Group 1: Forum Overview - The 12th Fortune Forum was held in Suzhou on May 23, 2025, focusing on fixed income investment strategies in a low-interest-rate environment [1] - Over 300 participants from banks, securities firms, insurance, and wealth management gathered to discuss new paths for fixed income investment [1] - The forum featured discussions on macroeconomic outlook, short-term bond strategies, and the "fixed income +" strategy [1] Group 2: Key Insights from Speakers - Zhang Yuhao highlighted that the macroeconomic performance in the first half of 2025 is expected to be good, with GDP growth likely meeting targets, while risks mainly stem from overseas factors [2] - Wu Lvzong emphasized the importance of flexibility and yield exploration in short-term bond investments, suggesting a focus on short-duration credit assets [3][4] - Li Jinliu discussed the need for a flexible duration strategy in the current uncertain market environment, balancing safety and capital gain opportunities [4] - Liu Xingwang proposed an "barbell strategy" for fixed income investments, indicating that traditional strategies may no longer meet investor yield expectations [5][6] - Wang Renzeng noted the rapid development of bond index products, emphasizing their role in optimizing asset allocation and risk diversification [7][8] Group 3: Market Trends and Future Outlook - The low-interest-rate environment necessitates a shift from single-holding strategies to diversified collaborative strategies in fixed income investments [8] - The China Securities Regulatory Commission has introduced measures to support the development of low-volatility and asset allocation products, which may benefit fixed income and "fixed income +" strategies [8] - As of March 31, 2025, Fortune Fund's bond investment yield over the past 12 years reached 71.87%, indicating strong performance in the industry [8]

Core Insights - The report focuses on the performance of pure fixed-income and "fixed-income + equity" financial products [1] Group 1: Pure Fixed-Income Products - As of May 14, in the three-month performance ranking of pure fixed-income public financial products with a 3-6 month investment period, Xinyin Wealth Management's products stood out, with three products making the list [2] - The top product, "Anyingxiang Fixed Income Stable Profit Six-Month Holding Period 8th D," achieved a net value growth rate of 1.8%, ranking first, while two other products ranked fourth and fifth [2] - The maximum drawdown for these three products was no more than 0.02%, indicating a stable operational style [2] Group 2: Investment Strategies and Performance - The top product, "Anyingxiang Fixed Income Stable Profit Six-Month Holding Period 8th D," was established in July 2024, with a minimum holding period of 181 days and an annualized return of approximately 4.31% since inception [3] - The investment strategy focuses on selecting bonds from issuers with good credit quality to secure stable coupon income while seizing market investment opportunities [3] - The second product, "Anyingxiang Fixed Income Stable Six-Month Holding Period 17th B," has over 60% of its holdings in public funds, with the remainder in bonds and cash [3] Group 3: Fixed-Income + Equity Products - In the one-year performance ranking of "fixed-income + equity" public products with a minimum holding period of six months, Xinyin Wealth Management's "Huiyingxiang Fixed Income Enhanced Six-Month Holding Period 3rd A" ranked first with a net value growth rate of 5.41% and a maximum drawdown of only 0.09% [4] - The performance benchmark for this product is a combination of the "CSI 500 Index Return * 10% + China Bond - New Comprehensive Full Price (Total Value) Index Return * 90%" [4] - The investment strategy aims to enhance returns through equity investments while maintaining a foundation of fixed-income assets [4] Group 4: Market Trends and Future Outlook - With market interest rates gradually declining, many financial institutions are launching new "fixed-income +" or mixed financial products to actively participate in the equity market [4] - Xinyin Wealth Management expressed confidence in the Chinese capital market and plans to continue a prudent asset allocation strategy, increasing equity asset allocation to enhance service quality for the real economy [4]

