量化赋能，招商基金的“固收+”新解

Core Viewpoint - The increasing volatility in the A-share market and the breaking of "rigid redemption" in bank wealth management products have led to a decline in the attractiveness of traditional low-risk investment tools, prompting investors to seek alternatives like "fixed income +" funds, which have seen significant growth in assets and product numbers [1][2][3]. Group 1: Market Trends - As of the end of Q3 2025, the total net asset value of "fixed income +" funds reached approximately 2.75 trillion yuan, a significant increase of 0.5 trillion yuan from the previous quarter, marking a growth rate of over 20% [1][3]. - The demand for stable yet higher-yielding alternative investment tools has intensified due to the weakening ability of cash and deposits to preserve and increase value [2]. Group 2: Product Development - "Fixed income +" products typically use fixed-income assets like bonds as a base to provide fundamental returns while controlling volatility, supplemented by equity investments to enhance returns within manageable risk levels [1][2]. - The "fixed income +" product category has expanded significantly, with the secondary bond fund becoming the largest type within this category, surpassing primary bond funds in scale [3]. Group 3: Differentiation Strategies - To address the issue of product homogeneity, companies like招商基金 have focused on developing differentiated products that cater to diverse investor needs, establishing a three-dimensional product layout system [4]. -招商基金 has innovatively integrated quantitative technology into the "fixed income +" sector, creating a unique quantitative "fixed income +" product line [4][5]. Group 4: Performance and Strategy - The招商安盈 bond fund, a key product in招商基金's quantitative "fixed income +" matrix, has achieved positive returns every year since its inception, with a cumulative return exceeding 50% since its transformation in September 2018 [2][5]. - The fund employs a dual-manager system, combining expertise in bond construction and quantitative enhancement strategies to achieve steady growth while controlling risks [5][6]. Group 5: Quantitative Approach - The quantitative strategy utilized by招商安盈 includes dynamic optimization of equity positions based on multi-factor models, allowing for adjustments in response to market conditions to manage risk effectively [6][7]. - The fund's equity allocation strategies focus on "dividend selection" and "quality selection," targeting stocks with strong defensive characteristics and high dividend yields [6][7]. Group 6: Risk Management - In the fixed income segment, the fund manager emphasizes a framework that prioritizes stability and risk control while actively managing bond structures to align with market conditions [7]. - The quantitative investment team at招商基金 collaborates closely across various functions, ensuring a robust risk control system is in place to manage deviations and maintain performance [9][10].