2026年我的压舱石资产

Core Viewpoint - The investment landscape for 2026 is expected to be more challenging than in 2025, necessitating a diversified asset allocation strategy, particularly favoring fixed income plus (固收+) strategies during a declining interest rate cycle [1]. Equity Market Summary - Global equity markets have shown high volatility and strong differentiation, where returns increasingly depend on specific sectors and industries rather than broad market movements [1]. - The outlook for 2026 suggests a continuation of this trend, with commodity prices rising in 2025 and a structural market environment that favors selective opportunities over widespread gains [1]. - Investors seeking high returns will need to accept significant volatility, highlighting the need for a diversified asset base to provide stability [1]. Bond Market Summary - The bond market has presented a challenging environment for investors, with overall returns and sentiment being less favorable [2]. - While there is a general downward trend in interest rates, structural disruptions in supply and demand have increased market volatility, making it difficult to achieve straightforward gains [2]. - The bond market in 2026 is likely to be characterized by a focus on yield spread strategies rather than straightforward returns, indicating limited opportunities for pure bond holdings [2]. Fixed Income Plus Strategy Summary - The fixed income plus strategy offers a balanced approach, combining the certainty of coupon income with moderate growth potential while managing volatility through controlled positions and risk management [3]. - The 万家锦利债券发起式A基金 (020218) exemplifies this strategy, having achieved an 8.18% return over the past six months, significantly outperforming its peers and benchmarks [4][6]. - The fund maintains a disciplined risk management framework, aiming to limit drawdowns to below 3%, which is a practical approach to managing risk in a volatile market [4]. Fund Performance Metrics - The 万家锦利A fund has demonstrated strong performance metrics, including an annualized Sharpe ratio of 3.31, indicating that returns are achieved with manageable volatility [6]. - The fund's structure includes over 80% in high-grade credit bonds, providing a stable foundation for returns, while the equity component is strategically selected to enhance growth potential without excessive risk [7][9]. Conclusion - For investors looking for a stable foundation in their portfolios while still capturing structural opportunities, the 万家锦利债券A基金 (020218) represents a viable option for 2026 [11].