Core Viewpoint - The article emphasizes the importance of long-term investment and value investing in the capital market, particularly in light of new policies aimed at promoting long-term funds into the market [1] Group 1: Policy and Market Environment - The new "National Nine Articles" policy aims to significantly boost long-term capital inflow into the market, which is crucial for the healthy and stable development of the capital market [1] - The banking wealth management sector, with a scale of 30 trillion, is expected to inject substantial liquidity into the capital market, benefiting the real economy [1] Group 2: Company Strategy and Product Development - 招银理财 has established an independent equity investment department since 2019 and has been innovating in fee structures, such as launching the first equity product that does not charge management fees if the net value is below 1 [5] - The company has developed a multi-asset strategy brand called "全+福," which includes various strategies like value+, dividend+, and index+ to adapt to different market conditions [7] - 招银理财 aims to enhance its investment strategies and product functionalities, focusing on absolute return goals while also considering relative returns [5][7] Group 3: Investment Roles and Market Stability - 招银理财 plays multiple roles in the market, including being a long-term capital "introducer," a "stabilizer" for the capital market, and a "promoter" of industrial upgrades through participation in equity financing [6] - The company has reported that its PR3 and above equity products have reached over 200 billion, accounting for about one-third of the bank wealth management market [7] Group 4: Investment Trends and Future Outlook - The company sees "固收+" products as a key strategy for increasing equity investment, as they offer a balanced risk-return profile and are well-received by clients with lower risk tolerance [8] - 招银理财 is also focusing on enhancing investor education to improve confidence in equity products, employing a tiered educational approach tailored to different risk preferences [17] - The company anticipates that the proportion of equity assets in wealth management will gradually increase, with a more diversified asset allocation strategy in response to the low-interest-rate environment [20]

● 本报记者王辉 近两周，A股市场内部结构分化，高股息板块、权重股等韧性凸显。中国证券报记者了解到，一些私募 机构当前较为关注部分资金可能向宽基指数成分股"靠拢"的迹象，以及未来潜在的市场联动效应。与此 同时，不少私募业内人士表示，私募管理人必须以长期绝对收益为目标，在投研上积极求新求变。 更加注重中长期收益 上海一家成立逾十年的中型私募创始人在接受中国证券报记者采访时表示："相比小盘股而言，大盘股 基本面更好，业绩兑现度更高，同时估值更低。我认为，公募基金在投资组合搭建上会更加注重指数基 准，基金经理会减少押注赛道或者对小微盘股的交易，更加聚焦于商业模式有壁垒、竞争力突出、成长 性较强、业绩兑现高的标的去投资，更加回归价值投资的本质。"明泽投资创始人马科伟表示，在强化 业绩比较基准约束的导向下，主动权益类基金的行业配置偏离度预计将持续收敛。 第三方机构格上基金研究员托合江认为，要求基金公司建立以中长期收益情况为核心的考核体系。这种 考核机制减少了基金经理追求短期业绩的动力，从而降低了频繁交易和"押赛道搏个股"的行为。在投资 策略上，公募基金经理可能会减少对单一赛道或个股的过度依赖，增加对市场核心资产的配置， ...

价值投资 · 绝对收益 公司简介 重阳投资是首批在中国证券投资基金业协会登记的私募基金管理人，是连续十一年荣获业内最 权威奖项"金牛奖"的私募基金公司。重阳投资秉承"价值投资，绝对收益"理念，经过多年积 累，已创设了一套完善的投研体系，形成了良好的企业文化，聚合了大批优秀人才。在新时代 发展机遇面前，重阳投资愿借助平台积淀，严格遵守行业规范，积极参与市场建设，与蓬勃发 展的中国资产管理行业同步前行！ 详细信息请登录公司网站： http://www.chongyang.net 2025 · 与你同行 2025 · "渠道精英招募计划" 渠道经理 职责 描述 1、负责销售渠道开拓及维护； 2、组织渠道活动，高效传达公司投资策略； 3、及时跟踪渠道和客户动态，做好客户服务工作； 4、其他渠道服务相关工作。 职位 要求 应聘方式 请 发送简历⾄邮箱hr@chongyang.net， 标题请注明：姓名应聘渠道经理 联系⼈：薛⽼师 ▲向上滑动阅览 【免责声明】 本材料由上海重阳投资管理股份有限公司（简称"重阳投资"）原创并编辑发布，仅限于提供信息和投 资者教育的目的。本材料所依据信息和资料来源于公开渠道（例如：万得、彭博 ...

