天弘基金"固收一姐"姜晓丽卸任旗下全部在管产品的消息，引发市场高度关注。 这位在天弘深耕16年、执掌固收+投资超13年的资深基金经理，正式移交其所管理的10只基金，合计规模达350.24亿元。她 在致投资者的公开信中坦言，自2009年入行以来从未休过长假，此次离任是想彻底给自己放个假。 当前，中低风险偏好投资者对优质固收+产品的配置需求依然旺盛，姜晓丽离任后，不少持有人纷纷寻找风格与业绩兼具的 替代人选。 据Choice数据统计，在近五年管理规模超100亿元的固收+基金经理中，剔除任职不满5年的选手后，区间收益排名前十的门 槛已升至30%，其中有两位基金经理近五年偏债混合型基金收益突破60%。而承接姜晓丽管理产品的核心人选，正是其中 之一。 | | | 近五年固收+基金经理收益TOP10 | | | | --- | --- | --- | --- | --- | | 余经理名称 | 基金经理年限 | 近5年区间收益 基金经理类型 偏债 | | 年职基金总规模 [单位]乙元 | | | | [单位]% | | | | | 6.25 | 67.63 | 天弘基金 | 294.93 | | EV4 E | 5.33 ...

在利率下行与权益回暖的推动下，国内"固收+"投资近年迎来蓬勃发展。兴证全球基金"固收+"团队以产 品定位、大类资产配置、自下而上选品、风险管理四大维度为主要抓手，深化"固收+"投资核心竞争 力。 日前，兴证全球基金固定收益部副总监、基金经理刘琦在接受中国证券报记者采访时表示，"固收+"管 理本质上就是要理解客户到底需要什么，发挥自身的竞争力，建立客户黏性。团队希望做好精细化管 理，形成模块化、体系化优势，力争为投资者提供可持续的差异化收益以及安心的投资体验。 打造安心的持有体验 利率持续下行以及权益市场回暖的市场环境下，股债搭配的"固收+"组合成为近年来稳健资金的重点配 置方向。 如何打理好"固收+"组合，给投资者提供安心的持有体验，刘琦希望能把它做成一门"好生意"："好生意 的本质就是了解客户需要什么、如何打造自身的竞争优势和产品矩阵以及如何提高客户体验、建立客户 黏性，这其实和'固收+'的管理思路是一致的。" 尽管目前市场上"固收+"竞争激烈，但刘琦和团队坚持从产品定位、大类资产配置、自下而上选品、风 险管理四大维度入手，扎实修炼内功，打造丰富的"固收+"产品矩阵，力争为投资者提供可持续的差异 化收益。 ...

□本报记者 王鹤静 在利率下行与权益回暖的推动下，国内"固收+"投资近年迎来蓬勃发展。兴证全球基金"固收+"团队以产 品定位、大类资产配置、自下而上选品、风险管理四大维度为主要抓手，深化"固收+"投资核心竞争 力。 日前，兴证全球基金固定收益部副总监、基金经理刘琦在接受中国证券报记者采访时表示，"固收+"管 理本质上就是要理解客户到底需要什么，发挥自身的竞争力，建立客户黏性。团队希望做好精细化管 理，形成模块化、体系化优势，力争为投资者提供可持续的差异化收益以及安心的投资体验。 打造安心的持有体验 如何打理好"固收+"组合，给投资者提供安心的持有体验，刘琦希望能把它做成一门"好生意"："好生意 的本质就是了解客户需要什么、如何打造自身的竞争优势和产品矩阵以及如何提高客户体验、建立客户 黏性，这其实和'固收+'的管理思路是一致的。" 尽管目前市场上"固收+"竞争激烈，但刘琦和团队坚持从产品定位、大类资产配置、自下而上选品、风 险管理四大维度入手，扎实修炼内功，打造丰富的"固收+"产品矩阵，力争为投资者提供可持续的差异 化收益。 "'固收+'产品首先要有清晰的产品定位，风险收益特征、资产投向类型需要明确。其次，围 ...

