债市格局震荡 提高胜率意识

Core Viewpoint - The article discusses the transition of Zhang Lu from a bank wealth management company to a public fund institution, emphasizing the importance of refining investment strategies in a volatile bond market environment [1][2]. Investment Strategy Refinement - Zhang Lu highlights the shift in investment strategy from managing large-scale products in a bank to a more detailed approach in public funds, focusing on credit bonds and identifying trading opportunities through pricing discrepancies in primary and secondary markets [2][3]. - The current trend of diminishing bond yields has prompted Zhang Lu to explore "fixed income plus" strategies, incorporating convertible bonds and equities to enhance returns and alleviate concerns over fixed income investments [2]. Market Conditions and Performance - The bond market has faced significant challenges in 2023, with a notable "stock-bond seesaw" effect impacting bond performance, particularly as the equity market strengthens [2][3]. - Zhang Lu notes that the investment landscape has changed, with the effectiveness of long-duration strategies diminishing, leading to a greater emphasis on achieving a higher win rate rather than merely seeking high odds [2]. Event Preparation and Timing - Zhang Lu emphasizes the importance of preparing for key events and understanding market sentiment to optimize entry points for investments, which has proven beneficial in recent market conditions [3]. - The company has successfully capitalized on opportunities by purchasing quality bonds that were sold off by other institutions, thereby enhancing the product's underlying returns [3]. Understanding Liability Needs - The effectiveness of fixed income products relies on understanding the funding needs of the liability side, necessitating a match between investment strategies and liquidity requirements to ensure a better experience for holders [4].