经过几年的震荡，市场对于资产间轮动的认识程度加深。长期看来，带有资产配置属性的产品，有望在 财富管理中占据日益重要的地位。 2025年接近尾声，A股形成了鲜明的成长趋势，主动权益型基金大有所为。与此同时，以"固收+"为代 表的混合资产类型产品也在低调崛起。 率先察觉这一趋势的资管公司也在积极布局混合资产投资板块。我们关注到，近几年大成基金混合资产 投资团队迅速成长。大成基金混合资产投资团队由管理经验丰富、具备大类资产视野的资深基金经理组 成，产品布局以"固收+"为核心，兼顾一部分灵活配置型基金。其中，大成元辰招利、大成景兴、大成 景尚等都是受到市场广泛认可、持有体验良好、长期业绩优秀的"固收+"成员。 11月24日，大成荣享混合（A类 025995 C类 025996）正式发售，拟任基金经理为徐雄晖。根据基金合 同，大成荣享混合为偏债混合型基金，投资于权益资产的比例为10%到30%，可投港股通标的。 徐雄晖现任大成基金混合资产投资部基金经理，17年证券从业经验，其中7年公募基金管理经验。从管 理经验来看，徐雄晖历任管理的偏债混合型基金较多，也管理过普通股票型基金，管理经验覆盖相对收 益与绝对收益两大板块。 从 ...

Core Insights - The current low interest rate environment has led to increased pressure on investors regarding opportunity costs, prompting a significant demand for "fixed income +" funds, which saw a growth of over 247.6 billion yuan in the first half of the year [1] - The market is experiencing structural differentiation between technology growth and high dividend sectors, highlighting the unique value of dynamic rebalancing strategies in mixed asset allocations [1] - Dachen Fund's mixed asset investment team has effectively positioned itself to meet the growing demand for mixed asset products, achieving notable growth in its "fixed income +" product offerings [2] Group 1: Fund Performance and Strategy - Dachen Fund's Dachen Yuancheng Zhaoli fund, managed by Sun Dan, experienced a growth of over 7.1 billion yuan in Q2 2025, making it the top-performing "fixed income +" fund in terms of growth [1] - The Dachen Yuancheng Zhaoli fund has maintained a yield of 4.92% since its inception on April 2, 2024, with a maximum drawdown of -0.93%, reflecting a defensive investment philosophy [1][4] - The mixed asset investment team has a strong focus on absolute returns, with the Dachen Yuancheng Zhaoli fund's maximum drawdown significantly lower than the industry average for similar funds [4] Group 2: Team Composition and Expertise - The mixed asset investment team at Dachen Fund is composed of experienced professionals from both fixed income and equity backgrounds, enhancing their ability to manage diverse asset classes [3][6] - Sun Dan and Su Bingyi lead the team, bringing extensive experience in fixed income and equity investments, respectively, which allows for a comprehensive approach to mixed asset management [3][6] - The team emphasizes a culture of long-term and value investing, aiming to align with investor interests and deliver reliable asset management [7] Group 3: Product Offerings and Market Positioning - Dachen Fund's mixed asset investment team has developed a range of products, including cash management, pure bond strategies, and flexible allocation funds, to cater to various investor needs [5] - The team has achieved significant growth in its "fixed income +" product offerings, ranking fourth in the industry for quarterly growth in Q2 2025 [2] - The diverse strategies employed by the mixed asset investment team allow for precise risk-return positioning, enhancing their ability to meet investor demands effectively [5]

Core Insights - The current low interest rate environment has led to increased pressure on investors regarding opportunity costs, prompting a significant growth in "fixed income +" fund sizes, which increased by over 247.6 billion yuan in the first half of the year [1] - The structural differentiation in the stock market, particularly between technology growth and high dividend sectors, highlights the unique value of dynamic rebalancing strategies in mixed asset allocations [1] - Dachen Fund's mixed asset investment team has effectively positioned itself to meet the demand for mixed asset products, demonstrating strong performance and risk management capabilities [3][4] Fund Performance - Dachen Fund's Dachen Yuancheng Zhaoli, a secondary bond fund, saw a growth of over 7.1 billion yuan in Q2 2025, making it the top product in terms of growth within the "fixed income +" category [1] - The fund has achieved a yield of 4.92% since its inception on April 2, 2024, with a maximum drawdown of -0.93%, showcasing a defensive investment philosophy [1][4] - Dachen Fund's overall "fixed income +" product size grew by over 8 billion yuan in Q2 2025, ranking fourth in the industry for quarterly growth [1] Team Composition and Strategy - The mixed asset investment team is composed of members with diverse backgrounds, allowing for a comprehensive approach to multi-asset investment research [2] - The team is led by experienced fund managers, including Sun Dan and Su Bingyi, who bring extensive expertise from both fixed income and equity investment backgrounds [3][6] - The team emphasizes absolute return as a primary management goal, with a strong focus on risk control and performance [4] Product Differentiation - Dachen Fund's mixed asset investment team has developed a range of products that cater to various investor needs, including cash management, pure bond strategies, and flexible allocation funds [5] - The team has successfully covered various types of "fixed income +" products, including primary and secondary bond funds, and flexible allocation funds, ensuring a broad investment strategy [5] - The precise positioning of products based on risk-return profiles aims to better serve investor needs and enhance overall investment experience [5][7]

与此同时，大成基金的混合资产投资业务经过多年的探索，迭代形成了目前的组织架构。公司基于大权益 投研平台，建立了一支既能让成员充分发挥所长，又可互相赋能的混合资产投资团队。团队的目标是通过 多资产的专业投资、多元化的投资理念和丰富的策略工具，提供有差异化风险收益特征的产品，为社会和 投资者创造价值。 近年来，大成基金在长周期内展现的投资能力深受投资人认可。特别是在过去3年的市场中，大成基金的权 益投资经受住了考验，获得了显著的超额收益。 混合资产投资部的基金经理中，有固收投资出身的孙丹，有股票行业研究出身的徐雄晖，有擅长小盘逆向 投资的主动量化基金经理苏秉毅，以及曾有丰富年金管理经验的李煜。部门人员背景高度多元化，为内部 实现多元化策略提供了肥沃的土壤，部门涵盖了现金管理、纯债策略、转债增强、主观选股、主动量化和 衍生品投资等策略工具。 2022年至2024年，A股震荡较为剧烈，大成基金混合资产投资部始终将给持有人带来较好的投资体验作 为工作的核心目标，夯实内功。 藏器于身，时机到来必有所成。 大成基金混合资产投资部有什么特色和优势，为什么能穿越周期，获得优良的业绩，并得到投资者的认 可？记者走访大成基金发现， ...