工银瑞信基金固收投资的“慢哲学”：在微利时代，打磨精细功夫

Core Viewpoint - The article emphasizes the stability and long-term performance of ICBC Credit Suisse Asset Management's fixed income team, highlighting their ability to navigate various market cycles while maintaining consistent returns for investors [1][10]. Group 1: Investment Strategy - The fixed income team at ICBC Credit Suisse has developed a mature system to address the challenges of low yields and high volatility, focusing on macroeconomic foresight and long-term research to guide investment decisions [2][3]. - The team employs a dual pricing system based on yield spreads to identify relative value opportunities and enhance returns through dynamic asset allocation [3][4]. - The firm has built a comprehensive "super shelf" of fixed income products, offering a wide range of options tailored to different investor needs and risk profiles [8][9]. Group 2: Team and Talent - The fixed income research team has grown to 46 members, with a structured mentorship program to ensure the transfer of knowledge and expertise among team members [7][12]. - The presence of experienced fund managers with over ten years of tenure is a significant asset, contributing to the firm's stability and performance [5][6]. Group 3: Market Position and Growth - ICBC Credit Suisse has established itself as a leader in the fixed income market, with its bond fund scale surpassing 670 billion yuan by 2024, reflecting a strong market presence [12][13]. - The firm has successfully launched innovative products, such as the Sci-Tech Bond ETF, which has gained significant market traction since its inception [12][13]. Group 4: Historical Development - The firm has a clear growth trajectory since its inception in 2006, marked by key milestones such as the launch of the first money market fund and the first short-term wealth management fund in China [10][11]. - The establishment of a robust research and management framework has enabled the firm to adapt to changing market conditions and investor demands effectively [11].