Core Viewpoint - The investment philosophy emphasizes maximizing long-term returns while controlling drawdowns, aiming to enhance the long-term returns and profit experience for investors [1][6]. Group 1: Investment Philosophy and Strategy - The company focuses on high win-rate assets as a primary source of excess returns [4]. - The investment framework developed over two decades in pension fund management aims to maximize long-term returns while controlling drawdowns [6]. - The multi-asset team integrates scientific management methods from pension funds into the "fixed income plus" business, emphasizing dynamic cross-asset and cross-industry comparisons [8]. Group 2: Performance and Achievements - As of September 30, the "Yinhua Shenghong Bond A" fund achieved a net value growth of 6.81% since February 18, 2025, outperforming the benchmark by 5.53% [10]. - The company ranked 4th among pension fund managers in the weighted average return of single plans for 2024 [10]. Group 3: Risk Management and Decision-Making - The company has established a comprehensive risk management system, including portfolio risk monitoring and market risk warnings [9]. - The investment decision-making process is based on a "high consensus, high belief" mechanism, ensuring efficient transformation of research results into actionable investment strategies [16]. Group 4: Future Outlook - The company holds an optimistic view on the equity market for the next two years, focusing on key variables such as price stability and real estate recovery [17]. - It plans to identify structural opportunities in sectors like technology innovation, aviation, hotels, and tourism as indicators of consumer recovery [17].

"为投资者创造优秀的长期投资业绩，这是投资经理的价值所在。在这个过程中，我们也非常强调控制 回撤。我们的投资理念是在力争控制回撤的基础上实现长期收益最大化，致力于提升持有人的长期回报 和盈利体验。"谈及自己的投资理念，银华基金业务副总经理于蕾作出上述表示。 重点关注高胜率资产，是创造超额收益的主要来源 于蕾，有超过二十年的养老金投资管理经验；2024年4月入职银华基金，现任公司业务副总经理，并担 任养老金及多资产投资管理部总监、FOF投资管理部总监。 在廿载专注养老金投资中，历经牛熊市场周期磨炼，她逐渐形成了一套稳定的投资管理方法，投资经验 丰富。 具体来看，在资产配置层面，银华基金多资产团队强调动态进行跨资产、跨品种、跨行业的性价比比 较，重点关注高胜率资产，并在某一类资产情绪过热、价格透支了未来几年业绩时及时调整。同时，强 调行业配置均衡，不押赛道，控制行业配置的偏离度。 于蕾认为，"固收+"最重要的便是做好资产选择，通过"资产配置+风格选择+行业配置"的投资方法，重 点关注高性价比、高确定性的资产，力争获取超额收益。 她举例称，今年4月7日，中美突发"关税战"对市场带来冲击，股价一次性调整到位，他们选择 ...