鹏华基金王石千：科技与资源主线明确，构建多元“固收+”产品生态

Core Insights - The public fund market has seen significant structural growth since 2025, with "fixed income +" products becoming a core choice for capital allocation due to their stability and flexibility [1] - Wang Shiqian, General Manager of the Multi-Asset Investment Department at Penghua Fund, has managed a "fixed income +" product line that has performed exceptionally well, with total assets reaching 45.11 billion yuan by the end of 2025 [1] - The demand for "fixed income +" products is underscored by the surge in the scale of the Penghua Shuangzhai Jiali (Class A 000143) secondary bond fund, which increased by over 18.4 billion yuan in 2025 [1] Market Outlook for 2026 - Wang Shiqian anticipates that the stock market may continue its bull market trajectory in 2026, driven by clear and diverse core drivers, including the ongoing trend of artificial intelligence [2] - The attractiveness of RMB assets is expected to rise amid a weakening dollar credit environment, potentially leading to renewed foreign capital inflows into the Chinese stock market [2] - The recovery of domestic demand and price trends will be critical variables influencing the equity market's performance [2] Asset Allocation Strategy - In 2026, the technology and resource sectors are expected to remain key investment themes, driven by the global technology wave and the demand for resource products amid de-globalization [3] - The convertible bond market may continue to experience high valuation states, with its performance closely tied to the underlying stocks [3] - The bond market is supported by short-term fundamentals and liquidity, although the yield levels are relatively low, and there may be a gradual increase in yields as nominal economic growth stabilizes [3] Opportunities and Challenges in "Fixed Income +" Investment - Wang Shiqian identifies both opportunities and challenges for "fixed income +" investments in 2026, with opportunities arising from favorable conditions in equity assets and the potential for high returns in the domestic demand sector [4] - Challenges include increased difficulty in convertible bond investments due to high valuations and shrinking scales, necessitating higher standards for selection and risk control [4] "Fixed Income +" Product Strategy - To address market challenges and seize diverse opportunities, Wang Shiqian's team has developed a layered "fixed income +" toolbox tailored to different risk preferences [5] - The Penghua Fengli (Class A 160622) fund, categorized as low volatility "fixed income +", reported a net value growth rate of 6.12% in 2025, significantly outperforming its benchmark [5] - The Penghua Shuangzhai Jiali (Class A 000143) fund, categorized as medium volatility "fixed income +", achieved a net value growth rate of 18.05% in 2025, focusing on technology growth [5] - The Penghua Convertible Bond (Class A 000297) fund, categorized as high volatility "fixed income +", reported a net value growth rate of 33.11% in 2025, with a high allocation to convertible bonds [5] Market Environment and Investment Strategy - The "fixed income +" products provide a balanced risk-return solution through a strategy of bond foundation and equity enhancement, showcasing the ability to seize opportunities in a structural market [6] - Investors are encouraged to select suitable tools from a comprehensive product matrix based on their risk preferences to participate in market opportunities in 2026 [6]