2. Under the modern investment management system, investment is generally divided into three stages: planning, implementation and optimal management. Investment planning is asset allocation, which is the most important step in the decision-making process of portfolio management. The understanding of asset allocation must be based on a deep understanding of the nature of assets and liabilities of institutional investors, the investment characteristics of ordinary stocks and fixed-income securities. On this basis, asset management can also use derivative financial products such as futures and options to improve the effect of asset allocation, and can also adopt other strategies to realize the dynamic adjustment of asset allocation. Different configurations have their unique theoretical basis, behavioral characteristics and payment methods, which are suitable for different market environments and customer investment needs.