发挥固收投资“系统化”智慧

Core Insights - Yongying Fund has achieved significant growth in its fixed income business, with bond fund management scale increasing from 94.899 billion to 317.036 billion from 2019 to 2024 [1] - The company emphasizes a differentiated service model and a comprehensive product matrix that includes short-term, medium-long term bonds, and "fixed income+" products [1] - The investment team, led by Wu Wei, focuses on understanding investor risk preferences and providing systematic investment solutions [1][2] Product Strategy - Yongying Fund adopts a "product manager" approach for fund managers, requiring them to understand client needs beyond just investment [2] - The company has established a product committee that includes multiple departments to ensure products meet diverse investor needs and market conditions [2] - The product design is demand-driven, allowing for flexible adjustments based on changing market environments [2] Team Structure - The fixed income research team has over 50 members, with 21 being fund and investment managers, averaging over 11 years of experience [3] - The team is divided into specialized groups focusing on interest rates, credit, and cash management, facilitating information sharing and expertise [3] Risk Management - Yongying Fund has a strong risk control framework, emphasizing risk-adjusted returns and extreme risk management [4] - The company employs a comprehensive mechanism for credit investment, including internal ratings and a self-developed risk warning system [4] - The team conducts daily monitoring and dynamic adjustments to maintain optimal risk-return ratios [5] Technological Support - The company has developed several systems, including the Qianxing fixed income research system and the Mingjing risk management system, to support its investment operations [5] - Yongying Fund believes that the competition in fixed income investment has shifted to a focus on hard capabilities, requiring a combination of professional judgment, trading agility, and system support to generate excess returns [5]