这不是传统金融学中的"二八定律"，而是优美利投资创始人贺金龙多年资管生涯中总结的投资者获利概 率。 在高波动的产品中，投资者更容易追涨杀跌，回本即卖出，导致产品虽然收益高，投资者却提前下了 车。"市场短期奖励具有爆发力的选手，但长期会奖励能够坚持下来的人。"贺金龙在接受中国证券报记 者专访时说。 回顾优美利投资十多年来的发展路径，从最初2亿元自营盘到如今近75亿元资产管理规模，从几乎囊括 所有策略，到最终聚焦在量化可转债策略、量化对冲策略等为代表的中低波动产品，凭借其风险可控、 收益稳健的特性，逐步形成自己的护城河。 在贺金龙看来，投资最核心的目标从来不是追求短暂的刺激，而是让投资者能够"拿得住、睡得着、赚 到钱"。在市场的风云变幻中，他带领团队以多资产量化体系为底座，坚持控制回撤、平衡风险、以技 术驱动稳健收益，并用真实成绩验证了一条并不拥挤的道路——低波动，并不等于低收益；慢节奏，反 而走得更长远。 相信复利 "慢即是快" 早年，贺金龙在券商工作时，就见证过许多"起高楼、宴宾客、楼塌了"的瞬间。他坦言，那些高斜率的 曲线、短期暴涨的产品固然令人心动，但经历风浪后就领悟到：能让客户真正赚到钱的产品，并不靠爆 ...

□本报记者 王雪青 "低波产品的投资者基本都能赚钱，中波产品约八成投资者赚钱，而高波产品却只有约两成投资者赚 钱。" 这不是传统金融学中的"二八定律"，而是优美利投资创始人贺金龙多年资管生涯中总结的投资者获利概 率。 在高波动的产品中，投资者更容易追涨杀跌，回本即卖出，导致产品虽然收益高，投资者却提前下了 车。"市场短期奖励具有爆发力的选手，但长期会奖励能够坚持下来的人。"贺金龙在接受中国证券报记 者专访时说。 回顾优美利投资十多年来的发展路径，从最初2亿元自营盘到如今近75亿元资产管理规模，从几乎囊括 所有策略，到最终聚焦在量化可转债策略、量化对冲策略等为代表的中低波动产品，凭借其风险可控、 收益稳健的特性，逐步形成自己的护城河。 在贺金龙看来，投资最核心的目标从来不是追求短暂的刺激，而是让投资者能够"拿得住、睡得着、赚 到钱"。在市场的风云变幻中，他带领团队以多资产量化体系为底座，坚持控制回撤、平衡风险、以技 术驱动稳健收益，并用真实成绩验证了一条并不拥挤的道路——低波动，并不等于低收益；慢节奏，反 而走得更长远。 相信复利 "慢即是快" 早年，贺金龙在券商工作时，就见证过许多"起高楼、宴宾客、楼塌了"的 ...

□本报记者 王雪青 "低波产品的投资者基本都能赚钱，中波产品约八成投资者赚钱，而高波产品却只有约两成投资者赚 钱。" 这不是传统金融学中的"二八定律"，而是优美利投资创始人贺金龙多年资管生涯中总结的投资者获利概 率。 在高波动的产品中，投资者更容易追涨杀跌，回本即卖出，导致产品虽然收益高，投资者却提前下了 车。"市场短期奖励具有爆发力的选手，但长期会奖励能够坚持下来的人。"贺金龙在接受中国证券报记 者专访时说。 回顾优美利投资十多年来的发展路径，从最初2亿元自营盘到如今近75亿元资产管理规模，从几乎囊括 所有策略，到最终聚焦在量化可转债策略、量化对冲策略等为代表的中低波动产品，凭借其风险可控、 收益稳健的特性，逐步形成自己的护城河。 在贺金龙看来，投资最核心的目标从来不是追求短暂的刺激，而是让投资者能够"拿得住、睡得着、赚 到钱"。在市场的风云变幻中，他带领团队以多资产量化体系为底座，坚持控制回撤、平衡风险、以技 术驱动稳健收益，并用真实成绩验证了一条并不拥挤的道路——低波动，并不等于低收益；慢节奏，反 而走得更长远。 相信复利 "慢即是快" 早年，贺金龙在券商工作时，就见证过许多"起高楼、宴宾客、楼塌了"的 ...

