Market Performance - Treasury futures closed lower across the board, with the 30-year main contract down 0.26%, the 10-year main contract down 0.10%, the 5-year main contract down 0.08%, and the 2-year main contract down 0.01% [1] - The yields on major interbank bonds mostly rose, with the 10-year China Development Bank bond yield increasing by 0.4 basis points to 1.8765%, the 10-year government bond yield rising by 0.40 basis points to 1.8050%, and the 30-year government bond yield up by 0.45 basis points to 2.1495% [1] Funding Conditions - The central bank announced a 190 billion yuan 7-day reverse repurchase operation at a fixed rate of 1.40% on November 13, resulting in a net injection of 97.2 billion yuan for the day [2] - The overnight repurchase rate for deposit-taking institutions fell by about 10 basis points to around 1.32%, while the overnight quotes on the anonymous click (X-repo) system returned to 1.3% [2] - The central bank's flexible liquidity injections continue to stabilize the funding environment, with limited impact expected from the upcoming tax period in November [2] Fundamental Data - According to the latest financial statistics from the central bank, the cumulative increase in China's social financing scale for the first ten months reached 30.9 trillion yuan, an increase of 3.83 trillion yuan compared to the same period last year [3] - As of the end of October, the year-on-year growth of social financing stock was 8.5%, and M2 growth was 8.2%, both showing a decrease of 0.2 percentage points month-on-month [3] - The market had anticipated a slowdown in financial total growth due to increasing base figures, leading to a muted reaction in the bond market despite weaker financial data [3] Operational Suggestions - The bond market experienced weakness primarily due to strong performance in risk markets, with a lack of a clear direction amid mixed factors [4] - Future trading focus will be on the impact of new regulations regarding bond fund redemptions and whether expectations for loose monetary policy will materialize, particularly after the release of October economic data [4] - The short-term trading range for the 10-year government bond active coupon is expected to be between 1.75% and 1.82%, with the potential for monetary policy to support bond prices [4]

Report Summary 1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Views of the Report - **Overall Market**: The A-share market showed a general upward trend on Thursday, with cyclical sectors performing actively and some high-dividend sectors slightly correcting. The bond market was affected by the strong performance of the risk market, and the precious metal market experienced a decline after an initial rise. The shipping index fluctuated, and various commodity futures markets had different trends [2][5][7]. - **Investment Suggestions**: For stock index futures, it is recommended to wait for stabilization and mainly adopt a wait-and-see approach. For bond futures, it is advisable to wait for the release of economic data and consider going long on dips. For precious metals, it is recommended to buy on dips. For various commodity futures, different trading strategies are proposed according to their respective market conditions [4][6][8]. 3. Summary by Directory Financial Derivatives - Financial Futures - **Stock Index Futures**: The A-share market rose across the board on Thursday, with major indices closing in the green. The four major stock index futures contracts also rose, and the basis spread of the main contracts fluctuated narrowly. It is recommended to wait for stabilization and mainly adopt a wait-and-see approach [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures closed down across the board, and the yields of major interest rate bonds mostly rose. The market is currently in a tug-of-war between multiple and short factors, and it is necessary to pay attention to the implementation of the new regulations on bond fund redemption fees and the fermentation of broad monetary policy expectations. It is recommended to go long on dips [5][6]. Financial Derivatives - Precious Metals - **Gold and Silver**: The US government ended its shutdown, and Fed officials were cautious about a December rate cut, causing precious metals to rise initially and then fall. In the medium and long term, precious metals are expected to enter a bull market. It is recommended to buy on dips [7][8]. Financial Derivatives - Container Shipping Index (European Line) - **EC**: The spot price is cold, and the futures market is expected to fluctuate within the range of 1650 - 1850 points. It is recommended to conduct band operations [11][12]. Commodity Futures - Non-ferrous Metals - **Copper**: The liquidity risk has eased, and the copper price is expected to fluctuate strongly. It is recommended to pay attention to the Fed's rate cut rhythm and Sino-US tariff situation [12][13][15]. - **Alumina**: The market