以下文章来源于兴证全球基金 ，作者与您相伴的 兴证全球基金 . 投资理财，有温度，有深度，有态度。 近期， A股 再次 站上 3800点， 这可能正 是一个重新审视投资组合的十字路 口。我们既期盼与基金 "同甘"的喜悦，也需做好与之"共苦"的准备。市场从未 许诺只涨不跌的单边旅程，如何才能在享受潜在收益的同时，更好地管理波动 与回撤？这其中的关键 ，或许就 在于构建一个能够穿越牛熊的 大类资产配置 策略。 想要 "同甘"，可能得先"共苦" 尽管当前市场情绪高涨，多数基金产品已实现净值回升乃至创下历史新高，但不少投资者却在市场上涨前提前赎回了持仓。数据显示，自 2022年至2024年 A股市场调整期间，全市场偏股基金的净申购规模不断萎缩：自2023年起已连续多个季度呈现净流出状态， 尤其在 2024年一季度和四季度，净赎回更是 达到阶段性峰值 （图1） 。 很多投资者没有和自己持有的基金 "共苦"到最后，当然也就没有享受到最近的"同甘"。 图 1 2021年 至今偏股基金季度净申购量（亿份）及表现 数据来源：Choice ，区间：2020/12/31-2025/06/30 为什么投资者没拿住？ 上证综指从 19 ...

Core Viewpoint - The article discusses the increasing interest in mixed equity and fixed income products, particularly the "fixed income +" products, as investors seek absolute returns while benefiting from equity markets. The focus is on the performance of the Huaxia Hope Bond managed by Wu Fan, which has seen significant institutional investment and strong returns while maintaining low volatility [1][2]. Group 1: Product Performance - The Huaxia Hope Bond received 4.1 billion yuan in institutional investment in 2024, ranking among the top three fixed income + products for institutional investors [1]. - The product achieved a maximum drawdown of less than 1% and an absolute return of 6.43% [1][22]. - Wu Fan's management strategy includes maintaining a low equity position (within 10%) to control volatility while achieving good returns [1][2]. Group 2: Investment Strategy - Wu Fan's investment approach is characterized by a top-down timing strategy, which has been a significant source of excess returns [1][9]. - The strategy includes avoiding high-valuation assets and focusing on low-valuation convertible bonds and stocks [2][4]. - The investment framework combines macroeconomic analysis with individual security selection, allowing for effective market timing and asset allocation [5][11]. Group 3: Market Insights - The article highlights the differences in volatility between domestic stocks and bonds, noting that domestic stocks exhibit higher volatility due to a larger proportion of retail investors [6][26]. - Wu Fan emphasizes the importance of dynamic asset allocation in response to changing market conditions, moving beyond a simple stock-bond mix to a more nuanced strategy [7][20]. - The current investment environment is described as a transition from a basic stock-bond mix to a more sophisticated strategy that includes low, medium, and high volatility products [7][20]. Group 4: Future Outlook - Wu Fan anticipates that the market will remain in a state of fluctuation, with macroeconomic fundamentals stabilizing but not yet entering a strong recovery phase [25][26]. - The focus on dividend-paying assets is expected to grow, particularly in a low-interest-rate environment, with an emphasis on selecting specific markets and sectors for investment [27][20]. - The article concludes with a recognition of the challenges posed by increasing institutionalization of the market and the need for active management to achieve excess returns [29].