长城基金张棪：“固收+”基金配置价值凸显 未来有望持续扩容

Core Viewpoint - The "fixed income +" funds have seen significant growth in 2023, with total market size reaching 2.57 trillion yuan, marking a 40% increase from the beginning of the year, driven by the need for balanced risk and return in the current market environment [1] Group 1: Growth of "Fixed Income +" Funds - The total market size of "fixed income +" funds has surpassed 2 trillion yuan, increasing by over 700 billion yuan since the start of the year [1] - The growth of "fixed income +" funds is attributed to the decline in risk-free interest rates and the recovery of equity market sentiment, enhancing the return potential of these products [1] Group 2: Market Conditions and Outlook - The low interest rate environment is expected to persist, with ongoing pressure on real estate investment and consumption, leading to a continued downward trend in market interest rates [2] - The public fund sector has seen a decrease in duration and improved cost-effectiveness in the bond market, although further declines in yield may face constraints due to strong equity market performance [2] Group 3: Stock and Convertible Bond Market Insights - The A-share market has a solid long-term outlook driven by policy support and technological advancements, but may experience short-term volatility and require careful stock selection [3] - The convertible bond market remains attractive due to a tight supply-demand balance, providing opportunities for investment despite increased valuations [3] Group 4: "Fixed Income +" Investment Strategy - The investment strategy for "fixed income +" will focus on a multi-asset allocation approach, emphasizing the construction of a stable bond base with medium to short-duration bonds and high-grade commercial bonds [4] - Enhanced allocation in convertible bonds will target those with high yields and low conversion premiums, aiming to leverage their asymmetric characteristics for better returns [4] - The equity allocation will prioritize high-dividend, low-volatility stocks with strong financial health, selected based on market changes to enhance the stability of the equity portion [4]