友山基金杜平：固收体系之下的多资产配置，锻造投资者所需的长期策略

Core Insights - The forum highlighted the need for institutional investors to adapt their strategies in a low-interest, high-volatility macro environment, suggesting a shift from traditional pure bond strategies to a more dynamic approach that includes equity-like thinking in bond investments [1][2] Group 1: Investment Strategy - The company emphasizes the importance of capturing policy, industry, and market opportunities to enhance Alpha extraction, moving from a focus on coupon income to a dual approach of "trading enhancement" and "cross-market allocation" [1][2] - A robust internal credit evaluation system and in-depth research on issuers are crucial for precise pricing and risk management, allowing the company to maintain steady performance despite market fluctuations [2][3] Group 2: Market Conditions - The current market environment has amplified the impact of a single basis point (BP) on overall market dynamics, leading to varied risk appetites among different types of funds [3] - The central bank's interest rate cuts are expected to be limited, necessitating the inclusion of non-rate assets in portfolios to achieve excess returns [3] Group 3: Equity Market Focus - The company is exploring two main avenues for enhancing returns within its "fixed income plus" strategy: utilizing derivatives like options and increasing exposure to the equity market [4] - A dual framework of "defensive allocation + aggressive themes" is being constructed, focusing on sectors with reasonable valuations and lower price increases, such as dividend stocks, resource stocks, and financials [4] Group 4: Technology Sector Insights - The technology sector is identified as a key area for capturing excess returns, with strong performance metrics supporting continued investment opportunities despite recent price increases [4][5] - Three core competitive directions have been pinpointed for investment: AI applications and computing power, overseas supply chains, and domestic substitution industry chains, which are seen as future industry trends [5]