鹏华固收王石千：构建中高低波全覆盖的“固收+”产品矩阵，兼顾稳健与弹性

Core Viewpoint - The "fixed income +" products have regained market attention this year, with investors facing two main challenges: matching their risk preferences and flexibly allocating between equity and debt assets based on market changes [1] Group 1: Product Structure - The "fixed income +" product line managed by Wang Shiqian has established a complete risk spectrum from low to high, catering to different investor allocation needs [2] - The low volatility product, Penghua Fengli A (160622), is a primary bond fund that does not directly invest in stocks, maintaining a convertible bond allocation of 10%-30%, with a historical maximum drawdown controlled within 2% [2] - As of December 5, Penghua Fengli A has achieved a year-to-date performance growth of 5.60% and a maximum drawdown of -1.48% [2] Group 2: Mid and High Volatility Products - The mid-volatility product, Penghua Shuangzhai Jiali A (000143), is a secondary bond fund with a maximum stock allocation of 20% and a flexible convertible bond allocation of 10%-45%, suitable for investors with a higher risk tolerance [3] - As of December 5, Penghua Shuangzhai Jiali A has recorded a year-to-date performance growth of 16.08% and a maximum drawdown of -4.08% [3] - The high volatility product, Penghua Convertible Bond A (000297), typically maintains a convertible bond allocation of 80%-85%, with a maximum stock allocation of 20%, appealing to investors looking to capitalize on convertible bond market opportunities [4] - As of December 5, Penghua Convertible Bond A has achieved a year-to-date net value growth of 27.67% and a maximum drawdown of -12.18% [4] Group 3: Current Investment Strategy - Wang Shiqian emphasizes a focus on convertible bonds, as the equity market currently presents better opportunities than the bond market, which is in a volatile state [5] - Within the pure bond category, the choice between interest rate bonds and credit bonds is based on overall market opportunities, with credit bonds generally offering higher yields due to their associated risks [5] - The strategy involves dynamically adjusting allocations based on market conditions, with a clear risk stratification of products and flexible asset allocation to provide a comprehensive "fixed income +" solution for investors [5]