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].

谈及当前大热的投资品种，刘睿认为黄金依然具备长期配置价值。 21世纪经济报道记者李域 全球经济格局调整、外部环境不确定性加剧的背景下，资金的 "避风港" 在哪里？ 近日，在贝莱德中国举办的2026年投资展望上，这家全球资管巨头给出了最新回答，即构建更具韧性和适应性的组合，从区域、战略、主题三 大维度进行系统性资产配置，实现真正的分散化，既不要"把所有鸡蛋放在一个篮子里"，又要避免"把所有篮子放在同一辆车上"的伪分散化情 况。 谈及当前大热的投资品种，贝莱德建信理财副总经理、首席投资官刘睿指出，黄金依然具备长期配置价值，"从长期看，黄金配置逻辑依然坚 实，去全球化趋势、美元走弱、全球央行持续增持等因素提供了结构性支撑，这些驱动因素伴随全球环境的阶段性发展而产生，具有不可逆 性"。他同时提醒，短期需警惕交易拥挤带来的高波动。 在股市和债市方面，贝莱德基金权益、量化及多资产首席投资官王晓京认为，接下来的A股市场，科技是核心主线，若消费等领域出台增量政 策，将催生新的结构性机会。港股因拥有大量可与美股对标甚至替代的科技标的，且估值普遍低于美股，也具备一定吸引力。 "从绝对收益率角度看，美债目前仍具吸引力。"贝莱德基金 ...

"软件类股票的抛售，带动了持有它们的金融公司，尤其是那些带杠杆的金融公司们的股票抛售。"Nationwide首席市场策略师马 克·哈克特(Mark Hackett)表示。"这轮抛售的强度被交易过于拥挤且多头势力退场的特性进一步放大。" 软件股暴跌，BDC与私募信贷类金融公司股价随之暴跌 以科技股为主的纳斯达克100指数本周势将录得自4月初以来最差单周表现;当时，美国总统唐纳德·特朗普(Donald Trump)推出的 大范围关税在全球市场引发混乱。这一冲击也蔓延至市场其他领域，金融板块中的部分领域遭受重创。一个资产管理公司指标 本周下跌逾6%，景顺全球上市私募股权ETF(Invesco Global Listed Private Equity ETF)下跌超过7%，两者都势将录得自4月以来最 差单周表现。与此同时，VanEck BDC Income ETF本周下跌5.6%，这将是其自10月以来最大周跌幅。 智通财经APP获悉，本周始于科技板块的全球股市暴跌，正迅速吞噬那些大规模投资并向被认为面临人工智能发展风险的软件 制造商们放贷的私募信贷类金融公司。另类资产管理公司、投资银行以及商业发展公司(BDC)都在遭 ...

2月6日金融一线消息，国家金融监督管理总局日前发布《关于赵青伟新华资产管理股份有限公司首席合 规官任职资格的批复》，核准赵青伟新华资产管理股份有限公司首席合规官的任职资格。 责任编辑：曹睿潼 2月6日金融一线消息，国家金融监督管理总局日前发布《关于赵青伟新华资产管理股份有限公司首席合 规官任职资格的批复》，核准赵青伟新华资产管理股份有限公司首席合规官的任职资格。 责任编辑：曹睿潼 ...

Group 1 - The recent volatility in gold and silver prices has shocked investors, with gold experiencing a 70% increase over the past year despite a 12% drop last Friday, while silver has seen a 160% rise despite a recent 30% decline [1] - Hank Smith, Chief Investment Officer of Haverford Trust, advises caution in investing in precious metals and commodities, suggesting that the current price movements are primarily driven by momentum investing [1] - Smith argues that funds should be allocated to high-dividend stocks rather than commodities, as his investment portfolio does not include precious metals or other commodities [1] Group 2 - The emergence of futures and exchange-traded funds (ETFs) has significantly lowered the barriers to entry for commodity trading, allowing investors to track asset price movements without holding physical commodities [2] - Smith emphasizes that trading in commodities is largely speculative, as physical commodities do not generate profits or dividends, and the only expectation is to sell at a higher price [2] - Historically, the main participants in the commodity market were businesses needing to hedge against risks associated with physical assets, but now the market is dominated by hedge funds [2] Group 3 - Smith disagrees with the common belief that gold serves as a hedge against inflation, stating that holding gold for an extended period yields minimal returns, potentially lower than short-term government bonds or even savings accounts [3]

