低利率环境下固收+基金发展探讨

Core Viewpoint - The article discusses the strategic choice of developing diversified investments and solid income plus (固收+) funds in response to the declining expected returns of fixed-income assets in a low-interest-rate environment [1][2]. Low-Interest Rate Environment and Solid Income Plus Fund Development - The continuous decline in China's interest rates has led to a decrease in expected returns from fixed-income assets, with the 10-year government bond yield dropping from approximately 3.3% in 2021 to around 1.6%-1.7% by June 2025 [2][3]. - The low-interest-rate environment poses challenges for asset allocation, necessitating a shift towards diversified investments [2][3]. Growth of Solid Income Plus Funds - Solid income plus funds have seen rapid growth, with an increase of 136.4 billion yuan in the first quarter of 2025, surpassing 2 trillion yuan in total size, while pure bond funds decreased by 590 billion yuan during the same period [5]. - The performance of solid income plus funds has been favorable compared to pure bond funds, as indicated by better risk-adjusted returns (Sharpe ratio) [5][6]. International Experiences in Low-Interest Rate Environments - In Japan, the solid income plus fund market grew significantly during low-interest periods, with the scale increasing from approximately 2 trillion yen to 17 trillion yen from 2001 to 2025 [7]. - European solid income plus funds also expanded rapidly, with growth rates exceeding those of pure bond funds during the same low-interest periods [9]. - Norway's sovereign fund reduced its allocation to fixed-income assets while increasing equity investments to achieve higher risk-adjusted returns [12]. Operational Model of Solid Income Plus Funds - The operational model of solid income plus funds should consider the characteristics of the financial market and investors' risk preferences, focusing on three aspects: liabilities, assets, and investment management [14][15]. - Fund management companies should offer products that match different risk-return profiles, catering to both individual and institutional investors [15][16]. Asset Investment Strategies - The investment strategy for solid income plus funds involves two levels: asset allocation between fixed-income and equity assets, and detailed investment within these asset classes [22]. - The correlation between stocks and bonds has become more negative, allowing for better asset allocation advantages [23]. Investment Management Practices - A "1+N" multi-asset management model is proposed, where one asset allocation expert oversees the overall strategy, while multiple team members focus on specific areas [26][27]. - This model enhances collaboration and adaptability, improving the performance and resilience of solid income plus funds in changing market conditions [27][28].