当居民存款开始搬家，“固收+”如何承载大众理财？

Core Viewpoint - The article discusses the shift of household deposits into capital markets, particularly through "fixed income +" products, as traditional bank wealth management yields decline. The "fixed income +" products have seen significant growth, with a total scale surpassing 1.9 trillion yuan in the first half of the year, indicating a growing preference for stable investment options among investors [1]. Group 1: Product Strategy - The "fixed income +" products are designed to cater to stable and mature investors, focusing on providing stable cash flows and balancing risk and return. The team emphasizes maintaining stable risk-return characteristics across all products [3][5]. - Hai Fu Tong has developed a diverse product line that includes various types of bond funds and mixed-asset products, ensuring a range of options to meet different investment goals [4][5]. Group 2: Performance Metrics - Hai Fu Tong's products have shown positive returns, with specific funds like the "Hai Fu Tong Add Value One-Year Holding Period Bond" achieving consistent quarterly positive returns since its inception, highlighting the team's effective risk management [5]. - The article provides a detailed performance table of various "fixed income +" products, showcasing their returns over different time frames, indicating a strong performance relative to benchmarks [4]. Group 3: Investment Philosophy - The investment philosophy of Hai Fu Tong's "fixed income +" team focuses on maintaining a long-term perspective, avoiding short-term pressures that could lead to poor decision-making. The team believes in accumulating excess returns gradually over time [12][13]. - The team employs a "three highs" stock selection framework, focusing on high dividend yields, high pre-receivable growth rates, and high cash flow ratios to identify stable investment opportunities [10]. Group 4: Market Adaptation - The team dynamically adjusts asset allocation based on the changing Sharpe ratios of stocks and bonds, ensuring that the risk-return profile remains stable despite market fluctuations [5][9]. - Hai Fu Tong's approach to risk management involves exposing the portfolio to high "cost-performance" risks, allowing for better long-term sustainability of returns [7][9]. Group 5: Historical Context - Hai Fu Tong has over 20 years of experience in stable investment management, having managed significant institutional assets, which has contributed to its expertise in "fixed income +" strategies [16][17]. - The company has adapted to the low-interest-rate environment by enhancing its multi-asset and multi-strategy capabilities, moving away from reliance on traditional yield strategies [18].