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 ...

资产配置 | 定期报告 提名沃什不改美元信用弱化格局 20260202 多资产配置周报 研究结论 | 报告发布日期 | | --- | 报告发布日期 2026 年 02 月 03 日 | 郑月灵 | 执业证书编号：S0860525120003 | | --- | --- | | | zhengyueling@orientsec.com.cn | | | 021-63326320 | | 周仕盈 | 执业证书编号：S0860125060012 | | | zhoushiying@orientsec.com.cn | | | 021-63326320 | | 预期的变化利好中盘蓝筹：20260126A 股 | 2026-01-28 | | --- | --- | | 风格及行业配置周报 | | | 美/日风险评价上升，贵金属及低风险特征 | 2026-01-26 | | 权益占优：20260126 多资产配置周报 | | | CTA 策略仍强，指增和中性策略回暖： | 2026-01-22 | | 20260119 多策略及理财配置周报 | | | 风偏继续向中间集中：20260119 多资产配 | 2026-0 ...

Core Insights - The public fund of funds (FOF) has reached a historical high, with a total scale exceeding 240 billion yuan, marking a 26% increase compared to the previous quarter [2][3] - The demand for low-volatility, multi-asset products has surged due to low interest rates and asset rotation, leading to a significant increase in the issuance of new FOF products [1][4] Group 1: Market Overview - As of the end of 2025, there are 545 public FOFs in the market, reflecting an 8.3% quarter-on-quarter increase [2] - The total scale of public FOFs has reached 244 billion yuan, which is a record high [2] - The proportion of mixed bond FOFs has expanded significantly, now accounting for 61% of the total public FOF scale [2] Group 2: Drivers of Growth - The low interest rate environment has created a strong demand for stable value-added products, particularly among low-risk preference investors [2][3] - The diversification benefits of FOFs have become more pronounced, incorporating low-correlation assets such as gold, QDII, REITs, and commodities into their portfolios [2][3] - The transformation of bank wealth management has provided crucial support for FOFs, allowing for better alignment with varying risk preferences and investment needs [2][3] Group 3: Product Trends - Over 20 new FOF products are currently being issued or awaiting issuance, with 15 additional products having their application materials accepted [4] - Low-volatility FOFs are particularly appealing to investors seeking stable returns, aligning with the trend of "deposit migration" [4] - The focus on low-volatility FOFs is driven by their ability to leverage multi-asset and multi-strategy advantages, aiming for long-term stable growth while managing overall risk [4]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - In 2026, the strategy differentiation of major financial institutions will reshape the bond market landscape. The trading attributes of banks will be enhanced, and the pressure to exchange floating profits will be reduced. If the regulatory constraints on interest - rate sensitivity indicators are relaxed, it may provide long - term bond allocation space for banks. Securities firms' proprietary trading will continue the aggressive strategy of "bond foundation, equity enhancement" with regulatory support. Wealth management will fully enter the "true net - value" era, with product closure and defensive allocation becoming the mainstream. Public funds are expected to repair the liability side through the new fee regulations, the duration strategy may be reopened, and the use of hedging tools will increase. Insurance institutions will focus on long - term allocation, increasing their allocation of long - duration interest - rate bonds and high - dividend assets. The overall trading attributes of the market will be enhanced, and the allocation strategies will gradually diversify [3]. 3. Summary by Related Catalogs 3.1 Bank - Overall, it shows the characteristics of "configuration adjustment and trading enhancement". In 2026, if China follows the Basel regulatory new rules, large banks are expected to release about 1 trillion yuan of government bond allocation space, and the ability to undertake long - term bonds will be marginally improved. The trading attributes of state - owned large banks are gradually strengthening, and they will continue to maintain high trading activity in 2026. If the cost - performance of inter - bank certificates of deposit rises in the future, the bond - allocation strength of rural commercial banks may moderately recover [15]. - Constrained by the deepening of the asset - liability term mismatch, the ability of large banks to undertake long - term bonds is limited. However, if China implements the adjusted international regulatory standards, it is estimated that about 1 trillion yuan of bond - allocation capacity will be added for large banks. In 2025, the AC account proportion of various banks decreased, and the OCI account proportion increased. In 2026, although the pressure on banks to make up for the performance gap by realizing floating profits will weaken, there are still incentives to realize floating profits [16][21]. - State - owned large banks' trading volume of 7 - 10Y treasury bonds and policy - financial bonds in 2025 increased, and the proportion of trading volume also increased compared with the previous two years, showing an active trading strategy. It is expected that this high trading activity will continue in 2026 [29]. - Since the beginning of 2025, affected by the new capital regulations and the decline in the cost - performance of certificates of deposit, the bond - allocation behavior of rural commercial banks in the secondary market has significantly shrunk. If the cost - performance of certificates of deposit recovers and the capital occupation pressure eases in 2026, the bond - allocation strength may moderately recover [32][33]. 