文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体微跌，波动不大，还在5星。 沪深300等大盘股略微下跌。 前几周上涨较多的小微盘股下跌较多。 价值、红利等指数相对坚挺。沪港深红利低波、价值等指数略微上涨。 成长风格下跌。 1. 这两年，固收+类基金品种发展速度比较快。 什么是固收+呢？ 固收比较容易理解，传统的债券就是固收的代表。 在债券基础上，增加股票、可转债等资产类别，来提升长期收益，这就是固收+。 2. 固收+这两年为啥逐渐受欢迎？ 原因也很简单，人民币资产进入了超低利率时代。 10年期国债收益率只有1.6-1.7%的利息收益率。 规模更大的存款，收益率就更低了。 当年日本也经历过类似的过程，甚至日元存款曾经一度接近0利率。 那稳健投资的出路，就是在固收基础上，增加一些长期收益高、风险也高的资产。 3. 根据持有股票资产比例不同，固收+品种的波动风险也有区别。 例如365天、月薪宝里也有不少固收+基金。 365天组合股票比例在15%，债券比例85%； 月薪宝股票比例在40%，债券比例60%。 股票比例越高，波动也会越大，在这轮熊市5.9星的时候，月薪宝最大回撤大约9%上下，365天组合大约在4%上下 ...

5月21日，兴证证券资产管理有限公司（下称"兴证资管"）正式公告人事调整：原董事长孙国雄因到龄退居二线，转任业务 巡视员；原兴证投资执行董事兼总裁刘宇接任党委书记、董事长职务。此次调整标志着这家管理规模突破千亿的券商资管公 司进入新的发展阶段。 值得关注的是，兴证资管近期经历密集人事调整：2024年9月原总经理徐翔离职后，副总经理杨华于2025年3月升任总经理， 同时提拔郑方镳为副总经理。这种管理层梯队建设与公司"固收+"战略深化密切相关，2024年数据显示，公司ABS管理规模 同比增长35%，同业合作项目新增12个。 | 基金管理人名称 | 兴证证券资产管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管 | | | 理办法》、 《证券基金经营机构董事、 | | | 监事、 高级管理人员及从业人员监督管 | | | 理办法》等 | | 高管变更类型 | 新任证券资产管理公司董事长,离任证 | | | 券资产管理公司董事长 | | 新任高级管理人员职务 | 童事长 | | --- | --- | | 新任高级管理人员姓名 | 刘宇 | 公开资料显示，孙国雄自2022 ...

固收+策略在过去几年表现良好，但自 2022 年后，尤其是 2023 年，固收+的 表现有所下降。然而，从 2024 年下半年开始，固收+策略又逐渐恢复，今年 关税调降后，股债怎么配？20250521 摘要 2025 年固收+策略因债券收益空间受限，通过权益和转债获取收益的性 价比凸显，一、二季度整体收益已高于纯债基金中位数，量化模型在控 制回撤和优化投资策略中至关重要。 经济动能不足背景下，债券市场风险较小，宜采取久期不宜太短、回调 即买入策略。权益方面，指数底部显现但上涨弹性有限，呈现区间宽幅 震荡和结构性行情，可采用红利、成长等指数轮动策略。 2025 年行业指数轮动加速，年初无差别下跌后，机器人和深度学习引 领成长行情，其后红利表现相对较好，4 月以来小微盘股和新消费反弹 显著，科技和新消费领域仍存机会。 银行股逻辑坚实，国家化债改善资产质量，股息率相对存款仍具吸引力， 且资金容量大，受保险资金偏好分红股影响，基本面稳定且持续有机会， 类似香港市场购买国有大行股票。 2025 年资产配置极端化，红利股如银行和 AI、机器人等成长型资产备 受关注，新消费如潮玩涨幅显著，增量资金入市明显，防御性策略倾向 ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体微涨，截止到收盘，还在5星，距离4.9星很近。 大盘股上涨略多，小盘股微涨。 红利等价值风格表现强势。 最近存款利率下降，对红利等现金流资产是一个利好。 在上涨之后，中证红利估计也回到正常估值了。 其他还有一些红利类品种在低估，例如沪港深红利成长低波动。 但距离正常估值也很近。 医药类指数最近也比较强势。 港股也整体上涨，港股科技类指数领涨。 1. 这几天，各个银行的存款利率也逐渐降低了。 中农工建交邮储等国有大行，下调了人民币存款利率。 目前活期储蓄，利率只有0.05%。 1年期定存，只有不到1%。 3年期和5年期，在1.25%和1.3%。 现在人民币资产还没到0利率时代，但也绝对称得上低利率时代了。 2. 存款利率下降，对其他资产影响比较大。 存款是除房地产之外，规模最大的一类资产。 存款总规模，达到300万亿人民币以上。 作为对比， （1）A股总市值规模在90-100万亿。 存款总规模远超股票和债券市场。 3. 存款收益率降低之后，因为利率下降，必然会带来一部分资金从存款中流出，流入其他的资产。 参考当年的日本。 在1989年日本资产泡沫破裂后，之后一 ...