Core Viewpoint - Carmignac Gestion SA warns traders to think twice before selling emerging market bonds, as funds are expected to continue flowing into this asset class due to strong structural advantages in emerging economies [1] Group 1: Structural Advantages of Emerging Markets - Emerging economies are showing three structural advantages: sustained economic growth outpacing developed economies, stronger policy accountability from some national leaders, and a cautious monetary policy framework with manageable overall debt levels [1] - The market's rising expectations for U.S. interest rate cuts are driving investors to seek higher-yielding opportunities in other markets, making funds tracking emerging market assets one of the biggest beneficiaries [1] Group 2: Performance and Future Outlook - Emerging market bonds had a return of 12.2% last year, the best performance since 2012, although it may be challenging to replicate this success this year [1] - Despite the narrowing yield spread compared to U.S. Treasuries, emerging market bonds still have potential for growth, as the current yield premium is only 240 basis points, the lowest since 2013 [1] Group 3: Investment Opportunities - Many emerging markets still offer attractive interest rate conditions for arbitrage traders, particularly in countries like Brazil, Colombia, and Turkey [4] - The overall rise in commodity prices is expected to support demand for emerging market bonds, with many emerging markets being key producers of metals involved in the AI and green revolutions [4] - Specific investments in Hungary's local currency bonds and Romania's public finance improvements are highlighted as promising opportunities [5] Group 4: Broader Market Sentiment - Emerging markets such as Ivory Coast, Benin, Egypt, and Uzbekistan are noted for their solid investment fundamentals, with positive market reception encouraging optimism across other sectors [5]

在低利率与资产欠配的双重影响下，追求绝对收益的保险资金正面临前所未有的配置压力。当传统固收 资产难以覆盖负债成本，权益市场直接投资又面临波动风险时，部分中小型保险机构正尝试借道专业的 资产管理通道，将资金投向以往相对陌生的领域——量化私募。 由于监管规则尚未完全明确，名为"MOM"(管理人中管理人)的模式成为了主流"合规桥梁"。在这一生态 链中，险资、券商资管、量化私募三方角色交织，上演着一场关于风险、收益、效率与合规的精细合作 与博弈。 "从黑箱走向灰箱" 合作的第一步，源于最根本的需求碰撞。"险资背负着约3%至4%的刚性负债成本，这决定了其首要目 标是'覆盖成本后的安全收益'，而非追求高波动的弹性回报。"知名量化私募蝶威量化相关负责人一语 道破险资的"负债驱动"本质。该人士表示，险资投资不仅看收益，更看重"资本消耗"，底层资产不透明 可能导致更高的"资本占用成本和风险"。 这种对"确定性"和"穿透管理"的极致要求，与量化私募长期给外界留下的传统形象产生了直接矛盾。此 前，量化私募的投资常常被描绘成一个"黑箱"——神秘莫测，深不可测。华东一家大型保险资管机构人 士的谨慎态度颇具代表性："我们不投资私募量化产 ...

转自：新华财经 •银河证券：黄金中长期牛市的核心逻辑依然稳固 银河证券表示，不应将"美联储换帅"自动等同于市场趋势的大拐点，其政策如何影响美国经济的根本面 才是美元定价的基石。一个由沃什领导的美联储，或将开启央行角色的深刻转变：从金融危机后深度介 入、为市场提供支持的"后盾"，转向更为传统、注重规则与纪律约束的"制度锚"。美元预计短期走强， 长期呈"慢熊"格局；美债短期收益率上行，价格承压，中长期若政策可信，长期通胀预期锚定在2%附 近。全球股市短期承压，长期美股先破后立。黄金中长期牛市的核心逻辑依然稳固，央行购金将持续增 加，美元信用的任何瑕疵也会加速全球多极化储备体系的构建。 铜冠金源期货表示，隔夜公布的美国12月JOLTS职位空缺创五年多新低，远低于预期。美国挑战者企业 1月裁员10.8万人，创2009年以来同期新高，环比激增205%。美联储理事库克称，美联储必须在近期将 通胀率拉回目标水平，这对于维护其信誉至关重要。库克认为，目前风险偏向于通胀上行，同时经济前 景不确定性仍处高位。白银价格在短暂反弹之后再度大幅下挫。目前地缘局势暂时缓和，美联储官员发 布鹰派言论，且芝商所与上期所均再度宣布上调黄金白银 ...

Core Insights - The forum focused on the high-quality development path of the asset management industry amidst a market restructuring phase, emphasizing the transition from quantity accumulation to quality enhancement [1][2]. Group 1: Industry Transformation - The asset management industry has experienced significant growth over the past decade, but the focus is now shifting from scale to quality as a necessary future direction [2]. - The industry is moving from homogeneous competition to differentiated collaboration based on professional specialization, with various institutions like insurance asset management, public funds, and bank wealth management forming a diverse ecosystem [2]. - Institutions are establishing differentiated development paths based on their resource endowments, enhancing overall asset allocation efficiency through specialized roles [2]. Group 2: Collaborative Development - The need for collaboration among financial institutions is increasing to meet the growing wealth management demands of the public, with a focus on co-building, sharing, and winning together [3]. - Collaborative models are innovating in product and asset management, such as banks and public funds complementing each other's strengths in fixed income enhancement [3]. - Institutions are working together to create comprehensive wealth management solutions that cover the entire lifecycle, combining strengths in stable investment and innovative product offerings [3]. Group 3: Technological Empowerment - Technology's role in the asset management industry has evolved from a supportive tool to a core driving force, reshaping investment research and risk management [4]. - Advanced technologies like natural language processing and machine learning are being utilized to enhance research efficiency and identify potential investment signals from vast data [4]. - Digital and intelligent risk control systems are becoming standard in the industry, enabling proactive prevention and comprehensive management capabilities [4].