is in a state of loose supply and demand, and the price is expected to fluctuate weakly. It is necessary to pay attention to the production reduction trend of high-cost enterprises [15][16][17]. - **Aluminum**: The market shows a strong macro-drive and weak fundamental support. The price is expected to fluctuate widely, and it is recommended to short on rallies [18][20][21]. - **Aluminum Alloy**: The price is expected to maintain a strong and volatile trend, and it is necessary to pay attention to the improvement of scrap aluminum supply and downstream procurement rhythm [21][23][24]. - **Zinc**: The price is expected to fluctuate, and it is recommended to pay attention to the improvement of demand and the change of inventory [24][25][27]. - **Tin**: The supply side remains tight, and the price is expected to fluctuate strongly. It is recommended to hold long positions [27][30][31]. - **Nickel**: The market is in a state of more short-term and long-term factors, and the price is expected to fluctuate weakly. It is recommended to pay attention to macro expectations and Indonesian industrial policies [32][33][34]. - **Stainless Steel**: The market is in a state of weak macro-drive and strong fundamental pressure, and the price is expected to fluctuate weakly. It is recommended to pay attention to macro expectations and steel mill supply [34][36][37]. - **Lithium Carbonate**: The market is in a state of strong supply and demand expectations, and the price is expected to fluctuate. It is recommended to pay attention to the resumption of production of large factories and the marginal change of demand [37][40][41]. - **Polysilicon**: The market is in a state of high price and weak supply and demand, and the price is expected to fluctuate at a high level. It is recommended to pay attention to the establishment of platform companies and the change of demand [41][43]. - **Industrial Silicon**: The market is in a state of supply pressure and cost support, and the price is expected to fluctuate at a low level. It is recommended to pay attention to the implementation of organic silicon production reduction [44][46]. Commodity Futures - Ferrous Metals - **Steel**: The overall demand for five major steel products declined, and steel mills reduced production. The inventory continued to be destocked. It is recommended to short on rallies and hold the long coking coal and short hot-rolled coil arbitrage [47][48][49]. - **Iron Ore**: The iron ore market fluctuated. The global shipment volume decreased, the port arrival volume decreased, and the port inventory increased. It is recommended to wait and see on a single side and partially take profit on the long coking coal and short iron ore arbitrage [50][51]. - **Coking Coal**: The coking coal market showed a low-level volatile trend. The supply is expected to increase, and the demand for replenishment is weak. It is recommended to view it as a volatile market and conduct a 1 - 5 positive spread arbitrage [52][55]. - **Coke**: The coke market showed a low-level volatile trend. The fourth round of price increases was partially implemented, and there is still an expectation of price increases. It is recommended to view it as a volatile market and conduct a 1 - 5 positive spread arbitrage [56][58]. Commodity Futures - Agricultural Products - **Meal**: The domestic soybean meal spot market price was stable with an upward adjustment, and the rapeseed meal market price decreased. It is recommended to pay attention to the repair of crushing margins and the adjustment of the US Department of Agriculture's monthly supply and demand report [59].

Core Insights - The "fixed income +" funds have rapidly developed this year, becoming a key choice for investors seeking stable asset allocation in a volatile market, with total scale surpassing 2 trillion yuan by Q3 2025 [1][2] - The launch of the new "fixed income +" product by Great Wall Fund aims to provide investors with more quality investment options [1] Group 1: Market Conditions - The appeal of "fixed income +" funds is driven by a continuous decline in risk-free interest rates, which compresses the yield space of pure debt assets, failing to meet the income needs of conservative investors [2] - The recovery of the equity market, particularly in themes like technology innovation and green low-carbon, enhances the yield potential of "fixed income +" products [2] Group 2: Future Outlook - The long-term trend indicates that the domestic economy is transitioning towards high-quality development, with ongoing pressure on real estate investment and consumption, suggesting a continued downtrend in market interest rates [3] - The overall market may experience fluctuations, with a shift from broad-based gains to more rational differentiation, necessitating a focus on individual stock selection [4] Group 3: Investment Strategy - The investment strategy for "fixed income +" will involve proactive portfolio management, focusing on building a stable bond base with an emphasis on medium to short-duration bonds and high-grade corporate bonds [5] - The strategy will also include enhancing allocations in convertible bonds, targeting those with high yields and low conversion premiums to leverage their asymmetric characteristics [6] - The final layer of the strategy will focus on selecting high-quality dividend stocks that are stable and financially healthy, adapting to market changes [6]

