Core Viewpoint - The "fixed income +" products are a key focus for brokerage asset management this year, facing dual pressures from declining bond yields and increasing difficulty in enhancing equity components [1][2] Group 1: Challenges Facing "Fixed Income +" Products - The traditional operation model of "fixed income +" strategies is challenged by low bond yields and structural market conditions, weakening the safety net function of bonds [2][3] - Increased volatility in the bond market has reduced the contribution of traditional coupon income, with expectations of continued wide fluctuations in 2026 [2][6] - The structural differentiation in the equity market complicates the enhancement of equity components, raising the difficulty of stock selection and timing [2][3] Group 2: Strategic Adjustments and Innovations - Brokerage asset management firms are pushing for iterative upgrades of "fixed income +" products through multi-asset strategies, quantitative tools, and enhanced risk control [4][5] - Expanding asset boundaries and reducing correlation in portfolios is a key strategy, with firms incorporating low-correlation alternative assets to improve resilience [4] - Strengthening quantitative and systematic investment capabilities is emphasized, with firms utilizing data-driven methods to enhance investment discipline and stability [4] Group 3: Market Outlook for 2026 - Institutions expect bond market performance to improve compared to 2025, with yields anticipated to remain volatile [6][7] - The equity market is expected to strengthen amidst volatility, with structural opportunities identified in sectors such as technology, cyclical stocks, and emerging themes [6][8] - Specific sectors recommended for investment include AI, semiconductor, and renewable energy, reflecting a focus on growth and cyclical recovery [7][8]

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating expected performance above the market benchmark by more than 10% [4][41]. Core Insights - The banking wealth management sector is experiencing a slight increase in scale, with a focus on loan growth at the beginning of the year, leading to a stable overall scale in January [1]. - The industry is characterized by a significant "Matthew Effect," where leading wealth management companies dominate the market, while smaller firms remain at a nascent stage [1]. - The transition from pure fixed income to "fixed income plus" and multi-asset strategies is underway, with mixed-asset products becoming the main battlefield for this transformation [2][3]. Summary by Relevant Sections Wealth Management Product Layout - As of the end of 2025, there were 191 institutions with active wealth management products, with wealth management companies holding 92.25% of the total market scale [10]. - The report highlights that large banks and leading joint-stock banks are investing significantly in mixed and equity products [10]. Performance Metrics - In January 2026, the weighted average annualized return for bank wealth management products was 3.62%, an increase of 181 basis points from the previous month [11]. - The initial fundraising scale for newly issued products in January was 423.8 billion, primarily consisting of fixed income products [20]. Product Development Strategy - Wealth management subsidiaries are advised to focus on mixed products first, gradually building capabilities in equity and derivative management before launching pure equity products [2]. - Leading firms like Agricultural Bank Wealth Management and Everbright Wealth Management have established scale advantages in mixed products, while smaller firms should focus on niche markets [2]. Market Trends - The report anticipates a shift in investment strategies for 2026, emphasizing the importance of risk budget management and the need for innovative tools and strategies to achieve stable returns amid market volatility [3].

Core Viewpoint - The "fixed income +" products are a key focus for brokerage asset management this year, as residents continue to shift their asset allocation towards financial assets, balancing stability and aggressiveness [1] Group 1: Challenges Facing "Fixed Income +" Products - "Fixed income +" products are currently facing dual pressures from declining bond yields and increasing difficulty in enhancing equity components, leading to a deep transformation of related strategies [2][3] - The traditional operation model of "fixed income +" strategies is challenged by low bond yields and structural market conditions, reducing the safety net function of bonds and complicating equity enhancement due to market differentiation [3][4] - The volatility of bond yields has increased, impacting the stability of portfolios, while the structural differentiation in the equity market has raised the difficulty of stock selection, leading to decreased certainty in overall strategy returns [4][5] Group 2: Iteration and Upgrading of "Fixed Income +" Products - Brokerage asset management firms are advancing the iteration of "fixed income +" products through multiple dimensions, including expanding asset boundaries, enhancing quantitative tools, and improving risk control [5][6] - Expanding asset boundaries involves incorporating low-correlation alternative assets to enhance portfolio resilience against cycles, moving beyond the traditional stock-bond framework [5][6] - Strengthening quantitative and systematic investment capabilities is essential, with firms utilizing data-driven methods to avoid over-reliance on single market opportunities and to construct long-term effective strategies [6] Group 3: Market Outlook for 2026 - Institutions generally expect bond market performance to improve compared to last year, with yields anticipated to remain volatile, while the equity market is expected to strengthen amidst fluctuations [7][8] - The bond market is projected to present more investment opportunities in 2026, with a potential steepening of the yield curve and increased trading value in long-term bonds [7] - In the equity market, structural opportunities are anticipated, with a focus on sectors such as technology, cyclical stocks, and emerging themes like AI, as well as recommendations for specific industries to target [9]

