（2）主动管理策略 主动管理策略通常需要投资者根据市场环境和经济周期的变化，战术性调整投资组合，比如调整所持有 的ETF资产的比例。例如，在牛市期间，投资者可以增加股票类ETF的权重；而在熊市期间，投资者可 以增加债券类或黄金类ETF的权重，以减小风险。 选自深圳证券交易所基金管理部编著的《深交所ETF投资问答》（中国财政经济出版社2024年版） 在ETF投资领域，投资者可以采用多种策略来提高收益，包括投资指数增强型ETF、主动管理策略等。 （1）投资指数增强型ETF 指数增强型ETF是一种在追踪基准指数的同时，尝试获取超额收益的投资产品。它们通常会采用定量模 型，如基于动量、价值、质量等因子的策略，来选取具有超额收益潜力的证券。与传统的被动型ETF相 比，指数增强型ETF的投资组合通常更具灵活性，而且在一定程度上可以提高收益。 目前国内已经上市了多个增强ETF，覆盖了我国的主要宽基指数，包括沪深300指数、中证500指数、中 证1000指数、创业板指数等。投资者在选择这类产品时，可以关注基金公司的指数增强实力和产品增强 效果，综合判断基金管理人是否具备稳定的超额收益能力。 （文章来源：证券日报） ...

Core Viewpoint - The domestic bond market is currently in a downward yield channel due to loose monetary policy, weak economic recovery, and structural asset scarcity, prompting asset managers to accelerate the adoption of active management strategies [1][5][8] Group 1: Market Environment - Since 2023, the bond market has experienced a decline in yields, with the 10-year government bond yield dropping from approximately 2.9% at the beginning of the year to below 1.7% [5] - The overall economic environment remains stable, with production and supply growing rapidly, and consumption and investment showing moderate increases, although challenges such as insufficient effective demand and employment pressures persist [3][4] - The central bank continues to implement moderately loose monetary policies to maintain liquidity and lower financing costs, with expectations for further rate cuts and reserve requirement ratio reductions [4] Group 2: Investment Strategies - In the context of limited yield space, fixed-income wealth management products need to enhance returns through multi-strategy combinations without significantly increasing risk exposure [5][8] - Key strategies include: - **Credit Bond Focus**: Identifying value in credit bonds despite low historical levels [6] - **Leverage Arbitrage**: Capturing yield spreads through low-cost financing and increasing product leverage [6] - **Swing Trading**: Actively managing interest rate fluctuations to capture capital gains [6] - **Use of Derivatives**: Employing tools like government bond futures to hedge risks [7] - **Fixed Income Plus**: Integrating various asset classes to capture dual market benefits [7] Group 3: Product Development and Client Engagement - The company emphasizes the importance of dynamic innovation in product design to meet market changes and client expectations [13] - Wealth management products are designed to cater to diverse risk-return profiles, ensuring a precise match between clients and products [13][14] - The company has established a comprehensive risk management framework and a standardized management mechanism to ensure predictable returns and transparent risk explanations [10][12] - Investor education is a priority, with various initiatives aimed at enhancing client understanding of market dynamics and product features [11][12]

Group 1 - The current investment environment is characterized by significant uncertainty, driven by unpredictable large-scale tariff plans from the U.S. and rising inflation, alongside severe policy divergence among major global central banks [1] - The U.S. stock market is highly concentrated, with a few large-cap companies significantly contributing to excess returns; for instance, the S&P 500 index is projected to return 25% in 2024, but this drops to 20% when excluding Nvidia, and further to 12% when excluding the top seven stocks [1] - The fixed income market faces challenges as investors seek alternatives to equities; the private credit sector, particularly direct lending, has seen "dry powder" reach near historical highs, indicating potential future return reductions due to an oversupply of capital [1] Group 2 - Investors should consider fixed income investments that focus on total returns rather than just yield, utilizing active management strategies that allow for flexible allocation across regions and sectors in a highly differentiated policy environment [2] - Active fixed income fund managers possess deep market insights, which are crucial in the current uncertain economic and geopolitical landscape, enabling them to analyze macroeconomic trends, interest rate movements, and the financial health of specific companies or sectors [2] - These managers are adept at technical analysis, allowing them to identify real-time opportunities from market mismatches, thereby potentially reducing portfolio volatility and capturing risk-adjusted returns in the broader fixed income market [3] Group 3 - There are opportunities in inefficient and often overlooked non-core market segments, such as convertible bonds and AT1 securities, which may be missed by fund managers focused on single industries [3] - In a volatile market environment, characterized by rapid changes due to social media or sudden policy shifts, experience, diversification, and adaptability are essential for capturing subtle market discrepancies [3] - Seeking return-oriented fixed income assets managed by flexible and adaptive fund managers may help mitigate risks associated with current uncertainties while uncovering opportunities created by such uncertainties [3]