以提升投资者体验为核心，低利率时代海富通"固收+"的制胜之道

Core Viewpoint - The "fixed income +" strategy has become a significant consensus in the market this year, driven by the continuous decline in risk-free interest rates and the emergence of structural opportunities in the equity market [2]. Investment Strategy - The growth of "fixed income +" products is primarily due to their unique risk-return balance, which meets the needs of most investors. These products limit equity assets to no more than 30%, combining stocks and bonds to achieve a refined asset allocation while controlling risks, aiming for stable returns over the medium to long term [4]. - "Fixed income +" funds are designed to pursue both yield enhancement and risk control, focusing on sustainable and steady medium to long-term returns rather than short-term performance spikes [4]. Market Trends - The "fixed income +" sector has become a competitive area for major asset management institutions, with a deepening understanding of the relationship between risk and return. Various institutions have developed distinctive operational models in product design, investment strategies, and portfolio management [6]. - The stable style of "fixed income +" and bond-mixed funds has become a key focus for Hai Fu Tong Fund, which leverages its advantages in asset allocation to enhance investor experience [6]. Product Performance - Hai Fu Tong Fund's public "fixed income +" products have gained recognition from investors, with notable growth in scale for products like Hai Fu Tong Yue Xiang One-Year Holding Mixed Fund and Hai Fu Tong Tian Li Yield One-Year Holding Bond Fund, which saw increases of 736 million yuan and 552 million yuan respectively [7]. - The Hai Fu Tong Yue Xiang One-Year Holding Mixed Fund, established in December 2023, achieved a return of 7.58% since inception, with consistent positive quarterly returns and a total of 58 new highs, providing a good investment experience for various investors [10]. Management Expertise - The success of these products is attributed to the experienced fund manager Jiang Yong, who has over 13 years in the securities industry and has managed various types of products, focusing on risk control and long-term value growth [11]. - Jiang Yong employs high-grade credit bonds as the foundational strategy, strictly controlling credit risk, while using interest rate bonds as auxiliary investment targets. The equity portion is selected based on "margin of safety" and "potential return elasticity" to enhance overall portfolio returns [11]. Conclusion - The "fixed income +" strategy is viewed as a systematic asset allocation philosophy, aiming to control risks within acceptable limits while exploring return potential. This "steady progress" approach is seen as key for investors seeking long-term wealth accumulation [11].