长城基金固收团队：打磨固收稳健力 精耕每一分收益

Core Viewpoint - The fixed income investment landscape has shifted from "extensive growth" to a "meticulous" era, where every basis point of return requires careful consideration, emphasizing the importance of teamwork and systematic support in fixed income fund management [1] Group 1: Performance and Rankings - Changcheng Fund's fixed income products have consistently delivered stable medium to long-term performance in a complex market environment, ranking in the top 20% across various time frames according to Guotai Junan Securities' absolute return classification rankings as of June 30, 2025 [1] - Specifically, the rankings are 31 out of 170 for the past year, 22 out of 163 for the past two years, and 24 out of 151 for the past three years [1] Group 2: Team Structure and Research Capabilities - The fixed income team at Changcheng Fund has established a matrix-style research structure, dividing into specialized departments such as fixed income research, bond investment, and cash management, while fostering an integrated platform for efficient collaboration [2] - The team has expanded its research areas to include overseas markets and peer product studies, enhancing the strategic and practical nature of their research support [2] - Research outputs are expected to translate into actionable strategies, with the convertible bond team employing various strategies based on high YTM, low volatility, and machine learning [2] Group 3: Product Strategy and Management - Changcheng Fund maintains a clear positioning and defined styles for each product, ensuring strict framework constraints on volatility, maximum drawdown, and asset allocation, while allowing fund managers sufficient investment freedom within these frameworks [3] - The fixed income team operates as a cohesive unit rather than isolated fund managers, focusing on product management and investor needs to balance risk and opportunity in both equity and debt markets [3]