在稳健基石上捕捉高弹性，鹏华基金陈大烨解码成长风格“固收+”

Core Viewpoint - The article discusses the increasing demand for stable asset appreciation in a low-interest-rate environment, highlighting the role of "fixed income +" products as a balanced investment strategy for families [1][2]. Group 1: Investment Strategy - The "fixed income +" strategy combines equity and debt to provide both stability and growth potential, requiring fund managers to skillfully navigate market volatility and identify long-term opportunities [1][3]. - Chen Daye, a fund manager at Penghua Fund, emphasizes a growth-oriented approach within the "fixed income +" framework, focusing on sectors like technology and high-end manufacturing to enhance returns while maintaining a stable base [2][11]. Group 2: Risk Management - Chen Daye outlines a risk-return optimization system for managing "fixed income +" products, which includes establishing a systematic risk budget and withdrawal management mechanism [4][5]. - The strategy involves assessing historical volatility across industries to control positions and implementing a maximum drawdown strategy to mitigate risks during market downturns [6][8]. Group 3: Market Insights - Chen identifies key market trends and opportunities, noting that A-shares often exhibit structural bull markets driven by capital flows, which can be leveraged for "fixed income +" products [7][9]. - He stresses the importance of understanding macroeconomic conditions and industry trends to avoid the pitfalls of "fixed income -" scenarios, particularly during bear markets [8][10]. Group 4: Growth Focus - The article highlights Chen's unique focus on growth stocks within the "fixed income +" product category, adapting to changing macroeconomic environments and identifying potential growth sectors over time [11][12]. - Chen's background in artificial intelligence informs his investment decisions, particularly in the technology sector, where he anticipates significant growth opportunities [12][13]. Group 5: Future Outlook - Looking ahead, Chen expresses optimism about the long-term performance of equity markets, particularly for companies that can generate free cash flow and have global competitiveness [16]. - The investment focus is shifting towards sustainable business models in AI and technology, with an emphasis on cash flow generation rather than just infrastructure [16].