no differentiated investment management for funds with different purposes.

[0064] (2) There is no classification of investors’ investment objectives. For example, most of the investment services provided by financial institutions in the current market are asset allocation plans based on the mean-variance theory.

[0065] (3) Based on the asset allocation of a single account, once an investor redeems an investment product, it may cause an imbalance in the overall asset allocation ratio, resulting in the need to adjust the investment assets.

[0066] Investors' assets often have different uses or levels of urgency. Different parts of the assets correspond to different investment needs and can tolerate different levels of risk. Using a single investment portfolio cannot meet the different investment needs of investors.

[0067] To this end, the embodiment of the present application provides a multi-account asset allocation method based on mental accounts, and the method can be used to perform asset allocation in a more detailed manner. In the embodiment of the present application, the assets of investors are divided into multiple (including two or more) virtual accounts, such as three virtual accounts, and the multiple virtual accounts match the various investment needs or uses or investment purposes of the investors' assets. Different virtual accounts correspond to different risk tolerance ranges, and asset allocation is performed for each virtual account respectively. Different virtual accounts are bought and sold independently, and income calculation and performance tracking are performed independently, so that more flexible asset management can be achieved, and investors can more intuitively understand the investment status of assets with different needs or uses, and can also more accurately match investors' consumption needs without destroying the overall structure of investors' asset allocation, which helps investors to manage various types of assets more easily and accurately, and meet investors' investment and consumption purposes to the greatest extent.

[0068] The multi-account asset allocation method provided in the embodiment of the present application combines the mental account theory with the portfolio pyramid structure theory, and disperses the investment into different virtual accounts according to the level of desire for investment returns. Different virtual accounts are managed differently according to different risk tolerances, return expectations, etc., and independent buying and selling of multiple accounts and independent investment performance evaluation are achieved.

[0069] Figure 1 The following is a flow chart of an asset allocation method provided by an embodiment of the present application. The flow chart can be executed by an asset allocation system, and the asset allocation system can be implemented by software or hardware, or by a combination of software and hardware. Figure 1 As shown, the process may include the following steps:

[0070] S101: Create at least two virtual accounts for the user who is to perform asset allocation, and configure the capital amounts of the at least two virtual accounts.

[0071] At least two virtual accounts can be set for the user based on the user's investment purpose, return expectations, investment risk tolerance, fund use, etc. Optionally, the at least two virtual accounts may include: a low-desire account, a medium-desire account, and a high-desire account in order of risk tolerance from low to high. Among them, the low-desire account corresponds to the assets dominated by the user's short-term consumption needs. This part of the assets requires high liquidity and low risk. The primary purpose is to preserve the principal of the assets and does not pursue high returns; the medium-desire account corresponds to the user's medium- and long-term investment purposes (for example, retirement, education, etc.), which can bear certain risks and can accept medium- and long-term investment periods. Losses to a certain extent in the short term are acceptable; the high-desire account corresponds to assets with the purpose of wealth appreciation as investment. This part of the assets is often not within the short-term use plan, and the pursuit is high returns, and a high degree of risk can be borne.

[0072] Optionally, the above three virtual accounts can be set for the user to be asset configured. Two of the above three virtual accounts can also be set according to the actual situation or needs of the user. For example, if it is determined that the user most wants to preserve the principal of the assets and can only bear a lower investment risk but is unwilling to bear a higher investment risk based on the investment risk assessment results of the user or the user's choice (for example, the user can select the virtual account to be set on the user interface for setting the virtual account), then only a low-desire account and a medium-desire account can be set for the user, so that asset configuration can be performed according to the actual situation or needs of the user.

[0073] In this step, each virtual account set for the user is associated with the user's physical account. For example, an option for the user to select a physical account may be provided in the user interface for setting up the virtual account, so that a virtual account associated with the physical account selected by the user can be set.

[0074] Optionally, in the user interface for setting up virtual accounts, the user may be allowed to input the amount of funds or the ratio of funds for each virtual account, or several candidate ratios may be provided for the user to choose from, so that the user can configure the amount of funds or the ratio of funds for each virtual account based on his or her mental account, and then allocate the amount of funds in the physical account to each virtual account, and the total amount of funds in each virtual account shall not be greater than the total amount of funds in the physical accounts.

