在近年来市场波动加剧、投资者风险偏好趋于稳健的背景下，固收类资产作为资产配置中重要的稳定 器，愈发受到关注。信达澳亚基金凭借在固定收益领域的持续深耕与前瞻布局，旗下固收产品线表现突 出，为投资者在不同市场环境下进行资产配置提供可靠"压舱石"。 当前市场环境下，固收资产仍是资产配置的核心"压舱石"。展望未来，信达澳亚基金将持续优化固收产 品线，以更丰富的产品选择和更专业的投研服务，助力投资者在复杂市场中实现资产稳健增值。 信澳稳悦60天滚动持有债券（A类：022403；C类：022404，R2中低风险）则侧重于中短债策略，以信 用债票息收入为核心底仓，通过灵活调整久期与仓位，积极应对市场变化，力求在控制回撤的同时增强 收益弹性，其抗跌性能也在市场波动中得到了检验。两款产品共同筑牢资产配置的防御基石。 产品持续优异的表现，离不开公司的战略布局与投研支撑。信达澳亚将固收业务列为"第二增长曲线"核 心战略，构建起定位明确、风险收益分层清晰的固收产品矩阵。与此同时，公司组建了一支经验丰富的 专业固收投研团队，搭建起全方位、多维度的风险管理体系，实现对信用风险、市场风险、流动性风险 等的全链条管控，为产品的稳健运作筑牢根 ...

Summary of Key Points Core Viewpoint - The bond market has shown a weak performance recently, with mixed net value changes across various fixed-income products. Short-term products have outperformed, while long-term products have faced declines. The overall sentiment in the bond market is expected to remain weak in the short term, with potential for increased volatility [2][3]. Group 1: Fixed Income Product Performance - In the past month, the sentiment in the bond market has weakened, leading to mixed performance in product net values. High-grade interbank certificates of deposit (CDs) yielded 0.13%, cash management products at 0.10%, and short-term bond funds at 0.05%, while medium to long-term bond funds and equity-linked bond funds saw negative returns of -0.09% and -0.69% respectively [3][9]. - The performance of various indices over the past month shows that short-term bond indices have achieved positive returns, while long-term indices have declined significantly [8][9]. Group 2: Market Review - The bond market has experienced a notable decline, with the yield curve steepening. Key factors influencing this include expectations of diminishing interest rate cuts, a high-risk appetite favoring equities, and increasing long-term bond supply against weakening demand [9][10]. - The liquidity in the market remains stable, with short-term funding rates slightly decreasing. The average rates for 3-month and 1-year AAA interbank CDs have risen marginally to 1.60% and 1.65% respectively [10][12]. Group 3: Future Outlook - In the short term, the interbank CD rates are expected to remain stable, while government bond yields may fluctuate slightly, with the 10-year government bond yield projected to range between 1.7% and 2.0% [28][29]. - The bond market is anticipated to experience a weak and volatile phase, with the 10-year government bond yield likely to face upward pressure, although the extent of this increase is expected to be limited [28][29]. Group 4: Investment Strategies - For investors focused on liquidity management, it is recommended to maintain positions in cash-like products and consider increasing allocations to stable low-volatility financial products and short-term bond funds [34][35]. - Conservative investors are advised to hold onto short-term pure bond products, while those with a higher risk tolerance may consider long-term bond funds when yields rise to the upper range of their expected levels [36][37]. - For more advanced conservative investors, it is suggested to allocate to fixed-income plus products, which may include convertible bonds and equity assets, taking advantage of the anticipated strong correlation between stocks and bonds [37].

Core Viewpoint - The bond market has experienced a correction, with product net values showing differentiation, particularly favoring rights-inclusive fixed income products over traditional bond funds [2][3][11]. Summary by Sections Fixed Income Product Returns Review - In the past month, the bond market corrected while the stock market rose. The performance of products showed differentiation, with rights-inclusive fixed income products yielding 0.54% (down from 0.84%), high-grade interbank certificates of deposit yielding 0.13% (down from 0.14%), and cash management products yielding 0.10% (unchanged). Short-term bond funds yielded 0.05% (up from 0.03%), while medium to long-term bond funds yielded -0.07% (improved from -0.25%) [3][9][10]. Bond Market Review - The bond market saw a correction with overall sentiment remaining weak. Short-term bonds outperformed long-term bonds, and the yield curve continued to steepen. Key factors influencing the bond market included a gradual increase in market risk appetite, new regulations on public fund fees, and a weak economic backdrop [11][12][19]. Industry Events Tracking - On September 5, the China Securities Regulatory Commission solicited public opinions on the "Publicly Raised Securities Investment Fund Sales Fee Management Regulations (Draft for Comments)," which aims to lower costs for investors and promote long-term investment [35]. Outlook - **Short-term (1 month)**: The interbank certificate of deposit rates are expected to remain stable, with continued pressure for corrections in the market. Long-term bonds are anticipated to underperform compared to short-term bonds [11]. - **Medium-term (3-6 months)**: Economic recovery and inflation trends are under observation, with the potential for a slight rise in interest rates. If the central bank initiates a new round of interest rate cuts, it may alleviate correction pressures in the bond market [11][30]. Fixed Income Product Strategy - Investors are advised to prioritize short to medium-term products, with caution advised for long-term investments. The strategy includes maintaining cash positions and considering stable low-volatility financial products, short-term bond funds, or wealth management products [36][39]. Equity Market Overview - The A-share market has shown upward momentum, with the Shanghai Composite Index rising 4.0%, the CSI 300 Index up 7.8%, and the ChiNext Index increasing by 21% over the past month [28]. Asset Class Trends - The bond market is expected to face increased volatility, with a potential top in interest rate increases. The supply of government bonds is projected to decrease, while demand remains supported, leading to a neutral impact on the bond market [30][31]. Investment Recommendations - For conservative investors, maintaining pure bond products is recommended, with a cautious approach to extending duration. For those with higher risk tolerance, mid to long-term bond funds may be considered as interest rates rise above 1.8% [39][40]. Conclusion - The bond market is currently experiencing a phase of correction, with varying performance across different products. Investors are encouraged to adopt a strategic approach based on their risk tolerance and market conditions [36][39].

