银华基金于蕾：植根团队沃土 打造稳健方舟

Core Viewpoint - The article discusses the investment strategies and philosophies of the multi-asset investment team at Yinhua Fund, led by Yu Lei, emphasizing a systematic and collaborative approach to asset allocation that aims for long-term stable growth rather than short-term gains [1][5]. Investment Philosophy - Yu Lei believes that the purpose of investment is to pursue long-term stable appreciation rather than short-term visibility, providing continuous solutions that match clients' risk-return needs [1][5]. - The investment philosophy is shaped by Yu Lei's extensive experience in managing pension funds, focusing on absolute returns while being sensitive to losses [5][6]. Platform Ecosystem - The multi-asset investment team has developed a platform ecosystem that integrates collective wisdom, systematic processes, and intelligent tools to offer predictable and replicable asset allocation solutions [1][6]. - The team operates under a culture of collaboration and knowledge sharing, ensuring smooth internal communication and a strong collective capability [6][9]. Performance Metrics - The team has implemented a multi-layered drawdown management system, which is reflected in the performance of their "fixed income plus" product, Yinhua Shenghong Bond, achieving a net value growth of 6.81% since Yu Lei's tenure, significantly outperforming the benchmark [6][8]. Market Outlook - Yu Lei maintains a calm perspective on the current market, believing that significant investment opportunities may arise in A-shares and Hong Kong stocks in 2024 and 2025, driven by valuation recovery [9][10]. - The team is cautious about the bond market, noting that while the economic environment remains supportive, the potential for further yield declines is limited [10]. Asset Allocation Strategy - The team employs a three-dimensional scanning framework for asset allocation, continuously comparing the cost-effectiveness of different assets [8]. - Yu Lei emphasizes the importance of balanced industry allocation and controlling deviations from benchmarks to minimize risks [8][9]. Risk Management - The investment team has established a rigorous risk control system, with different drawdown limits for various "fixed income plus" products, reinforcing a bottom-line thinking among fund managers [9].