[0075] S102: Determine the risk tolerance range of each virtual account according to the user's investment risk assessment result.

[0076] The user's investment risk assessment results can be obtained through online or offline questionnaire assessment based on the user's financial and income status, investment experience, investment purpose and risk preference, age, etc. The user's investment risk assessment results may include the user's investment risk level (for example, the investment risk level may include three risk tolerance levels of high, medium and low); the user's investment risk assessment results may also include the user's risk tolerance for various types of assets (for example, the risk tolerance for a certain type of asset may include three different risk tolerances of high, medium and low).

[0077] In a possible implementation, the risk tolerance range corresponding to each virtual account can be set in advance for each investment risk level. For example, the risk tolerance ranges set for low-demand accounts, medium-demand accounts, and high-demand accounts with high risk levels are: the upper limit of investment loss is equal to 10%, 15%, and 25%; the risk tolerance ranges set for low-demand accounts, medium-demand accounts, and high-demand accounts with medium risk levels are: the upper limit of investment loss is equal to 8%, 10%, and 15%; the risk tolerance ranges set for low-demand accounts, medium-demand accounts, and high-demand accounts with low risk levels are: the upper limit of investment loss is equal to 5%, 8%, and 10%. In this way, the investment risk level of the user is determined according to the investment risk assessment results of the user, and then the risk tolerance ranges corresponding to each virtual account of the user can be determined according to the investment risk level of the user and the risk tolerance ranges of each virtual account pre-set for the investment risk level.

[0078] For example, if an investment risk assessment is conducted on a user and it is determined that the user's investment risk tolerance level is high, then based on the above-mentioned pre-set corresponding relationship, the risk tolerance ranges corresponding to the high-desire account, medium-desire account, and low-desire account can be obtained respectively: the upper limit of investment loss is equal to 10%, 15%, and 25%.

[0079] In another possible implementation, the user may be allowed to set a risk tolerance range for each virtual account. For example, in a user interface for setting up virtual accounts, the user may be allowed to input or select the risk tolerance range corresponding to a low-desire account, a medium-desire account, and a high-desire account.

[0080] Figure 2 The schematic diagram of creating a virtual account, allocating funds and determining the risk tolerance range provided in an embodiment of the present application is exemplified.

[0081] As shown in the figure, based on the theory of mental accounts, three virtual accounts with different fund uses are set up to determine the risk tolerance of each virtual account. In order of risk tolerance from low to high, the three virtual accounts include a low-desire account, a medium-desire account, and a high-desire account. The user's investment risk tolerance is evaluated to confirm the user's risk tolerance level. The risk tolerance range of each virtual account is determined based on the user's risk tolerance level. According to the user's requirements, the funds in the user's physical account are allocated to the three virtual accounts.

[0082] S103: Determine the asset investment portfolio of each virtual account according to the volatility (ie, risk) and rate of return of the candidate asset investment portfolio and the risk tolerance range of each virtual account.

[0083] In this step, optionally, a mean-variance model may be used to solve the optimal asset investment portfolio for each virtual account through a nonlinear programming method.

[0084] Figure 3 The following is a flow chart of selecting an asset investment portfolio provided by the embodiment of the present application. Figure 3 As shown, the process may include the following steps:

[0085] S301: Obtain the historical average rate of return of each investment product.

[0086] Optionally, the average rate of return of each investment product over a period of time (eg, the past five years) may be obtained, such as the annual average rate of return, the monthly average rate of return, etc.

[0087] S302: Determine the average rate of return of each type of investment asset based on the historical average rate of return of each investment product.

[0088] For example, the annual average rate of return of each type of investment asset may be calculated based on the annual average rate of return of each investment product in recent years obtained in step 301 .

[0089] Optionally, taking a certain type of investment assets as an example (for the sake of clarity, it is called the first type of investment assets here), the average rate of return of this type of investment assets can be calculated according to the following formula:

[0090]

[0091] Wherein, E(r) is the average rate of return of this type of investment assets (i.e., the first type of investment assets), r(s) is the historical average rate of return of the sth investment product in this type of investment assets, and n is the number of investment products included in this type of investment assets.

[0092] S303: Determine the expected rate of return and volatility corresponding to each candidate asset investment portfolio.

