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 ...

Core Viewpoint - In a continuously declining interest rate environment, traditional fixed-income assets are providing diminishing coupon yields, making it increasingly difficult for investors to achieve returns. The core proposition of wealth management has shifted towards achieving stable asset appreciation, which is addressed by Yongying Fund through systematic multi-asset and multi-strategy layouts, particularly in the "fixed income enhancement" direction [1]. Group 1: Response to Low Interest Rate Environment - Yongying Fund's absolute return investment department general manager Liu Xingyu emphasizes that when interest rates remain low for an extended period, relying solely on bond assets to meet return targets is inadequate. Expanding into multi-asset and multi-strategy approaches is a necessary choice [3]. - Liu proposes a "multi-asset, multi-strategy" core solution, which involves diversifying asset classes (such as bonds, stocks, convertible bonds, gold, and overseas equities) to effectively broaden the investment portfolio's efficient frontier and optimize the risk-return ratio [3]. - Liu outlines seven specific paths to pursue absolute returns, highlighting the importance of identifying and enhancing long-term high Sharpe ratio assets, actively managing to achieve returns that exceed benchmarks [3]. Group 2: Deep Collaboration Between Stocks and Bonds - Yongying Fund's fixed income investment department general manager Wu Wei notes that the scale of fixed income enhancement products has returned to historical highs, with low to medium volatility being the core variety. Data shows that low to medium volatility strategies often better reflect the "synergistic effect of stocks and bonds" [5]. - The innovative "deep collaboration between stocks and bonds" operational model allows fixed income to play three core roles: liquidity management, providing basic coupon income, and assisting equity in enhancing returns and controlling drawdowns [5]. - Wu believes that under this model, fixed income managers will elevate their perspective from a single bond market to the overall product, focusing on comprehensive evaluations of the relationship between stocks and bonds to manage overall drawdown [5]. Group 3: Product Matrix and Performance - Yongying Fund has established a clear product matrix for fixed income enhancement, with a full range of low, medium, and high volatility layouts. For instance, the Yongying Xinxin A product achieved a return of 21.61% over the past two years, significantly outperforming the peer average of 11.93% [6]. - The Yongying Multi-Asset and Multi-Strategy product has a maximum drawdown of only -0.71%, better than the peer average of -1.39% [6]. Group 4: Systematic Research and Support - Effective execution of strategies relies on a robust systematic research and investment platform. Yongying Fund has developed five systems that span front, middle, and back offices, aiming to scientifically identify market cycle positions and capture various asset return opportunities [10]. - The Qianxing fixed income research system utilizes big data and AI technologies to construct intelligent rating, risk warning, and bond strategy modules, enhancing bond investment capabilities [10]. Group 5: Market Outlook - Looking ahead, Liu anticipates that global liquidity easing and fiscal expansion will likely continue, with U.S. tech stocks, U.S. Treasuries, and gold being noteworthy assets. The A-share market is expected to shift from valuation-driven to profit-driven, with improving corporate earnings as a key support [12]. - Wu provides a practical perspective on the bond market, suggesting that the monetary policy is likely to remain accommodative, with interest rate bonds expected to oscillate within a "low interest rate + high volatility" range, presenting trading opportunities [12].