解码中欧基金固收“工业化进阶”：从个人决策转向系统作战

Core Insights - In a challenging fixed income investment environment, China Europe Fund has achieved counter-cyclical growth, with its bond fund size reaching 167 billion yuan by the end of Q3, an increase of nearly 50 billion yuan since the beginning of the year, marking 11 consecutive quarters of growth [1] - According to Guotai Haitong Securities, as of September 30, 2025, China Europe Fund ranks first in absolute return among medium-sized fixed income fund companies over 1, 2, 3, and 7 years [1] - The fixed income team at China Europe Fund has upgraded its system since 2023, shifting from reliance on individual capabilities to organizational collaboration, creating a comprehensive product system covering cash management, interest rates, credit strategies, and fixed income enhancement [1][2] Fixed Income System - China Europe Fund initiated "asset management industrialization" in 2023, significantly upgrading its fixed income business and establishing a professional team covering all fixed income strategies [2] - The fixed income team, led by Chen Kaiyang, emphasizes clear processes, defined roles, and efficient collaboration, with five strategy modules in place: cash and short-term debt, interest rates and indices, credit, and mixed asset strategies [2][3] - The team aims to enhance decision-making efficiency through systematic research and collaboration rather than relying solely on experience [2] Cash and Short-Debt Strategy - The cash and short-term debt team, led by Huang Haifeng, focuses on managing liquidity and stabilizing returns amid market volatility [4] - The strategy involves proactively adjusting portfolio duration and leverage in response to market shocks and liquidity pressures, while avoiding aggressive leverage and high-volatility assets [4] - Huang Haifeng emphasizes maintaining a stable product system and being sensitive to market rhythms to identify structural opportunities [4] "Fixed Income +" Strategy - The "Fixed Income +" strategy, led by Deng Xinyu, focuses on strategy development, portfolio allocation, and risk control, emphasizing a balance between strategic and tactical asset allocation [5] - High-grade credit bonds serve as the core of the portfolio, supplemented by stocks and convertible bonds to enhance returns while improving risk-adjusted performance metrics [5] - The mixed asset group has developed multiple enhancement strategies to pursue excess returns while maintaining a robust portfolio structure [5] Market Context - In the context of increasing "asset scarcity," "Fixed Income +" has become a competitive area for public funds, with China Europe Fund viewing this as a long-term strategy rather than a short-term ranking chase [6] - The focus is on building a stable structural foundation for strategies that can endure through market cycles, rather than seeking high returns at single points in time [6]