券商资管推动策略迭代，哪些会是解题思路？

Core Viewpoint - The "fixed income +" products are a key focus for brokerage asset management this year, facing dual pressures from declining bond yields and increasing difficulty in enhancing equity components [1][2] Group 1: Challenges Facing "Fixed Income +" Products - The traditional operation model of "fixed income +" strategies is challenged by low bond yields and structural market conditions, weakening the safety net function of bonds [2][3] - Increased volatility in the bond market has reduced the contribution of traditional coupon income, with expectations of continued wide fluctuations in 2026 [2][6] - The structural differentiation in the equity market complicates the enhancement of equity components, raising the difficulty of stock selection and timing [2][3] Group 2: Strategic Adjustments and Innovations - Brokerage asset management firms are pushing for iterative upgrades of "fixed income +" products through multi-asset strategies, quantitative tools, and enhanced risk control [4][5] - Expanding asset boundaries and reducing correlation in portfolios is a key strategy, with firms incorporating low-correlation alternative assets to improve resilience [4] - Strengthening quantitative and systematic investment capabilities is emphasized, with firms utilizing data-driven methods to enhance investment discipline and stability [4] Group 3: Market Outlook for 2026 - Institutions expect bond market performance to improve compared to 2025, with yields anticipated to remain volatile [6][7] - The equity market is expected to strengthen amidst volatility, with structural opportunities identified in sectors such as technology, cyclical stocks, and emerging themes [6][8] - Specific sectors recommended for investment include AI, semiconductor, and renewable energy, reflecting a focus on growth and cyclical recovery [7][8]