中金基金于质冰： 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 risk and return optimization [1][2]. Group 1: Team Development and Structure - The mixed asset department was formed in August with a team that has grown from two to four members, managing approximately 3.8 billion yuan across nine products [1]. - The department's strategy includes a matrix development approach with different products targeting various goals and strategies, such as secondary debt funds and flexible allocation products [2]. Group 2: Investment Philosophy - The essence of "fixed income +" is to find an optimal balance between risk and return, requiring clear product positioning and strict investment discipline [2]. - The core value of mixed assets lies in dynamically balancing diversified returns and controlled drawdowns to meet investor demands for stable yet superior returns [2]. Group 3: Investment Strategy 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, focusing on macroeconomic cycles, industry positions, and market expectations to inform investment decisions [3][4]. Group 4: Market Outlook and Opportunities - For 2026, the outlook for equity markets is optimistic due to ample liquidity, ongoing policy support, and recovering corporate earnings, suggesting a potential upward trend [6]. - Key investment opportunities identified for 2026 include undervalued high-dividend sectors, technology growth areas like AI and semiconductors, and the pharmaceutical sector, which is expected to stabilize and recover in valuation [6].