在“固收+”快车道跑出差异化

Core Viewpoint - The establishment of the mixed asset department at CICC Fund Management aims to create a differentiated and competitive "fixed income +" product matrix in a low interest rate environment, focusing on balancing risk and return for investors [1][2]. Group 1: Team Development and Strategy - The mixed asset department started with two members and has grown to four, managing nine products with an asset scale of approximately 3.8 billion yuan [1]. - The team has adopted a matrix development approach with different products targeting various goals and strategies, including secondary debt funds and flexible allocation products [2]. - The core value of mixed assets is to achieve a dynamic balance between diversified returns and controlled drawdowns, addressing the current market demand for stable yet higher returns [2]. Group 2: Investment Philosophy and Risk Management - The principle of "discipline over strategy, strategy over individual stocks" guides the investment approach, emphasizing strict risk budgeting and timely adjustments based on market conditions [3]. - A comprehensive research framework is established, integrating systematic thinking with an understanding of market cycles, competitive positioning, and pricing dynamics [4]. Group 3: Market Outlook and Future Opportunities - The outlook for the equity market in 2026 is optimistic, driven by ample liquidity, ongoing policy support, and recovering corporate earnings, which are expected to lead to a sustained upward trend [6]. - Specific investment opportunities for 2026 include undervalued high-dividend sectors, technology growth areas like AI and semiconductors, and the pharmaceutical sector, which is anticipated to stabilize and recover in valuation [6]. - For "fixed income +" products, equity assets will continue to be a significant source of enhanced returns, with bonds providing a safety net and equities offering flexibility [6].