Core Viewpoint - The article discusses the growth of fixed income plus (固收+) products, particularly from Tianhong Fund, and emphasizes the importance of controlling drawdowns in investment strategies during market fluctuations [2][3][6]. Group 1: Growth of Fixed Income Plus Products - The equity market's strength often correlates with the significant development of fixed income plus products, as evidenced by Tianhong's nearly doubled product offerings in 2022 compared to 2021, which was a peak in the previous bull market [3]. - Tianhong's fixed income plus funds have shown varying annual returns over the past decade, with a notable average return of 14.88% in 2015 and a decline to -3.59% in 2022, highlighting the volatility in performance [4][8]. Group 2: Importance of Drawdown Control - The ability to control drawdowns in fixed income plus products becomes increasingly critical during market transitions, as demonstrated by Tianhong's only negative annual return occurring in 2022, when the average return for the entire market was -3.15% [6]. - The article stresses that for investors, the primary goal is capital preservation and achieving better returns than traditional savings, making drawdown control a priority over potential returns [6][11]. Group 3: Assessment and Evaluation Framework - The assessment of fixed income plus products should focus on the overall performance rather than solely on the investment methodology or the fund manager's capabilities [9][10]. - Tianhong's evaluation framework includes key indicators such as risk-adjusted returns (e.g., Sharpe Ratio), maximum drawdown control, and the time taken to recover from drawdowns, which are essential for maintaining a robust investment strategy [12][13][14].

证券研究报告 | 基金研究（公募） 2025 年 5 月 20 日 群策群力，锚定绝对收益目标 天弘基金固收+基金分析 天弘基金旗下固收+业务追求绝对收益，以回撤作为产品定位目标，并以此设定资 产配置中枢。公司实行团队制管理，在资产配置、行业配置和个股选择等关键环节 倾向群策群力。稳健型和积极型固收+基金（详细划分标准参考全文）成立以来整 体实现了较好的收益风险性价比，大部分年份实现了平均正收益。本报告将针对天 弘基金固收+业务产品布局、业绩表现、团队建设、投资风格等方面展开分析。 ❑ 风险提示：本报告仅作为投资参考，基金过往业绩并不预示其未来表现，亦不构 成投资收益的保证或投资建议。 徐燕红 S1090524120003 xuyanhong@cmschina.com.cn 高艺 S1090524020001 gaoyi2@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 天弘含权债基发展概况：天弘基金布局含权债基时间较早，产品线在 2021 年 迎来规模大发展，主要为二级债基贡献。2021 年之前主要被机构持有，之后 个人增持相对较多，目前机构与个人持有份额各半。 ❑ 天弘固收+基金布局情况：天弘 ...

过去几年，辜朝明是国内金融圈绕不过去的一个名字。在股市、楼市的各种鬼故事里， " 日本式的资产 负债表衰退 " 一度是最为撩拨的话题。 但天弘基金的姜晓丽并不跟从这种叙事的引力，她养成了一个新的习惯 —— 每天研读《人民日报》。 以下文章来源于远川投资评论 ，作者张婕妤 远川投资评论 . 看更好的资管内容 在探索绝对收益方法论的最开始的起点上，天弘与几乎所有公募绝对收益团队一样，瞄准债券市场，做 好固收投资。可实际上，一旦遇到债券熊市，就算满仓配置货币，还是没有办法抵抗下跌。 通过报刊史料，在微观文本和宏观结构之间建立桥梁，是不少研究中国近现代史的历史学者所常见的方 法。但在投资领域，这条理解宏观的分析路径在大部分时间里称不上主流。 作为债券出身的基金经理，姜晓丽在此前大部分从业时间里也并不是一个会把投资胜率建立在政策分析 上的人。但身处 2022 年的波动中，她明确地感受到，现实世界里一些底层的框架和规律正在发生深刻 的变化： 政策对经济和市场的影响力正在日益增强，政府对特定产业的重视往往决定了市场的方向。 在这种脉络下，权威媒体的印刷物成为了她不能忽视的参考资料，政府对经济运行、产业方向的调整意 图，显露 ...

Group 1 - The core viewpoint emphasizes the positive outcome of the China-US Geneva trade negotiations, which exceeded market expectations, while acknowledging ongoing uncertainties in tariff discussions [1] - The market has shown a double V-shaped recovery over the past five months, with fixed income plus funds gradually emerging from a low point after facing adjustment pressures [1] - The company aims to provide high-value investment tools that prioritize investor demands for returns and drawdowns, focusing on absolute returns through a solid research and investment approach [1] Group 2 - The investment strategy involves a "core-satellite" approach, maintaining a low valuation, balanced, and diversified portfolio, with a focus on stable core holdings and flexible satellite positions [2] - Strict stock selection criteria are applied, with collaboration among specialized teams to minimize significant losses, ensuring a relatively stable portfolio style [2] - The Tianhong Ankang Yiyang fund has achieved an average annualized return of over 6% since its inception, demonstrating resilience in both bull and bear markets [2][4] Group 3 - Looking ahead, the long-term growth model of the Chinese economy is shifting from export and investment-driven to consumption-driven, necessitating the activation of domestic demand for new growth momentum [7] - The company will combine macroeconomic environment selection with micro-level company quality assessment, remaining cautious of high valuation sectors while seeking attractive investment opportunities [7] - A commitment to high-quality research and monitoring of positive economic signals is emphasized to create value for investors while adhering to the fixed income plus investment baseline [7] Group 4 - The Tianhong Ankang Yiyang Mixed Securities Investment Fund-A has shown consistent performance since its establishment, with annual returns ranging from -2.91% to 18.89% over the years [8] - The Tianhong Ankang Yiyang Mixed Securities Investment Fund-C, established in 2020, has also demonstrated varying performance, with a recent one-year return of 7.59% compared to its benchmark [8]

