“固收+”产品展望及策略探讨

Core Viewpoint - China has entered a low-interest-rate era since 2019, facing constraints on further policy rate cuts due to various factors, including bank net interest margin pressure and residents' savings demands. Despite these challenges, bond assets can still provide underlying returns, and the "fixed income +" strategy is expected to become a significant development direction for asset management institutions, aligning with investors' core demand for stable value growth [1][5][18]. Group 1: Japan's Low-Interest Rate Era and Bond Market Evolution - Japan's low-interest-rate era began in 1999 after a series of financial crises and asset price collapses, leading to a shift in asset allocation towards low-risk assets [2][5]. - The share of overseas bond investments in Japan increased from 33% to 54% between 1997 and 2003, indicating a trend towards globalization in asset management strategies [2][4]. - The introduction of J-REITs in Japan has provided a stable income source, with annualized returns fluctuating between 4.3% and 8.9% from 2013 to 2022, contributing to the growth of the asset management industry [4]. Group 2: Characteristics of China's Low-Interest Rate Era - Since 2019, China's policy interest rates have been on a downward trend, with the 10-year government bond yield dropping below 2.0% [5][6]. - The banking sector's total assets are projected to reach 276.1% of GDP by 2024, with interest income accounting for 77.6%, indicating a significant reliance on interest income [5]. - By the end of 2024, the number of bond funds in China reached 4,534, with a total scale of 23.07 trillion yuan, reflecting a 15.9% year-on-year growth [6][7]. Group 3: Performance of Bond Products - The total scale of money market funds increased by 20.7% in 2024, while short-term bond funds grew by 13%, indicating a strong preference for low-risk investments [6][7]. - The mid-to-long-term pure bond fund index rose by 4.59% in 2024, marking a historical high in returns [8]. - "Fixed income +" products faced redemption challenges in early 2024 but rebounded in the fourth quarter as the stock market recovered, with a projected growth of 13.77% in the first half of 2025 [6][8]. Group 4: "Fixed Income +" Strategy Pathways - The narrow definition of "fixed income +" focuses on equity assets as the core for enhancement, leveraging the dual return attributes of stocks and the supportive policies from the government [10][11]. - The broad definition of "fixed income +" emphasizes a multi-asset integration approach, incorporating commodities, alternative assets, and global diversification to enhance risk-return efficiency [13][14]. - The asset allocation strategy from 2019 to present has yielded an annualized return of 9.17%, demonstrating the effectiveness of diversified asset strategies compared to single assets [14][17]. Group 5: Future Outlook - The "fixed income +" strategy is expected to benefit from the stability of bond underlying returns and the effects of multi-asset enhancement, indicating a broad development space in the future [18].