招商基金如何打造“固收+”进化样本？

Core Viewpoint - 2025 is expected to be a significant year for "Fixed Income +" with continuous growth in performance and scale, providing tangible benefits to holders through limited product drawdowns and achieving absolute returns, with net values reaching new highs despite market volatility [1]. Group 1: Performance and Product Development - As a leading manager in the "Fixed Income +" sector, China Merchants Fund has seen multiple products reach new highs over the past year, with specific products like China Merchants Anben Zengli Bond A yielding 17.27% and China Merchants Min'an Zengyi Bond A yielding 13.45% [2]. - The "Fixed Income +" product line has evolved from a simple "bond + stock" model to a diversified risk spectrum, with various products tailored to different risk appetites, including high, medium, and low volatility options [3][4]. Group 2: Risk Management and Investment Strategy - The company has pioneered a risk budget management model, focusing on controlling drawdowns and ensuring that products meet the return expectations of clients with varying risk preferences [5][6]. - The investment strategy has expanded to include a wide range of asset classes and strategies, such as quantitative enhancement, low-volatility dividends, and balanced allocations, allowing for a more tailored approach to different client needs [7][8]. Group 3: Research and Cultural Development - The evolution of "Fixed Income +" requires a comprehensive and refined approach to research, integrating macroeconomic analysis, industry research, and quantitative strategies, supported by a collaborative and open research culture [10][11]. - The open culture within the investment team fosters innovation and adaptability, enabling the company to continuously enhance its "Fixed Income +" offerings and meet the diverse needs of its client base [9][12].