[0093] Optionally, after obtaining the average rate of return of each type of investment asset in step S302, the expected rate of return and volatility of each candidate investment asset portfolio may be calculated for each candidate investment asset portfolio based on the average rate of return of each type of investment asset.

[0094] Optionally, the expected rate of return corresponding to each candidate asset portfolio can be calculated by the following formula:

[0095]

[0096] Among them, E(R p ) is the expected rate of return corresponding to a candidate asset portfolio; ui is the average rate of return of the i-th type of investment assets in the candidate investment asset portfolio, which can be calculated according to formula (1); w i is the proportion of the i-th type of investment assets in the investment asset portfolio; N is the number of investment assets in the investment asset portfolio.

[0097] Optionally, the volatility corresponding to each candidate asset portfolio can be calculated according to the following formula:

[0098]

[0099] Among them, σ p is the volatility corresponding to the candidate asset portfolio, wi is the proportion of the i-th type of investment assets in the candidate asset portfolio, and w j is the proportion of the jth type of investment assets in the candidate asset portfolio, Cov(R i , R j ) is the covariance between the i-th investment asset and the j-th investment asset in the candidate asset portfolio.

[0100] S304: Determine the asset investment portfolio corresponding to each virtual account according to the volatility corresponding to each candidate asset investment portfolio and the risk tolerance range corresponding to each virtual account.

[0101] In this step, for each virtual account, a candidate asset portfolio whose volatility matches the risk tolerance range of the virtual account may be allocated to the virtual account. If the volatility of the candidate asset portfolio is within the risk tolerance range corresponding to the virtual account, it is considered that the volatility of the candidate asset portfolio matches the risk tolerance range corresponding to the virtual account.

[0102] For example, if the volatility of a candidate asset portfolio is equal to 4%, if the risk tolerance range corresponding to the low-desire account is less than 5%, then the volatility of the candidate asset portfolio matches the risk tolerance range of the low-desire account.

[0103] Optionally, if the volatilities of multiple candidate asset investment portfolios match the risk tolerance range corresponding to the same virtual account, the best candidate investment asset portfolio can be selected from the multiple candidate asset investment portfolios and allocated to the virtual account.

[0104] Optionally, specific implementation methods for selecting the best candidate investment asset portfolio from the multiple candidate asset investment portfolios may include the following:

[0105] Method 1: According to the expected returns corresponding to the multiple candidate asset investment portfolios, an optimal candidate asset investment portfolio is selected and allocated to the virtual account. For example, the candidate asset investment portfolio with the highest return is selected. Compared with other candidate asset investment portfolios in the multiple candidate asset investment portfolios, the candidate asset investment portfolio with the highest return can increase the possibility of the virtual account obtaining a high return.

[0106] Method 2: From the multiple candidate asset investment portfolios, select the candidate asset investment portfolio with the lowest volatility and allocate it to the virtual account. Compared with other candidate asset investment portfolios in the multiple candidate asset investment portfolios, the candidate asset investment portfolio with the lowest volatility is more likely to reduce the investment risk of the virtual account.

[0107] In the embodiment of the present application, after the optimal asset investment portfolio is allocated to each virtual account, investment operations can be performed for each virtual account separately, such as buying and selling investment products.

[0108] Optionally, in the embodiment of the present application, the income of each virtual account may be evaluated separately, and then the total income of all virtual accounts may be determined based on the income of each virtual account.

[0109] Optionally, in the embodiment of the present application, investment management evaluation may be performed based on the asset returns of the virtual accounts, such as tracking and evaluating investment performance.

[0110] Figure 4 A schematic diagram of account investment management and income evaluation provided in an embodiment of the present application is illustrated.

[0111] As shown in the figure, assets are managed in a two-tier account system. The first tier is the user's physical account, and the second tier is three virtual accounts, such as low-demand account, medium-demand account, and high-demand account. The three virtual accounts are independent of each other, and each virtual account can independently perform investment, income calculation, and performance tracking. Users can buy and sell investment products in each virtual account according to personal needs. Changes in the investment products of a single virtual account only affect the asset ratio in the virtual account, and do not affect the operation and management of other virtual accounts.

