量化赋能“固收+”，鹏华基金2026年构建立体化科技配置体系

Core Insights - The traditional "fixed income +" strategy faces new challenges in achieving sustainable excess returns amid a structural market and rapid rotation [1] - The macroeconomic outlook for 2026 indicates a continuation of "low growth with high structural differentiation," with AI and technological advancements becoming the core growth drivers [2] - The investment strategy must evolve from a simple "debt foundation, equity enhancement" model to a "three-dimensional technology allocation system" to effectively manage risks and returns [3] Macroeconomic and Strategic Response - The macroeconomic environment will be characterized by low growth and structural differentiation, with real estate's negative impact on the economy diminishing but not regaining its growth engine role [2] - External uncertainties from global volatility, geopolitical tensions, and technological competition will persist, affecting market sentiment but not altering the mid-term direction [2] - The market will see significant structural opportunities and complex style rotations, particularly around AI and its industrial diffusion [2] Investment Product Development - Penghua's quantitative "fixed income +" product line utilizes multi-factor stock selection or machine learning strategies to create clearly defined products with strong return volatility explanations [4] - The product lineup includes Penghua Changxiang, the first "fixed income +" product to adopt a Sci-Tech 100 enhancement strategy, and Penghua Chuangxing, which focuses on A+H technology growth styles [4] - Performance metrics indicate that Penghua Changxiang A achieved a net value growth rate of 5.36% in 2025, outperforming its benchmark of 2.57% [4] Client Segmentation and Risk Management - The quantitative fixed income + strategy aims to meet the refined needs of different risk tolerance clients, offering products with lower equity exposure for conservative investors and higher volatility options for those seeking greater returns [5] - Clear product positioning and robust strategy execution are designed to enhance client investment experiences over longer holding periods, targeting superior relative and absolute returns [5]