导读：过去几年，债券+红利股票的模式，成为了"固收+"产品的主流配置。虽然"固收+"产品的数量不断增长，但产品却趋于同质化。随着权 益市场的估值修复，越来越多投资者也希望找到更具弹性的"固收+"产品。 "固收+"并没有明确的定义，但需要鲜明的特点。这就让我们想到了招商基金混合投资团队。近期我们对话了招商基金首席投资官李刚和招商 基金固定收益投资部混合投资团队基金经理滕越，作为固收大厂招商基金的"突击小分队"，他们身上有几个突出的特点： 1）左侧逆向的投资风格。无论是在资产配置、行业配置、还是个股选择上，都有比较鲜明的左侧逆向特点。他们会在市场恐慌的时候买入， 也会在情绪鼎沸的时候卖出。 2）追求高胜率的大类资产配置能力。要做好"固收+"投资，资产配置能力是超额收益来源的第一步。他们在资产之间的大择时次数不多，但基 本上每一次出手都能取得不错的效果。 3）不保守的含权投资。他们在含权投资上，在严守估值底线的前提下，更追求成长的弹性。他们的投资组合更均衡，不集中在单个行业，当 权益资产有机会的时候，也能体现比较好的业绩表现。过去一年，招商基金混合投资团队多位基金经理的产品收益超过了10%。 4）多样化的投资策略。 ...

Core Viewpoint - The newly developed classification and regulatory rating method for wealth management companies has entered the trial rating phase, with results recently distributed to companies, indicating a shift towards prioritizing quality over scale in the banking wealth management sector [1][10]. Summary by Relevant Sections Rating Methodology - The rating method emphasizes "quality over scale," discouraging wealth management companies from merely pursuing growth in size. Key evaluation factors include corporate governance, asset management capability, risk management, information disclosure, investor rights protection, and information systems, with asset management capability carrying the highest weight [1]. - The rating results are categorized into six levels, with higher numbers indicating lower scores and greater need for attention. Companies rated 1 or 2 can pilot innovative business, while those rated 5 or 6 are considered high-risk [1]. Trial Rating Results - Initial trial ratings for leading companies were reportedly poor due to the scientific evaluation logic and detailed indicator settings, which resulted in small score differences across companies. Larger companies faced disadvantages due to their scale being used as a denominator in the calculations [2]. - Some industry insiders noted that leading companies performed poorly because they engaged in practices like high-yield cash products, which negatively impacted their quality indicators [2]. Key Pressure Points - The performance benchmark achievement rate is highlighted as a significant pressure point for wealth management companies, with the need for adjustments in product performance metrics to align with asset conditions [4]. - The regulatory focus on increasing the scale of mixed and equity products is evident, with a target of raising the proportion of these investments [5]. Investment Strategy Adjustments - Companies are required to reduce the scale of external investments, as lower external investment ratios lead to higher scores. Many companies currently rely on external managers for asset allocation, which is now being scrutinized [7]. - The inclusion of preferred stocks in equity investments raises questions about the true nature of equity holdings among wealth management companies, as some may not hold traditional stocks or equity [6]. Distribution Channel Evaluation - The management of distribution channels is a critical evaluation metric, particularly affecting companies that distribute through smaller banks. The complexity of evaluating various distribution systems poses challenges for compliance [8][9]. Regulatory Implications - The introduction of the rating method signifies a more stringent regulatory environment for the wealth management industry, aimed at addressing irregularities and promoting compliance among companies [10]. - While the rating method may raise the bar for new company approvals, it is unlikely to deter interest in obtaining licenses, as the demand for such licenses remains high [11].