在东方红，我看到了“固收+”的另一种可能

Core Viewpoint - This year marks a renewed understanding of "fixed income +" in the market, evolving from a focus on "low bonds, high stocks" to a diverse range of strategies and asset classes, making "fixed income +" a comprehensive investment category that accommodates various risk levels and investment strategies [1][2]. Group 1: Investment Strategy and Team Structure - The "fixed income +" team at Dongfanghong Asset Management emphasizes a holistic approach to asset allocation, aiming for an overall optimal solution rather than optimizing each investment step individually [4]. - The team has established a unified management model that allows for better risk diversification and asset allocation, which has become a common operational model in the industry [4][6]. - The team categorizes "fixed income +" products based on volatility, asset class, and strategy type, ensuring that different assets align with a consistent product objective [6][12]. Group 2: Asset Pricing and Dynamic Allocation - The team's strong asset pricing capability underpins their dynamic asset allocation strategy, allowing them to identify high-value assets during market fluctuations [8][9]. - Historical performance demonstrates the team's ability to adjust asset allocations based on market conditions, such as increasing equity positions during the COVID-19 pandemic when risk premiums favored stocks over bonds [8][9]. - The team employs a multi-dimensional approach to macro research, assessing both high-frequency and low-frequency data to inform their asset allocation decisions [9][10]. Group 3: Product Differentiation and Risk Management - The "fixed income +" products are stratified into low, medium, and high volatility categories, allowing clients to select products that match their risk-return profiles [12][15]. - The team has developed a comprehensive communication mechanism to facilitate collaboration and timely identification of investment opportunities and risk management [15]. - Long-termism is a core principle, with a focus on sustainable performance and risk management rather than short-term gains, ensuring that the team aligns with client needs and market trends [17][18].