基金经理研究系列报告之六十五：广发基金宋倩倩：“价值配置+灵活交易”，打造独树一帜的稳健增强风格

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - Guangfa Fund's Song Qianqian constructs a "value allocation + flexible trading" dual - wheel drive model, forming a unique and stable enhanced investment style. Her products show three characteristics: short - term debt benchmark, credit - bond flagship, and "fixed - income +" with stable return [4][59]. Group 3: Summary According to the Catalog 1. Guangfa Fund Song Qianqian: "Value Allocation + Flexible Trading", Creating a Unique and Stable Enhanced Style - 1.1 Fund Manager Basic Information - Song Qianqian is an MBA with 13.8 years of securities experience and about 9 years of investment management experience. She is the general manager of the bond investment department of Guangfa Fund, independently managing various types of funds such as short - term debt funds, medium - and long - term debt funds, etc. Her managed products have outstanding return - risk characteristics, with low maximum drawdown and competitive annualized returns [4][8]. - 1.2 Investment Framework: Alpha Capture Strategy in the Cyclical Migration of the Credit - Bond Ecosystem - Song Qianqian has a trading background, which makes her good at finding trading opportunities. Her credit - bond trading strategy includes four aspects: four - dimension selection of trading targets, seizing convexity trading opportunities of credit bonds, closely monitoring bond liquidity, and establishing stop - profit and stop - loss rules. She also uses leverage strategies to accumulate safety cushions [12][18]. 2. Guangfa Jingming Medium - and Short - Term Debt: Focusing on Medium - and Short - Duration Credit - Bond Strategy - The fund focuses on medium - and short - duration credit - bond strategies. During the management period, the annualized return rate reached 2.95%, and the historical maximum drawdown was strictly controlled within - 0.90%. It mainly invests in credit bonds, with a focus on short - term financing and medium - term notes. It has a flexible duration strategy and maintains a medium - to - high leverage operation. The coupon income is the core source of income, and trading can enhance returns [4][19][29]. 3. Guangfa Pure Debt: The Flagship Product in the Medium - and Long - Duration Credit - Bond Track - Since Song Qianqian took over the fund in 2020, as of April 24, 2025, the cumulative net value growth rate of the fund reached 22.43%, achieving a 5.85% excess return compared to the medium - and long - term pure - debt fund index. It mainly invests in credit bonds, with a relatively conservative duration management and a relatively high leverage level. The coupon income is the main source of income, and the band - trading income contribution is obvious [34][43][44]. 4. Guangfa Anying: The New Generation of "Fixed - Income +" with Stable Return Curve - Song Qianqian has expanded her ability circle to manage "fixed - income +" products. Guangfa Anying participates in the equity market with a 5.02% equity position, but its net value trend is very stable. It adopts the investment strategy of "extending duration + dividend stocks + precise timing", with heavy positions in financial and cyclical stocks [48][51][55]. 5. Summary - In the current market environment, Song Qianqian constructs a "value allocation + flexible trading" model, forming a stable enhanced investment style. Her product matrix has three characteristics: short - term debt benchmark, credit - bond flagship, and "fixed - income +" with stable return [59].