银华基金业务副总经理于蕾：力争赢收益、稳回撤 为持有人打造长期良好盈利体验

Core Viewpoint - The investment philosophy of the company emphasizes maximizing long-term returns while controlling drawdowns, aiming to enhance the long-term returns and profit experience for investors [1][2]. Group 1: Investment Philosophy and Strategy - The company focuses on high win-rate assets as a primary source of excess returns, utilizing a stable investment management method developed over two decades of pension investment management experience [2]. - The investment framework aims to maximize long-term returns while controlling drawdowns, particularly sensitive to losses due to the nature of pension funds [2][3]. - The multi-asset team emphasizes dynamic cross-asset, cross-product, and cross-industry comparisons to identify high-value assets and adjust allocations when certain asset classes become overheated [2][4]. Group 2: Performance and Achievements - The company’s enterprise annuity business and "fixed income plus" products have seen significant growth, with the weighted average return of single plans ranking fourth among annuity managers as of 2024 [5]. - The "Yinhua Shenghong Bond A" product has achieved a net value growth of 6.81% since February 18, 2024, outperforming its benchmark by 5.53% [5][6]. Group 3: Risk Management and Decision-Making - The company has established a comprehensive risk management system, including portfolio risk monitoring and market risk warnings, to enhance the investment experience [4]. - The investment decision-making process is characterized by a "high consensus, high belief" mechanism, ensuring that diverse viewpoints are consolidated into clear strategic directions [11]. Group 4: Future Outlook - The company is optimistic about the equity market over the next two years, identifying key variables such as price stability and real estate recovery as important for market fundamentals [11]. - There is a focus on technological innovation as a long-term investment direction, with attention to sectors like aviation, hotels, and tourism as indicators of consumer recovery [11].