导读："行到水穷处，坐看云起时。"王维的诗句，被张晖写进了汇添富2026年的开年信。 《2026新春开篇寄语｜汇添富基金总经理张晖致全体员工的信：变化的世界，我们到底要坚持什 么》 这句诗用来形容公募行业近年来的境况，恰如其分。过去几年，市场剧烈波动、信任遭遇考验、 旧范式与新逻辑激烈碰撞，公募基金行业面临较大挑战；但"云起"之机，往往就蕴藏在"水穷"之 处，刚刚过去的一年，主动权益回暖，身边咨询买什么基金的朋友又多了起来。 变化的洪流正在重塑资管行业，也催生着新的可能。面对快速流变的世界，我们该如何自处？ 这也是张晖在信中所试图回答的问题。作为汇添富基金总经理，张晖亲自执笔的开年信，一直受 到市场的高度关注，因为这不仅是一次对公司员工的内部动员，也逐渐成为外界观察行业风向的 一个切口。在这个AI技术狂飙突进，大家普遍焦虑的时代，张晖在今年的信中，希望探讨一个朴 素却核心的问题：在变化的世界中，我们到底要坚持什么？ 围绕这一主线，张晖的思考层层递进：第一部分聚焦投研本源，详细拆解了汇添富的投资理念、 垂直一体化投研体系、规则化投资以及"以人为核心"的多策略体系；第二部分直面变化，从对"结 构性非弹性"市场特征 ...

Core Viewpoint - The performance report for the 2025 fiscal year highlights the impressive results of Huatai-PineBridge's "Fixed Income+" business, which has successfully entered the trillion-yuan club, becoming a recognized asset management brand in the stable return investment sector during a low-interest-rate environment [1][2]. Group 1: Performance Highlights - In the high volatility "Fixed Income+" category, Huatai-PineBridge's Tianfu Jixiang A net value increased by 21.39% (benchmark 4.46%), ranking in the top 4 of its category [1] - In the medium volatility "Fixed Income+" category, Huatai-PineBridge's Shuangli Enhanced A net value rose by 15.86% (benchmark 4.25%), ranking in the top 6 [1] - In the low volatility "Fixed Income+" category, Huatai-PineBridge's Wole Return A net value increased by 8.50% (benchmark 4.43%), significantly outperforming the benchmark [2] Group 2: Risk Management and Strategy - Huatai-PineBridge effectively controlled maximum drawdown within a small range despite market volatility caused by global trade tensions and U.S. monetary policy, demonstrating a high return-to-risk ratio [2] - The company emphasizes a balanced approach to returns and drawdowns, utilizing a systematic investment strategy that includes dynamic adjustments of bond duration and stock styles [3][4] Group 3: Research and Investment Culture - Huatai-PineBridge is recognized for its strong active equity investment capabilities, with a vertically integrated research platform that has led to significant performance improvements in its equity funds [4][5] - The company fosters an open and sharing research culture, allowing for collaboration between fixed income and equity teams, which enhances investment decision-making and strategy execution [8][9] Group 4: Product Strategy and Client Focus - Huatai-PineBridge has developed a multi-strategy product matrix to meet diverse client needs, ensuring that "Fixed Income+" is not a one-size-fits-all solution but rather a tailored approach to different risk profiles [11][12] - The firm has established a comprehensive product system that includes various types of "Fixed Income+" products, addressing different volatility and drawdown characteristics to cater to investor demands [12][13] Group 5: Investment Discipline and Management - The company emphasizes rule-based investment management to ensure stability in investment style and sustainable performance, with a focus on differentiating risk-return combinations [17][18] - Huatai-PineBridge has implemented a structured drawdown management process, including pre-warning systems and defined responsibilities, to optimize investment outcomes [18]