Group 1 - The latest dividend yield for the S&P Dividend ETF is 4.92% as of November 25, 2021 [1] - The S&P China A-Share Dividend Opportunity Index has shown a one-year return of 8.85% [1] - The annualized volatility for the S&P Dividend ETF is reported at 11.70% [1] Group 2 - The S&P Hong Kong Stock Connect Low Volatility Dividend Index has achieved a one-year return of 29.00% [2] - The annualized volatility for the S&P Hong Kong Stock Connect Low Volatility Dividend Index is 12.14% [2] - The latest dividend yield for the A500 Low Volatility Dividend ETF is 4.18% [2] Group 3 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [4]

Core Viewpoint - The article emphasizes the attractiveness of the Hong Kong Stock Connect Dividend Low Volatility Index, highlighting its high dividend yield, low volatility, and favorable valuation as a stable investment option in the current market environment [2][13]. Group 1: Dividend Yield and Selection Mechanism - The Hong Kong Stock Connect Dividend Low Volatility Index utilizes a three-year average dividend yield as a core selection criterion, targeting large-cap stocks with a minimum yield of 6%, resulting in a weighted average dividend yield of 6.07% as of July 2025, which is the highest among dividend indices [3][4]. - The index ranks above the Hang Seng High Dividend Index (4.8%) and the A-share Dividend Index (5.2%) in terms of dividend yield [3]. Group 2: Low Volatility and Defensive Strategy - The index features a low annualized volatility of 2.97%, which is 31% lower than the Hang Seng Dividend Index (4.3%), providing a defensive shield against market fluctuations [6]. - During significant market downturns, the ETF associated with this index experienced an average drawdown of only 2.1%, compared to a 5.8% drawdown for the CSI 300 Index [6]. Group 3: Valuation and Sector Allocation - As of Q2 2025, the index's price-to-book (PB) ratio stands at 0.63, indicating a valuation in the lowest 10% historically and nearly 50% lower than similar A-share dividend products [8]. - The index has a high concentration in three sectors: banking (32%), coal (18%), and transportation (14%), which are known for their high dividends and strong defensive characteristics [9]. Group 4: Performance and Policy Support - The index has demonstrated strong performance, with a 10.96% excess return over the Hang Seng Total Return Index in the past three months and a two-year annualized return of 30%, ranking it among the top three in the Hong Kong dividend product category [10]. - Approximately 75% of the index's holdings are in state-owned enterprises, benefiting from recent policy incentives aimed at improving market valuations for high-dividend assets, with 12 companies initiating buyback plans totaling over HKD 20 billion [13].

Core Viewpoint - The investment strategy of Minsheng Jianyin Fund focuses on low volatility and high certainty in bond investments, emphasizing high-grade bonds while avoiding credit digging and sinking [1][2] Group 1: Investment Strategy - The fund manager, Pei Yuxiang, employs a macro tracking approach, strict risk control, and flexible trading strategies to achieve stable investment returns [1][2] - The strategy includes a cautious selection of convertible bonds, only engaging in trades when clear opportunities arise [1][2] - Pei Yuxiang maintains a focus on high-grade bonds, with a low tolerance for volatility and drawdown, and avoids excessive leverage during market fluctuations [2][3] Group 2: Market Outlook - For the second half of the year, the bond market is expected to retain investment value, driven by stable economic trends, policy expectations, and external environments [1][7] - The fund manager believes that despite low absolute yield levels, there remains a configuration opportunity in the bond market due to the relative spread compared to policy rates [6][7] - The anticipated downward trend in bond market yields is expected to continue, with a significant decline projected in the second half of the year [7] Group 3: Research Framework - The solid research framework of the company includes macro, industry, and micro-level analyses to assess credit risks effectively [3][4] - The team emphasizes dynamic adjustments to macro assessments through frequent communication and data validation [4] Group 4: Recent Adjustments - In the second quarter, the management strategy became more aggressive due to a more relaxed funding environment and a shift in the central bank's stance towards the bond market [6] - Adjustments made in late March to early April included increasing duration and leverage in the portfolio [6]

Core Viewpoint - The investment strategy of Minsheng Jianyin Fund focuses on low volatility and high certainty in bond investments, emphasizing high-grade bonds while avoiding credit digging and sinking [1][3] Group 1: Investment Strategy - The fund manager, Pei Yuxiang, employs a macro tracking approach, strict risk control, and flexible trading strategies to achieve stable investment returns [1][3] - Pei's investment style is characterized by a focus on high-grade bonds, with a low tolerance for volatility and drawdown, aiming to control the duration of the bond portfolio [1][2] - The strategy for "fixed income +" involves selective convertible bond investments, only engaging in trades when clear opportunities arise [2][3] Group 2: Market Outlook - Pei believes that bonds still hold investment value due to favorable relative spreads and a downward trend in interest rates, as long as the core factors of economic trends, policy expectations, and external environments remain unchanged [1][5] - The second quarter saw a more aggressive management strategy due to a more relaxed funding environment compared to the first quarter, leading to adjustments in duration and leverage [3][4] Group 3: Risk Management - The team emphasizes communication and early positioning to dynamically adjust macro assessments, especially during periods of market volatility [3][4] - A quantitative model is utilized to assist decision-making, guiding actions for increasing or decreasing positions based on model outputs [3][4] Group 4: Current Market Conditions - Despite a strong performance in the A-share market, Pei assesses that there are still opportunities in the bond market based on relative spreads and future trends [4][5] - The absolute yield levels of bonds may be low, but they still present value compared to policy rates, with a potential spread of about 30 basis points for high-grade short-term credit bonds [4][5]