Group 1: Market Overview - The bond market is facing pressure from declining yields and increasing difficulty in equity enhancement, leading many brokerage asset management firms to focus on "fixed income +" products in 2026 [1] - Institutions expect bond yields to remain volatile this year, while the equity market may strengthen amidst fluctuations, with "fixed income +" products utilizing convertible bonds, quantitative hedging, and derivatives to enhance yield flexibility [1] Group 2: Fund News - On February 5, a total of 8 new funds were launched, primarily consisting of fund of funds (FOF) and ETF linked funds, with the Guangfa Yuefeng Multi-Asset Stable Three-Month Holding Period Mixed (FOF) A aiming to raise 8 billion yuan [2][3] - The People's Bank of China conducted a combination operation of 7-day and 14-day reverse repos, injecting a net 64.5 billion yuan to address cash withdrawal demands during the Spring Festival and to signal support for growth policies [2] - Several funds announced the suspension of large subscriptions before and after the Spring Festival to protect existing investors' interests and maintain strategy effectiveness [2] Group 3: Fund Dividends - On February 5, 22 funds announced dividends, with the highest distribution being 1.2600 yuan per 10 fund shares from the Jiao Yin Shi Luo De Heng Yi Flexible Allocation Mixed Fund [4][5] - Other notable dividends include 0.2300 yuan from the Shang Yin Hui Jia Ying Bond Fund and 0.2180 yuan from the Xing Yin He Ying Bond A Fund, all scheduled for distribution on February 6 or 9 [5]

Group 1 - The core viewpoint of the article emphasizes that "uncertainty" has become the norm in the current market environment, and the fundamental principles of multi-asset allocation remain unchanged [1] - Multi-asset allocation should focus on selecting assets or strategies that provide genuine diversification and ensure long-term value preservation and appreciation [1] - A clear methodological framework should be established, incorporating Strategic Asset Allocation (SAA) as a long-term anchor and Tactical Asset Allocation (TAA) for dynamic adjustments based on market conditions [1] Group 2 - Recent market attention on gold has significantly increased, with a 65% rise in 2025 and over 30% in January 2026 within a month, attracting retail investors, ETF funds, and physical purchases [2] - The rapid increase in gold prices has led to heightened market sentiment, which could result in panic selling during any potential corrections, as annual increases over 30% are rare [2] - Long-term, the allocation logic for gold remains solid due to structural support from factors such as de-globalization trends, a weakening dollar, and continuous accumulation by global central banks [2]

