汇百川基金倪伟：“固收+”产品是长期资产配置趋势

Group 1 - The core viewpoint is that "fixed income +" products have high allocation value due to the inability of traditional pure bond products to meet investor return requirements, while the stock market's risk appetite has significantly increased, leading to numerous structural opportunities and enhanced strategy opportunities [1][2] - The performance growth of "fixed income +" products this year is primarily attributed to the rise in the equity market, with the equity exposure in these products typically ranging from 10% to 30%, which has a greater impact on the portfolio compared to fixed income assets [1] - The growth in the scale of "fixed income +" products is driven by the stabilization of risk-free interest rates and the rising risk appetite and trends in the equity market, as pure bond products generally yield annualized returns below 2% this year, prompting a shift of funds towards "fixed income +" products [1] Group 2 - "Fixed income +" products represent a long-term asset allocation trend, utilizing a mix of asset classes to determine an appropriate stock-bond ratio and seek excess returns within these asset categories [2] - The rotation between stocks and bonds is influenced by economic fundamentals and valuation differences, with "fixed income +" products expected to achieve stable growth over the long term, although they require a high level of skill from fund managers to allocate to suitable assets [2]