□本报记者 王鹤静 在利率下行与权益回暖的推动下，国内"固收+"投资近年迎来蓬勃发展。兴证全球基金"固收+"团队以产 品定位、大类资产配置、自下而上选品、风险管理四大维度为主要抓手，深化"固收+"投资核心竞争 力。 对于"固收+"的权益投资部分，刘琦认为，更加考验管理人如何通过动态资产配置，在相对有限的仓位 里精耕细作、挖掘阿尔法收益，这正是兴证全球基金作为主动权益投资大厂的核心竞争力所在。 挖掘超额收益随之而来的，是背后的风险控制。刘琦对于风险预算管理体系颇有心得，他将自己此前在 理财公司管理资产时积累的风险管理经验，注入到"固收+"各类细分策略的管理过程中，仓位管理、回 撤控制等各项指标被细化到日常考核当中。 "我们团队希望以好生意的模式来培育'固收+'业务，在产品定位、大类资产配置、自下而上选品、风险 管理各个环节都能做好精细化管理、做出优势，通过团队作战的方式互相补足短板，打造自身的核心竞 争力。"刘琦希望，"固收+"业务是模块化、体系化的，有一只产品就要管好一只产品。最重要的是，要 给投资者带来安心的持有体验。 把握长坡厚雪投资机遇 随着国内经济韧性日益显现，刘琦期待今年内需相关板块能够有所表现。" ...

Core Viewpoint - The article discusses the resilience of the domestic economy in 2025 amidst fluctuations, highlighting the stable performance of exports and manufacturing as a counterbalance to the downward pressure in real estate and investment sectors, leading to a gradual recovery in market risk appetite [1] Group 1: Economic Outlook - In 2026, the core growth drivers of the domestic economy are expected to be diversified, with policy guidance and market forces working in tandem to support a stable recovery [2] - Export resilience continues to play a stabilizing role, with increased export growth to regions like ASEAN and Africa due to trade substitution and effective matching of industrial demands [3] - New productive forces, such as smart manufacturing and artificial intelligence, are driving industrial integration and are expected to offset the downturn in real estate and external tariff shocks [4] Group 2: Domestic Demand and Fiscal Support - Domestic consumption is anticipated to remain strong, supported by government policies aimed at stimulating demand, with retail sales growth expected to maintain a relatively high level [5] - Investment is projected to stabilize and increase, with ample central investment project reserves and a continued emphasis on proactive fiscal policy and moderately loose monetary policy [5] Group 3: Potential Risks - The real estate market is in a deep adjustment phase, with risks of a slowdown potentially dragging down GDP and spreading credit risks within the sector [6] - External economic and trade environments remain uncertain, with geopolitical conflicts and trade protectionism posing risks to export contributions to the economy [6] Group 4: Fixed Income Investment Strategies - In 2026, the pure bond market is expected to continue a volatile pattern, focusing on coupon income and structural opportunities [10] - Investment strategies will vary among fund managers, with a focus on high-grade credit bonds and flexible operations in interest rate bonds to enhance returns [10][14][18] - The solid performance of equity markets is expected to provide opportunities for fixed income products, with a focus on diversified asset allocation to balance risk and return [21][29] Group 5: Fund Manager Insights - Fund managers emphasize the importance of focusing on coupon income and structural opportunities in credit bonds, while also being cautious about long-term bonds [19][20] - The outlook for fixed income+ products is positive, with expectations of higher returns compared to pure bond products due to structural opportunities in the equity market [24] - Investment strategies should prioritize diversified portfolios to mitigate risks and enhance returns, particularly in the current low-interest-rate environment [30]

Group 1 - The article highlights the strong resilience of the capital market at the beginning of 2026, driven by high investor enthusiasm and robust market dynamics [1] - It emphasizes the significance of 2026 as the starting year of the "14th Five-Year Plan," which carries the mission of establishing a good foundation for future growth amidst changing macroeconomic conditions [1] - The external environment is characterized by subtle adjustments in the Federal Reserve's monetary policy, varying recovery momentum in Europe, and Japan's policy responses to inflation pressures, contributing to a complex global liquidity landscape [1] Group 2 - The article discusses the dual opportunities and challenges present in the A-share market as the fiscal and monetary policies in 2026 are expected to provide sustained upward momentum for the capital market [1] - A significant event, the "2026 Investment Strategy Conference," organized by Bosera Fund and Securities Times, is set to take place on January 9, featuring industry experts and analysts who will analyze policy directions, market logic, and investment opportunities [1][2]

