鹏华基金邓明明：把握债市调整布局机会，坚持红利与科技双主线

Core Insights - The importance of multi-asset allocation is increasing in the context of low interest rates and "asset scarcity," leading to the continued market acceptance of the "fixed income +" strategy, which allows for flexible allocation across various asset classes [1] - The current bond market is viewed as undergoing an adjustment rather than a reversal, with a neutral outlook for September and potential for a second buying opportunity within the year [1][5] - The equity market is expected to present more opportunities than risks moving forward, particularly favoring large-cap dividend stocks and small-cap technology sectors [1][6] Multi-Asset Strategy - The "fixed income +" products managed by the company include two funds: Penghua Fengze and Penghua Jinxiang, focusing on low volatility and balanced management [2] - Emphasis is placed on risk control, with strategies developed for both bonds and stocks, including duration and spread strategies for bonds, and dividend and technology styles for stocks [4] Performance Metrics - Penghua Fengze has maintained a maximum drawdown of 0.49% in 2023, with consistent annual positive growth from 2021 to 2024, showing net value growth rates of 4.90%, 1.29%, 4.68%, and 3.53% respectively [3] Market Outlook - The bond market is characterized by a slowdown in new fund inflows due to low absolute yields, but lacks the fundamentals for a bear market, indicating a potential for a second buying opportunity later in the year [5] - The equity market is currently in a high-level consolidation phase, with a preference for a "dividend + technology" strategy, which has been dynamically adjusted based on market conditions [5][6]