Macro Overview - The U.S. labor market remains weak, with the Federal Reserve likely to maintain interest rates in the short term and a low probability of balance sheet reduction [3] - December's non-farm payrolls showed weakness, and previous data was revised down, indicating a deteriorating labor market despite a "virtually low" unemployment rate [3] - Inflation in December was moderate, reflecting previous market concerns about tariff transmission effects, which may be "one-off"; future inflation will depend more on rental prices, service industries, and energy prices [3] - The Federal Reserve is expected to keep interest rates unchanged until at least June 2026, influenced by fiscal stimulus measures supporting the economy and inflation [3] - The nomination of Kevin Warsh as the next Fed Chair suggests a preference for policy independence through balance sheet reduction, but this view lacks consensus and empirical support within the Fed [3] Domestic Macro - Economic downward pressure is increasing, with Q4 GDP growth slowing to 4.5%, but the annual growth target of 5% is expected to be met [3] - Domestic consumption, investment, and real estate continue to decline, with investment growth slowing due to debt reduction and subsidy withdrawal, leading to increased pressure on consumption [3] - External demand and production remain strong, providing important support for economic growth [3] - Price indices are stabilizing, showing the effects of anti-inflation measures, but internal demand remains insufficient, with a divergence in pressures between upstream high-tech manufacturing and lower-tier sectors [3] - Policies are still focused on proactive measures, with a relatively mild overall intensity; 2026 policies are expected to be more pragmatic, with many local targets set lower than last year [3] A-share Strategy - The market is returning to rationality, with a short-term shift towards stability; investment and consumption are declining, while price indicators are stabilizing [3] - A-share trading volume has decreased, but overall sentiment remains high; medium to long-term policies are increasingly focused on technological innovation, with national subsidies continuing but at a reduced intensity [3] - External geopolitical risks, particularly from Trump, have increased but have a limited impact on the domestic market [3] - The spring market rally may be nearing its end, with expectations for a more rational market in February; the early spring rally has progressed quickly, and regulatory measures are cooling the market [3] - Investors are advised to consider taking profits or shifting to a more stable investment style before the Spring Festival, as the market is expected to experience increased volatility [3] Industry/Style - Investors are encouraged to take profits in high-growth technology sectors before the Spring Festival and shift to a more defensive style [3] - Focus on large-cap indices such as the Shanghai Composite, CSI 300, and A500, as market volatility is expected to rise [3] - Short-term strategies should include high-dividend stocks and sectors like banking, utilities, consumption, and real estate for potential opportunities [3] - Mid-term outlook suggests support for commodity-based sectors like non-ferrous metals and chemicals, while technology hardware sectors should be monitored for guidance from earnings reports [3] Asset Allocation Views - A-shares: Neutral [5] - Hong Kong stocks: Neutral [5] - Interest rate bonds: Neutral [5] - Credit bonds: Neutral [5] - Convertible bonds: Neutral [5] - U.S. stocks: Relatively optimistic [5] - U.S. bonds: Relatively optimistic [5] - U.S. dollar: Neutral [5] - Japanese stocks: Relatively optimistic [5] - Gold: Neutral [5] - Oil: Relatively cautious [5] - Currency/deposits: Neutral [5]

