贝莱德基金权益、量化及多资产首席投资官王晓京： “智能”调度股债配比 显著提升投资体验

Core Insights - The article discusses the evolution of "fixed income +" funds, highlighting the integration of quantitative models for flexible asset allocation and risk management [1] Group 1: Quantitative Multi-Asset Strategy - The quantitative multi-asset strategy emphasizes systematic and disciplined management of investment portfolios, using quantitative models as key decision-making tools for asset allocation, portfolio adjustment, and risk management [2] - An example is provided with the BlackRock Fund, which employs an industry rotation model for its equity portion, scoring based on multiple signal dimensions and optimizing industry allocation [2] - The bond portion utilizes duration and credit rotation strategies, dynamically adjusting the ratio of interest rate bonds to high-grade credit bonds based on various signals [2] Group 2: Risk Control Mechanisms - The strategy includes a dedicated down-risk control module with hard stop-loss lines and volatility management for preemptive alerts, allowing for proactive adjustments before market anomalies occur [2] - Adjustments are primarily driven by risk control needs rather than timing the market for profit, ensuring that the portfolio operates within a safe boundary [3] Group 3: Investment Strategy and Market Outlook - The core of the strategy's returns comes from trading strategies rather than static bond yields, allowing for significant scalability without impacting performance [5] - The firm anticipates investment opportunities in the domestic bond market, focusing on short-term high-grade credit bonds and interest rate bonds, with a preference for quantitative models to assess multi-dimensional judgments [5] - In the equity market, the firm remains optimistic about the A-share market in 2026, predicting favorable performance for the CSI 300 index, which currently has an attractive valuation based on projected earnings [6]