打造“固收+”精品致力于提升持有人体验——访银华基金于蕾

Core Viewpoint - The article emphasizes the importance of "fixed income plus" (固收+) investment strategies in providing stable long-term returns for investors, particularly in a declining interest rate environment [3][4][9]. Group 1: Investment Strategy - The core of the "fixed income plus" business is asset allocation, which is seen as a critical measure of a professional team's capabilities [3][7]. - The investment philosophy focuses on maximizing returns while controlling drawdowns, highlighting the significance of cost-effectiveness across different asset classes [3][7]. - The "fixed income plus" products have gained popularity as they address asset allocation challenges and offer a relatively stable approach to achieving long-term returns in volatile market conditions [4][9]. Group 2: Market Trends and Data - As of Q3 2025, the total market size of "fixed income plus" products reached 2.44 trillion yuan, an increase of over 500 billion yuan from Q2 2025, and a rise of 1.11 trillion yuan compared to Q3 2024 [4]. - The article notes that the real estate sector's drag on the economy is expected to diminish over the next two to three years, potentially leading to a recovery in consumer and business confidence, which could create overall investment opportunities in A-shares and Hong Kong stocks [9]. Group 3: Team and Technology - The company has invested significantly in resources to support the "fixed income plus" direction, with a multi-asset team of over 50 members, including specialists in equity and various investment strategies [5][6]. - AI technology is increasingly utilized to enhance investment decision-making, improve efficiency, and identify investment risks, thereby strengthening the team's capabilities [6][5]. Group 4: Future Outlook - The company plans to launch a new "fixed income plus" product, focusing on balancing aggressiveness and safety while aiming for excess returns [9]. - Future investment strategies will consider sectors showing signs of recovery, such as consumption-related industries and cyclical products linked to PPI recovery, while maintaining an open mindset to adapt to market changes [9].