以“固收+”筑基 保持理性与耐心

Core Viewpoint - The article highlights the investment philosophy and strategies of Bao Xiaohui, the chairman and investment director of Changli Asset, emphasizing a focus on "absolute return" and a "fixed income plus" strategy to achieve stable long-term growth for clients [1][2]. Group 1: Investment Philosophy - Bao Xiaohui believes that the essence of investment is a contest of rationality and discipline, advocating for decisions based on in-depth research and strict discipline [2]. - The company has consistently pursued an "absolute return" goal since its inception, focusing on long-term stable growth rather than short-term rankings [2]. - The "fixed income plus" strategy involves using high-rated credit bonds and interest rate bonds as a stable asset base while flexibly allocating equity assets and utilizing derivatives to enhance returns [2]. Group 2: Market Outlook - Bao Xiaohui expresses optimism about the resilience of the Chinese economy and the ample policy space available, maintaining a positive outlook for the economic fundamentals in the coming years [2]. - The current A-share market rally is seen as driven by both policy and liquidity, with expectations of continued fiscal and monetary support [3]. - Despite the positive outlook, there are warnings about potential technical adjustments in the short term, particularly for small-cap stocks that have seen significant price increases [3]. Group 3: Investment Strategy - The company emphasizes the importance of strategic asset allocation, suggesting a reduction in real estate and precious metals while prioritizing equity opportunities [2]. - Bao Xiaohui highlights the need for patience in holding positions and waiting for rotation opportunities, especially in the context of a long-term trend [4]. - The company adheres to a "contrarian layout" principle, advocating for building positions during market downturns and gradually exiting during high market sentiment [4].