[0112] In an embodiment of the present application, multiple virtual accounts associated with the user's physical account are created, and different virtual accounts correspond to different investment needs. The funds of the physical account are allocated to each virtual account, and the risk tolerance range of each virtual account is determined based on the investment risk assessment result of the user. Then, based on the volatility and rate of return of the candidate asset investment portfolio and the risk tolerance range corresponding to each virtual account, the asset investment portfolio of each virtual account is determined, thereby realizing asset allocation according to the user's risk tolerance and investment needs.

[0113] Based on the same technical concept, the embodiment of the present application also provides an asset allocation system, which can implement the above method flow of the embodiment of the present application.

[0114] like Figure 5 The structure diagram of an asset allocation system provided by the embodiment of the present application is exemplified. The system includes: a virtual account creation module 501, a fund allocation module 502, an asset allocation module 503, and further includes a revenue statistics module 504.

[0115] The virtual account creation module 501 is used to create at least two virtual accounts for a user who is to perform asset allocation. The at least two virtual accounts are managed with the user's physical account, and different virtual accounts in the at least two virtual accounts correspond to different investment needs.

[0116] The fund allocation module 502 is used to allocate the funds of the physical account to the at least two virtual accounts, and the sum of the fund amounts of the at least two virtual accounts is not greater than the total fund amount of the physical account. According to the investment risk assessment result of the user, the risk tolerance range corresponding to each of the at least two virtual accounts is determined, and different virtual accounts in the at least two virtual accounts have different risk tolerance ranges.

[0117] The asset allocation module 503 is used to determine the risk tolerance range corresponding to each of the at least two virtual accounts according to the investment risk assessment result of the user, and the risk tolerance ranges corresponding to different virtual accounts in the at least two virtual accounts are different; and, based on the volatility and rate of return of the candidate asset investment portfolio and the risk tolerance ranges of each of the at least two virtual accounts, determine the asset investment portfolio corresponding to each of the at least two virtual accounts, wherein the asset investment portfolio includes at least one type of assets and the proportion of each type of assets.

[0118] The income statistics module 504 is used to respectively determine the asset income of the at least two virtual accounts, evaluate the asset allocation effects of the at least two virtual accounts according to the asset income of the at least two virtual accounts, and determine the sum of the asset income of the at least two virtual accounts according to the asset income of the at least two virtual accounts.

[0119] It should be noted here that the above-mentioned asset allocation system provided in the embodiment of the present application can implement all the method steps in the above-mentioned method embodiment and can achieve the same technical effect. The parts and beneficial effects in this embodiment that are the same as those in the method embodiment will not be described in detail here.

[0120] Based on the same technical concept, an embodiment of the present application also provides a communication device, which can implement the method flow provided in the above embodiment of the present application.

[0121] Figure 6 The structure diagram of a communication device provided by an embodiment of the present application is exemplified. As shown in the figure, the device may include: a processor 601, a memory 602 and a bus interface 603.

[0122] The processor 601 is responsible for managing the bus architecture and general processing, and the memory 602 can store data used by the processor 601 when performing operations.

[0123] The bus architecture may include any number of interconnected buses and bridges, specifically linking together various circuits of one or more processors represented by processor 601 and memory represented by memory 602. The bus architecture may also link together various other circuits such as peripherals, voltage regulators, and power management circuits, which are well known in the art and are therefore not further described herein. The bus interface provides an interface. The processor 601 is responsible for managing the bus architecture and general processing, and the memory 602 may store data used by the processor 601 when performing operations.

[0124] The process disclosed in the embodiment of the present application can be applied to the processor 601, or implemented by the processor 601. In the implementation process, each step of the signal processing process can be completed by the hardware integrated logic circuit or software instructions in the processor 601. The processor 601 can be a general-purpose processor, a digital signal processor, an application-specific integrated circuit, a field programmable gate array or other programmable logic devices, discrete gates or transistor logic devices, discrete hardware components, and can implement or execute the various methods, steps and logic block diagrams of the application in the embodiment of the present application. The general-purpose processor can be a microprocessor or any conventional processor, etc. The steps of the method applied in conjunction with the embodiment of the present application can be directly embodied as a hardware processor to be executed, or the hardware and software modules in the processor are combined and executed. The software module can be located in a mature storage medium in the field such as a random access memory, a flash memory, a read-only memory, a programmable read-only memory or an electrically erasable programmable memory, a register, etc. The storage medium is located in the memory 602, and the processor 601 reads the information in the memory 602 and completes the steps of the information processing process in conjunction with its hardware.