过去几年，辜朝明是国内金融圈绕不过去的一个名字。在股市、楼市的各种鬼故事里， " 日本式的资产 负债表衰退 " 一度是最为撩拨的话题。 但天弘基金的姜晓丽并不跟从这种叙事的引力，她养成了一个新的习惯 —— 每天研读《人民日报》。 通过报刊史料，在微观文本和宏观结构之间建立桥梁，是不少研究中国近现代史的历史学者所常见的方 法。但在投资领域，这条理解宏观的分析路径在大部分时间里称不上主流。 作为债券出身的基金经理，姜晓丽在此前大部分从业时间里也并不是一个会把投资胜率建立在政策分析 上的人。但身处 2022 年的波动中，她明确地感受到，现实世界里一些底层的框架和规律正在发生深刻 的变化： 政策对经济和市场的影响力正在日益增强，政府对特定产业的重视往往决定了市场的方向。 在这种脉络下，权威媒体的印刷物成为了她不能忽视的参考资料，政府对经济运行、产业方向的调整意 图，显露在字里行间。只要自己保持客观、理性且耐心地阅读它们。 对于姜晓丽而言，对宏观政策的重视，是在 " 术 " 的维度上打了补丁。 实际上，在市场的剧烈变动、底层逻辑的转型变化里，整个天弘 混合资产团队也愈发对资产配置的 " 道 " 有了更深刻的体会。 由此 ...

近日，华泰证券（上海）资产管理有限公司（简称"华泰证券资管"）宣布，旗下FOF业务整体规模突破 400亿元。自2022年底华泰证券资管WeFund平台创设以来，FOF规模在两年多内实现翻番，WeFund平 台产品累计规模已突破100亿元，为2000多位超高净值客户提供落地签约服务。（数据来源：华泰证券 资管，截至2025年5月16日） FOF，践行"绝对收益"理念的资产配置甄选 随着中国资本市场的不断成熟，投资者对投资品种的要求日益提高。一方面，投资产品需具备穿越周期 的能力，在不同市场环境下展现韧性；另一方面，投资者期望降低择时难度，追求持有期内的稳定盈 利，以实现"绝对收益"的投资目标。受此驱动，以FOF为代表的资产配置型产品日渐受到市场认可与投 资者青睐。 FOF产品（Fund of Funds，基金中的基金）是一种通过投资于多个底层基金来实现资产配置价值的金融 产品。与传统单一资产类产品不同，FOF凭借其分散投资、多元品种来源及丰富策略的优势，在复杂多 变的投资环境中体现出可观的"反脆弱性"。FOF类产品通过精选底层基金，构建多策略组合以实现风险 对冲，往往可以很好地实现投资者对回撤控制、多收益来源、 ...

Group 1 - The macroeconomic policies since 2025 have been coordinated to promote high-quality development, leading to a positive economic outlook. The central bank's recent actions, including interest rate cuts and targeted reductions for small and innovative enterprises, signify the start of a monetary easing phase aimed at countering external economic pressures and boosting domestic demand [1] - The recent reduction of tariffs between China and the U.S. has restored market conditions to pre-tariff levels, which is expected to enhance investor risk appetite [1] - The secondary bond funds have gained popularity among investors seeking stable returns, with the launch of the Guolian Stable Gain Bond Fund on May 19, which aims for absolute returns with low volatility through rigorous risk control and proactive asset allocation [1] Group 2 - The issuance of secondary bond funds has surged, with an average fundraising scale of 2.064 billion yuan, reflecting a year-on-year increase of 35.6% and a quarter-on-quarter growth of 13.59% [2] - Historical data shows that the secondary bond fund index has increased by 392.88% since inception, with an annualized return of 7.99%, outperforming major indices like the CSI 300 and other bond fund categories [2] - The secondary bond fund index has a significantly lower annualized volatility compared to the CSI 300, demonstrating its effectiveness as a stabilizing asset during market fluctuations [2][4] Group 3 - The Guolian Stable Gain Bond Fund is designed to focus on absolute returns while controlling drawdowns, catering to investors' needs for both stability and potential yield [5] - The fund will be managed by experienced professionals, including Zheng Ling, who has a strong track record in equity investment, and Han Zhengyu, who specializes in fixed income [6][8] - Zheng Ling emphasizes the importance of maintaining a stable investment portfolio and aims to build positions during market corrections to mitigate risks associated with high entry points [7]