3.2 Wealth Management - In 2026, wealth management will fully enter the "true net - value" operation mechanism. In terms of products, "fixed - income +", closed - end and minimum holding - period products will be used to deal with net - value fluctuations; in terms of operation, the management requirements for duration, leverage and liquidity will continue to increase, and the asset allocation will focus on stability and term matching [40]. - In 2026, in the context of low - interest rates and the full - completion of valuation rectification, the scale and number of "fixed - income +" products are expected to continue to grow. The proportion of "fixed - income +" products in fixed - income wealth management is expected to rise steadily [41][42]. - After the full - completion of valuation rectification, the net - value stability constraint of wealth management products has been significantly enhanced. The closed - end and quasi - closed - end operation characteristics of new products are expected to be further strengthened in 2026 [44]. - In 2026, wealth management institutions will pay more attention to the liquidity safety cushion. The proportion of high - liquidity assets in wealth management asset allocation is likely to remain relatively high [50]. - In 2026, wealth management drawdown is expected to be controllable and will change around interest - rate fluctuations. Wealth management institutions may deepen the application of multi - asset allocation strategies to reduce the impact of bond - market fluctuations on net value [52]. - In 2026, the allocation value of amortized - cost bond funds will be further highlighted. The re - investment demand of the expired funds of amortized - cost bond funds is expected to support the short - end credit - bond market [58]. 3.3 Public Funds - In 2026, with the implementation of the new fee regulations for public funds, the bond - market sentiment is expected to be moderately repaired, and the stability improvement of the liability side may create conditions for reopening the duration strategy. The development of innovative tools such as stock - bond constant ETFs is expected to introduce incremental funds, and the number of funds using the negative - duration strategy may increase. The supervision of customized funds and dividend mechanisms will continue to be optimized [65]. - In 2025, the leverage ratio of bond funds decreased, and the duration fluctuated greatly. In 2026, the liability - side and asset - side durations of public funds are expected to increase [66]. - The implementation of the new fee regulations for public funds in 2026 is expected to promote the moderate repair of the bond market and the internal optimization of the bond - fund pattern [71]. - In 2026, the pure - bond fund market may face product - pattern adjustment. The smooth development of stock - bond constant ETFs may bring incremental funds to the equity and interest - rate bond markets and weaken the traditional "stock - bond seesaw" effect in the short term [76]. - In 2026, the number of funds using the negative - duration strategy may increase to manage risk exposure in the context of low - interest rates and high volatility in the bond market [79]. - In 2026, there is still room for optimization of customized funds and dividend mechanisms in the public - fund industry. The regulatory authorities may put forward rectification requirements for customized funds with a high institutional - holding ratio and optimize the dividend mechanism [82][84]. 3.4 Insurance - In 2026, the investment strategy of insurance institutions is expected to shift from "trading" to "allocation - based". The turnover rate of interest - rate bonds such as treasury bonds has declined, and the asset - allocation structure will be further optimized [87]. - In 2025, affected by the regulatory reduction of the liability - side pricing ceiling, new - policy attractiveness weakened, and premium growth slowed down. Insurance funds preferred a Carry - based strategy, with a decline in the turnover rate of interest - rate bonds and a stable or rising allocation weight [88]. - As of Q3 2025, bonds still accounted for more than 50% of insurance - fund asset allocation, but the growth rate of equity investment was relatively fast. In 2026, if the new fee regulations weaken the cost - performance of bond funds, some insurance funds may shift to equity assets, but it will not significantly affect their bond - market allocation [94]. - In 2026, under the dual - system drive of the new asset - liability regulations and new accounting standards, insurance institutions will significantly increase their allocation of long - duration interest - rate bonds and high - grade general credit bonds and reduce the allocation of bank Tier 2 capital bonds. The proportion of participating insurance is expected to continue to increase, and the equity - asset allocation will focus on high - dividend and low - valuation stocks [100][101]. 3.5 Securities Firms' Proprietary Trading - In 2026, the bond - allocation of securities firms' proprietary trading will continue to focus on interest - rate bonds and high - grade credit bonds, and the equity - allocation is expected to achieve "both quantity and quality improvement" under regulatory encouragement, with a preference for standardized products such as broad - based index constituent stocks and liquid ETFs [103]. - From March 2021 to November 2025, the bond - holding scale of securities firms' proprietary trading increased, and the proportion of interest - rate bonds rose. In 2026, the bond - holding scale is expected to continue to grow, and the credit - bond allocation will continue to concentrate on high - grade bonds [104][105]. - In 2025, the floating - profit scale of securities firms' proprietary trading turned from negative to positive, and they showed advantages in stop - profit operation and holding - cost control [109]. - Regulatory support for securities firms' proprietary trading to increase equity - asset allocation has increased. In 2026, securities firms may further increase their equity - asset allocation, with a possible preference for standardized products [114].

