浦银安盛曹治国：短债和中长债投资需要差异化定位

Group 1 - The event "2025 Asset Management Annual Conference" was held in Shanghai, focusing on multi-asset allocation strategies in a low-interest-rate environment [1] - Confidence and capital are crucial for the long-term development of China's capital market, with significant inflows from state-owned entities and pension funds since the "9.24" event last year [3] - The central economic work conference in December introduced a moderately loose monetary policy, marking a shift in the monetary policy landscape, which has since been reinforced, providing additional long-term investment capital [3] Group 2 - The bond market has experienced unprecedented volatility, with the 10-year government bond yield dropping over 80 basis points to 1.67% and then rising to 1.745% in the first eight months of 2025 [3] - There is a need for clear differentiation and positioning between short-term and medium-to-long-term investments, with short-term strategies focusing on stable coupon income and credit spreads [4] - The introduction of AI quantitative models and derivatives like government bond futures and interest rate swaps is recommended to enhance traditional analysis frameworks in the medium-to-long-term segment [4] Group 3 - The "fixed income plus" strategy is suggested to expand yield opportunities, with early investments in primary and secondary bond funds to capitalize on potential equity market trends [4] - It is advised to allocate a portion of investments to gold and dividend assets to hedge against inflation and policy uncertainties [4]