畅力资产的"固收+"策略，主要以高评级信用债、利率债为底仓，提供稳定票息与低波动的资产基础， 同时灵活配置权益资产并使用一定的衍生品工具增厚收益。"我们不做信用下沉，不盲目追求高风险收 益，而是在优质资产中寻找确定性。"宝晓辉介绍，公司拥有多个投研小组，覆盖固收、权益、量化、 衍生品等多领域，投研人员平均从业年限超过15年，核心成员多具备险资背景，形成了"稳健为先、均 衡配置"的投研文化。 作为从险资转身私募的领军人物，畅力资产董事长、投资总监宝晓辉的身上融合了险资管理者的稳健与 私募基金经理的灵活。她曾在中国人寿资产管理有限公司及中国人寿养老保险股份有限公司担任高级投 资经理及研究部负责人，参与管理过大规模资金，这段经历不仅塑造了她绝对收益导向的投资理念，也 为其后来创立畅力资产打下了坚实基础。近日，宝晓辉在接受中国证券报记者专访时，畅谈其投资哲 学、策略布局以及对当前市场的深度研判。 聚焦"固收+"策略 宝晓辉的投资生涯始于国内头部保险资管机构，这段经历让她深刻理解了大资金管理的风控艺术与长期 视角。"长期的险资从业履历教会我的不仅是如何获取收益，更是如何在不确定中控制回撤、守住底 线。"她表示。 201 ...

□本报记者 王辉 作为从险资转身私募的领军人物，畅力资产董事长、投资总监宝晓辉的身上融合了险资管理者的稳健与 私募基金经理的灵活。她曾在中国人寿资产管理有限公司及中国人寿养老保险股份有限公司担任高级投 资经理及研究部负责人，参与管理过大规模资金，这段经历不仅塑造了她绝对收益导向的投资理念，也 为其后来创立畅力资产打下了坚实基础。近日，宝晓辉在接受中国证券报记者专访时，畅谈其投资哲 学、策略布局以及对当前市场的深度研判。 聚焦"固收+"策略 2015年3月，宝晓辉创立畅力资产，尽管公司成立初期即遭遇市场巨震，但其凭借着严谨的风控和清晰 的策略定位，在行业洗牌中稳步崛起，多年来持续位居行业中坚梯队。 在宝晓辉看来，投资的本质是理性与纪律的较量。"市场情绪起伏无常，但投资决策必须建立在深度研 究和严格纪律之上。"她表示，畅力资产从成立之初就坚持"绝对收益"的目标，不以短期排名为导向， 而是追求客户资产的长周期稳健增长。这一理念也深刻体现在公司的核心策略——"固收+"之中。 畅力资产的"固收+"策略，主要以高评级信用债、利率债为底仓，提供稳定票息与低波动的资产基础， 同时灵活配置权益资产并使用一定的衍生品工具增厚收益 ...

Market Overview - The recent gold market is characterized by a complex interplay of "policy suppression" and "geopolitical support" [1] - COMEX gold futures net long positions have dropped to the lowest level in nearly four quarters, indicating a potential contrarian investment signal [1] - Current gold prices are fluctuating between $3250 and $3300, influenced by the Federal Reserve's interest rate cut expectations and the volatile situation in the Middle East [1] Technical Analysis - Technical indicators show that the RSI is oscillating within the 30-70 range, and the MACD lines are converging, suggesting a balance of bullish and bearish forces [3] - Aggressive investors are advised to short at $3290-$3300 with a target of $3265-$3250, while conservative investors should consider long positions if prices stabilize around $3250-$3260 with an RSI above 30 [4] Fundamental Variables - The probability of a Federal Reserve rate cut in September has risen to 65%, but a de-escalation in the Middle East may suppress safe-haven demand [4] - Key factors to monitor include July's non-farm payroll data and developments regarding Iran's nuclear facilities, which could disrupt the current market balance [4] Platform Selection - Traditional gold investment faces three main challenges: high storage costs, poor liquidity, and lack of transparency [5] - Gold Sheng Precious Metals, a member of the Hong Kong Gold Exchange, has developed a differentiated competitive edge through technological innovation [5] - The "spread compensation plan" reduces trading costs by 30%, with spreads as low as $0.15 per ounce during market volatility [5] - The MT4/MT5 platforms ensure millisecond-level order execution, maintaining a slippage rate below 0.5% even during significant price fluctuations [5] - Each trade generates a unique "transaction code" for real-time tracking, ensuring compliance and security for client funds [5] Service Offerings - The platform connects to eight top data sources, ensuring synchronized quotes across major markets, with an annualized arbitrage return potential of 15%-25% [6] - A dual-mode investment option allows investors to convert virtual holdings into physical gold bars, providing a tangible asset during market corrections [6] - A three-dimensional model for extreme market conditions significantly reduces the risk of client liquidation during sharp price declines [7] Trend Outlook - Despite Citigroup's bearish outlook for gold prices in 2026, global central bank gold purchases are projected to reach 850 tons in 2025, a 22% year-on-year increase [8] - The trend of "de-dollarization" is providing solid support for gold prices, with China's official gold reserves increasing for eight consecutive months [8] - Gold Sheng Precious Metals is positioned as a reliable partner for investors navigating market cycles, leveraging its compliance, fund segregation, and rapid withdrawal services [8]

Group 1 - Goldman Sachs has secretly positioned itself for bearish hedging, indicating a potential shift in market sentiment towards gold [1] - The breaking of the 50-day moving average for gold suggests that the price level of 3200 may become the last stronghold for bulls [1] - The current market environment is characterized by a resurgence of enthusiasm in the US stock market, prompting a need for contrarian investment strategies [1] Group 2 - Federal Reserve Chairman Jerome Powell's ongoing conflict with former President Trump highlights the beginning of a devaluation trend for the US dollar [1] - The article suggests that the market is currently pricing in unusual logic, which may present unique investment opportunities [1]

Market Overview - On June 12, A-shares opened lower with the Shanghai Composite Index down 0.13%, Shenzhen Component Index down 0.37%, and ChiNext Index down 0.23% [1] - The National Index of Free Cash Flow fluctuated downwards, dropping over 0.5%, with constituent stocks showing mixed performance [1] ETF Performance - The low-fee Free Cash Flow ETF (159201) followed the index decline and was actively traded, leading in scale and share among similar products [1] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both being the lowest in the market, maximizing benefits for investors [1] Investment Strategy - According to Zhongtai Securities, the index remains in a dense trading area, suggesting that the oscillating market may continue [1] - Funds are rapidly rotating around four mid-term trending sectors: dividend assets, safe assets, technology chains, and new consumption [1] - A "reverse layout" strategy is recommended, where significant sector gains indicate a time for profit-taking, while sector adjustments present opportunities for positioning [1] Index Characteristics - The Free Cash Flow ETF (159201) closely tracks the National Index of Free Cash Flow, selecting stocks with positive and high free cash flow after screening for liquidity, industry, and ROE stability [1] - The index is characterized by high quality and strong risk resistance, making it suitable for core portfolio allocation and long-term investment needs [1]