1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Core Viewpoints of the Report - In 2025, the scale of "Fixed - Income Plus" funds increased significantly for four consecutive quarters, reaching a record high at the end of Q4. The core driving force for this expansion comes from changes in liability - side behavior. With the decline in deposit interest rates and the compression of pure - bond return space, low - risk funds from residents and institutions are seeking alternative assets. The peak of fixed - deposit maturities from 2025 - 2026 provides ample liquidity, and "Fixed - Income Plus" funds have great potential for scale growth [3][9]. - Different types of "Fixed - Income Plus" products have distinct risk - return characteristics. High - equity - content products have elastic return repairs, while "Neutral Fixed - Income Plus" offers good cost - effectiveness. "Robust Fixed - Income Plus" has excellent drawdown control capabilities [5]. - In Q4 2025, "Neutral Fixed - Income Plus" funds with an equity position between 10% - 20% became the main growth force, with a single - quarter scale increase of 147.9 billion yuan. In the next stage of the bull market, neutral, elastic, and radical equity - biased "Fixed - Income Plus" funds are expected to continue to attract funds [6]. - The industry allocation preferences of six types of "Fixed - Income Plus" funds change over time, and most of the heavily - weighted industries are in line with the market trend. As of the end of 2025, the stock - part allocation strategies of these funds show a high degree of consensus, with a "dumbbell - shaped" structure focusing on the AI industry chain and dividend assets [6][40]. 3. Summary by Directory 3.1 "Fixed - Income Plus" Funds and Multi - Asset Co - existence - In the context of multi - asset investment and the movement of residents' deposits, the scales of "Fixed - Income Plus" funds and passive index funds have maintained high - speed growth. In Q4 2025, the total scale of public funds in the whole market reached a new high of 22.48 trillion yuan. Among them, the scale of "Fixed - Income Plus" funds was 2.47 trillion yuan, with a quarter - on - quarter growth rate of 11.2%, indicating a transfer of funds from low - risk to high - risk assets [10]. 3.2 Comparison of Risk - Return Characteristics of "Fixed - Income Plus" Funds - Based on the holding styles of "Fixed - Income Plus" funds, the report re - classifies and defines them, unifying stock and convertible bond positions as equity positions. Different types of "Fixed - Income Plus" funds show obvious stratification in risk - return characteristics, with risks and returns increasing step - by - step [13][15]. - In 2025, the overall return variance of "Fixed - Income Plus" funds increased compared to the past three years. The return difference between radical equity - biased and conservative bond - biased funds was about 8%. The maximum drawdown was basically controlled within 9%, and the Sharpe and Calmar ratios increased significantly. "Neutral Fixed - Income Plus" is a good choice for balancing drawdown, return, and obtaining relatively high Sharpe and Calmar ratios [17][19]. - In terms of annualized return, in 2025, the return of "Fixed - Income Plus" products with an equity position greater than 20% increased significantly. Convertible bond funds outperformed the equity market, while the returns of conservative bond - biased, robust, and neutral "Fixed - Income Plus" funds were slightly lower than in 2024 [20]. - In terms of maximum drawdown, in 2025, the drawdown of "Fixed - Income Plus" products narrowed significantly compared to 2022 - 2024. Convertible bond funds had a relatively large drawdown [22]. - In the long - term, conservative bond - biased "Fixed - Income Plus" funds have higher Sharpe and Calmar ratio centers. In the past year, robust "Fixed - Income Plus" funds had a higher Calmar ratio [23]. 3.3 Which Type of "Fixed - Income Plus" Funds are in Favor as They Return to the Peak? - The "Fixed - Income Plus" funds are entering a new expansion cycle. From Q1 to Q4 2025, the scale increased continuously, exceeding the high point in 2021. In Q4 2025, the "Neutral Fixed - Income Plus" funds with an equity position between 10% - 20% had the largest scale increase, with a growth of 147.9 billion yuan [25]. - In the previous expansion cycle from 2019 - 2022, neutral and elastic "Fixed - Income Plus" funds contributed the most to the scale increase. The growth drivers at that time included excess returns in the equity bull market, the transfer of demand from bank wealth management and trust products, and the development of convertible bonds [28][30]. - The core logic of this round of expansion includes the decline in fixed - deposit interest rates leading to residents' asset re - allocation, the joint drive of the capital and fundamental aspects increasing the expectation of a bull market, and the outflow of funds from pure - bond products due to their low returns [35]. - Looking forward, as the bull market is gradually confirmed, neutral, elastic, and radical equity - biased "Fixed - Income Plus" funds are expected to continue to attract funds [38]. 3.4 Industry Allocation Characteristics of "Fixed - Income Plus" Funds - Historically, the heavily - weighted industries of six types of "Fixed - Income Plus" funds are mostly in line with the market trend and change over time. In 2025, the heavily - weighted industries expanded to include the AI industry chain and dividend assets [40]. - The style preferences of the six types of "Fixed - Income Plus" funds vary greatly. Conservative bond - biased, robust, and neutral "Fixed - Income Plus" funds have more conservative risk preferences, while elastic, radical equity - biased, and convertible bond funds have more aggressive allocation preferences [42]. - The style preferences of these funds change frequently and are strongly correlated with the market trend. In a rising market, the consensus among funds is strong, and the allocation is more concentrated; in a falling market, the funds tend to diversify their investments [43]. - As of the end of 2025, the stock - part allocation strategies of the six types of "Fixed - Income Plus" funds show a high degree of consensus, with a "dumbbell - shaped" structure focusing on the AI industry chain and dividend assets. Each type of fund has different preferences in dividend asset allocation [46]. - In Q4 2025, the allocation preferences of "Fixed - Income Plus" funds diverged. Neutral "Fixed - Income Plus" funds continued to increase their positions, elastic "Fixed - Income Plus" funds reduced their positions to realize profits, and radical equity - biased "Fixed - Income Plus" funds held their positions. The three types of funds had different views on industry allocation, and neutral "Fixed - Income Plus" funds had a stronger pricing influence on the stock market [48][52].