该项目融合了富达全球多资产配置的投研能力和专业的风控体系，叠加北银理财的本土渠道优势，共同 为广大投资者打造长期稳健的理财服务平台。 富达基金总经理孙晨表示："资产的长期稳健增值是许多投资者规划财富的核心目标。此次合作是富达 全球智慧与本土实践的又一次结合，我们将继续发挥专长，携手业内优秀机构，助力中国投资者实现财 富管理目标，推动金融市场的长期健康发展。" 北银理财总裁郭振涛表示："此次与富达基金的合作，正是我们引入国际经验、提供价值的重要实践。 依托富达全球领先的多资产配置能力和风控体系，我们期待深耕国内财富管理市场，为客户提供更专 业、更契合其稳健增值投资需求的产品与服务。" 中证报中证网讯(记者王雪青)富达基金管理(中国)有限公司与北京银行（601169）旗下北银理财有限责 任公司近日宣布，双方携手打造的理财合作项目成功落地，这标志着两家机构在深化财富管理能力上的 又一重要举措。基于严控风险、稳健增值的项目合作理念，双方旨在为国内投资者提供专业化、体系化 的财富管理解决方案，精准契合当下投资者寻求资产长期稳健增值的需求。 据悉，作为合作的首个重要载体，富达基金通过多资产投资策略承接北银理财旗下多只理财 ...

2026.01. 28 本文字数：2909，阅读时长大约5分钟 作者 | 第一财经 梁晓璇 2026年首月，FOF成为公募新发市场上"挑大梁"的产品。 Wind数据显示，截至1月26日，2026年共有78只新发基金，发行份额合计765.46亿份（按基金成立日计，下 同）。其中FOF有11只新发产品，发行份额153.62亿份，占本月新发产品总份额的20.07%，仅次于混合型基金和 股票型基金。 这已经是新发FOF总份额连续第4个月突破百亿份。 中金公司统计显示，截至2025年末，全市场共有545只公募FOF基金，存量规模合计2440亿元，创历史新高。 回顾来看，2025年2月富国盈和臻选3个月持有期混合（FOF）在十个交易日内就触及60亿元的募集规模上限，宣 布提前结募并按照36.75%的比例进行配售。这是时隔三年多FOF再次出现募集规模超60亿元的产品。 此后"爆款"产品接连出现。2025年6月，东方红盈丰稳健6个月持有混合（FOF）仅用7天就募集到65.73亿份，成 为2025年发行份额最大的新品；2025年10月，华泰柏瑞盈泰稳健3个月持有混合（FOF）实现"一日结募"，发行 份额达55.77亿份。 Wi ...

Core Viewpoint - The public fund industry is shifting its product supply to meet the growing demand for diversified asset allocation, with a focus on "fixed income+" and FOF products that incorporate ETFs as underlying assets [1][4]. Group 1: Product Supply Shift - The "fixed income+" strategy, which traditionally involved a mix of fixed income and equity assets, is now expanding to include ETFs and other asset types like gold and REITs [2][5]. - As of January 26, 2025, there are 11 new "fixed income+" funds being issued, with a total market size of 2.92 trillion yuan, reflecting a nearly 10% increase from the previous quarter [2][3]. - The FOF products are also gaining traction, with 15 new FOFs being issued and a total management scale of 218.9 billion yuan, marking a 16.91% quarter-on-quarter growth [3][4]. Group 2: Multi-Asset Strategy - The trend towards multi-asset allocation is becoming increasingly evident, with funds like FOF and "fixed income+" attracting significant inflows, indicating a shift in investor strategy towards more diversified portfolios [4][6]. - Investors are encouraged to achieve their investment goals with fewer fund types, which can lower costs and improve efficiency in asset allocation [6]. Group 3: Future of ETFs - There is a strong expectation for the development of multi-asset ETFs, which would enhance the flexibility of public funds in asset allocation, especially in a low-interest-rate environment [7][8]. - Recent initiatives have been announced to explore the launch of multi-asset ETFs, which would include a mix of stocks, bonds, and other asset types, reflecting the evolving investment landscape [8].

