招商基金如何打造“固收+”进化样本？

Core Viewpoint - The year 2025 marks significant growth for "fixed income +" products, with record performance and increasing scale, providing tangible benefits to holders through limited drawdowns and absolute returns [1] Group 1: Performance and Product Offerings - As of September 30, 2025, several "fixed income +" products from China Merchants Fund achieved impressive returns: - The high volatility product, China Merchants Anben Zengli Bond A, yielded 17.27% - China Merchants Min'an Zengyi Bond A returned 13.45% - China Merchants Anze Stable Bond (9-month holding) achieved 12.98% - The medium volatility product, China Merchants Ruitai (1-year holding) yielded 10.80% - China Merchants Ruize (1-year holding) returned 9.59% - China Merchants Credit Enhancement Bond A yielded 8.18% - The low volatility product, China Merchants Ruixiang (1-year holding) achieved 10.79% - China Merchants Ruile (6-month holding) returned 9.77% - China Merchants Anyi Stable Bond A yielded 5.07% [1] Group 2: Evolution of "Fixed Income +" Strategy - The "fixed income +" concept has evolved from a simple "bond + stock" model to a diversified product line, including various risk-return profiles [2][3] - China Merchants Fund has been a pioneer in the "fixed income +" space, combining bond and stock strategies since the launch of its first product, China Merchants Ruiqing Mixed Fund, in 2016 [2] - The fund has developed a risk budget management model, focusing on controlling drawdowns while aiming for absolute returns [3] Group 3: Diverse Product Lines and Client Segmentation - The product line now includes various types of funds, such as primary and secondary bond funds, mixed funds, and flexible allocation funds, catering to different risk preferences [4] - The fund's strategy includes a mix of asset classes, such as A-shares, Hong Kong stocks, US stocks, convertible bonds, commodities, and REITs, employing various strategies like quantitative enhancement and low-volatility dividend strategies [5][6] - The management team consists of diverse fund managers with different investment styles, ensuring tailored solutions for various client needs [6] Group 4: Open Research Culture and Innovation - An open research culture at China Merchants Fund fosters collaboration across departments, enhancing the management of "fixed income +" products [7][8] - The firm emphasizes a focus on absolute returns, ensuring that all products and investment teams prioritize the interests of holders [8]