在渴望确定性的时代，一场“固收+”的工业化革命来了！

Core Viewpoint - The article emphasizes the growing preference for "fixed income+" products in a market characterized by volatility, highlighting a significant structural shift in investor behavior towards lower-risk, more stable investment options [1][2]. Market Trends - By the end of Q3 2025, the total scale of "fixed income+" funds reached 2.47 trillion yuan, with a quarterly increase of over 520 billion yuan [1]. - Historical trends from Japan and the U.S. indicate that the pursuit of absolute returns in low-interest environments leads to a rise in fixed income products [1]. Institutional Response - Institutions with forward-looking perspectives and systematic capabilities are better positioned to navigate the evolving landscape of "fixed income+" products, which have transformed into multi-asset allocation solutions requiring collaborative research and risk management [1][2]. Case Study: China Universal Fund - China Universal Fund has been a pioneer in the "asset management industrialization" approach, exemplified by its MARS factory investment research system, which aims to make the investment process clearer and more controllable [2][3]. - The MARS factory has evolved through three stages, enhancing its investment strategies and risk management capabilities over the past decade [2][3][21]. Performance Metrics - The China Universal Fund's flagship product, Zhongou Jintong A, has achieved a return of 72.8% since its inception, significantly outperforming its benchmark of 24.1% [2][3][27]. - The fund has maintained a maximum drawdown of only -3.5%, showcasing its effective risk management [2][3]. Investment Philosophy - The fund's core objective is to achieve "absolute returns" with a focus on low volatility, aiming for a high probability of annual positive returns [7][8]. - The investment strategy emphasizes disciplined asset allocation, maintaining a stable equity position even during bullish market years [8][12]. Risk Management - The fund employs a proactive risk management system that emphasizes early detection of potential issues rather than reactive measures [12][13]. - The risk control framework has evolved from a reactive approach to a more dynamic, real-time monitoring system [12][13]. Product Design and Client Experience - The introduction of a quarterly evaluation and dividend distribution mechanism has enhanced investor experience, with cumulative dividends reaching 148 million yuan [13][24]. - The focus on client experience is integral to the fund's strategy, ensuring that investment returns translate into real benefits for investors [24][25]. Future Outlook - The multi-asset team is committed to building a comprehensive "solution ecosystem" that aligns with evolving investor needs and market conditions [21][23]. - The industry is shifting towards a model that prioritizes client returns over mere product performance, indicating a more sustainable future for asset management [25][26].