□本报记者 王雪青 中金基金管理有限公司混合资产部负责人、基金经理于质冰回忆起团队刚组建时的场景，分外感慨。 今年8月，这支在公司内部"创业"的团队——中金基金混合资产部成立。部门从最早的两个人，到如今 四人并肩，在管产品达到9只，管理资金规模约38亿元，产品囊括不同风险收益特征，形成了"固收+"产 品矩阵雏形。 近日，于质冰接受了中国证券报记者的专访，讲述了他的投资理念、团队规划与市场观点。作为权益投 资出身、管理过社保基金的"固收+"业务负责人，于质冰曾经最多同时管理30-40个账户，对各种风格策 略和大类资产配置具有丰富经验。在低利率环境下，公司选中于质冰出任混合资产部负责人，管理"固 收+"团队，希望在稳健的基础上创造收益，力争在"固收+"发展快车道上"跑"出差异化与竞争力。 低利率环境下要做好"固收+" 打造综合研究框架 在于质冰看来，投资既是科学，也是艺术。科学体现在系统与纪律，艺术则蕴含在"天时、地利、人 和"的投研框架与决策权衡中。 "天时是周期，包括宏观经济周期、产业生命周期与政策导向。地利是公司在行业中的竞争地位与护城 河。人和的核心是价格，反映市场预期与估值水平。"于质冰用这三个字，构建 ...

Core Viewpoint - The article discusses the emergence of multi-asset investment products driven by macroeconomic changes, highlighting the need for higher yield products in a low-interest-rate environment and the evolution of fund management practices to meet investor demands for absolute returns [1][2]. Group 1: Macro Environment and Trends - Three long-term forces are driving the development of multi-asset investments: the need for higher yield products due to low interest rates, the shift towards high-quality public fund development, and the establishment of competitive advantages by fund companies through team specialization and product design [2]. - The past decade has seen significant growth in various fund types, such as money market funds and actively managed equity funds, driven by changing macroeconomic conditions [1]. Group 2: Addressing Absolute Return Needs - The investment goal of the multi-asset management team at the company is to achieve absolute returns for investors, addressing behavioral biases caused by high volatility in fund products [6][7]. - The team has identified two main factors affecting absolute returns: investor behavior influenced by product volatility and the limitations of single-asset investment strategies across economic cycles [6]. Group 3: Product Design and Risk Management - A strict risk budget mechanism is implemented in product design, with maximum drawdown targets set at 2%, 3%, or 5% to define product characteristics clearly [7]. - The team employs strategic and tactical asset allocation across stocks, bonds, and convertible bonds to adapt to different macro environments, enhancing the confidence in achieving absolute returns [7]. - The risk management approach emphasizes proactive measures to avoid passive losses, with a focus on maintaining risk budgets and ensuring that fund managers are aware of their risk exposure [13][14]. Group 4: Enhancing Product and User Fit - The company recognizes the need for diverse product offerings to match varying investor risk preferences and investment horizons, moving away from a one-size-fits-all approach [9][25]. - A standardized product framework is established to ensure that product characteristics take precedence over individual fund manager styles, allowing for consistent risk management [9][10]. Group 5: Effective Team Assessment - The assessment of fund managers incorporates both return and volatility metrics, ensuring that managers are incentivized to maintain a balance between risk and return [16][18]. - A unified risk accountability system is in place, where both equity and bond fund managers share responsibility for risk, promoting collaboration and reducing the tendency to take excessive risks for short-term gains [16]. Group 6: Providing Rational Income Expectations - The multi-asset management team aims to provide stable risk-return profiles through systematic asset allocation, leveraging the long-term negative correlation between stocks and bonds [20][21]. - The team employs a modular strategy approach, diversifying investment strategies across various asset classes to enhance the sources of excess returns [21][22]. Group 7: Meeting User Needs with Multi-Asset Products - The company has developed a differentiated product line based on maximum drawdown, investment style, and distribution channels to better align with user needs [25][26]. - By understanding the distinct preferences of different investor segments, the company aims to create a sustainable product line focused on absolute return objectives [26].

从 2016 年成立的第一只 " 瑞系列 "—— 招商瑞庆混合，发展成为数十只 " 瑞系列 " 的含权产品 矩阵；从 "+" 的多元化开始探索，到招商安和、招商安康、招商安宁等数只量化红利低波策略的 " 安系列 " 初具规模；从朴素笼统的居民理财升级理念，到今天涵盖零售、互联网、机构等多类客 群，对每只产品风险收益比精益求精刻画的背后，招商基金如何打造 " 固收 +" 进化样本？ 更早的 " 固收 +" ：从 " 瑞系列 " 到全面的风险谱系产品线 早期的 " 固收 +" 约等于 " 债券 + 股票 " 模式，固收打底、股票增强策略，以少量的权益仓位争取 收益的弹性，这大概是市场对于 " 固收 +" 概念的初印象。 2025 年是 " 固收 +" 迎来长足发展的一年，业绩迭创新高，规模持续攀升，更重要的是持有人实实 在在地拥有了获得感：在产品回撤有限的前提下，获得了一定的绝对收益，产品净值多次创下新高， 股债市场波动间依然有不错的持有体验。 其中，招商基金作为业内领先的 " 固收 +" 管理人，旗下多只 " 固收 +" 产品在近一年持续突破新 高：截至 9 月 30 日，高波产品（权益仓位约 20-30% ） ...