Workflow
长城基金马强:震荡市下,“固收+”配置价值凸显
Xin Lang Ji Jin·2025-04-29 07:15

Group 1 - The core viewpoint of the article highlights the significant growth of "fixed income +" funds, which increased by over 100 billion yuan in the first quarter, reflecting a more than 5% quarter-on-quarter growth [1] - Longcheng Fund's Ma Qiang attributes the increase in "fixed income +" products to a recovery in market risk appetite since last year's "924" market event, which has stimulated investor demand for equity assets despite notable volatility in the equity market [1] - The first quarter saw a divergence in global markets, with U.S. stocks declining while A-shares and Hong Kong stocks rose, indicating significant internal differentiation within the A-share market, particularly with technology leading gains and cyclical and dividend stocks declining [1] Group 2 - The bond market also experienced increased volatility, with a relatively tight balance in the funding environment during the first quarter, while the stock market's recovery in risk appetite led to a general rise in yields across various maturities and types [1] - In response to market conditions, Ma Qiang implemented flexible asset allocation strategies for the "fixed income +" products, focusing on high-grade, medium-short duration bonds, and adjusting stock holdings based on market changes, primarily favoring dividend and low-position consumption stocks in A-shares while increasing some Hong Kong stock positions [1] - The overall stock position was maintained below the central level, aiming for absolute returns while controlling drawdowns [1]