华富基金何嘉楠： 票息策略打底 把握波段操作机会

Group 1 - The bond market has faced significant challenges in 2023, with fund managers focusing on maintaining stable net value curves and market predictions [1][4] - Future bond yields are unlikely to replicate the significant decline seen in 2022, with duration strategies expected to weaken marginally, making coupon strategies a more stable choice [1][4] - Recent adjustments in deposit rates by domestic banks have led to cautious investor sentiment regarding the bond market, with concerns over profit-taking and pressure on bank liabilities [2][3] Group 2 - Credit bonds have outperformed interest rate bonds recently, driven by a shift of funds from bank deposits to wealth management products due to lower deposit rates [2] - The performance of interest rate bonds has been lackluster, influenced by rapid market movements and weak expectations for short-term liquidity easing [2][4] - Future bond market dynamics will depend on fundamental economic conditions and the People's Bank of China's (PBOC) policy expectations, including potential resumption of government bond purchases [3][5] Group 3 - In a low-interest-rate environment, fund managers need to adopt more refined strategies, focusing on individual bonds and optimizing portfolio structures to maximize risk-return ratios [4][6] - The newly launched fund by the company, which has a 12-month holding period, aims to leverage a stable liability structure and employ a yield curve riding strategy to enhance positive returns [4][5]