银华盛安六个月持有混合拟任基金经理于蕾拥有近20年的年金管理经验，现任银华基金业务副总经理， 负责养老金及多资产投资管理部，历经市场周期磨炼，形成了以长期收益最大化、控制业绩回撤为目标 的投资理念、框架和方法，善于抓住不同阶段决定行情的主要矛盾，制定资产配置策略。 作为于蕾在"固收+"领域的代表产品，银华盛泓债券历史收益水平和风险控制均领先。基金季报显示， 截至9月30日，银华盛泓债券A近一年净值增长8.92%，同期业绩比较基准为3.53%，期间超额收益达 5.39%。 中证报中证网讯（记者 张凌之）近日，市场多空分歧较大，板块轮动加速切换。有机构建议，投资者 可以用多元配置构建风险屏障，以心态纪律、长期视角把握优质标的。在此背景下，银华盛安六个月持 有混合（A类：025993，C类：025994）将于12月1日发行，或为投资者多元配置应对震荡市提供全新工 具。 资料显示，该基金投资于权益类资产、可转换公司债券（含分离交易的可转换公司债券）、可交换债券 的合计投资比例为基金资产的10%—30%，其中投资于境内股票资产（含仅投资A股的ETF）的比例不 低于基金资产的10%，投资于港股通标的股票的比例不超过股票资 ...

年底大家都在冲刺KPI，时间紧、任务重，看文章的时间很稀缺，我们今天就直接上干货。首先，我们 总结并回答大家现在关心的三个问题： 对市场怎么看？ 今年的大A是结构牛，并不是普涨行情，现在沪指在4000点关口震荡，前期上涨较多的创新药、AI产业 链近期也有所回调，板块和行业之间的轮动加速，赚钱难度进一步提升。 要怎么投资？ 鸡蛋不要装到一个篮子里。大A继续上涨，持仓的权益资产也能跟着"喝点汤"，股市下跌时，重仓资产 也不要是"挨重锤"的对象。因此，比较好的策略是资产配置。股票、债券、商品（黄金、原油）等等， 做到资产层面的分散。 如何省心配？ 做好资产配置的核心是在合适的时间、在合适的位置，以合适的比例配到不同的资产。对于普通投资者 来说，无论是个人精力还是涉猎广度，都挺难做到。因此，建议选择专业投资机构，通过基金组合省心 配置。比如稳健型投资者可以选择"固收+"，不管是股债一九（低波）、二八（中波）、三七（高 波），都有合适的产品能对接大家的需求。 不过，投资者可能会想，为什么要交给专业机构？这主要是基金经理在投资经验、行业判断和策略执行 力上胜率往往更高。我们就以最近在发产品的基金经理举个例子，例如广发集辉 ...

Core Insights - The forum titled "Tide Rising in the East, Intelligent Allocation Globally" was successfully held by Guotai Junan (Chongqing) on November 22, 2023, with participation from over ten financial institutions [1] Group 1: Market Trends and Strategies - Zhang Qian, General Manager of the Asset Allocation Department at Guotai Junan Securities, emphasized the need for upgrading traditional "fixed income +" models in the context of a "low interest rate era" and highlighted the consensus on diversified asset allocation to address market uncertainties and pursue long-term stable returns [4] - Fang Yi, Chief Analyst at Guotai Junan Securities, noted that the underlying logic of the Chinese stock market is undergoing a transformation, characterized by the "transformation bull" where capital market reforms and economic structural transitions mutually reinforce each other, driven by enhanced certainty in China's transformation, deepening capital market reforms, and declining risk-free returns [4] - Zuo Xiuhai, Deputy General Manager, suggested that the "fixed income +" strategy should focus more on investment win rates rather than odds, serving as a stable income base in portfolios, while the equity portion should target areas with medium to long-term logic such as AI and anti-involution, utilizing quantitative strategies to seek excess returns [4] Group 2: Forum Structure and Discussions - The forum featured a main venue and three sub-forums focused on asset allocation, private equity allocation, and wealth allocation, inviting industry experts and leading financial institutions to discuss hot topics such as A-share equity investment strategies, overseas investments, and asset allocation strategies in a low interest rate environment [5]

