低利率时代，这类产品“爆火”！

Core Viewpoint - The "fixed income +" products are emerging as a favored investment option for investors in the low interest rate era, becoming the second main track for securities asset management [2][6]. Group 1: Market Trends - The current and future period is expected to favor equity assets over bond assets in terms of investment cost-effectiveness [4]. - The bond market has experienced a prolonged bull market since 2018, with yields continuing to decline, leading to pressure on bond investment returns [4][7]. - The equity market is showing signs of recovery after a prolonged downturn, with increased trading activity anticipated from the second half of 2024, supported by policy guidance and improving corporate earnings [5][4]. Group 2: Product Development - "Fixed income +" products are set to become one of the most important tracks for securities asset management, as they allow for a gradual transition from pure fixed income to equity investments while managing risks [7][8]. - The company has been developing "fixed income +" products since 2019, including "fixed income + options" and "fixed income + equity funds," which provide varying risk-return profiles [10][11]. - The "fixed income + options" product aims to control downside risk while capturing some upside potential, whereas the "fixed income + equity funds" leverage both fixed income and equity investment capabilities [11]. Group 3: Strategic Positioning - The company is transitioning its asset management business towards a "multi-asset multi-strategy" approach, capitalizing on low equity market valuations while maintaining its traditional fixed income strengths [10][11]. - The successful implementation of this strategy has resulted in stable investment performance for the company's "fixed income +" products amid market fluctuations [11]. - The company aims to continue enhancing its research and investment capabilities to seize opportunities in the equity market and support clients' wealth preservation and growth [11].