[0125] Specifically, the processor 601 is used to read the computer instructions in the memory 602 and execute an asset allocation method in an embodiment of the present application.

[0126] It should be noted here that the above-mentioned communication device provided in the embodiment of the present application can implement all the method steps implemented in the above-mentioned method embodiment, and can achieve the same technical effect. The parts and beneficial effects that are the same as the method embodiment in this embodiment will not be described in detail here.

[0127] An embodiment of the present application also provides a computer-readable storage medium, which stores computer-executable instructions, and the computer-executable instructions are used to enable a computer to execute an asset configuration method in the above embodiment.

[0128] An embodiment of the present application also provides a computer program product, which, when called by a computer, enables the computer to execute an asset allocation method in the above embodiment.

[0129] Those skilled in the art will appreciate that the embodiments of the present application may be provided as methods, systems, or computer program products. Therefore, the present application may adopt the form of a complete hardware embodiment, a complete software embodiment, or an embodiment in combination with software and hardware. Moreover, the present application may adopt the form of a computer program product implemented in one or more computer-usable storage media (including but not limited to disk storage, CD-ROM, optical storage, etc.) that include computer-usable program code.

[0130] The present application is described with reference to the flowcharts and / or block diagrams of the methods, devices (systems), and computer program products according to the present application. It should be understood that each process and / or box in the flowchart and / or block diagram, as well as the combination of the processes and / or boxes in the flowchart and / or block diagram, can be implemented by computer program instructions. These computer program instructions can be provided to a processor of a general-purpose computer, a special-purpose computer, an embedded processor, or other programmable data processing device to produce a machine, so that the instructions executed by the processor of the computer or other programmable data processing device generate instructions for implementing the processes in the flowchart and / or block diagram. Figure 1 A process or multiple processes and / or boxes Figure 1 A device that provides the functions specified in a block or multiple blocks.

[0131] These computer program instructions may also be stored in a computer-readable memory capable of directing a computer or other programmable data processing device to operate in a specific manner, so that the instructions stored in the computer-readable memory produce an article of manufacture comprising an instruction device, which implements the process Figure 1 A process or multiple processes and / or boxes Figure 1 A function specified in one or more boxes.

[0132] These computer program instructions can also be loaded onto a computer or other programmable data processing device so that a series of operating steps are executed on the computer or other programmable device to produce a computer-implemented process, thereby providing instructions for implementing the process. Figure 1 A process or multiple processes and / or boxes Figure 1 The steps for the functions specified in one or more boxes.

[0133] Obviously, those skilled in the art can make various changes and modifications to the present application without departing from the spirit and scope of the present application. Thus, if these modifications and variations of the present application fall within the scope of the claims of the present application and their equivalents, the present application is also intended to include these modifications and variations.

Claims

1. An asset allocation method, characterized in that: include: Creating at least two virtual accounts for a user to be asset-configured, wherein the at least two virtual accounts are managed with the user's physical account, and different virtual accounts in the at least two virtual accounts correspond to different investment needs; Allocate the funds of the physical account to the at least two virtual accounts, wherein the sum of the funds of the at least two virtual accounts is not greater than the total amount of funds of the physical account; Determining the risk tolerance ranges corresponding to the at least two virtual accounts respectively according to the investment risk assessment result of the user, wherein different virtual accounts among the at least two virtual accounts correspond to different risk tolerance ranges; Determine the asset investment portfolios of the at least two virtual accounts respectively according to the volatility and rate of return of the candidate asset investment portfolios and the risk tolerance ranges corresponding to the at least two virtual accounts respectively, wherein the asset investment portfolios include at least one type of assets and the proportion of each type of assets; Before determining the asset investment portfolios of the at least two virtual accounts according to the volatility and rate of return of the candidate asset investment portfolios and the risk tolerance ranges corresponding to the at least two virtual accounts, the method further includes: Determine the average rate of return of each type of investment assets based on the historical average rate of return of each investment product, where each type of investment assets includes at least one investment product; Determine the expected rate of return of each candidate asset portfolio based on the average rate of return of each type of investment assets, wherein each candidate asset portfolio includes at least one type of investment assets; Based on the mean-variance model, the volatility of each candidate asset investment portfolio is determined, and the volatility corresponding to the first candidate asset investment portfolio among the candidate asset investment portfolios satisfies the following formula, wherein the first candidate asset investment portfolio is any candidate asset investment portfolio among the candidate asset investment portfolios: Among them, σ p is the volatility corresponding to the first candidate asset portfolio, w i is the proportion of the i-th type of investment assets in the first candidate asset portfolio, w j is the proportion of the jth type of investment assets in the first candidate asset portfolio, Cov(R i ,R j ) is the covariance between the i-th asset and the j-th asset.

