股债市场明显分化 富国稳健添荣以低波“固收+”策略破局

Core Viewpoint - The recent divergence in returns and risks between equity and bond markets in China has led to a renewed interest in "fixed income plus" products, which combine bonds with a small allocation to equities to meet investor demand for both risk aversion and capital appreciation [1][2]. Group 1: Equity Market Insights - The equity market is currently favoring high valuation and high growth sectors, resulting in increased volatility, which poses a risk of losses for investors who misjudge market timing [1]. - The strategy for equity allocation focuses on low valuation blue-chip stocks with high dividends and shareholder returns, ensuring a strong margin of safety and resilience against market fluctuations [2]. Group 2: Bond Market Insights - The bond market is experiencing a continuous decline in interest rates, which compresses the yield space for pure bond funds, diminishing their attractiveness for conservative investors [1]. - The "fixed income plus" product, specifically the 富国稳健添荣 fund, allocates at least 80% of its assets to bonds, primarily focusing on short-duration, high-grade credit bonds to mitigate interest rate risk and ensure stable coupon income [1][2]. Group 3: Fund Management Strategy - The fund employs a three-layered approach to risk management: cautious valuation assessments to avoid overvalued assets, regular adjustments of the equity-bond ratio to maintain balance, and close monitoring of individual stocks to promptly address any emerging risks [2]. - The fund is managed by Zhu Chenjie, who has extensive experience in securities and investment management, emphasizing a conservative investment philosophy that prioritizes high-quality assets and valuation protection [3].