如何平衡收益与波动？天弘基金“固收+”团队详解2026年股债攻守道

Core Viewpoint - The capital market is at a critical juncture with multiple variables influencing it, leading to a heightened demand for balance between seeking returns and risk avoidance, making "fixed income +" products a focal point for investors [1] Group 1: Market Trends - "Fixed income +" products have become a significant growth driver in the public fund industry, with their overall scale reaching 2.65 trillion yuan by the end of 2025, a 1 trillion yuan increase from 1.65 trillion yuan at the end of 2024, marking a historical high [1] - The macroeconomic environment is expected to maintain a weak recovery in 2026, with a continued loose policy stance and reasonable liquidity, providing ample space for "fixed income +" products to enhance returns through equity assets [2] Group 2: Investment Strategies - The "fixed income +" team at Tianhong Fund is adopting a flexible asset allocation strategy, focusing on a balanced approach without over-concentration in any single direction or style [4] - In equity investments, the team is focusing on three main rotation strategies: "network-type assets" like express delivery and media, "new era assets" such as AI and offshore manufacturing, and "traditional framework assets" like aviation and chemicals [5] Group 3: Research and Decision-Making Framework - Tianhong's "fixed income +" team has developed a collaborative investment research model, integrating the expertise of different fund managers to enhance decision-making and avoid the limitations of a single investment perspective [6] - The investment research system is built around the "Tianhong Five Cycles" framework, which assesses macroeconomic cycles, monetary policy cycles, and investor behavior to determine optimal asset allocation timing [6] Group 4: Performance and Future Outlook - Tianhong Fund's performance in the bond category over the past 3, 5, 7, and 10 years has been strong, with returns of 12.65%, 24.41%, 48.91%, and 63.25% respectively, ranking well against peers [7] - Despite uncertainties in the market, including U.S. Federal Reserve policies and domestic PPI trends, the "fixed income +" team remains optimistic about investment opportunities in 2026, particularly with the implementation of the "14th Five-Year Plan" and policies aimed at improving supply-demand relationships in certain industries [7]