作为一名具有9年投资经验的债券基金经理，裴禹翔的投资风格鲜明：专注中高等级债券资产，极少做 信用挖掘和信用下沉，对波动和回撤的容忍度较低。在投资中，裴禹翔坚持优选中高等级债券品种，在 组合运作中预设久期中枢，实际久期不偏离中枢过多，避免因市场情绪过热而过度加杠杆、拉长久期， 减少市场调整时的回撤压力。 对于城投债和产业债，裴禹翔有着更细致的筛选标准，城投债优先选行政级别高、财政收入稳定、平台 及关联方现金流健康的主体；产业债则重点看经营现金流、再融资能力，以及产业相关事件性影响。 对于固收+策略产品中"+"的部分，裴禹翔的策略更加谨慎，聚焦权益仓位精准化设置，避免分散化的 低效仓位，只在确定有机会的标的上集中配置。他精选低波动的可转债品种，不做长期配置，仅在特定 标的出现投资机会时阶段性交易，避免受权益市场震荡扰动。 在交易策略上，裴禹翔擅长基于预期差捕捉机会。他举例，当市场因传闻定价时，其判断这些传闻可能 缺乏真实性，于是逆向操作以获取价差收益。 "绝对收益很难做到，因为债券票息水平逐年下行。但我会努力把回撤控制在接近行业中性水平，并在 此基础上尽可能地增厚收益。"裴禹翔表示。 力争多元化与精细化 今年以来 ...

Core Viewpoint - The article discusses the transition of Zhang Lu from a bank wealth management company to a public fund institution, emphasizing the importance of focusing on win rates over odds in the current volatile bond market [1][3]. Investment Strategy - Zhang Lu has extensive experience in fixed income asset management and successfully navigated the challenges of managing large-scale funds during the transition to net value [2]. - The management of large-scale fixed income products presents challenges, particularly during market adjustments, necessitating careful structuring and stress testing during the portfolio construction phase [2]. - In the public fund sector, there is a greater emphasis on individual capability, such as selecting credit bonds for pricing and finding trading opportunities amid spread changes [2]. Market Conditions - The bond market has faced significant challenges this year, particularly with the ongoing strength in the equity market, which has created a "stock-bond seesaw" effect [3][4]. - Zhang Lu notes that the odds for investing in interest rate bonds have changed compared to last year, suggesting that pursuing win rates may be a better strategy in the current environment [3]. Future Outlook - Zhang Lu believes that if monetary policy remains accommodative and there are no unexpected external disturbances, the overall pressure on the bond market will be manageable, likely maintaining a volatile pattern [4]. - The "stock withdrawal" effect has caused fluctuations in the liability side of fixed income products, necessitating continuous optimization of the liability structure to enhance the experience and returns for holders [4][5].

今年以来，在债市复杂多变的行情中，民生加银基金的基金经理裴禹翔通过紧密的宏观追踪、严格的风 险控制和灵活的交易策略，持续追求低波动与高确定性的投资结果。其专注于中高等级债券资产，摒弃 信用挖掘和信用下沉，在控制回撤的基础上争取做出超额收益，力求创造相对稳健的投资回报。对于固 收+策略的"+"法，裴禹翔采取不跟风的精选可转债策略，仅在市场具有确定性机遇时阶段性把握交易 机会。 对于下半年的市场，裴禹翔认为，无论从相对利差还是从利率下行趋势来看，债券仍具备投资价值。只 要经济趋势、政策预期、外部环境这三个核心因素不变，就将以积极姿态进行组合配置，同时灵活参与 行情交易。 对宏观环境与中观行业的精准研判离不开成熟的固收研究体系。裴禹翔介绍，公司的固收研究体系包括 宏观、中观、微观三层研究框架，从宏观利率环境研判入手，再到行业景气度分析，最后落脚到发债主 体的财务质地分析。比如，在分析城投债时，需要根据地方财政实力、债务率、项目现金流等标准化体 系指标，结合区域经济数据，预判信用风险变化。 近年来，民生加银基金固收条线进行了战略调整，积极顺应市场趋势和政策导向，朝着策略多元化、管 理精细化方向迈进。在波动市场中，固收 ...

