平安恒泽混合基金经理刘斌斌：“固收+”产品规模创下历史新高 将继续发挥股债配置优势

Core Viewpoint - The "Fixed Income Plus" (固收+) investment strategy is expected to thrive in 2026, driven by a low interest rate environment and significant growth in the equity market, with the total market size of "Fixed Income Plus" products surpassing 2.6 trillion yuan by Q3 2025, marking a historical high [1][2] Group 1: Market Trends - The "Fixed Income Plus" product market is experiencing rapid growth, particularly in products with 10%-20% and 20%-30% equity exposure, which have the fastest growth rates and the most significant incremental increases [1] - The bond market is anticipated to exhibit an "N-shaped" trend, with the yield on ten-year bonds expected to rise, indicating a shift in the market's equilibrium awaiting confirmation from the fundamentals [1] - A-share earnings growth is projected to stabilize or even exceed expectations, with overall earnings growth estimated at 8.2% and non-financial earnings growth reaching 10.6% [1] Group 2: Investment Strategy - The "Fixed Income Plus" products will leverage their advantages in equity and bond allocation by dynamically adjusting asset allocation ratios to control drawdowns while capturing market opportunities [2] - A robust investment framework under low interest rates includes using short-term credit bonds for base yield, trading long and short-term bonds for interest rate spreads, and employing a portfolio insurance strategy (CPPI) for dynamic exposure adjustments [2] - The sources of returns for "Fixed Income Plus" investments are derived from equity-bond allocation, industry allocation, and stock selection, with bonds providing foundational returns and equities offering flexibility [2]