鹏华陈大烨成长风格“固收+”管理之道：把握主线、严控回撤、聚焦估值

Core Viewpoint - The launch year of the "14th Five-Year Plan" emphasizes the construction of a modern industrial system and the enhancement of technological self-reliance, presenting abundant investment opportunities driven by the current wave of technology [1] Group 1: Investment Strategy - The investment strategy of the "fixed income+" products managed by the company focuses on a clear positioning of medium volatility and distinct growth style, with a framework of 20% equity focusing on growth and 80% fixed income providing a stable return [2] - A systematic risk-return optimization mechanism is established, including risk budgeting and drawdown management, with specific controls on position and structure based on historical volatility [3] - The company identifies main opportunities in the A-share market, leveraging macro research to pinpoint sectors likely to achieve "Davis Double Play" [3] Group 2: Performance and Management - The company has demonstrated significant foresight in technology investments, increasing allocations in the TMT sector following the emergence of ChatGPT, with a focus on absolute and relative return opportunities in its two main funds [4] - As of December 5, 2025, the net value growth rates for the funds managed are 10.00% and 16.75% over one and two years for Penghua Anyi A, and 8.68% for Penghua Jingxin Teli A, all ranking in the top third of their categories [4] Group 3: Future Outlook - The company anticipates a transformative phase driven by artificial intelligence, with significant investment opportunities emerging in AI applications and infrastructure, including high-performance chips and green energy systems [5] - The strategy will continue to balance growth style with strict risk control, aiming to create reliable "fixed income+" products that can withstand market fluctuations [6]