证券Ⅲ 第一创业（002797.SZ） 增持-A(维持) 2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 | 年 月 市场数据：2025 5 | 日 12 | | | --- | --- | --- | | 收盘价（元）： | | 6.94 | | 年内最高/最低（元）： | | 11.38/4.75 | | 流通 A 股/总股本（亿 | | 42.02/42.02 | | 股）： | | | | 流通 股市值（亿元）： A | | 291.65 | | 总市值（亿元）： | | 291.65 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.03 | | 摊薄每股收益(元)： | | | 0.03 | | 每股净资产(元)： | | | 4.09 | | 净资产收益率(%)： | | | 0.79 | | 资料来源：最闻 | | | | 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 孙田田 执业登记编 ...

Core Viewpoint - The recent recovery in equity markets has led to increased interest in "fixed income +" products, particularly low-volatility variants that offer stable returns with lower drawdowns [1][2] Group 1: Product Overview - The Zhongtai Shuangxin 6-Month Bond Fund (Class A: 023214, Class C: 023215) was launched on May 14, focusing on high-quality bonds as underlying assets, with a maximum of 20% allocated to equity assets [1] - The fund aims to achieve long-term returns exceeding the average fixed income yield while controlling drawdowns through hedging tools [1][3] - A 6-month holding period is set to stabilize fund size and reduce the impact of daily redemptions, allowing for a more strategic long-term investment approach [1] Group 2: Management Team - Fund managers Cheng Bing and Shang Yuanbo have over ten years of experience in securities research and investment, previously managing the Zhongtai Shuangli Bond Fund, which has shown strong performance [2][4] - The Zhongtai Shuangli Bond Fund's Class A net value growth rate reached 9.97% as of March 31, 2025, outperforming its benchmark by 4.04% [2] Group 3: Risk Management and Strategy - The focus of low-volatility "fixed income +" products is on risk-return characteristics rather than just yield, aiming for drawdown control similar to pure bond funds while achieving slightly better long-term returns [3] - Over 80% of the fund's capital will be invested in high-grade credit bonds and interest rate bonds, with equity investments limited to 20% in well-governed industry leaders [3] Group 4: Performance Metrics - The Zhongtai Shuangli Bond Fund has demonstrated superior drawdown management, with a maximum drawdown of only 0.66%, significantly better than the mixed bond index (4.25%) and pure bond index (1.31%) [2][4]

○ 稳健+三重助力 追求长期收益增厚 本基金采用"固收+"策略,权益仓位0-20%,追求低 波动,以控制回撤、获取长期稳定超越基准的收益 为目标。 80%-100% "+"层:精选优 底层:以中高评级 精选优质债券 信用债、中长及超 质价值股,灵活调 n Re 整仓位,提高组合 长利率债为主,叠 收益上限。合理 加收益增强类债 券品种. 追求获取 运用对冲工具,严 稳健收益。 控风险底线。 t Fire THEF 搭配高潜力权益资产 对冲工具平衡风险 0-20% 锁定6个月 投资更省心 本基金设置6个月持有期,交易日随时可买,持有 期满后随时赎回。兼顾封闭运作优势及流动性需求, 力求优化投资体验。 脂肪可旋 买入本产品 持有6个月 0赎回费 = 到期后 继续高清 交易日 随时可买 争取更高收益 同类固收+产品近一年业绩回报5.29% 中泰双利债券成立于2022年9月27日,截至2025年 3月31日,A份额的份额净值增长率为9.97%,同期 业绩基准收益率为5.93%,近1年份额净值增长率为 5.29%。A份额成立以来最大回撤仅0.66%,回撤 幅度显著优于混合债券型二级指数(4.25%),甚 至优于纯债债基 ...

提问 1. 全市场的债券基金那么多，到底有什么区别？ 回答 按照投资范围，我们可以把主动管理型债券基金分为两类。一类是纯债基金，是指那些只能投资于 固定收益类金融工具的基金，不参与新股申购，也不投资股票。另一类是混合债基。 混合债基又可以分为一级债基和二级债基（主要根据投资标的作区别）。 中泰双鑫6个月持有债券为混合二级债基：投资于债券的比例不低于基金资产的80%，投资于权益类资产 及可转换债券（含分离交易可转债）、可交换债券的投资合计占基金资产的比例不超过20%，也就是大家 常说的"固收+"产品。 提问 2. 本产品的风险收益特点如何？ 回答 本基金作为混合二级债基，预期收益和风险水平低于股票型基金，高于纯债基金与货币基金。同 时，本基金力争风险目标与中长期债券型基金指数相近。由于二级债基主要资产投资于债券市场，小幅参 与权益投资，产品兼具固收类资产严控风险及权益类资产争取更高收益的特性。近20年来，二级债基指数 的涨幅为372.10%，大幅跑赢中证全债（同期涨幅146.90%）。 上述数据来源：Wind，统计时间截至2025.3.31。万得混合债券型二级指数代码885007.WI，中证全债代码H11001 ...