2. The method according to claim 1, characterized in that Determining the asset investment portfolios of the at least two virtual accounts according to the volatility and rate of return of the candidate asset investment portfolios and the risk tolerance ranges of the at least two virtual accounts respectively includes: For each of the at least two virtual accounts, perform the following steps: A candidate asset portfolio having a volatility matching the risk tolerance range corresponding to the virtual account is allocated to the virtual account.

3. The method according to claim 2, characterized in that The step of allocating a candidate asset investment portfolio whose volatility matches the risk tolerance range corresponding to the virtual account to the virtual account comprises: If the volatilities of multiple candidate asset investment portfolios match the risk tolerance range of the same virtual account, the best candidate asset investment portfolio among the multiple candidate asset investment portfolios is allocated to the same virtual account based on the volatilities and / or expected returns of the multiple candidate asset investment portfolios.

4. The method according to claim 3, characterized in that The optimal candidate asset investment portfolio is the candidate asset investment portfolio with the lowest volatility among the multiple candidate asset investment portfolios; or The optimal candidate asset investment portfolio is a candidate asset investment portfolio with the highest expected return among the multiple candidate asset investment portfolios.

5. The method according to claim 1, characterized in that The average rate of return of the first type of investment assets among the various types of investment assets satisfies the following formula, wherein the first type of investment assets is any type of investment assets among the various types of investment assets: Wherein, E(r) is the average rate of return of the first category of investment assets, r(s) is the historical average rate of return of the sth investment product in the first category of investment assets, and n is the number of investment products included in the first category of investment assets.

6. The method according to claim 1, characterized in that The expected rate of return corresponding to the first candidate asset investment portfolio among the candidate asset investment portfolios satisfies the following formula, wherein the first candidate asset investment portfolio is any candidate asset investment portfolio among the candidate asset investment portfolios: Among them, E(R p ) is the expected rate of return corresponding to the first candidate investment asset portfolio, u i is the average rate of return of the i-th type of investment assets in the first candidate investment asset portfolio, w i is the proportion of the i-th type of investment assets in the first candidate investment asset portfolio.

7. The method according to claim 1, characterized in that Determining the risk tolerance ranges corresponding to the at least two virtual accounts respectively according to the investment risk assessment result of the user includes: Obtaining the risk tolerance level of the user according to the investment risk assessment result of the user; According to the risk tolerance level of the user, the risk tolerance ranges corresponding to the at least two virtual accounts corresponding to the risk tolerance level are obtained.

8. The method according to claim 1, characterized in that The method further comprises: respectively determining the asset returns of the at least two virtual accounts; According to the asset returns of the at least two virtual accounts, respectively evaluating the asset allocation effects of the at least two virtual accounts; According to the asset returns of the at least two virtual accounts, a sum of the asset returns of the at least two virtual accounts is determined.

9. The method according to any one of claims 1 to 8, characterized in that: The at least two virtual accounts include, from low to high, risk tolerance levels corresponding to different investment needs: Low-thirst accounts; In the thirst account; High Demand Accounts.

