震荡市下的固收新玩法：东财基金以“配置交易化”策略破局

Core Viewpoint - The article discusses the increasing volatility in the market due to changes in macroeconomic conditions and liquidity, leading public fund institutions to adjust their product strategies towards more defensive and flexible investment tools, particularly in the fixed income sector [1]. Group 1: Market Trends - The "fixed income +" market has experienced explosive growth this year, with the market size of various bond-mixed products significantly increasing. As of October 15, 2025, the subscription scale of bond-mixed funds has grown by 141% year-on-year, and the number of users has increased by 70% [1]. - The traditional strategies in the fixed income market, such as duration and leverage strategies, are facing diminishing marginal returns, prompting a shift towards more dynamic trading approaches [2]. Group 2: Company Strategy - Dongcai Fund has been actively developing its fixed income capabilities, focusing on a stable methodology supported by teamwork and risk control, aiming to create a replicable and scalable investment capability [1]. - The firm has introduced a new bond-mixed fund, Dongcai Qihe Mixed, as an extension of its existing fixed income strategy, which allows for flexible adjustments in stock and bond allocations [3]. Group 3: Product Performance - The Dongcai Ruili Bond, a major product of Dongcai Fund, has shown strong performance, ranking in the top 1% of similar products in terms of one-year yield as of the third quarter of 2025, with a maximum drawdown of only 1% [3]. - The total scale of the Dongcai Ruili Bond has increased from 7.68 billion to 16.98 billion yuan within a year, driven primarily by institutional investments [3]. Group 4: Industry Implications - The innovation in the fixed income sector is expected to provide more refined and practical allocation tools for investors with varying risk tolerances and investment horizons, enhancing the stability of investment experiences amid increased volatility in equity assets [4]. - The focus on structural innovations, such as holding period design and volatility control, aims to improve the actual holding experience for investors and reduce behavioral biases caused by short-term fluctuations [4].