Core Viewpoint - The article emphasizes the importance of multi-asset and "fixed income plus" investment strategies to achieve absolute returns while managing risks effectively. The focus is on providing tailored investment solutions that meet diverse client needs and adapting strategies based on market conditions [4][5][10]. Investment Philosophy - The investment philosophy prioritizes controlling drawdowns while maximizing long-term returns, emphasizing the importance of price over absolute asset quality. The concept of "value for money" is central, with a focus on dynamic asset allocation to capture investment opportunities across different market environments [4][14][17]. Performance Metrics - Since February 18, 2025, the representative product in the "fixed income plus" category, Yin Hua Sheng Hong Bond A, has achieved a net value growth of 6.81%, significantly outperforming the benchmark of 1.28%, resulting in an excess return of 5.53% [5]. Product Solutions - The company offers a comprehensive suite of investment strategies, including fixed income, equity, "fixed income plus" allocation, and FOF strategies, each with various sub-strategies to cater to diverse client needs. This approach is supported by a robust platform ecosystem that enhances investment capabilities [25][22]. Platform Ecosystem - The multi-asset platform ecosystem is structured around four key modules: asset allocation, team culture, information technology, and multi-strategy Alpha. This framework aims to improve decision-making and enhance the sustainability of performance [27][28]. Team Dynamics - The team culture emphasizes collaboration and knowledge sharing, which enhances overall investment management efficiency and performance. The team consists of over 50 members with clear roles, focusing on asset allocation and maintaining sensitivity to market trends [31][33]. Market Outlook - The outlook for the equity market in 2024 and 2025 is optimistic, driven by valuation recovery and improving corporate earnings. The company anticipates that adjustments in asset allocation will help navigate short-term volatility while focusing on long-term growth opportunities [38][39].

Core Viewpoint - The article discusses the current state of the bond market, the characteristics of various bond funds, and investment strategies for different types of bond funds, particularly focusing on "fixed income plus" products. Group 1: Bond Fund Characteristics - Bond funds are a common asset class with unique return and risk characteristics compared to other assets [5] - The performance of bond funds since 2012 shows that their returns and volatility are between those of money market funds and stock funds [7] - Bond funds generally have more stable returns and lower volatility compared to stock funds [8] Group 2: Risks in Bond Funds - Investors need to be aware of the "踩雷" risk, where some bond funds may drop over 10% or even 30% in a short period [10] - To mitigate this risk, investors should choose high-quality bonds like government bonds and diversify their bond holdings [10] Group 3: Types of Bond Funds - Common types of bond funds include: - Short-term pure bond funds, which have very low volatility and returns slightly higher than money market funds [12] - Long-term pure bond funds, which have higher volatility [14] - "Fixed income plus" funds, which include a mix of bonds and a small portion of stocks or convertible bonds [15][41] Group 4: Investment Strategies - The article outlines the differences between short-term and long-term bond funds, emphasizing that short-term funds are currently more suitable for investment due to lower volatility [26] - The "fixed income plus" strategy is highlighted as a way to enhance returns while managing risk through a mix of fixed income and equity [39] Group 5: Factors Influencing Bond Fund Performance - Bond fund prices are inversely related to interest rates; when rates decline, bond prices typically rise [30] - The 10-year government bond yield was around 1.89% as of September 24, 2025, indicating a low-interest environment [32] Group 6: "Fixed Income Plus" Characteristics - "Fixed income plus" products typically have three main characteristics: - They leverage the negative correlation between stocks and bonds to reduce volatility [46] - Their returns and risks are influenced by the proportion of stocks included [48] - They benefit from declining deposit rates, making them attractive in a low-rate environment [55] Group 7: Sources of Returns in "Fixed Income Plus" - Returns from "fixed income plus" products come from: - Stock performance, including earnings growth and valuation increases [59] - Bond interest income and capital gains from trading [62] - Rebalancing strategies that capitalize on market fluctuations [64] Group 8: Selection Criteria for "Fixed Income Plus" - When selecting "fixed income plus" products, investors should consider: - The ratio of stocks to bonds [67] - The type of bonds held, favoring government bonds for lower risk [69] - The style of stocks, with a preference for value stocks over growth stocks [73] - The presence of a rebalancing strategy to manage risk effectively [75] Group 9: Current Investment Climate - As of late September 2025, the stock market is rated around 4.2 stars, indicating it is not overly expensive, making "fixed income plus" products a viable investment option [77] - The article suggests that with low interest rates, "fixed income plus" products are still in a favorable investment phase [78]