2025年一季度，全球资本市场在复杂的内外部环境中波动加剧。国内方面，债券市场受流动性充裕和避险情绪推动，收益率中枢下移；权益市场则呈现结 构性分化，科技、消费板块震荡加剧。在此背景下，众多投资者将目光投向以债券资产打底、权益增强收益的固收+产品，这类产品既能在债市波动中力 争票息收益，又能通过适度权益仓位捕捉股市结构性机会。尤其在2025年一季度，沪深300指数年化波动率达11%的背景下，以偏债混合型基金为代表的 固收+产品凭借股债动态平衡机制， 平均回撤仅为1.38%，展现出较强的抗风险能力。 （数据来源：Wind，截至2025.3.31） 02.上银丰益混合A：灵活制胜的长跑选手 注：以上上银丰益混合A收益率、业绩比较基准收益率来源于定期报告，沪深300收益率来源于Wind，截至2025.3.31。 注：以上上银丰瑞一年持有期混合发起式A收益率、业绩比较基准收益率来源于定期报告，截至2025.3.31。国泰海通证券（原海通证券）同类型分类：混 合型-主动混合开放型-偏债混合型。 自2023年12月成立至2025年3月末，该产品A类份额累计收益率达 15.70%，为同期业绩比较基准的 2.5倍，近一年超额 ...

（原标题：稳健致远，稳中求进——中加智选回报三个月持有期债券（FOF）今日首发） 在当前利率低位震荡、市场波动频繁的背景下，"固收+"基金逐步获得投资者青睐，而作为"固收+"细分 策略之一，债券型FOF通过"债筑底、股添翼"的基金组合配置，既有利于把握债券市场的稳健收益机 会，又能捕捉权益资产的反弹机遇，是当前震荡市中的配置优选。 从新基金发行看，Wind数据显示，今年以来新成立的20只公募FOF发行总规模达230亿元，平均发行规 模为11.5亿元，创下近四年新高，投资者对该类产品的投资热情逐渐升温。 这一趋势背后，是大家对"稳稳的幸福"的深切渴望——既希望规避市场剧烈波动的风险，又期待在低利 率时代实现资产的保值增值。 5月12日，中加基金将正式发行中加智选回报三个月持有期债券（FOF）（主代码：024035），投资者 布局优质"固收+"产品又有新选择。该只产品以"专业选基+动态配置"双轮驱动，通过风险二次分散与股 债多资产协同，致力于为投资者打造一款兼具稳健底色与收益弹性的优质"固收+"产品。 追求长期稳健的收益目标 基金经理方面，该产品由具有19年证券从业经验、超10年FOF组合投资经历的投资老将郭智女 ...

Investment Insights - The report highlights the significant growth of the U.S. mutual fund market, which reached a total size of $28.5 trillion by the end of 2024, with equity funds accounting for 53%, fixed income funds for 42%, and mixed funds for 6% [7][8] - The development of U.S. fixed income funds has gone through three phases, influenced by interest rates and risk preferences of residents, with a notable trend towards indexation and ETF adoption [8][9] - The report suggests that China should follow the trends of indexation and ETF development in its bond fund market, focusing on innovative pension fund products and specialized investment strategies [9][10] Fixed Income Market Analysis - In the primary market, the issuance of credit bonds has decreased, with significant fluctuations in the issuance rates of various bond types, particularly AA and AA+ city investment bonds [12][14] - The secondary market saw an increase in credit bond trading volume, with varying yield movements across different ratings and maturities [12][14] - The report recommends a defensive strategy focusing on high-rated short-duration industrial bonds and emphasizes the importance of liquidity in bank capital bonds [14][18] Metal and New Materials Sector - The aluminum market is experiencing a rebound in alumina prices due to supply-side constraints, while copper prices are stabilizing amid fluctuating demand and inventory levels [19][20] - The report indicates that the lithium market is facing downward pressure on prices due to increased supply and concerns over demand, suggesting a focus on companies with growth potential in the lithium sector [22] Transportation Industry Overview - The logistics sector has shown robust growth, with record-breaking express delivery volumes during the recent holiday period, indicating a strong consumer market [24][25] - The aviation sector is expected to benefit from macroeconomic recovery, with increasing passenger demand and improved supply-demand dynamics [32][28] - The shipping industry is facing a tightening supply situation due to limited new orders for oil tankers, which may enhance market conditions in the coming years [34][29] North Exchange Market Insights - The North Exchange is set to welcome its fourth company, Tian Gong Co., which has seen significant interest from institutional investors, indicating a healthy market environment [35][36] - The company specializes in titanium and titanium alloy products, transitioning from rough processing to precision and deep processing, targeting emerging markets [36]