今年可转债表现亮眼，展望后市，张棪指出，尽管估值较年初有所提升，但供给端偏紧与需求端持续具 备吸引力的供需紧平衡格局，对估值形成支撑。在股市震荡上行的背景下，可转债仍具备结构性配置价 值。 近日，长城基金基金经理张棪针对当前股债市场环境及"固收+"基金的配置价值发表了专业观点。他认 为，尽管短期市场存在波动压力，但长期来看，股债市场均存在结构性机会，而"固收+"基金凭借其灵 活的多资产配置策略，或将成为投资者应对复杂市场环境的重要工具。 纯债市场方面，张棪认为长期中枢下行趋势不改，短期调整后配置价值提升，但受权益市场及基金销售 费用新规影响或呈现震荡行情。张棪表示，长期来看，国内经济仍处于向高质量发展转型阶段，高频数 据显示地产投资及消费仍有承压，利率中枢下行趋势未改。央行通过公开市场操作维持流动性合理充 裕，稳健宽松的货币政策为债市提供支撑。短期来看，经历三季度调整后，公募基金整体久期回落，债 市交易拥挤度下降，配置性价比提升。张棪同时指出，债券到期收益率进一步下行或面临制约：一是权 益市场表现强势下股债"跷跷板效应"的影响；二是银行自营等机构资金因基金销售费用新规尚未明确而 保持观望。短期市场或以震荡为主 ...

Group 1 - The article suggests that instead of implementing large-scale consumption subsidies, promoting spring and autumn holidays could serve as a long-term mechanism to stimulate consumption [2][3][4] - The implementation of spring and autumn holidays can alleviate psychological pressure on students and create a more conducive environment for parents to take leave without the stigma associated with it [3][4] - By staggering holiday schedules across different regions, the tourism experience can be improved, leading to a more balanced flow of visitors throughout the year [3][4] Group 2 - Recent market trends indicate a divergence in performance among major stock indices, with the U.S. market showing mixed results while Asian markets exhibit varied responses [6][7][9] - There is a notable increase in southbound capital investing in Hong Kong bank stocks, particularly Agricultural Bank of China, which has reached a new market capitalization high [11][13] - The price-to-book ratio of Agricultural Bank of China has risen to 1.1, indicating a significant premium compared to other major banks, suggesting potential overvaluation [17][18] Group 3 - The article discusses the weakening correlation between stocks and bonds in the domestic market, reflecting a broader trend observed since the 2008 financial crisis [26][28] - It emphasizes the importance of multi-asset allocation strategies as investors mature, suggesting that this approach will become increasingly popular among individual investors [28]

Core Viewpoint - The article discusses the challenges of timing investments in different asset classes and suggests that a macro strategy, which diversifies across multiple assets, can mitigate the need for precise timing [4][5][6]. Market Overview - The A-share market has been fluctuating between 3800 and 3900 points for the past two months, and after breaking through 4000 points, it faces a new directional choice [5]. - Investors are currently conflicted about whether to invest in stocks, fearing high prices, or in stable bonds, worrying about missing out on potential gains [5]. Asset Performance Analysis - Historical data indicates that no single asset class consistently outperforms; different asset classes have strong and weak years [7][9]. - Over the past decade, A-shares outperformed other assets only in 2019 and 2020, while U.S. stocks also faced significant downturns in 2022 [9]. - Bonds showed stability with good returns last year but faced some pullbacks this year, while commodities had a brief bull run in 2021 and 2022 but performed poorly in other years [10]. Asset Class Characteristics - The core returns of different asset classes are driven by distinct underlying logic: - Stocks benefit from corporate profit growth, performing well in a stable economic environment [12]. - Commodities gain from supply-demand imbalances and inflation, thriving during high inflation or economic overheating [12]. - Bonds rely on fixed interest and price appreciation from falling interest rates, excelling during economic slowdowns or deflationary expectations [12]. Timing and Strategy - Timing investments is crucial for achieving satisfactory returns in single asset investments, with two main objectives: trend following and identifying undervalued assets [13]. - Macro strategies, which are multi-asset in nature, do not require timing as they inherently balance risk across various asset classes [14]. - A well-structured macro strategy can capture both rising and undervalued assets, providing better safety margins and lower costs [15]. Long-term Performance of Strategies - Historical performance of private equity strategies shows that without timing, achieving ideal returns is challenging, often leading to significant volatility [17]. - In contrast, macro strategies tend to yield satisfactory returns regardless of the timing of entry, with relatively lower volatility and better holding experiences [17].

