来源：点拾投资 导读：刚刚过去的2025年，是市场重新认识"固收+"的一年，也是"固收+"产品规模大爆发的一年。Wind数据显示，万得混合债券型二级基金规模从2024 年底的6867亿元，增长到2025年末的1.58万亿元，年内规模翻倍，体现出低利率时代的背景下，"固收+"产品或已成为大众理财的"基本盘"。 在新的需求推动下，"固收+"不再只是固收投资中的一个分支，而是多风险层次、多投资策略、多资产的基金品类，"固收+"需求也和十年前截然不同。作 为在全球拥有百年资管经验的摩根资产管理，把成熟的海外投研体系带到了中国，打造了既有海外经验又能适应本土需求的固收+投资团队： 1）第一层特色，是协同作战。摩根资产管理中国按照产品的风险收益特征和用户需求，打造了大投研平台。这样一个大平台包含了股票、债券、FOF和 混合资产等类别，这样既有各自的专业分工，又有来自不同类别资产之间的互相印证。 2）第二层特色，是投研体系的优化。截止2025年9月底，摩根资产管理在全球管理规模4.1万亿美元，超600种投资策略，在不同类别的资产上都有全球专 家的深入研究，建立了一套运作成熟，且具有一定普适性的投研体系。 在固收投资上，摩根 ...

Core Viewpoint - The year 2025 marked a significant recognition and explosive growth of "fixed income +" products, with the scale of mixed bond funds doubling from 686.7 billion yuan at the end of 2024 to 1.58 trillion yuan by the end of 2025, indicating that "fixed income +" has become a fundamental aspect of public investment in a low-interest-rate environment [2]. Group 1: Characteristics of Morgan Asset Management's Approach - The first characteristic is collaborative operation, where Morgan Asset Management China has established a large research platform that includes various asset categories such as stocks, bonds, FOF, and mixed assets, allowing for professional division of labor and mutual verification among different asset classes [2]. - The second characteristic is the optimization of the investment research system, with Morgan Asset Management managing a global scale of 4.1 trillion USD and over 600 investment strategies, supported by in-depth research from global experts across different asset categories [2][6]. Group 2: Localization of the FQT System - Morgan Asset Management China has localized the core concepts of the global FQT system, adapting it to the characteristics of the Chinese market, particularly by adjusting the weight of domestic institutional behaviors in interest rate analysis and emphasizing the importance of financial data such as social financing and credit [3][6]. - The team prioritizes the identification of core factors influencing the bond market by ranking the importance of various factors within the FQT system and establishing effective feedback mechanisms to observe changes in institutional behavior and market pricing [6][7]. Group 3: Rating and Scoring System - In addition to the FQT system, Morgan Asset Management China has adopted a global rating and scoring system that includes an internal credit rating system and an investment value assessment, utilizing a 1-4 scoring system to help identify bonds with favorable investment characteristics [9]. - The ESG rating follows a unified standard, assessing issuers based on industry controversy and focusing on financially significant ESG factors [9]. Group 4: Investment Strategy and Risk Management - The "fixed income +" products have dual objectives of controlling drawdown and achieving returns, leading to a diversified management approach where strategies vary based on product volatility [11]. - Zhang Yige emphasizes a high win-rate investment strategy, focusing on assets with a favorable Sharpe ratio, aiming for a stable net value curve and enhancing the holder's experience [11]. - The investment team adheres to strict investment discipline while also taking on high-cost performance risks, with a focus on understanding the assets and preventing tail risks [13][14]. Group 5: Organizational Structure and Collaboration - Since joining Morgan Asset Management China, Zhang Yige has experienced a platform-based operational model that emphasizes research empowerment and professional division among teams, facilitating the sharing of research outcomes and fostering a culture of open communication [15][16]. - The collaborative structure integrates strengths from different departments to create a comprehensive "fixed income +" product system, enhancing overall efficiency and effectiveness [16]. Group 6: Commitment to Industry Excellence - With over 150 years of global asset management experience, Morgan Asset Management has developed a rich product portfolio and a clear understanding of global capital market dynamics, providing efficient one-stop global asset allocation solutions [18][19]. - The firm aims to establish a stable quality control in the fixed income sector, focusing on team performance rather than individual fund manager contributions to achieve long-term stable performance [19].