建立“股债对冲+动态再平衡”机制

Core Insights - The recent market sentiment has improved, leading to increased investor interest in A-shares and "fixed income +" products due to declining bank deposit rates [1] - Taiping Fund launched a new "fixed income +" product, Taiping Jiayu Bond, managed by fund managers Han Cong and Zhang Ziquan, who have previously collaborated on public fund products [1][3] Product Overview - Taiping Jiayu Bond is a mixed secondary bond fund focusing on absolute returns, with a quantitative enhancement strategy primarily based on the CSI A500 index [1][2] - The fund aims to control volatility in the equity portion while pursuing stable enhancements, leveraging the CSI A500's broad industry representation [1][2] Performance Metrics - The Taiping CSI A500 Index Enhancement product, managed by Zhang Ziquan, has achieved over 11% return since its inception by August 21, while another product, Taiping CSI 1000 Index Enhancement A, has exceeded 25% return this year, outperforming its benchmark by approximately 4 percentage points [2] - The collaborative management of Taiping Jiayu Bond has resulted in strong performance metrics, with returns ranking in the top half of its category over various time frames [3] Investment Strategies - The equity portion employs a multi-factor alpha model and risk control model to identify mispricing opportunities, while the fixed income portion focuses on high credit quality bonds and liquidity management [2][4] - Han Cong emphasizes a flexible approach to bond investments, aiming for positive annual returns and strict control of maximum drawdown [2][4] Market Outlook - Both fund managers express optimism about the A-share market, citing healthy market conditions and increasing retail investor participation [3][4] - Despite challenges in the bond market, Han Cong believes there are significant capital gain opportunities, particularly with potential interest rate declines [4]