Core Viewpoint - 2025 is identified as the "year of return" for active equity investment, with a focus on fundamental research and long-termism, leading to significant returns for investors, particularly highlighted by the performance of Huatai-PineBridge Fund [1] Performance Summary - In 2025, Huatai-PineBridge's Hong Kong Advantage Selection A and Core Technology One-Year Holding A achieved annual returns of 112.70% and 102.40% respectively, significantly outperforming their benchmarks of 27.63% and 27.87% [1] - A total of 25 active equity funds from Huatai-PineBridge recorded annual gains exceeding 50%, with several funds ranking among the top in their categories [1] Long-Term Performance - Over the past three years (2023-2025), Huatai-PineBridge's Health Living One-Year Holding A ranked first among 67 funds, while the North Exchange Innovation Selection Two-Year Open A ranked second among 10 funds [3] - In the five-year period (2021-2025), the Global Mobile Internet Flexible Allocation Mixed A ranked third among 33 funds, demonstrating consistent performance [3] - Over the past seven years (2019-2025), the Global Consumer Industry Mixed A ranked first among 26 funds, indicating strong long-term results [3] Investment Philosophy - Huatai-PineBridge emphasizes a clear investment philosophy focused on in-depth fundamental analysis to select high-quality securities, aiming for sustainable long-term growth rather than short-term price fluctuations [5][6] - The firm recognizes that only high-quality securities can generate replicable long-term returns while effectively managing risks [6] Research and Development System - The company has established a unique vertical integrated research and development system, enabling efficient collaboration across various investment styles and sectors [7] - This system aligns with regulatory guidance to enhance the capabilities of investment teams and improve overall performance [7] Investment Management Innovation - Huatai-PineBridge has implemented a rules-based investment management approach to ensure stable investment styles and controllable risks [8][9] - The firm has created a closed-loop quality assurance system that aligns fund managers' capabilities with product positioning and client needs [9] Talent Development - The company focuses on building a strong team by selecting and nurturing talent from recent graduates while also attracting experienced professionals [10] - Huatai-PineBridge emphasizes a culture of integrity, passion, teamwork, and long-term thinking, fostering a cohesive and effective team environment [10] Future Outlook - The performance in 2025 reflects Huatai-PineBridge's commitment to high-quality development and its belief in the value of active investment capabilities [11] - The firm aims to continue enhancing its research platform, optimizing team structures, and improving service efficiency to contribute to the financial sector's growth [11]

Core Viewpoint - The article highlights the impressive performance of Huatai-PB's "Fixed Income +" products over the past year, showcasing their ability to manage risks while delivering stable returns, which sets them apart in the market [1][2][17]. Performance Summary - Huatai-PB's various "Fixed Income +" products have shown remarkable net value growth over the past year, with Huatai-PB Dual Benefit Enhanced A increasing by 15.86% compared to a benchmark of 4.25%, ranking in the top 10% of similar products [1]. - Other notable performances include Huatai-PB Multi-Asset Income A with a 13.73% increase (benchmark 2.14%) and Huatai-PB Dual Enjoy Return A with an 11.44% increase (benchmark 4.77%), both ranking near the top 15% of their categories [1]. - The company effectively controlled maximum drawdowns during market volatility, with products like Huatai-PB Tantanle Dual Xin A experiencing a maximum drawdown of only -0.90% despite a 6.57% net value increase [1][2]. Unique Investment Strategy - Huatai-PB's "Fixed Income +" strategy is characterized by a deep understanding of the integration of core research capabilities, emphasizing that "+" represents an extension and fusion of investment research [2][17]. - The company has established a vertically integrated investment research system that supports its "Fixed Income +" strategy, leveraging a collaborative platform that enhances investment decision-making [3][5]. Research Culture - The open and sharing research culture at Huatai-PB fosters collaboration between equity and fixed income teams, enhancing the overall investment capabilities [6][8]. - Regular meetings and discussions across teams ensure that research resources are shared, allowing for a more comprehensive approach to investment strategies [7][8]. Product and Team Structure - Huatai-PB has developed a clear multi-strategy product matrix to meet diverse client needs, ensuring that different risk profiles are effectively matched with appropriate investment solutions [9][10]. - The investment team is diversified, with specialized groups focusing on deep value stock investments, large asset allocation, and multi-asset pricing, enhancing the overall investment strategy [12][13]. Management and Risk Control - The company emphasizes rule-based investment management to ensure stability and sustainability in performance, focusing on differentiated management of risk-return combinations [15][16]. - A dedicated data science team supports investment management by providing insights into performance attribution, risk analysis, and behavioral corrections [16]. Conclusion - Huatai-PB's "Fixed Income +" approach is not merely an additive strategy but is rooted in a robust equity foundation, supported by a platform for research, a culture of sharing, and a structured product offering, making it a reliable partner for investors seeking stable returns [17].