中欧基金邓欣雨：低利率时期“固收+”的稳健增强逻辑

Group 1 - The core viewpoint of the article emphasizes the importance of understanding the investment logic and focus areas for 2026, particularly in the context of the technology sector, cyclical industries, and structural transformations [1][6] - The investment strategy meeting highlighted the need for a systematic approach to research and investment, aiming to convert systematic capabilities into sustainable value for investors [1][6] - The fixed income investment manager noted the increasing difficulty of achieving stable high returns in a low-interest-rate environment, which is a central goal of "fixed income plus" strategies [1][6] Group 2 - The recent stock market rally has been primarily driven by valuation expansion, with technology expected to be the main strategic focus for the upcoming year [2][7] - Three key lines of inquiry for identifying quality assets include: the anticipated dominance of technology in the market, the global expansion of outstanding Chinese companies, and opportunities arising from high prosperity sectors and potential reversals in cyclical industries [2][7] - High prosperity sectors to watch include computer equipment, marine equipment, batteries, and power grid equipment, while cyclical reversals may be found in sub-industries within chemicals, new energy, and consumption [2][7] Group 3 - Different asset classes present varying investment opportunities, with pure debt assets likely to remain in a low-interest-rate environment and limited upside potential [3][8] - Stock assets are expected to experience increased volatility, with limited valuation uplift and a positive performance driven by earnings [3][8] - Convertible bonds are viewed as overvalued, with a focus on structural opportunities and swing trading as key strategies moving forward [3][8]