现在回过头来看，张璐感慨说，当时在管理大规模资金的情况下，如何构建组合框架和分配资金，如何 应对负债端的大幅波动，都是不小的挑战。 "管理大规模固收产品难点主要在于，当市场调整的时候，由于市场容量有限，难以在摩擦较小的情况 下，完成大规模资产出清，因此需要在组合构建阶段就做好结构铺陈和压力测试，并且准备好择时、左 侧交易等预案。"丰富的经验储备已成为张璐应对市场波动的抓手和底气。 □本报记者王鹤静 从银行理财公司加盟公募机构，兴银基金固定收益部的基金经理张璐带来了丰富的固收资产管理经验。 日前，张璐在接受中国证券报记者专访时，详细介绍了角色转变背后的思考。 在今年震感不断的债市环境下，张璐表示，相比博取赔率，自己更加重视胜率带来的可靠性，尤其是随 着利率债久期策略等有效性降低，她更希望结合事件埋伏、利差交易、一二级套利等细分策略，在震荡 市中累积信用债交易带来的增厚回报。 细化投资策略 张璐曾在银行理财公司任职，拥有丰富的固收资产管理经历，在背负较大管理规模的压力下，顺利跨过 了净值化转型的难关，不仅积累了交易经验，还对各类资产品种、机构行为逻辑有了更加深刻的理解。 相比去年的债牛环境，今年以来债市震感接连不 ...

今年以来，在债市复杂多变的行情中，民生加银基金的基金经理裴禹翔通过紧密的宏观追踪、严格的风 险控制和灵活的交易策略，持续追求低波动与高确定性的投资结果。其专注于中高等级债券资产，摒弃 信用挖掘和信用下沉，在控制回撤的基础上争取做出超额收益，力求创造相对稳健的投资回报。对于固 收+策略的"+"法，裴禹翔采取不跟风的精选可转债策略，仅在市场具有确定性机遇时阶段性把握交易 机会。 对于下半年的市场，裴禹翔认为，无论从相对利差还是从利率下行趋势来看，债券仍具备投资价值。只 要经济趋势、政策预期、外部环境这三个核心因素不变，就将以积极姿态进行组合配置，同时灵活参与 行情交易。 追求相对稳健回报 作为一名具有9年投资经验的债券基金经理，裴禹翔的投资风格鲜明：专注中高等级债券资产，极少做 信用挖掘和信用下沉，对波动和回撤的容忍度较低。在投资中，裴禹翔坚持优选中高等级债券品种，在 组合运作中预设久期中枢，实际久期不偏离中枢过多，避免因市场情绪过热而过度加杠杆、拉长久期， 减少市场调整时的回撤压力。 对于城投债和产业债，裴禹翔有着更细致的筛选标准，城投债优先选行政级别高、财政收入稳定、平台 及关联方现金流健康的主体；产业债则重 ...

Core Viewpoint - The article discusses the transition of Zhang Lu from a bank wealth management company to a public fund institution, emphasizing the importance of refining investment strategies in a volatile bond market environment [1][2]. Investment Strategy Refinement - Zhang Lu highlights the shift in investment strategy from managing large-scale products in a bank to a more detailed approach in public funds, focusing on credit bonds and identifying trading opportunities through pricing discrepancies in primary and secondary markets [2][3]. - The current trend of diminishing bond yields has prompted Zhang Lu to explore "fixed income plus" strategies, incorporating convertible bonds and equities to enhance returns and alleviate concerns over fixed income investments [2]. Market Conditions and Performance - The bond market has faced significant challenges in 2023, with a notable "stock-bond seesaw" effect impacting bond performance, particularly as the equity market strengthens [2][3]. - Zhang Lu notes that the investment landscape has changed, with the effectiveness of long-duration strategies diminishing, leading to a greater emphasis on achieving a higher win rate rather than merely seeking high odds [2]. Event Preparation and Timing - Zhang Lu emphasizes the importance of preparing for key events and understanding market sentiment to optimize entry points for investments, which has proven beneficial in recent market conditions [3]. - The company has successfully capitalized on opportunities by purchasing quality bonds that were sold off by other institutions, thereby enhancing the product's underlying returns [3]. Understanding Liability Needs - The effectiveness of fixed income products relies on understanding the funding needs of the liability side, necessitating a match between investment strategies and liquidity requirements to ensure a better experience for holders [4].

8月22日，沪指突破3800点，再创十年新高。随着近期股市走高，含权类理财产品收益随之上行， 成为银行理财机构的"明星产品"。 近日，《国际金融报》记者在走访银行网点时发现，"固收+"等含权理财产品成为近期客户经理的 主推款。与此同时，多家理财公司在推送中频频出现"固收增强"等字眼。多只理财产品收益率表现亮 眼。 受访专家指出，近期权益市场持续走强，纯固收类产品收益率普遍下滑，含权理财产品的投资价值 凸显，机构顺势加大营销力度。投资者应保持理性投资心态，可采取分散投资策略，避免盲目追逐短期 高收益而忽视潜在风险。展望后续，"固收+"策略认可度将进一步提升。 含权理财产品热度上升 "最近股票市场整体表现较好，固收市场整体收益率较低。目前一至三个月期限理财产品整体利率 在1.8%左右。如果客户风险偏好较高，想要更高的收益率，我们近期偏向推荐'固收+'产品，风险等级 基本在R3级别（中等风险）。"一位股份行客户经理向《国际金融报》记者介绍道。 近日，含权理财产品魅力大增。记者注意到，不少理财公司近期推送的产品中密集出现含权理财产 品的身影。 8月22日，招银理财批量推送了7只"全+福"系列产品（八大系列含权产品）， ...

