在求稳与求进之间，“固收+”如何找到那个最优解？

Core Viewpoint - The article emphasizes the importance of "fixed income plus" products as a viable investment option for investors seeking a balance between risk and return, especially in the context of declining interest rates on traditional fixed-income products [2][4]. Group 1: "Fixed Income Plus" Concept - "Fixed income plus" products aim to achieve a better balance between risk and return, targeting yields that exceed those of pure bond products, making them a key choice for stable financial management [4]. - The core of "fixed income plus" lies in diversified asset allocation, which includes a wide range of assets that typically offer higher yields than bonds and can hedge against bond assets [4][10]. - The historical performance of stock and bond assets often shows a "teeter-totter effect," allowing for some hedging within the portfolio, which can lead to smoother net value performance [4]. Group 2: Performance Metrics - The "fixed income plus" fund is expected to provide relatively stable long-term returns, with lower volatility compared to equity funds, making it suitable for long-term investors [5]. - For instance, the Wind偏债混合型基金指数 (885003) showed a total return of 48.47% over the past decade, with only two years of slight declines, indicating a more stable investment experience compared to equity indices [7]. Group 3: Asset Management Strategies - The article highlights the systematic and refined multi-asset collaborative allocation system established by Dongfanghong Asset Management, which focuses on bonds as a foundation while managing various assets within a strict risk budget [8][10]. - Unlike some "fixed income plus" products that use separate management, Dongfanghong's approach emphasizes unified management by a fixed income team, treating the portfolio as an organic whole [8][10]. - The management strategy involves dynamic adjustments based on risk budgets, capturing opportunities in stocks while maintaining defensive positions in bonds [10][11]. Group 4: Product Offerings - Dongfanghong has developed a comprehensive "fixed income plus" product line tailored to different investor needs, categorized by equity positions, risk-return characteristics, and investment strategies [14]. - The three main strategies include convertible bond enhancement, balanced enhancement, and quantitative allocation, each designed to capture different investment opportunities and risk profiles [16][20]. - The convertible bond enhancement strategy focuses on investing in convertible bonds to capture upside potential while controlling downside risk [16][18]. Group 5: Conclusion - The "fixed income plus" framework addresses the modern investment challenge of pursuing growth amid volatility, allowing for a harmonious coexistence of stability and progress within the same investment portfolio [20][21]. - This approach positions "fixed income plus" products as a robust vessel for navigating uncertain markets, with bonds serving as ballast and diversified assets providing propulsion [21].