中欧基金邓欣雨：借助基本面量化打造景气成长风格固收+产品：基金经理研究系列报告之八十五

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Dun Xinyu, a fund manager at China - Europe Fund, uses fundamental quantitative methods for the "plus" part of the "fixed - income +" investment framework, with strategies such as dividend, value, quality, growth, and micro - cap, and has a macro - based asset allocation framework [6][7] - China - Europe Dingli is a medium - to - high - volatility secondary bond fund with a quantitative boom - growth strategy, showing high - return and high - risk characteristics, and investors' profit - making effect increases with the holding time [8][26] - China - Europe Enhanced Return is a low - volatility absolute - return product, emphasizing safety margins in equity assets, and also showing that investors' profit - making effect increases with the holding time [38][41] 3. Summary by Directory 3.1. China - Europe Fund Dun Xinyu: A Practitioner of Fundamental Quantitative Fixed - Income + - Dun Xinyu has rich experience in the fund industry and currently manages 8768 million yuan in assets at China - Europe Fund, covering first - tier bond funds, second - tier bond funds, and flexible allocation funds [4][5] - His investment framework for the "plus" part of "fixed - income +" uses fundamental quantitative methods, and there is also a macro - based asset allocation framework [6][7] 3.2. China - Europe Dingli: A Medium - to - High - Volatility Secondary Bond Fund with a Boom - Growth Strategy - It is positioned as a medium - to - high - volatility secondary bond fund, using a quantitative boom - growth strategy with three nested layers, aiming to earn returns from the boom [8] - The judgment of a company's boom is based on three dimensions of financial statements: financial health, profit sustainability, and growth momentum [10] - Compared with other quantitative styles, the growth style has higher volatility but also higher long - term returns, and in 2025, it has significantly outperformed other style factors [24] - In 2025, it has achieved a high return of 11.41% and an annualized volatility of 8.44%, with a superior Sharpe ratio. The profit - making effect for investors increases with the holding time [26][27] - Its stock position is 16.29% and convertible bond position is 13.14%, with an industry allocation inclined to growth sectors such as electronics, machinery, and power equipment [31] 3.3. China - Europe Enhanced Return: A Low - Volatility Absolute - Return Product - It is positioned as a low - volatility absolute - return product, aiming to create absolute returns with a 2% drawdown target [38] - It emphasizes safety margins in equity assets, using valuation as a means to measure safety margins [39] - In 2025, it has achieved a cumulative return of 3.53% with an annualized volatility of 2.26%, and multiple core indicators rank among the top in the industry [39][40] - The profit - making effect for investors also increases with the holding time [41]