民生加银基金赵小强：无研究不投资 始终保持敬畏之心

Core Viewpoint - Fixed income products have gained significant attention in the asset allocation of residents this year, leading public fund institutions to enhance their product offerings [1] Group 1: Investment Philosophy - The investment philosophy of the company emphasizes deep research-driven investment, with a focus on continuously refining decision-making mechanisms to capture potential investment opportunities [2] - The core investment philosophy is summarized as "no research, no investment," highlighting the importance of a foundational framework rather than relying solely on intuition [2] - The company aligns its investment philosophy with a cautious approach, recognizing that in fixed income investment, the relative certainty of returns necessitates careful risk management [2] Group 2: Market Opportunities - The bond market has experienced increased volatility this year, prompting fund managers to seek opportunities amid market fluctuations [3] - The company believes that a "hold and wait" strategy is no longer optimal; instead, it advocates for active trading to seize investment opportunities during significant market movements [3] - There is a notable differentiation within bond types, with credit bonds outperforming interest rate bonds, indicating the need for in-depth analysis of various bond categories [3] Group 3: Product Development - The company plans to systematically enhance its fixed income product line and embrace product innovation in response to regulatory developments and market changes [4] - The importance of "fixed income plus" strategy products is rapidly increasing, as traditional pure bond products struggle to provide sufficient yields in a low-interest-rate environment [4] - The company is actively participating in the development of new product categories, such as green bond funds and technology innovation bond ETFs, reflecting its responsiveness to industry changes and regulatory guidance [4]