天弘基金“固收+”团队把脉2026市场：坚守稳健底色 把握结构性机遇

Core Viewpoint - The "Fixed Income +" products have gained significant market attention since 2026, focusing on "steady foundation and enhanced returns" as core principles, with Tianhong Fund's team emphasizing a commitment to stability while seeking structural opportunities in 2026 [1] Group 1: Macroeconomic Insights - The current market is transitioning from "valuation expansion" to "profit support," with the ability of ROE to stabilize and PPI to rise being critical for continued market growth in 2026 [1] - Signs of recovery in corporate orders, profits, and capacity are emerging, despite uncertainties in the external environment [1] Group 2: Asset Allocation Strategy - The bond market is expected to face short-term pressure, while the convertible bond market is considered "not cheap," with valuations at historically high levels [2] - In equity investments, the team is optimistic about sectors such as AI, new energy, commercial aerospace, precious metals, industrial metals, and certain anti-involution beneficiaries with favorable odds [2] Group 3: Research and Decision-Making Framework - Tianhong Fund has developed a collaborative and integrated approach in managing multiple "Fixed Income +" products, leveraging the professional strengths of different fund managers to enhance decision-making [2] - The investment research system is centered around the "Tianhong Five Cycles" methodology, analyzing macroeconomic cycles, monetary policy cycles, investor behavior cycles, position cycles, and sentiment cycles to optimize bond asset allocation timing [2] - A rigorous decision-making process is in place, ensuring professionalism and thoroughness in investment decisions through strict validation and approval mechanisms [2] Group 4: Team Expertise and Performance - The core members of Tianhong's "Fixed Income +" team have an average of over 10 years of experience, covering various research areas and possessing quantitative research capabilities [3] - The combination of a robust research system and a mature co-management model constitutes the core competitive advantage for the long-term stable development of Tianhong's "Fixed Income +" business [3] - As of December 31, 2025, Tianhong Fund's bond-related assets achieved returns of 12.65%, 24.41%, 48.91%, and 63.25% over the past 3, 5, 7, and 10 years, respectively, with rankings of 50/127, 17/117, 15/103, and 7/70 in the industry [3]