在利率持续下行的市场环境中，传统固收资产提供的票息收益日益稀薄，投资者普遍获取收益的难度加大。如何实现资产的稳健增值，成为当前财富管理 的核心命题。永赢基金凭借其在固收领域的深厚积淀，通过系统化的多资产、多策略布局，特别是在"固收增强"方向上的精耕细作，为投资者在复杂市场 中提供了一条兼顾稳健与收益的可行路径。 在近期一次路演分享上，永赢基金绝对收益投资部总经理刘星宇与固定收益投资部总经理吴玮从产品运作方法论和宏观资产配置视角，系统阐述了永赢基 金对于固收增强产品的全新思考与实践。 应对低利率环境： 从"单一票息"到"多元增强" 永赢基金绝对收益投资部总经理刘星宇认为，参考海外发达市场经验，当利率长期徘徊于低位时，单纯的债券资产难以满足收益目标，向多资产、多策略 拓展是必然选择。然而，简单的资产堆砌并不可靠，关键在于如何科学地选择与配置。 对此，刘星宇提出了"多资产、多策略"的核心解法。通过拓展资产类别（如债券、股票、转债、黄金、海外权益等），利用资产间的对冲与互补特性，有 效拓宽投资组合的有效边界，优化风险收益比。同时，在每一资产类别内部深耕多种策略（如股票中的红利、质量、成长等Smart Beta策略，债 ...

把"复杂"留给团队，把"简单"交给客户 "市场保持非理性的时间，可能比你保持偿付能力的时间更长。" 一个世纪前，经济学大师凯恩斯以其敏锐的洞察，道出了市场非理性与投资者生存之间的永恒张力。而在今天， 这句警示依然回荡在中国资管行业的浪潮之中。 如何在非理性的市场中，为投资者构建一艘稳健前行的"绝对收益方舟"？兴证全球基金固收增强团队，以其独特 的"复杂系统"投资哲学、多元均衡的策略矩阵，以及刻入基因的信托责任，正试图系统性地回答这一时代命题。 一、团队画像：多资产强将组成的"固收增强"矩阵 2021年含权债基有过一轮大发展，但在2022年之后的权益市场下跌中，含权债基因为变成了"固收-"而被诟病。但 到了今年上半年，含权债基又成为增速最快的细分赛道之一。不过不同客户的风险偏好差异显著，不同产品的风 险收益差距也很大。 兴证全球基金固定收益部副总监刘琦观察到，本轮含权债基产品发展最大的不同在于产品被严格细分（低波、中 波、高波），客户对风险收益有了更清晰的定位和更理性的预期，大量资金流入了定位明确的低波产品。 团队构建了清晰完整的"一级债基—二级债基—偏债混合"产品谱系，由7位基金经理管理12只产品，并依据波动 ...

Core Insights - The article discusses the performance of public fixed-income enhancement products with a minimum holding period of six months, highlighting the top-performing products from various financial companies [5][6]. Group 1: Performance Overview - As of October 24, 2025, six financial companies have products listed in the top performance rankings, including Ping An Wealth Management, Xingyin Wealth Management, ICBC Wealth Management, Hangzhou Bank Wealth Management, Pudong Development Bank Wealth Management, and Xinyin Wealth Management [5]. - Ping An Wealth Management has the highest number of products in the top 10, with four products achieving over 5% returns in the past year, showcasing strong excess return capabilities and effective risk management [5][6]. Group 2: Product Analysis - The "Flexible Growth and Income Daily Open 180 Days Holding No. 7A" product from Ping An Wealth Management has a one-year net value growth rate of 6.18%, with a maximum drawdown of only 0.01%, indicating strong performance and low volatility [5][6]. - The "Sailing Enhanced Stable Income Daily Open 180 Days Holding No. 5A" product also shows impressive performance, with net value growth rates of 6.11%, 5.49%, and 4.53% since its inception, one year, and year-to-date, respectively, while maintaining minimal drawdown [11][13]. Group 3: Investment Strategies - Ping An's fixed-income enhancement products aim to provide higher returns than bond coupons while maintaining a stable investment experience, suitable for conservative investors [6][10]. - The "Flexible Growth and Income" product primarily invests at least 80% in fixed-income assets and 5% in cash or short-term government bonds, targeting absolute returns [6][9]. - The "Sailing Enhanced Stable Income" series diversifies its investment strategy by including a mix of stable assets and a small percentage of equity-like assets to enhance yield, making it suitable for investors seeking steady income with limited risk [10][13].

Core Viewpoint - The current low interest rate environment and increased volatility in the bond market have led to a growing interest in fixed income enhancement products, with strategies such as leveraged carry becoming more prominent [1][2]. Group 1: Market Conditions - The bond market has experienced significant fluctuations this year, contrasting with last year's upward trend, leading to a negative holding experience for many investors [2]. - The rise in risk appetite, particularly since the second half of the year, has pressured the bond market, resulting in notable adjustments [2]. - Despite the challenges, the fundamental support for the bond market remains, with monetary policy still moderately accommodative [2]. Group 2: Investment Strategies - The leveraged carry strategy is gaining traction as the advantages become more apparent, particularly in the context of mid to short-term instruments [2]. - Long-term instruments, while lacking trend opportunities, still hold value for range trading, allowing investors to capitalize on current volatility [3]. Group 3: Fixed Income Enhancement Products - The demand for fixed income enhancement products is rising as traditional pure bond assets struggle to meet investors' needs for stable returns [4]. - Various innovative and diversified methods for enhancing returns are being explored, including commodities, quantitative strategies, and index tools [4]. - The company has developed a comprehensive fixed income enhancement investment system that includes strategies across different volatility levels, utilizing convertible bonds, stocks, and quantitative methods [4][5]. Group 4: Convertible Bonds - Convertible bonds have gained attention this year, despite their average prices and conversion premiums reaching recent highs, as their adjustments are primarily driven by structural divergences in the equity market [4]. - A new product managed by the company, focusing on a low-volatility fixed income enhancement strategy, is currently being issued, which combines fixed income with convertible bonds [5].

Core Viewpoint - The "fixed income plus" funds have gained popularity among investors, particularly those with lower risk tolerance, due to their unique advantage of balancing risk and return amid market volatility, as evidenced by the growth in total assets of these funds from 1.38 trillion yuan to 1.48 trillion yuan in the second quarter of this year [1][2]. Group 1: Market Performance - The A-share market has successfully risen above 3,800 points since the rebound at the end of September last year, although volatility remains present, such as a pullback at the end of the first quarter this year [1]. - As of the end of August, the average return of 1,647 "fixed income plus" funds over the past year was 9.63%, with an overall positive return rate of 99% and an average maximum drawdown of -2.51% [2]. Group 2: Fund Characteristics - "Fixed income plus" funds are characterized by their focus on stability and pursuit of returns, making them suitable for conservative investors and as a foundational investment for more aggressive investors [1][2]. - Investors are advised to select funds with a stable style and clear strategies that have been tested in the medium to long term [2]. Group 3: Fund Performance Examples - The Guofu Hengrui Bond Fund, managed by Zhao Xiaodong, achieved a one-year return of 10.71% and a three-year return of 15.97%, outperforming the average returns of similar funds [3]. - The maximum drawdown for the Guofu Hengrui Fund was -2.32% over the past year and -3.77% over three years, both lower than the average maximum drawdowns of comparable funds [3]. - Other funds under the same product line, such as Guofu Xinyi Yield and Guofu Anyi Stable 6-Month Holding, also demonstrated solid performance with one-year returns of 8.47% and 7.06%, respectively, and significantly lower maximum drawdowns compared to their peers [3].