广发基金刘志辉：在顺势中保持理性在波动中追求稳健

Core Viewpoint - Liu Zhihui emphasizes a rational approach to investment amidst market volatility, focusing on macroeconomic cycles and industry allocation to achieve steady returns [2][3] Investment Philosophy - Liu's investment framework consists of three core elements: understanding macro cycles, assessing odds, and respecting market signals [3] - The investment philosophy includes "Investment Way," "Investment Method," and "Investment Technique," focusing on market trends, macro and industry analysis, and specific trading strategies [4] Multi-Asset Framework - Liu's investment strategy spans fixed income, equities, and convertible bonds, aiming for absolute returns through flexible allocation and odds thinking [5] - In bond investment, Liu adjusts duration and leverage based on macro analysis, credit environment, and market sentiment [6] Stock and Convertible Bond Strategy - Liu captures industry trends and cyclical turning points through sector rotation and concentrated allocation, focusing on both intrinsic value and market pricing signals [6] - For convertible bonds, Liu only allocates when they exhibit characteristics of downside protection and upside potential, guided by macroeconomic fundamentals [6] Recent Market Actions - In response to market adjustments, Liu increased exposure to sectors like innovative pharmaceuticals and AI, while also considering undervalued sectors such as machinery and real estate [7] - Liu maintains a neutral stance on the bond market, focusing on short-duration government bonds and high-rated credit bonds due to low yield levels [7]