贝莱德基金王晓京： 权益上行趋势未改 量化赋能“股债双+”

Core Viewpoint - The discussion around "fixed income +" is gaining traction as banks' short-term large-denomination deposit rates enter the "0" range, and the equity market shows high prosperity. Investors seek to balance stability and growth in a low-interest-rate environment [1] Group 1: Product Overview - The BlackRock Fuyuan Jinli Mixed Securities Investment Fund, launching on January 19, aims to create a "one-click allocation" stock-bond combination product driven by quantitative models and mature risk control modules [1][2] - The fund is positioned as a medium-to-high volatility "fixed income +" product, increasing equity allocation limits to 30% and including Hong Kong Stock Connect targets [1][2] Group 2: Investment Strategy - The fund employs a flexible equity allocation range of 10%-30%, including stocks, equity funds, convertible bonds, and exchangeable bonds, with at least 10% of assets in domestic stocks [2] - A quantitative dual "+" strategy is utilized, focusing on dynamic collaboration between stocks and bonds, with independent modeling for each asset class to enhance yield elasticity [2][3] Group 3: Risk Control Mechanisms - The fund incorporates a volatility control module and a drawdown control mechanism to manage risks effectively, ensuring that investors can hold their positions during market fluctuations [5][6] - The drawdown control acts as a "hard line," automatically suggesting adjustments when returns decline to a stop-loss threshold, providing relative certainty in down markets [6] Group 4: Market Outlook - The outlook for 2026 remains optimistic for equity markets, particularly for large and mid-cap stocks, with the CSI 300 index potentially reaching new highs if supportive policies are enacted [7] - The fund manager expresses caution regarding the bond market, maintaining a neutral stance on credit bonds and suggesting that investors should not expect high returns from the bond sector in 2026 [8] Group 5: Team Expertise - The fund will be managed by Chen Zhiyuan, who has 10 years of global macro investment trading experience, focusing on quantitative multi-asset allocation and risk management [9]