汇添富基金晏建军：浅论规则化投资在债券市场的应用

Core Viewpoint - Current 10-year Chinese government bond yields have fallen below 2%, leading to a new normal of "low interest rates, low spreads, and high volatility" in bond investments. In this context, rule-based investing may be a key path to overcoming yield challenges [1] Group 1: Systematic Investment Approach - Rule-based investing transforms active research capabilities into replicable strategy systems, establishing certainty in chaotic markets [1] - In bond investments, systematic decision-making can reduce subjective interference and enhance scientific and precise investment practices, including systematic asset allocation and disciplined decision-making [1] Group 2: Systematic Asset Allocation - The investment strategy distinguishes between allocation and trading positions, with allocation positions focusing on long-term trends and avoiding major losses, while trading positions are more flexible and can capitalize on short-term market adjustments [2] Group 3: Risk Control - In a low-interest environment, controlling drawdowns is crucial. Rule-based investing sets clear risk control indicators to maintain stability amid market fluctuations [3] - The strategy emphasizes diversification in credit bond holdings to mitigate individual credit risks and liquidity risks [3] Group 4: Disciplined Decision-Making - Rule-based investing minimizes emotional influences on investment decisions through systematic processes, allowing for dynamic adjustments based on win rates and odds [4] - The approach encourages proactive engagement in the market, even in unfavorable conditions, to avoid inaction and loss of momentum [4] Group 5: Quantitative Decision Support - Quantitative methods are employed to construct sentiment indicators, helping to align with market trends and investor behavior [5] Group 6: Strategic Advantage - A scientifically adaptable rule-based system is believed to help investors navigate low-interest cycles and prepare for more complex market environments in the future [6]