Core Viewpoint - The total net asset value of public funds in China reached a record high of 33.74 trillion yuan as of the end of May 2025, reflecting a month-on-month increase of 0.62 trillion yuan, or 1.89% [1][3]. Fund Categories Summary - **Stock Funds**: The net asset value of stock funds increased slightly, with a total of 4.58 trillion yuan. The A-share market showed a positive trend, with the Shanghai Composite Index rising by 2.09% in May [4][5]. - **Mixed Funds**: The number of mixed funds decreased by 7 in May, leading to a 0.87% decline in total shares and a 0.38% drop in net asset value [6]. - **Bond Funds**: Bond funds continued to attract investment, with net asset value increasing by 2.91% to 6.78 trillion yuan. The issuance of new bond funds was strong, with 20 new funds raising a total of 36.21 billion yuan [2][8][9]. - **Money Market Funds**: Money market funds saw a significant increase of over 400 billion yuan in May, benefiting from a declining interest rate environment [10]. - **QDII Funds**: Despite a 2.84% decrease in shares, QDII funds experienced a net asset value growth of 1.59%, supported by strong performances in overseas markets [7].

Core Viewpoint - The investment strategy emphasizes risk control while pursuing stable returns for investors, particularly in fixed income products [1][4]. Group 1: Investment Philosophy - The primary goal is to provide relatively stable returns for investors with a low to medium risk appetite, ensuring a strong focus on risk management [1]. - The investment approach combines macro perspectives with trading strategies, focusing on a core position in pure bonds to provide beta returns, while using interest rate fluctuations and convertible bonds to enhance alpha returns [4][5]. Group 2: Investment Strategy and Performance - The investment manager, Song Qianqian, has a background as a trader, which has ingrained a strong risk awareness and liquidity management skills [2]. - The performance of the managed products shows a high success rate, with 12 out of 14 quarters achieving positive returns, resulting in a quarterly success rate of 86% [1][3]. - The strategy involves dynamic adjustments based on market conditions, focusing on the relative value of assets, such as credit spreads and yield curves [5]. Group 3: Product Management - The managed products include a variety of fixed income funds, such as short-term and medium-term bond funds, with a focus on different risk profiles [1][2]. - The pure bond fund, favored by fund of funds (FOF), has a market value held by 42 FOFs amounting to 613 million yuan [3]. - The investment team employs a comprehensive research approach for convertible bonds, ensuring strict credit quality control and providing a curated pool for flexible allocation [6].

作者：招商银行研究院 零售客群部 私人银行部 | | 本期要点摘要 | | | --- | --- | --- | | 回顾 | 近１月 | 2025 年以来 | | 固收产品 | 中长期借鉴>范佳音等>高美级目小在审指音 | 昌等级同业存审指基 > 现金管理 > 短债塞金>中长 | | 收益回顾 | >现金管理>含权债基 | 期债基 > 含权债基 | | | 近一个月资金面转松,关税冲击国内名义经 | | | 债市回顾 | 济增长预期,信贷扩张趋稳,债市情绪明显 | 1月偏强震荡,2月-3月中旬债市大幅调整,3月 | | | 改善后转而关注政策对冲和关税进展,债券 | 中旬以来转为偏强震荡。 | | | 利率快速下行后转为窄幅震荡。 | | | 行业事件 | | 1、银行理财、保险资管首次获得网下 IPO"打新"入场券。短期有助于理财固收+产品"稳中求 | | 跟踪 | 进"策略更好实现,长期或推动理财权益投资占比进一步提升,有利于产品多样化。 | | | 展望 | 短期(1个月维度) | 中期(3-6个月维度) | | | | 债券市场中长期仍有机会。美国经济"滞胀"压力 | | | -同业存单:预计利率 ...