10. An asset allocation system, characterized in that: include: A virtual account creation module, used to create at least two virtual accounts for a user to be asset-configured, wherein the at least two virtual accounts are managed with the user's physical account, and different virtual accounts in the at least two virtual accounts correspond to different investment needs; A fund allocation module, configured to allocate the funds of the physical account to the at least two virtual accounts, wherein the sum of the fund amounts of the at least two virtual accounts is not greater than the total fund amount of the physical account; An asset allocation module, configured to determine the risk tolerance range of each of the at least two virtual accounts according to the investment risk assessment result of the user, wherein different virtual accounts in the at least two virtual accounts correspond to different risk tolerance ranges; And, according to the volatility and rate of return of the candidate asset investment portfolio and the risk tolerance range of each of the at least two virtual accounts, determine the asset investment portfolio corresponding to each of the at least two virtual accounts, wherein the asset investment portfolio includes at least one type of assets and the proportion of each type of assets; Wherein, the asset allocation module is also used for: Determine the average rate of return of each type of investment assets based on the historical average rate of return of each investment product, where each type of investment assets includes at least one investment product; Determine the expected rate of return of each candidate asset portfolio based on the average rate of return of each type of investment assets, wherein each candidate asset portfolio includes at least one type of investment assets; Based on the mean-variance model, the volatility of each candidate asset investment portfolio is determined, wherein the volatility corresponding to the first candidate asset investment portfolio among the candidate asset investment portfolios satisfies the following formula, wherein the first candidate asset investment portfolio is any one of the candidate asset investment portfolios: Among them, σ p is the volatility corresponding to the first candidate asset portfolio, w i is the proportion of the i-th type of investment assets in the first candidate asset portfolio, w j is the proportion of the jth type of investment assets in the first candidate asset portfolio, Cov(R i ,R j ) is the covariance between the i-th asset and the j-th asset.

11. The system according to claim 10, characterized in that The asset allocation module is specifically used for: For each of the at least two virtual accounts, perform the following steps: A candidate asset portfolio having a volatility matching the risk tolerance range corresponding to the virtual account is allocated to the virtual account.

12. The system according to claim 11, characterized in that The asset allocation module is specifically used for: If the volatilities of multiple candidate asset investment portfolios match the risk tolerance range of the same virtual account, the best candidate asset investment portfolio among the multiple candidate asset investment portfolios is allocated to the same virtual account based on the volatilities and / or expected returns of the multiple candidate asset investment portfolios.

13. The system of claim 12, wherein: The optimal candidate asset investment portfolio is the candidate asset investment portfolio with the lowest volatility among the multiple candidate asset investment portfolios; or The optimal candidate asset investment portfolio is a candidate asset investment portfolio with the highest expected return among the multiple candidate asset investment portfolios.

14. The system according to claim 10, characterized in that The average rate of return of the first type of investment assets among the various types of investment assets satisfies the following formula, wherein the first type of investment assets is any type of investment assets among the various types of investment assets: Wherein, E(r) is the average rate of return of the first category of investment assets, r(s) is the historical average rate of return of the sth investment product in the first category of investment assets, and n is the number of investment products included in the first category of investment assets.

15. The system of claim 10, wherein: The expected rate of return corresponding to the first candidate asset investment portfolio among the candidate asset investment portfolios satisfies the following formula, wherein the first candidate asset investment portfolio is any candidate asset investment portfolio among the candidate asset investment portfolios: Among them, E(R p ) is the expected rate of return corresponding to the first candidate investment asset portfolio, u i is the average rate of return of the i-th type of investment assets in the first candidate investment asset portfolio, w i is the proportion of the i-th type of investment assets in the first candidate investment asset portfolio.

16. The system of claim 10, wherein: The asset allocation module is specifically used for: Obtaining the risk tolerance level of the user according to the investment risk assessment result of the user; According to the risk tolerance level of the user, the risk tolerance ranges corresponding to the at least two virtual accounts corresponding to the risk tolerance level are obtained.

17. The system of claim 10, wherein: The system also includes a revenue statistics module; The income statistics module is used to respectively determine the asset income of the at least two virtual accounts, evaluate the asset allocation effects of the at least two virtual accounts according to the asset income of the at least two virtual accounts, and determine the sum of the asset income of the at least two virtual accounts according to the asset income of the at least two virtual accounts.

18. The system according to any one of claims 10 to 17, characterized in that: The at least two virtual accounts include, from low to high, risk tolerance levels corresponding to different investment needs: Low-thirst accounts; In the thirst account; High Demand Accounts.

19. A communication device, characterized in that: include: Processor, memory; The memory stores computer instructions; The processor is used to read the computer instructions and execute the method according to any one of claims 1-9.

20. A computer-readable storage medium, characterized in that: The computer-readable storage medium stores computer-executable instructions, and the computer-executable instructions are used to enable a computer to execute the method according to any one of claims 1 to 9.

21. A computer program product, characterized in that When the computer program product is called by a computer, the computer executes the method according to any one of claims 1 to 9.

Images