这款"固收+"证券投资信托产品，不仅成为传统非标资产的有效替代，更标志着吉林信托公司在资管转型中实现了破局。 "固收+"破局：固收打底控回撤，红利增强提收益 随着今年权益市场持续回暖，以"债券打底、权益增强"为策略的"固收+"基金在2025年迎来规模与业绩的"双升"，根据 Wind（万得）数据统计，全市场"固收+"基金规模已突破2.5万亿元，近一年超九成"固收+"产品获得正收益。 伴随监管力度的加强，对非标准化融资的管控不断强化，刚性兑付被打破，传统通道业务以及非标准化放贷模式已难以 持续，信托行业正面临着回归信托本源、向标准化产品资产管理业务转型的压力。随着无风险利率持续降低，"固收+"类 证券投资信托产品正逐渐成为信托行业向资产管理转型的主要解决途径。 在这一大趋势中，吉林信托公司凭借其敏锐的资产挑选和完善的资产配置能力，以"固收+"产品进行突围，展现出较强的 产品力与市场适应性——2024年11月成立的吉林信托公司某"固收+"产品，成立以来的年化收益率达5.62%，历史最大回 撤仅-0.52%,2025年5月底产品改造（增加港股通投资范围）以来年化收益率更是超过10%。 资产管理机构若要提升证券投资产品 ...

数据来自基金季报、半年报、年报。数据截至9月30日。嘉实多利收益成立于2011/3/23，于2020/11/27 由嘉实多利分级债券基金转型为嘉实多利收益债券基金，王茜2011/3/23-2020/11/28，王汉博2020/11/28- 2022/6/23，韩同利2022/6/23-2024/1/18，罗伟卿2020/11/28-2024/2/27，高群山2022/7/19至今。嘉实多利 收益A2020年收益（业绩基准）为8.05%（2.54%），2021年11.75%（1.66%），2022年-3.89% （-2.07%），2023年-0.62%（0.34%），2024年8.04%（6.58%）。嘉实多利收益C成立于2022/10/13，产 品成立以来（2022/10/13-2025/6/30）收益（业绩基准）为9.19%（6.07%），近1年收益（业绩基准） （2024/9/30-2025/9/30）为15.40%（2%），2023年收益（业绩基准）为-1.22%（0.34%），2024年 7.64%（6.58%） 。 MACD金叉信号形成，这些股涨势不错！ 根据最近出炉的银河证券产品评级、国泰海通的基 ...

唐吟波表示，券商资管既具备自身平台优势，又可通过同业合作实现产品创新，这构成了券商在资管行 业中的重要竞争力。通过生态圈合作满足市场对"固收+"产品的需求，将成为中小券商差异化发展的重 要路径。 对于中小券商面临的牌照不全问题，唐吟波认为，可以通过券商同业生态圈实现业务互补。例如，华源 证券正与同业探讨"固收+"、跨境业务合作，并与多家衍生品交易商合作探索创新产品形态。 人民财讯11月21日电，近日，第十九届深圳国际金融博览会暨2025中国金融机构年会在深圳举行。 在"中国证券业资产管理高峰论坛"分论坛上，华源证券资管业务发展部总经理唐吟波表示，券商资管 在"固收+"领域具有独特优势。证券公司拥有全业务链和全牌照，比任何其他资管板块都更具备多资 产、多配置的能力，几乎覆盖所有可用的投资工具。 ...

对于此次银行理财产品发行数量与平均业绩比较基准同步回升的原因，苏商银行特约研究员高政扬对 《证券日报》记者表示，其一，存款利率持续下行，叠加部分高息存款到期后，居民存在资金再配置需 求，双重动力共同推动新发理财产品规模增长；其二，当前资产端收益仍受压制，短期内资金需求有所 提升，机构为吸引资金，选择上调产品业绩比较基准。 本报记者 彭 妍 近期，银行理财市场回暖迹象显著，不仅新发理财产品数量增加，产品业绩比较基准也同步走高，整体 呈现"量价齐升"的积极态势。 从具体数据来看，普益标准数据显示，上周（11月10日至11月16日），全市场新发银行理财产品共计 573款，较前一周增加41款。产品类型方面，开放式产品新发166款，平均业绩比较基准为2.02%，较前 一周上涨0.08个百分点；封闭式产品新发407款，平均业绩比较基准达2.38%，较前一周微升0.02个百分 点，两类产品平均业绩比较基准均呈现小幅向上态势。 对于如何平衡规模扩张与收益稳健，高政扬认为，首先可搭建"固收打底+多元增厚"的资产配置框架， 以固收类资产控制产品波动风险，同时适度增配权益等资产提升收益水平，通过多策略组合进一步分散 风险；其次需细 ...