Report Summary 1. Report Purpose - The report aims to objectively reflect the research views of futures and securities companies on various commodity varieties, track hot varieties, analyze market investment sentiment, and summarize investment driving logics [1]. 2. Market Data 2.1 Commodities - **Price Changes**: From November 3 to November 7, 2025, PTA rose by 1.70% to 4664.00, aluminum by 1.41% to 21625.00, while some commodities like methanol fell by 3.12% to 2112.00, and iron ore dropped by 4.94% to 760.50 [2]. 2.2 A - shares - **Index Performance**: The Shanghai - Shenzhen 300 Index rose by 0.82% to 4678.79, while the CSI 500 Index fell by 0.04% to 7327.91 [2]. 2.3 Overseas Stocks - **Index Fluctuations**: The Nasdaq Index dropped by 3.04% to 23004.54, and the Nikkei 225 Index fell by 4.07% to 50276.37 [2]. 2.4 Bonds - **Yield Changes**: The yield of China's 2 - year treasury bond changed from 2.84 to 1.43, and the 10 - year treasury bond yield decreased by 0.7 bp to 1.81 [2]. 2.5 Foreign Exchange - **Rate Movements**: The euro - US dollar exchange rate rose by 0.25% to 1.16, while the US dollar index fell by 0.18% to 99.55 [2]. 3. Commodity Views 3.1 Macro - financial Sector - **Stock Index Futures**: Among 9 institutions, 3 are bullish, 1 is bearish, and 5 expect a sideways movement. Long - term domestic stable - expectation policies, the global AI tech cycle, and the "V - shaped reversal" of US stocks are positive factors, while US economic data and high A - share valuations are negative factors [4]. - **Treasury Bond Futures**: Among 7 institutions, 2 are bullish, 0 are bearish, and 5 expect a sideways movement. Weak fundamentals and central bank operations are positive, while inflation recovery and government bond issuance are negative [4]. 3.2 Energy Sector - **Crude Oil**: Among 8 institutions, 1 is bullish, 3 are bearish, and 4 expect a sideways movement. OPEC's production suspension and oil price cost support are positive, while US inventory accumulation and emerging oil fields' production increase are negative [5]. 3.3 Agricultural Products Sector - **Rapeseed Oil**: Among 8 institutions, 3 are bullish, 1 is bearish, and 4 expect a sideways movement. Low inventory and production issues are positive, while lack of Chinese demand and import increase are negative [5]. 3.4 Non - ferrous Metals Sector - **Copper**: Among 7 institutions, 2 are bullish, 2 are bearish, and 3 expect a sideways movement. US government situation and supply concerns are positive, while US manufacturing data and high inventory are negative [6]. 3.5 Chemicals Sector - **Glass**: Among 7 institutions, 0 are bullish, 4 are bearish, and 3 expect a sideways movement. Inventory decline and low prices are positive, while weak demand and high capacity are negative [6]. 3.6 Precious Metals Sector - **Gold**: Among 7 institutions, 2 are bullish, 1 is bearish, and 4 expect a sideways movement. Market concerns and geopolitical risks are positive, while trade relations and Fed's stance are negative [7]. 3.7 Black Metals Sector - **Iron Ore**: Among 8 institutions, 0 are bullish, 4 are bearish, and 4 expect a sideways movement. Decrease in global shipments and increase in blast furnace operating rate are positive, while port inventory accumulation and weak downstream demand are negative [7].

