太平基金韩聪、张子权： 建立“股债对冲+动态再平衡”机制

Core Viewpoint - 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] Group 1: Product Overview - Taiping Fund launched a "fixed income +" product called Taiping Jiayu Bond on September 1, managed by fund managers Han Cong and Zhang Ziquan, who have previously collaborated on public fund products [1] - The product is a mixed secondary bond fund, with a focus on absolute returns [2] Group 2: Investment Strategy - The equity portion of Taiping Jiayu Bond will primarily utilize a quantitative enhancement strategy centered around the CSI A500 index, which offers better stock selection breadth compared to the CSI 300 [2] - The index has a low annualized volatility, making it a stable benchmark for the "fixed income +" product [2] - The quantitative strategy employs multi-factor alpha models, risk control models, and trading cost models to capture investment opportunities [2] Group 3: Fixed Income Management - The fixed income investments are managed by Han Cong, who emphasizes credit safety and liquidity management, focusing on high credit quality bonds [3] - Han Cong's investment philosophy is rooted in insurance fund management, aiming for positive annual returns while strictly controlling maximum drawdown [3] Group 4: Collaborative Management - Data shows that the jointly managed Taiping Jiayu Bond has ranked in the top half of its category over various time frames, indicating stable net value growth [4] - The collaboration between Han Cong and Zhang Ziquan has lasted over eight years, with a shared goal of maximizing product returns [4] Group 5: Market Outlook - Both fund managers are optimistic about the A-share market, noting that the current market is healthy with increasing retail investor participation and supportive policies [5] - In the bond market, Han Cong acknowledges challenges due to low interest rates but sees potential for capital gains, especially with external factors like Fed rate cuts [6] - The product design emphasizes "sharpness" and "flexibility," aiming to provide a competitive investment tool in the current market environment [6]