随着票息收益被持续压缩，固收类产品该向何处"要"收益？如果债市起伏持续加大，基金经理该用何种 策略给投资者带来稳健的持有体验？近日，记者带着一系列问题，采访了中信保诚基金固定收益部负责 人、基金经理郑义萨。公开资料显示，拟由郑义萨掌舵的二级混合债基中信保诚汇利债券即将于近日发 行。 郑义萨在接受采访时坦言，在传统"持有到期"策略的收益贡献大幅降低的背景下，交易能力成为债基收 益的核心来源之一。"我们除了会用量化手段监测每日全市场债基的久期分布，动态调整组合久期，还 会为基金经理引入更多交易工具，包括扩展交易平台、整合资讯平台等。"郑义萨表示，"随着权益市场 稳步转暖，向权益市场要收益也成为二级混合债基获取超额收益的一个重要来源。" □本报记者 魏昭宇 近年来，债券市场面临票息收益收窄与波动加剧的双重压力。郑义萨坦言，固收团队需更加重视基金经 理的交易能力。 "我们会为基金经理引入更多交易工具，包括扩展交易对手名单、引入第三方交易软件，并整合资讯平 台。"郑义萨表示，在部门周会上，团队会评估市场操作与自身策略的匹配度，例如久期调整速度是否 偏离市场趋势。"如果市场久期加速拉长时我们的操作过于激进，可能带来风险； ...

Core Insights - Yongying Fund has achieved significant growth in its fixed income business, with bond fund management scale increasing from 94.899 billion to 317.036 billion from 2019 to 2024 [1] - The company emphasizes a differentiated service model and a comprehensive product matrix that includes short-term, medium-long term bonds, and "fixed income+" products [1] - The investment team, led by Wu Wei, focuses on understanding investor risk preferences and providing systematic investment solutions [1][2] Product Strategy - Yongying Fund adopts a "product manager" approach for fund managers, requiring them to understand client needs beyond just investment [2] - The company has established a product committee that includes multiple departments to ensure products meet diverse investor needs and market conditions [2] - The product design is demand-driven, allowing for flexible adjustments based on changing market environments [2] Team Structure - The fixed income research team has over 50 members, with 21 being fund and investment managers, averaging over 11 years of experience [3] - The team is divided into specialized groups focusing on interest rates, credit, and cash management, facilitating information sharing and expertise [3] Risk Management - Yongying Fund has a strong risk control framework, emphasizing risk-adjusted returns and extreme risk management [4] - The company employs a comprehensive mechanism for credit investment, including internal ratings and a self-developed risk warning system [4] - The team conducts daily monitoring and dynamic adjustments to maintain optimal risk-return ratios [5] Technological Support - The company has developed several systems, including the Qianxing fixed income research system and the Mingjing risk management system, to support its investment operations [5] - Yongying Fund believes that the competition in fixed income investment has shifted to a focus on hard capabilities, requiring a combination of professional judgment, trading agility, and system support to generate excess returns [5]

Core Viewpoint - The investment strategy emphasizes risk control while pursuing stable returns for investors, particularly in fixed income products [1][4]. Group 1: Investment Philosophy - The primary goal is to provide relatively stable returns for investors with a low to medium risk appetite, ensuring a strong focus on risk management [1]. - The investment approach combines macro perspectives with trading strategies, focusing on a core position in pure bonds to provide beta returns, while using interest rate fluctuations and convertible bonds to enhance alpha returns [4][5]. Group 2: Investment Strategy and Performance - The investment manager, Song Qianqian, has a background as a trader, which has ingrained a strong risk awareness and liquidity management skills [2]. - The performance of the managed products shows a high success rate, with 12 out of 14 quarters achieving positive returns, resulting in a quarterly success rate of 86% [1][3]. - The strategy involves dynamic adjustments based on market conditions, focusing on the relative value of assets, such as credit spreads and yield curves [5]. Group 3: Product Management - The managed products include a variety of fixed income funds, such as short-term and medium-term bond funds, with a focus on different risk profiles [1][2]. - The pure bond fund, favored by fund of funds (FOF), has a market value held by 42 FOFs amounting to 613 million yuan [3]. - The investment team employs a comprehensive research approach for convertible bonds, ensuring strict credit quality control and providing a curated pool for flexible allocation [6].