Group 1: Report Investment Rating - No information provided Group 2: Core Views - The stock market experiences sector rotation, with funds flowing from the technology sector to the chemical and consumer sectors, and the bond market shows a tendency of oscillating upward [2][3] - In the stock index futures market, it is recommended to transfer technology funds to the price - rising chain and continue the dumbbell - style allocation [3][7] - In the stock index options market, it is advisable to continue holding covered positions for additional income [3][8] - In the treasury bond futures market, the bond market is expected to oscillate upward [4][9] Group 3: Summary by Directory 1. Market Views Stock Index Futures - On Monday, the Shanghai Composite Index rebounded in a U - shape, with a rotation to low - lying sectors. High - beta sectors retreated, while value and defensive sectors rose. Due to the policy window period and recent volume contraction, it is recommended to transfer technology funds to the price - rising chain and continue the dumbbell - style allocation. The operation suggestion is to hold a long position in the Dividend ETF + IM. [3][7] - The basis points of IF, IH, IC, and IM for the current month are - 8.85, 0.94, - 41, and - 54.45 respectively, changing by - 3.06, 0.49, - 5.09, and - 5.98 points compared to the previous trading day. The inter - period spreads (current month - next month) are 14.2, 0.8, 67, and 87.8 points respectively, with a month - on - month change of 0.6, 0.2, 5.2, and 6.4 points. The positions of IF, IH, IC, and IM change by 10827, 5768, 8841, and - 1747 lots respectively. [7] Stock Index Options - The trading volume of each option variety rebounded slightly but remained at a low - liquidity level since October. The option sentiment index was weak, especially for technology - sector options. Option volatility varied, with the implied volatility of the Science and Technology Innovation 50 ETF option strengthening and that of the CSI 300 stock index option weakening. It is recommended to continue holding covered positions for additional income. [8] Treasury Bond Futures - Most treasury bond futures rose yesterday. The T, TF, TS, and TL main contracts changed by 0.01%, 0.02%, 0.00%, and 0.22% respectively. The central bank's large - scale net injection supported the bond market. In October, the CPI improved, and the core CPI increased significantly. The central bank restarted treasury bond trading, and the short - term factors driving bond yields down were lacking. The stock - bond seesaw effect may weaken, and the restart of treasury bond trading may boost bond market sentiment. The operation suggestions include a trend strategy of oscillating upward, a hedging strategy of paying attention to long - position substitution at high basis levels, a basis strategy of looking for positive spreads and basis widening, and a curve strategy of appropriately paying attention to curve steepening. [4][9] - The trading volumes of T, TF, TS, and TL for the current quarter are 58830, 49109, 24929, and 96097 lots respectively, with a one - day change of 3915, 4624, - 1360, and - 3686 lots. The positions are 231393, 138398, 67365, and 129150 lots respectively, with a one - day change of - 4216, - 4021, - 700, and 1495 lots. The inter - period spreads (current quarter - next quarter) are 0.225, 0.030, 0.052, and 0.250 yuan respectively, with a one - day change of - 0.025, - 0.010, 0, and 0.010 yuan. The cross - variety spreads and basis points also have corresponding changes. [8][9][10] 2. Economic Calendar - The economic data to be released this week includes China's October new RMB loans, social financing scale, M2 money supply annual rate, the US October CPI annual rate, China's October total retail sales of consumer goods annual rate, and China's October industrial added value above designated size annual rate. [12] 3. Important Information and News Tracking - The Asset Management Association of China is soliciting opinions on the "Guidelines for the Management of the Thematic Investment Style of Publicly Offered Securities Investment Funds" to standardize the style drift problem of thematic investment funds. [13] - The State Council General Office issued measures to promote private investment, including expanding access, removing obstacles, and strengthening support. [13] - Two departments issued a guidance on promoting new energy consumption and regulation, with goals set for 2030 and 2035. [13] - China successfully launched the 13th group of low - orbit satellite Internet satellites. [14] - The US Senate reached an agreement to end the federal government shutdown. [15] 4. Derivatives Market Monitoring - The report mentions data monitoring of stock index futures, stock index options, and treasury bond futures, but no specific data content is provided. [16][20][32]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Last week, the bond market had a weak and volatile performance with a flattened and upward - shifted yield curve. The central bank's bond - buying scale was less than expected, leading to some profit - taking. Rumors about the new public bond fund redemption fee rules and the stock market's rebound also affected the bond market. The short - end yield increased more than the long - end, narrowing the term spread [3][4]. - This week (the week of November 10), the bond market is expected to have a warm - biased and volatile performance. The increasing economic downward pressure in the fourth quarter, reduced supply pressure, and institutional pre - emptive allocation support bond - buying. However, the