专访中邮创业基金总经理张志名：深耕“固收+”赛道 做更聪明的基金公司

Core Insights - The current stage for small and medium-sized fund companies is at a crossroads of "breakthrough and conservatism," where success will depend on either extreme differentiation or gradual marginalization in resource consumption battles [1][2] - The future winners in the public fund industry will not be the largest companies but rather the "smarter companies" that can balance strategic determination and tactical flexibility [1][4] Group 1: "Fixed Income +" Strategy - The "Fixed Income +" business is identified as a breakthrough path for the company, which has been developing this area since 2014, making it one of the early entrants in the industry [2] - In the first half of the year, the company's fixed income products saw significant growth, with "Fixed Income +" products contributing important incremental value [2] - The company has established a comprehensive multi-tiered "Fixed Income +" product system, with convertible bond investments as a core feature [2] Group 2: Investment Methodology - The company employs a strategy where the proportion of convertible bonds varies based on product type, with conservative products holding up to 20% in convertible bonds, balanced products between 20%-40%, and aggressive products exceeding 40% [2] - A systematic investment methodology for convertible bonds has been developed, categorizing them into three types: debt-type, balanced-type, and equity-type, focusing on different risk-return profiles [2] - A dedicated research team covers the entire market of convertible bonds, emphasizing both valuation and in-depth analysis of underlying stocks to identify investment value [2] Group 3: Diversification and Future Outlook - While consolidating its advantages in "Fixed Income +," the company is also expanding into other promising areas such as investment in the Beijing Stock Exchange and quantitative strategies [3] - The company aims to establish multiple growth curves beyond its core "Fixed Income +" business, with a focus on technology innovation and specialized fields [3] - The company emphasizes that scale is a result rather than a goal, aiming to create value for investors and earn market recognition over time [4]