Group 1 - The core viewpoint is that global economic growth is expected to remain strong in 2026, with potential short-term increases in equity markets. However, investors should consider combining stock and bond portfolios or increasing bond holdings for global diversification [1] - The impact of technological advancements, particularly artificial intelligence, will lead to significant differentiation among industries and companies, benefiting those that adopt new technologies while others may fall behind [1] - Global monetary and fiscal policies are anticipated to diverge, with the influence of fiscal policy increasing as monetary easing reaches its limits. Bonds are highlighted as having solid and lasting investment value, with higher initial yields providing a strong foundation for active investors [1] Group 2 - Investors are encouraged to utilize global diversification to mitigate risks and seize opportunities for attractive returns across different markets. In a late-cycle credit environment, a focus on high-quality selection strategies, liquidity, and credit quality is essential [1]

Core Viewpoint - In January 2026, FOFs (Fund of Funds) emerged as a significant product in the public offering market, accounting for 20.07% of the total issuance volume, indicating a strong growth trend in this investment vehicle [1][11]. Group 1: FOF Market Performance - As of January 26, 2026, there were 78 newly issued funds with a total issuance of 765.46 billion units, of which 11 were FOFs, totaling 153.62 billion units [1]. - The total issuance of FOFs has exceeded 100 billion units for four consecutive months, reflecting a robust demand in the market [2][11]. - By the end of 2025, the total number of public FOFs reached 545, with a record total scale of 2,440 billion yuan, marking a historical high [3]. Group 2: Factors Driving FOF Growth - The growth of FOFs is attributed to multiple factors, including a low-interest-rate environment leading to a shift in savings, the effectiveness of multi-asset strategies, and strong promotion by distribution channels [2][5]. - Demand for stable investment alternatives has surged due to declining yields on deposits and wealth management products, creating a "deposit migration" trend [5]. - The supply side has seen enhancements through customized FOFs, holding period designs, and multi-asset strategies, improving product competitiveness [5][9]. Group 3: Investment Strategies and Trends - The investment methodology for FOFs has evolved from a focus on selecting individual fund managers to a multi-asset allocation approach, which is now a prevailing trend in the industry [9]. - The diversification of asset allocation has been evident, with significant increases in the proportion of commodity funds and QDII funds in FOF portfolios, aligning with market trends [9]. - FOFs recorded a return of 12.8% in 2025, significantly outperforming the previous year's return of 4.06%, indicating a recovery in performance [9]. Group 4: Future Outlook - FOFs are expected to continue their growth trajectory into 2026, with a potential to absorb a substantial amount of maturing fixed-term deposits estimated at 45 trillion to 50 trillion yuan [11]. - The characteristics of stable FOFs align well with the demand for deposit replacements, and their design can help manage liquidity and stability for banks [11]. - The expansion of ETFs may lead to the emergence of ETF-FOFs as a core innovation direction, while customized FOFs are likely to gain traction to meet diverse investor needs [11].

中证报中证网讯（记者 林倩）在全球宏观经济格局重塑、市场波动加剧的背景下，多元资产配置正成 为帮助投资者穿越周期、获取稳健回报的重要路径之一。国金证券资产管理有限公司相关负责人日前接 受中国证券报记者采访时表示，多资产投资作为践行资产配置理念、应对市场不确定性的重要方式，是 衡量一家资管机构综合实力的重要维度，近年来公司凭借前瞻性的布局与体系化的专业能力，在多资产 投资领域建立了独特的竞争优势。 打造科学配置能力 国金资管在多资产领域的探索起步较早。据介绍，2013年，公司便前瞻性地布局多资产管理相关业务， 着手推进股债混合及"固收+"策略。彼时，国内多资产相关产品尚处萌芽阶段，这一布局为其后续发展 奠定了先发优势。 "多资产配置并非资产的简单堆砌，其核心在于通过深入理解各类资产的风险收益特征及彼此间的相关 性，使其在组合中扮演不同的角色，实现风险的分散。"国金资管上述相关负责人补充道。 建立多资产产品线 面对多资产投资复杂程度大幅提升，国金资管着力打造体系化的"平台型"投研能力，公司通过专业化分 工，设立了覆盖宏观配置、行业研究、信用评估、量化分析的多个研究小组，为投资决策提供深度支 持。 国金资管上述相关 ...