财通基金匡恒：洞察趋势，动态平衡，“固收+”迎来发展期，含权资产配置有望持续抬升

Core Viewpoint - The "Fixed Income +" strategy is gaining new development opportunities as the risk-return ratio of traditional pure debt assets converges in the context of a continuously declining broad interest rate center, leading to an increased demand for enhanced yield elasticity among investors [1][6]. Group 1: Market Trends - As the profitability effect in the equity market gradually recovers, the trend of increased investment willingness among residents is expected to continue, with institutional funds placing greater emphasis on diversified asset allocation [3][8]. - In a low-interest-rate environment, single assets are increasingly unable to meet long-term return objectives, leading to a trend of increasing allocation of rights-bearing assets within portfolios [3][8]. Group 2: Core Logic of "Fixed Income +" Strategy - Investment decisions should not be limited to style or sentiment but should return to changes in industrial fundamentals, as the balance of win rates, odds, and investment frequency determines the sustained creation of excess returns by the "Fixed Income +" strategy [3][9]. - Economic operations are always accompanied by fluctuations in industrial prosperity, and during the transition from "old to new driving forces," the recovery rhythm and space of profitability in different industries show significant differences [3][9]. - Focusing on sectors that are stabilizing at the bottom and gradually entering an expansion phase can enhance investment certainty [3][9]. Group 3: Dynamic Optimization of "Fixed Income +" Strategy - Dynamic optimization of the "Fixed Income +" strategy requires a risk exposure management system based on pricing logic rather than merely adjusting equity positions [4][9]. - The "stock-bond seesaw" effect does not hold in all stages, as the correlation between stocks and bonds changes with economic cycles, risk preferences, and liquidity environments [4][9]. - Identifying the factors affecting asset pricing on both the numerator and denominator sides, with operational fundamentals as the core anchor, is crucial [4][9]. Group 4: Enhancing Stability and Adaptability - Through in-depth research on profitability correlation, valuation correlation, and liquidity and credit pricing, the stability and adaptability of the "Fixed Income +" strategy can be improved in a complex and changing market environment [4][10].