Core Viewpoint - The article discusses the evolving landscape of quantitative private equity in 2025, highlighting a shift from single-asset strategies to multi-asset strategies, driven by macroeconomic factors and the integration of AI technologies in trading [5][6]. Industry Trends - The quantitative private equity sector is experiencing a structural change characterized by high volatility and strong differentiation in the market, necessitating a transition to multi-asset quant models that incorporate macroeconomic factors [6]. - The competition in the quantitative space is intensifying, with firms focusing on enhancing strategy resilience and diversifying asset classes to manage risks effectively [7][8]. Performance and Growth - The management scale of Hainan Wuliang Capital increased from 930 million to 2.48 billion by the end of 2025, with a significant portion allocated to macro multi-asset strategies [6][7]. - The total capacity for macro multi-asset strategies is currently 8 billion, indicating a robust growth trajectory and a focus on optimizing underlying strategies for stability [7]. Future Outlook - The firm anticipates that the global liquidity will remain loose in 2026, but geopolitical tensions and market style shifts may increase volatility, making investment more challenging [7]. - The future direction of private equity is likely to be a combination of quantitative and macro multi-asset strategies, reflecting a broader trend observed in developed markets [8][9]. Market Comparisons - The article draws parallels between the development of the asset management industry in the U.S. and the current trajectory of China's private equity sector, noting the significant growth in public ETF sizes and the shift towards quantitative strategies [9].

黄金、白银在进入2026年后，伴随着特朗普的一系列激进动作，快速将美元贬值交易的叙事演绎到极致，相关资产的波动率飙升，并最终引发了近 期的暴跌。 需要看清楚的是，这一波疯狂周期的加速度： ①1000→2000美元： 黄金走了12年（2008-2020年初） 过去一周见证了多项历史，黄金以迅雷不及掩耳之势急冲到5500后，一"什"激起千层浪，坐直升机跌到4680点，单日跌幅超过500点，创下40年来的 历史记录。（数据来源：Wind） 黄金白银历史级别的大跌带来系列连锁反应，冲击全球风险偏好，避险情绪迅速蔓延，波及海内外、股债汇等全球资产，前几个交易日内，不少账 户都经历了激烈的波动。 写作本文的此时此刻，市场已经修复、平静了很多。但经历了疯狂的几日之后，或许大家会对黄金的定价和地位，有了更加清晰的心理锚定，对于 波动加大、资产联动加强时期的多资产配置应对，也会有一些新的理解，一起来聊聊。 #重新定义"避险" 当黄金单日暴跌500点 ②2000→3000美元： 用了5年（2020-2025年年初） ③3000→4000美元： 缩短到7个月（2025.1-2025.8） ④4000→5500美元： 仅用了不到5个 ...

贺剑的稳健表现，并非孤军奋战的结果，而是天弘基金"固收+"团队化作战的缩影。作为业内知名的固 收大厂，天弘基金构建了平台化、一体化的投研体系，"固收+"核心产品采用团队协同共管模式，整合 宏观研究、信用分析、权益投研等多领域力量，有效弥补单一投资视角的局限。 作为拥有18年证券从业经历、11年基金管理经验的老将，贺剑的投资履历覆盖年金、专户、QFII等多个 领域，横跨纯债、转债、股票三大资产类别，这也让他具备了更全面的大类资产研判能力和扎实稳健的 债券投资风格，成为一位优秀的多资产配置专家。 尤为值得一提的是贺剑的风险控制能力。他严格将旗下产品的权益风险暴露敞口控制在30%以内，通过 多元资产搭配，实现风险与收益的平衡。这一策略让产品在市场波动中展现出较强的抗风险能力，精准 匹配风险承受能力较低的投资者需求。截至2025年底，贺剑在管"固收+"基金8只，总规模达107亿元。 其中管理期限满一年以上的5只基金，2025年的最大回撤均未超过-2%。 中证报中证网讯(记者王宇露)低利率时代下，传统理财收益持续承压，叠加资本市场波动加剧，"固收 +"基金的稳健运作能力愈发受到投资者关注。天弘基金混合资产部基金经理贺剑 ...