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, with BlackRock's new fund aiming to provide a solution through a quantitative model-driven approach [1][2]. Group 1: Product Overview - BlackRock's new fund, the BlackRock Fuyuan Jinli Mixed Securities Investment Fund, is set to launch on January 19, 2026, focusing on a quantitative model as its core, aiming to capture structural opportunities in both equity and debt markets [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%, investing in stocks, equity funds, convertible bonds, and exchangeable bonds, with at least 10% of assets in domestic stocks [2][3]. - A dual strategy of "quantitative aggregation and dual asset +" is implemented, utilizing independent modeling for stocks and bonds to enhance yield elasticity while minimizing trading costs [2][3]. Group 3: Risk Management - The fund incorporates a duration rotation and credit rotation strategy, focusing on high-grade financial bonds and avoiding low-grade credit bonds due to liquidity risks [3][5]. - A robust risk control mechanism is in place, including volatility and drawdown controls, to protect against significant market fluctuations and ensure a stable investment experience [6][7]. Group 4: Market Outlook - BlackRock maintains an optimistic view on equity markets for 2026, particularly for large and mid-cap stocks, with the potential for the CSI 300 index to reach new highs if supportive policies are enacted [7][8]. - The company is cautious about the bond market, suggesting that investors should not expect high returns from credit bonds and should be aware of potential risks related to economic growth and liquidity [8][9]. Group 5: Team Expertise - The fund management team, led by experienced professionals with extensive backgrounds in global macro investment and quantitative multi-asset strategies, emphasizes disciplined risk management and continuous monitoring of portfolio performance [9].