（原标题：债券不香了 居民"钱袋子" 加速流向权益市场） 21世纪经济报道记者 余纪昕、实习生王罕 8月股债赛道加速轮动，不少理财投资者感到"有些迷茫"。低利率背景下，以往作为安心之选、习惯性放在银行的存款和大额存单，现在看来略显 鸡肋，低波动资产的收益率薄得不够看了。 再叠加去年全年大债牛行情对收益率下行空间的透支，曾被视作"稳稳的幸福"、"持有即赚钱"的债券理财产品，如今顺风局也已过；包括现金类 和债券类在内的固收类理财产品，现今正黯然失色。 资料来源：Wind，21世纪经济报道梳理 几家欢喜几家愁。与权益基金的火热形成鲜明对比，债券基金今年以来交出的"成绩单"大不如前。投资者不难发现，现下债基收益普遍变薄，甚 至个别产品已然出现负收益，让去年安心持有的客户也"尝到了亏钱的滋味"。据Wind数据，截至8月21日发稿，全市场3325只中长期纯债基金今 年以来平均总回报仅为0.45%，这个水平较去年同期的2.44%大幅下滑了1.99个百分点，收益缩水明显。 值得关注是，最近一周债基平均回报为-0.20%，相比去年同期的-0.03%下降0.17个百分点，短期表现同样不尽如人意，债基管理者和投资者今年 面临的收益 ...

Group 1 - The event "2025 Asset Management Annual Conference" was held in Shanghai, focusing on multi-asset allocation strategies in a low-interest-rate environment [1] - Confidence and capital are crucial for the long-term development of China's capital market, with significant inflows from state-owned entities and pension funds since the "9.24" event last year [3] - The central economic work conference in December introduced a moderately loose monetary policy, marking a shift in the monetary policy landscape, which has since been reinforced, providing additional long-term investment capital [3] Group 2 - The bond market has experienced unprecedented volatility, with the 10-year government bond yield dropping over 80 basis points to 1.67% and then rising to 1.745% in the first eight months of 2025 [3] - There is a need for clear differentiation and positioning between short-term and medium-to-long-term investments, with short-term strategies focusing on stable coupon income and credit spreads [4] - The introduction of AI quantitative models and derivatives like government bond futures and interest rate swaps is recommended to enhance traditional analysis frameworks in the medium-to-long-term segment [4] Group 3 - The "fixed income plus" strategy is suggested to expand yield opportunities, with early investments in primary and secondary bond funds to capitalize on potential equity market trends [4] - It is advised to allocate a portion of investments to gold and dividend assets to hedge against inflation and policy uncertainties [4]

Core Viewpoint - The current low interest rate environment is challenging traditional investment strategies, particularly for those relying on interest income from bank deposits and fixed-income products [2][4]. Group 1: Interest Rate Trends - Multiple banks have announced reductions in deposit interest rates, with one-year fixed deposit rates dropping to 0.95%, resulting in less than 10,000 yuan interest for 1 million yuan in a year [2]. - The yield on 10-year government bonds has continued to decline, reaching approximately 1.7%, indicating a shrinking return space for traditional fixed-income products [4]. Group 2: Investment Strategies - The "fixed income plus" strategy is being adopted by funds like Zhongtai Shuangyi Bond, which focuses on bonds while enhancing returns through equity investments, aiming to cover a more diversified asset base [5]. - The secondary bond fund index has seen a significant increase of 378.07% over the past 20 years, outperforming the medium to long-term bond fund index, which increased by 141.81% [6]. Group 3: Fund Performance - Zhongtai Shuangli Bond A has shown significant excess performance since its inception, ranking in the top 16% among similar funds over the past two years [8]. - The fund's one-year return is 5.04%, compared to a benchmark of 4.26%, indicating strong performance relative to its peers [9]. Group 4: Management Team - The fund management team consists of experienced professionals, with both managers having over ten years of investment research experience [11]. - Zhongtai Securities Asset Management, established in 2014, has built a reputation for prioritizing investor interests, managing assets totaling 105.75 billion yuan as of June 30, 2025 [14].