近年来，"固收+"产品因其"稳中求进"的特性，成为中低风险 偏好投资者的核心配置选择。尤其在高息资产相对稀缺、理财 全面净值化的背景下，投资者对"低波动率+适度收益增强"的 需求激增，低波"固收+"策略的价值进一步凸显。 作为公募行业"固收+"领域的先行者，博时基金通过精细化的 低波"固收+ " 产品布局与平台化的投研体系，为投资者在震 荡市中提供了兼顾稳健与力争收益的优质配置工具。 作者： 陈姗 封图：图片资料室 震荡市稳健之选 在理财净值化转型与高息资产日渐 相对 稀缺的大背景下，传统银行理财与纯债基金的收益空间正 在持续压缩。与此同时，资本市场的波动加剧又让许多投资者对权益类资产望而却步。正是在这样 的市场环境下，能攻善守的 低波 "固收+ "产品成为 连接纯债与权益之间的理想桥梁。 从市场表现来看， 2024年债市走牛叠加股市结构性行情，为 "固收+ "策略提供了近年来难得的 良好运作环境。通过严格的回撤控制与超越市场均值的收益表现，不少 "固收+ "产品吸引大量资 金持续流入。 进入 2025年，国内货币政策维持宽松基调，财政政策持续发力，叠加美联储进入降息周期的外部 环境，使得债券市场具备较好的配 ...

Group 1 - Major commercial banks have initiated a new round of deposit rate cuts, leading to a renewed focus on bank wealth management products [1] - As of May 20, the total scale of bank wealth management products reached 31.28 trillion yuan, continuing the growth trend from April [1] - Bank wealth management is increasingly seen as an attractive alternative to deposits, with expectations for continued growth in scale [1] Group 2 - Many banks and wealth management subsidiaries are launching short-term high-yield products to attract investors, including fee reductions and new product offerings [2] - For example, Bank of China reduced the service fee for a specific wealth management product from 0.30% to 0.10% annually [2] - Huaxia Wealth Management also introduced a temporary fee reduction for its cash management products, lowering the rate to 0.10% per year [2] Group 3 - Short-term high-yield wealth management products are gaining popularity due to their strong liquidity and relatively controllable risks, aligning with investors' needs for flexibility [3] - Some products have reported annualized returns of up to 5.04%, with a focus on short holding periods [3] - Investors are advised to balance liquidity and returns while paying attention to the stability of underlying assets [3] Group 4 - The decline in deposit rates is identified as a key short-term driver for the growth of wealth management scales, as residents seek to increase investment returns [4] - April is traditionally a strong month for wealth management growth, influenced by seasonal patterns and banks' quarterly assessments [4] - The current market environment, characterized by a "dual bull" market in stocks and bonds, has also contributed to the continuous rise in wealth management scales [4] Group 5 - The top three institutions in wealth management scale as of the end of April are 招银理财, 兴银理财, and 信银理财, with expectations for the scale to reach 33 trillion yuan this year [5] - The new round of deposit rate cuts is expected to help banks control interest costs while increasing the difficulty of attracting deposits [5] Group 6 - There is a growing interest in "fixed income plus" strategies that incorporate a small amount of equity assets, reflecting a shift in investor preferences [6] - Wealth management subsidiaries are launching products focused on Hong Kong stocks, with a mix of equity and fixed income [7] - The overall proportion of equity assets in wealth management products is expected to remain low, with a focus on maintaining stable returns [7]

