中波“固收+”的成长派样本：以进攻姿态，守财富增长

Core Insights - The article discusses the increasing demand for stable asset appreciation among investors in a low-interest-rate environment, highlighting the role of "fixed income +" products as a balancing tool in asset allocation [1] - It emphasizes the need for fund managers to enhance their capabilities in capturing returns while controlling drawdowns amidst market volatility [1][4] Group 1: "Fixed Income +" Strategy - The "fixed income +" strategy is characterized by a combination of equity and debt, aiming to provide both stability and growth potential [1] - Chen Daye, a fund manager at Penghua Fund, shares insights on constructing and managing a growth-oriented "fixed income +" product, focusing on the art and science of asset allocation [1][4] - The strategy is discussed in the context of a high-profile interview series on long-term and value investing, indicating its relevance in current market conditions [1] Group 2: Fund Management Experience - Chen Daye has 8 years of experience in securities and 4 years in fund management, currently managing three funds, including Penghua Jingxin Tianli and Penghua Anyi, with a high institutional ownership ratio [2][3] - The funds managed by Chen Daye are positioned to provide higher returns than pure bond funds while maintaining a level of volatility that investors can tolerate [3][5] Group 3: Risk-Return Optimization - The "fixed income +" products managed by Chen Daye are categorized as medium volatility, focusing on growth sectors while implementing a systematic risk budget and drawdown management mechanism [5][6] - The strategy includes identifying market trends and structural opportunities, emphasizing the importance of valuation discipline in stock selection [6][7] Group 4: Macro Risk Management - Chen Daye discusses the importance of macroeconomic indicators in avoiding the pitfalls of "fixed income -" products, particularly during periods of poor equity performance [8][10] - Historical analysis reveals that significant market downturns are often linked to macroeconomic changes, underscoring the need for proactive risk management [9][10] Group 5: Growth-Oriented Investment Logic - The article highlights Chen Daye's unique approach to focusing on growth-oriented assets within the "fixed income +" framework, adapting to changing macroeconomic conditions [11][12] - The strategy aims to provide a stable return while allowing investors to benefit from societal development dividends through a balanced asset allocation [11][12] Group 6: Focus on Technology and AI - Chen Daye's investment strategy includes a forward-looking approach to technology sectors, particularly AI, supported by his academic background in artificial intelligence [12][15] - The emphasis is on identifying sustainable business models within the AI space, with a cautious approach to investment timing and validation of revenue generation capabilities [15][16] Group 7: Future Outlook - The article concludes with an optimistic view on the long-term performance of equity markets, particularly in the context of China's economic transition to high-quality growth [16] - Chen Daye identifies two key asset categories for future focus: technology-driven companies with global competitiveness and dividend-paying stocks that generate free cash flow [16]