上银基金精品“固收+”系列产品的配置之道

Core Viewpoint - In Q1 2025, global capital markets experienced increased volatility due to complex internal and external environments, leading investors to focus on "fixed income plus" products that combine bond assets with equity exposure for enhanced returns [1] Group 1: Performance of Fixed Income Plus Products - The "fixed income plus" products, particularly the Shangyin Fengrui Mixed Fund and Shangyin Fengyi Mixed Fund, have shown outstanding performance, with the former achieving a cumulative return of 15.70% since its inception in December 2023, which is 2.5 times the benchmark [4] - The maximum drawdown for Shangyin Fengrui Mixed Fund was only 2.34%, significantly lower than the average of 4.59% for similar funds, indicating strong risk control [4] - Shangyin Fengyi Mixed Fund achieved a return of 12.84% over the past year, three times its benchmark return, and ranked in the top 2% for excess returns among similar funds [7] Group 2: Market Conditions and Investment Strategy - The equity market is experiencing a differentiated recovery, influenced by economic conditions and policy expectations, while the bond market remains resilient due to ample liquidity and risk aversion [8] - The "fixed income plus" strategy is gaining traction as it offers defensive characteristics through bond assets while allowing for selective equity investments to enhance returns [8] - The outlook suggests continued macro liquidity and limited upward pressure on interest rates, making fixed income assets a viable long-term investment option [8] Group 3: Research and Management Team Strength - The investment research team at Shangyin Fund has established a comprehensive structure to enhance research capabilities, focusing on risk control and stable long-term performance [10] - The fixed income research team ranks in the top 4% for absolute return performance in the market, while the equity research team also holds a strong position in terms of investment capability [10] - Shangyin Fund has maintained a "0 default" record for its public fixed income products, showcasing its commitment to risk management [10]