股债兼修，“选股专家”迎来“固收+”大丰收

Core Viewpoint - The performance report for the 2025 fiscal year highlights the impressive results of Huatai-PineBridge's "Fixed Income+" business, which has successfully entered the trillion-yuan club, becoming a recognized asset management brand in the stable return investment sector during a low-interest-rate environment [1][2]. Group 1: Performance Highlights - In the high volatility "Fixed Income+" category, Huatai-PineBridge's Tianfu Jixiang A net value increased by 21.39% (benchmark 4.46%), ranking in the top 4 of its category [1] - In the medium volatility "Fixed Income+" category, Huatai-PineBridge's Shuangli Enhanced A net value rose by 15.86% (benchmark 4.25%), ranking in the top 6 [1] - In the low volatility "Fixed Income+" category, Huatai-PineBridge's Wole Return A net value increased by 8.50% (benchmark 4.43%), significantly outperforming the benchmark [2] Group 2: Risk Management and Strategy - Huatai-PineBridge effectively controlled maximum drawdown within a small range despite market volatility caused by global trade tensions and U.S. monetary policy, demonstrating a high return-to-risk ratio [2] - The company emphasizes a balanced approach to returns and drawdowns, utilizing a systematic investment strategy that includes dynamic adjustments of bond duration and stock styles [3][4] Group 3: Research and Investment Culture - Huatai-PineBridge is recognized for its strong active equity investment capabilities, with a vertically integrated research platform that has led to significant performance improvements in its equity funds [4][5] - The company fosters an open and sharing research culture, allowing for collaboration between fixed income and equity teams, which enhances investment decision-making and strategy execution [8][9] Group 4: Product Strategy and Client Focus - Huatai-PineBridge has developed a multi-strategy product matrix to meet diverse client needs, ensuring that "Fixed Income+" is not a one-size-fits-all solution but rather a tailored approach to different risk profiles [11][12] - The firm has established a comprehensive product system that includes various types of "Fixed Income+" products, addressing different volatility and drawdown characteristics to cater to investor demands [12][13] Group 5: Investment Discipline and Management - The company emphasizes rule-based investment management to ensure stability in investment style and sustainable performance, with a focus on differentiating risk-return combinations [17][18] - Huatai-PineBridge has implemented a structured drawdown management process, including pre-warning systems and defined responsibilities, to optimize investment outcomes [18]