Core Viewpoint - The article emphasizes the importance of understanding the characteristics and risks associated with "fixed income +" products, aiming to correct common misconceptions among investors [1] Misconception 1: Equating "Fixed Income +" with "Capital Protection" - Many investors mistakenly believe that "fixed income +" products guarantee profits and equate them with capital-protected products like savings or government bonds, which misrepresents their risk profile [2] - The "fixed income" portion primarily invests in bonds for stable returns, while the "+" part includes equities that can introduce volatility, leading to potential short-term losses [2] - Historical data shows that during significant market downturns, some "fixed income +" products experienced maximum drawdowns exceeding 5%, highlighting the difference from "capital protection" expectations [2] Misconception 2: Focusing on Short-Term Gains - Investors often prioritize short-term returns, selecting products based on recent performance rather than considering the long-term investment strategy of "fixed income +" products [3] - The "+" portion's returns are heavily influenced by equity market fluctuations, which can lead to significant short-term volatility [3] - "Fixed income +" products are better suited for a 1-3 year investment horizon, where the focus should be on long-term performance stability rather than chasing short-term gains [3] Misconception 3: Overemphasizing the "+" Component - Some investors overly focus on the "+" equity portion, treating "fixed income +" products like equity funds and neglecting the foundational role of the "fixed income" component [4] - The "fixed income" part provides a safety net through stable returns from high-quality bonds, while the "+" part aims to enhance overall returns [4] - If the equity allocation exceeds 30%, the product's volatility may resemble that of equity funds, which can lead to significant losses during market downturns, contradicting the expected stability of "fixed income +" products [4] Rational Allocation of "Fixed Income +" - The company advocates for a rational approach to investing in "fixed income +" products, emphasizing the need for clear risk awareness, a long-term perspective, and a focus on the core value of the "fixed income" component [5][6] - Investors should avoid equating "fixed income +" with capital protection, maintain a long-term view of 1-3 years, and prioritize the stability provided by the "fixed income" portion over the potential gains from the "+" component [6]

Group 1 - The low interest rate environment has created new investment opportunities, leading to increased demand for "fixed income +" products among conservative investors [1][2] - As of mid-2023, the total market size of "fixed income +" products has surpassed 1.55 trillion yuan, indicating significant growth [2] - The decline in deposit rates and the performance of the equity market have shifted investor sentiment towards "fixed income +" strategies, which combine risk management with yield pursuit [2][4] Group 2 - "Fixed income +" products are now characterized by diversified asset allocation and risk-return profiles, catering to various investor needs [3] - The current market environment suggests that while equity markets have shown recovery, bond assets still hold significant value due to their safety features [4] - Investors are encouraged to maintain a balanced approach, utilizing "fixed income +" products to navigate market fluctuations while seeking returns [4][6] Group 3 - Recent performance data shows that several "fixed income +" funds from 嘉实基金 have outperformed their benchmarks, with returns ranging from 5.81% to 10.49% over the past year [7] - The success of these funds highlights the importance of reassessing investment strategies in a low interest rate era, focusing on long-term stable growth [7][8] - 嘉实基金 emphasizes the need for a diversified approach to asset management, aligning with investor demands for reliable and effective solutions [8]