波动最小化，收益“+”起来，两位低波“固收+”舵手的平衡术

Core Insights - The event titled "The Long-Term Viability of 'Fixed Income+' Strategies" was held in Shanghai, focusing on the positioning and future development paths of such products in a low-volatility environment [1] - The current low interest rate and market volatility have led to a "yield drought," prompting investors to seek better returns through 'Fixed Income+' strategies, which combine equity and debt [1][4] - The roundtable featured discussions on achieving better returns while maintaining strict drawdown controls, highlighting the importance of risk management in 'Fixed Income+' products [1][4] Group 1: Investment Strategies - Yujianfeng from Dongfanghong Asset Management employs a unified investment framework that includes a target volatility model and a maximum drawdown control model to manage risk and enhance returns [7][8] - The strategy involves selecting benchmark indices for both stocks and bonds, with a focus on maintaining a low drawdown target of 2%-4% for open-end products [8][10] - Guo Liyan from Huazheng Fund emphasizes the importance of buying quality assets at good prices and dynamically adjusting market risk factors based on market conditions [9][10] Group 2: Risk Management - Yujianfeng argues that the term 'Fixed Income+' should not separate fixed income from equities, as both asset classes can exhibit low correlation, allowing for better risk-adjusted returns [12][13] - Guo Liyan highlights the need for disciplined position sizing and a robust risk management mechanism to prevent 'Fixed Income+' products from turning into 'Fixed Income-' [14][15] - Both managers stress the importance of controlling concentration risk and ensuring that the portfolio is well-diversified to mitigate potential market shocks [10][15] Group 3: Market Outlook - Yujianfeng predicts that the long-term trend of declining interest rates will continue, making it challenging to achieve traditional returns from bonds alone [24][25] - Guo Liyan identifies new economic sectors, such as AI and advanced manufacturing, as key areas for investment, anticipating a shift in market dynamics as these sectors gain prominence [26][27] - The managers agree that while short-term market conditions may present challenges, the focus should remain on long-term structural opportunities within the evolving economic landscape [26][27]