expectation of reserve requirement ratio cuts and interest rate cuts is not high, and the stock market's resilience and the unannounced new public redemption fee rules limit the bond - buying space. The release of October's financial and economic data may affect the bond market's volatility direction, and it is expected that the year - on - year growth rates of major economic indicators in October may decline compared to September, supporting the bond market's warm - biased volatility [3]. Summary by Directory 1. Last Week's Market Review 1.1 Secondary Market - The bond market adjusted last week, with the long - term bond yield rising significantly. The 10 - year treasury bond futures' main contract fell 0.20% cumulatively. On November 8, the 10 - year treasury bond yield rose 1.88bp, and the 1 - year treasury bond yield rose 2.19bp compared to the previous Friday, narrowing the term spread [4]. - From November 3 to 7, the bond market showed different trends each day. On November 4, the central bank's bond - buying scale was less than expected, and on November 6 and 7, rumors about the new redemption fee rules affected the bond market [4]. 1.2 Primary Market - Last week, 57 interest - rate bonds were issued, 53 less than the previous week. The issuance volume was 514 billion yuan, an increase of 101.3 billion yuan, and the net financing was 288.3 billion yuan, a decrease of 31.6 billion yuan. The issuance and net financing of treasury bonds increased, while those of local government bonds and policy - bank financial bonds decreased [11]. - The overall subscription demand for interest - rate bonds was acceptable. The average subscription multiples for treasury bonds, policy - bank financial bonds, and local government bonds were 3.53, 3.77, and 21.98 times respectively [12]. 2. Last Week's Important Events - In October, the year - on - year export growth rate turned negative. The export value decreased by 1.1% year - on - year, 9.4 percentage points lower than in September. The import value increased by 1.0% year - on - year, 6.4 percentage points lower than in September [13]. - In October, the CPI turned positive year - on - year, rising 0.2%. The PPI decreased by 2.1% year - on - year, with a narrowing decline. The CPI's positive turn was due to factors such as rising vegetable and service prices, and the PPI's narrowing decline was related to improved industry supply - demand and rising commodity prices [13]. 3. Real - Economy Observation - Last week, most high - frequency production - end data increased, including the blast furnace operating rate, semi - steel tire operating rate, and petroleum asphalt plant operating rate. The daily average pig iron output continued to decline [15]. - In terms of demand, the BDI index and the CCFI increased, while the sales area of commercial housing in 30 large and medium - sized cities decreased significantly. In terms of prices, pork prices rose, and most commodity prices fell [15]. 4. Last Week's Liquidity Observation - The central bank conducted a net withdrawal of 157.22 billion yuan from the open market last week through reverse repurchase operations [26]. - Last week, R007 and DR007 both decreased, the joint - stock bank inter - bank certificate of deposit issuance rate continued to decline, the national - share direct discount rate for each term increased significantly, the volume of pledged repurchase increased significantly, and the inter - bank market leverage ratio decreased overall [27][28].

Core Viewpoint - The resumption of public market treasury bond trading by the central bank in October signals a positive outlook for the bond market, with expectations for long-term interest rates to decline and related investment products to benefit [1][2][3]. Group 1: Market Signals and Economic Impact - The central bank's resumption of treasury bond trading is seen as a signal for stabilizing growth, which is expected to boost confidence in the bond market [2][3]. - The People's Bank of China (PBOC) indicated that the overall operation of the bond market is good, with current interest rates in a policy-consistent range, which supports market expectations [2][3]. - The operation size of 20 billion yuan, while modest, carries significant signal value, enhancing confidence in the bond market, particularly for medium to long-term interest rate bonds [2][3]. Group 2: Interest Rate Trends and Investment Opportunities - Long-term interest rates for treasury bonds have begun to decline since late October, with expectations for further decreases, presenting investment opportunities in related financial products [3][4]. - The resumption of bond purchases by the central bank is expected to create a favorable environment for long-term interest rates to decline, benefiting bond-related investment products [4][5]. - Investors are advised to focus on bond products with longer durations and stable historical returns, as these are likely to benefit from the anticipated rise in bond prices [5][6]. Group 3: Strategic Investment Approaches - Institutions suggest increasing allocations to medium and short-term credit bonds, as the central bank's actions are expected to improve liquidity and compress credit spreads [6]. - Investment strategies should include optimizing portfolio structures, increasing liquidity through open-end or short-term products, and diversifying into "fixed income plus equity" products to balance risks [6][5]. - The current market environment allows for the inclusion of reasonably valued equity assets in investment strategies, leveraging "fixed income plus equity" products for better returns [6].