量化策略护航 探寻“固收+”超额收益新路径

Core Viewpoint - The fixed income market is facing challenges due to compressed yields, prompting fund managers to adopt new strategies for stable returns, including enhanced trading capabilities and a focus on equity markets for additional gains [1][2][4]. Group 1: Trading Strategies - The importance of trading ability has increased for fund managers in the fixed income sector, as traditional "buy and hold" strategies yield lower returns [1][3]. - The team employs quantitative methods to monitor the duration of bond funds daily, allowing for dynamic adjustments to portfolio duration based on market conditions [2][3]. - The introduction of more trading tools, such as expanding the list of trading partners and integrating third-party trading software, is aimed at improving operational efficiency [3]. Group 2: Investment Focus - The new mixed bond fund, CITIC Prudential Hui Li Bond, aims to create a low-volatility "fixed income plus" product, with a portion of investments allocated to stable-performing equity funds [2][4]. - The fund manager has established strict operational rules for equity positions, including initial allocation ratios and thresholds for profit-taking and rebalancing [2][3]. - There is a growing emphasis on capturing opportunities in the equity market, particularly in stable and mature active equity funds that employ dividend and turnaround strategies [3][4]. Group 3: Market Outlook - The bond market is expected to remain volatile in the short term due to policy uncertainties, but recent interest rate cuts by the central bank may provide support for economic stability [4]. - The short to medium-term bonds are viewed as having higher certainty, while long-term rates are influenced by various factors, leading to greater uncertainty [4]. - The convertible bond market is currently at a neutral valuation, with potential upside due to lower implied volatility compared to underlying stocks, focusing on balanced convertible bonds in sectors like AI and robotics [4].