Core Viewpoint - The article emphasizes the growing popularity of "low-volatility fixed income plus" products as a stable investment choice amid a challenging market environment characterized by tightening yields in traditional bank wealth management and pure bond funds, alongside increased volatility in equity markets [1][8]. Market Environment - The traditional bank wealth management and pure bond fund yields are under continuous pressure due to the transition to net value management and the scarcity of high-yield assets [1]. - The bond market is expected to perform well in 2024, coupled with structural opportunities in the equity market, creating a favorable environment for "fixed income plus" strategies [1]. - In Q1 2025, the average drawdown of "fixed income plus" products was only 1.38%, showcasing strong risk resistance capabilities [1]. Product Strategy - Bosera Fund has developed a comprehensive "fixed income plus" product matrix to cater to different risk preferences, filling the gap between pure bonds and equities through flexible asset allocation [2]. - The "low-volatility" prefix in "fixed income plus" products clarifies the product strategy, aiming to maintain low volatility while responding flexibly to market fluctuations [2]. Management Approach - The management of "fixed income plus" products requires a combination of macro asset allocation and in-depth research on specific assets, which Bosera Fund has effectively integrated [3]. - Bosera has established a systematic asset evaluation process that includes weekly, monthly, and quarterly assessments to ensure timely and professional investment decisions [4]. Performance Metrics - Bosera's "low-volatility fixed income plus" products have demonstrated strong long-term returns, with the Bosera Stable Return Fund achieving a cumulative return of 97.88% since its inception in 2011, significantly outperforming its benchmark [6]. - The Bosera Stable Value Fund has also shown impressive performance, with a cumulative return of 173.23% since its establishment in 2007, far exceeding its benchmark [6]. Team Expertise - The investment team behind Bosera's "low-volatility fixed income plus" products consists of experienced professionals, many with over 10 years in the securities industry, ensuring a robust investment philosophy and operational style [7][8]. - The dual-manager decision-making structure for these products combines the strengths of fixed income and equity managers, enhancing the ability to capture investment opportunities while maintaining low volatility [5].

Core Viewpoint - "Fixed Income +" products are becoming a key focus for public fund companies, driven by investor demand for absolute returns and the need for fund companies to grow their management scale [1][2]. Group 1: Market Trends - The total scale of "Fixed Income +" funds increased by over 100 billion yuan in the first quarter of this year, showing a significant rise compared to the second half of 2024 [1]. - In the first quarter, the issuance scale of public fixed income funds was approximately 121 billion yuan, with average fundraising sizes for various fund types showing recovery [1][2]. - Several fund companies, including China Universal Fund and Bank of China Fund, reported substantial growth in their "Fixed Income +" product scales, with China Universal Fund leading the market with an increase of 17.7 billion yuan in the first quarter [2]. Group 2: Investor Demand - The recent "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes the support for low-volatility products and asset allocation products, indicating a favorable environment for "Fixed Income +" products [2]. - Investors are increasingly seeking funds that can provide positive returns over a certain period, especially after experiencing fluctuations in the equity market [3]. Group 3: Performance and Strategy - "Fixed Income +" products, which combine bond assets with equity for enhanced returns, are designed to capture structural opportunities in the stock market while striving for coupon income amid bond market volatility [3][4]. - The performance of certain "Fixed Income +" funds has been commendable, with examples like the Guangfa Jutai Mixed A fund achieving a total return rate of 74.25% since its inception [3]. - Fund managers are focusing on strategies that balance risk and return, with expectations that certain bond investment strategies will perform better than duration strategies in the second quarter [5].