证 券 研 究 报 告 敢突破，赢非凡 2026年可转债市场展望 证券分析师：黄伟平 A0230524110002 王明路 A0230525060003 徐亚 A0230524060002 2025.11.20 2026年转债市场有确定性+弹性空间，仓位分歧下降，更加需要关注个券超额 www.swsresearch.com 证券研究报告 2 ◼ 2025年回顾：三种定价思维的变化。2025年6月之前，可转债的定价思维依旧是周期思维，转债是典型的"上有顶下 有底"的资产，全市场的中位数价格处在130元之下，具有配置价值。2025年6月~9月，可转债的定价思维转变为权益 定价思维，转债的弹性被正股弹性放大；此时，不强赎的个券、上市半年内的个券一旦其正股具有较大的弹性，转债的 价格就会上行，转股溢价率也会很高。2025年10月之后，固收+市场中的负债主要流向了转债的交易盘，这与2025Q2 负债主要流向配置盘不同，与此同时，从对转债的持有规模来看，配置盘配置转债的规模远远小于交易盘，配置盘负债 规模以及负债的边际增量不及交易盘，这就意味着转债市场的定价思维，走向了负债驱动思维。整体来看，2025年全 年转债市场的定 ...

Core Viewpoint - The article discusses the declining interest rates on bank deposits and wealth management products, indicating that keeping money in banks is becoming less profitable [1][3]. Summary by Sections Interest Rate Decline - Recent years have seen a gradual decrease in the yield of both bank deposits and wealth management products, making it less attractive to keep money in banks [1]. - As of May 2025, major state-owned banks in China have lowered the interest rates on RMB deposits [1]. Current Interest Rates - The current interest rates for various deposit types are as follows: - Demand deposits: 0.05% - 1-year fixed deposit: 0.95% - 3-year fixed deposit: 1.25% - 5-year fixed deposit: 1.30% [3][7]. Reasons for Interest Rate Decline - The long-term trend of declining interest rates is attributed to a slowdown in overall economic growth, with GDP growth rates decreasing from over 10% in 2006-2007 to around 5% in 2024 [5][8]. - As the economy matures, the speed at which companies earn profits slows down, leading to lower borrowing willingness and interest rates [8]. Rise of "Fixed Income +" - In response to declining interest rates, the "Fixed Income +" investment strategy has gained popularity among investors seeking better returns without increasing risk [9]. - "Fixed Income +" typically consists of a low-risk bond component for stability and a higher-risk equity component to enhance returns [9]. Global Perspective on "Fixed Income +" - The "Fixed Income +" concept is well-established in overseas markets, particularly in the U.S. and Japan, where traditional fixed income yields have declined significantly [10]. - In the U.S., as of February 2021, there were 3,936 bond funds, with 1,983 classified as "Fixed Income +," representing nearly 50% of all bond funds and about 70% of total assets [10]. Future Demand for "Fixed Income +" - The decline in traditional fixed income yields is expected to drive domestic investors towards "Fixed Income +" products, which are designed to provide stable returns [11].

Group 1: Market Trends - Continuous inflow of funds into equity ETFs, with over 20 billion yuan entering in the first three trading days of the week and a total net subscription of 542.32 billion yuan since November 1 [1][2] - Specific sector ETFs, such as the Southern Growth Enterprise Board AI ETF and Guotai Junan ETF, have seen significant net subscriptions of 32.52 billion yuan and 21.4 billion yuan respectively [2] - Hong Kong-themed ETFs also attracted substantial inflows, with several exceeding 30 billion yuan in net subscriptions [2] Group 2: Bond Fund Dynamics - In stark contrast, bond funds have faced large-scale redemptions, with over 15 bond funds experiencing significant withdrawals in November [4] - Major bond funds, including Tianhong Fund and Yuanxin Yongfeng Fund, have raised their net asset value precision due to large redemptions [4] - The issuance of new bond funds has been sluggish, indicating a decline in attractiveness for pure bond funds amid poor market performance [4] Group 3: Future Market Opportunities - The market is currently experiencing a rebalancing phase, with funds rotating between sectors, particularly moving towards defensive sectors like finance and public utilities [5] - The AI industry is still in its early development stage, with potential for growth as large models improve, leading to a positive cycle of capital investment and revenue [6] - In the Hong Kong market, high-dividend stocks are becoming increasingly attractive, especially with the potential for a new round of interest rate cuts in the US, supporting valuations in this sector [6]