"银行系"基金公司上银基金，在投研体系建设、团队构建等方面持续发力，旗下权益、固收产品整体业绩均较出色 投资时间网、标点财经研究员 齐文健 今年A股市场一扫往日阴霾，行情一路走强，先后冲破3500点、3600点、3700点、3800点四大关键点位。尤其是近期上证指数屡屡将高点"记录"刷新。不 过Wind数据显示，8月27日，上证指数遭遇小幅波动，收于3800.35点。 此时，扎实的投研积累无疑是基金公司捕获投资机会的最好"工具"。投资时间网、标点财经研究员注意到，近年来，监管部门也多次出台有关规定、文 件，引导基金公司加强投研能力建设。 上银基金作为"银行系"公募基金公司的一员，在投研建设方面如何做的呢？ 据投资时间网、标点财经研究员了解，自成立以来，上银基金不断完善投研实力，持续推进投研平台化、一体化建设。投资决策委员会总体引领，下设权 益、固收、海外3大专业委员会协同作战，同时设立宏观策略、信评、转债、行业研究、量化、FOF专业小组，形成专业立体的研究框架。 投研团队成员具备专业背景与行业经验，且在深耕各自擅长领域的基础上不断拓展能力圈，形成投研优势的有效互补。秉承"价值为体，成长为翼"的投资 理念，上银 ...

Core Viewpoint - The equity market continues to show a rebound trend from the "9.24" rally, while the fixed income market experiences fluctuations in a historically low-risk interest rate environment. Overall, various fund indices have yielded positive results in the first half of 2025 [1]. Equity Market - In the second half of 2025, the equity market is expected to face downward pressure but is supported by a stable economic fundamental. The introduction of further reforms in the Sci-Tech Innovation Board by the CSRC in June is anticipated to maintain market activity, although external complexities and domestic demand pressures may lead to a primarily fluctuating stock market with an upward central tendency [5]. - Key sectors to focus on include dividends, pharmaceuticals, military industry, and AI applications [5]. Fund Manager Insights - Fund Manager Yang Jiannan highlights the promising outlook for the pharmaceutical sector driven by innovative drugs, with domestic companies increasingly entering global markets through licensing agreements [6]. - Fund Manager Chen Bo emphasizes the rapid development of new productive forces, including AI and high-end manufacturing, and the rising penetration of spiritual consumption products [7]. - Fund Manager Lu Yang notes that large-cap indices have rebounded to median valuations, and investment strategies will focus on bottom-up stock selection based on industry competition and company performance [8]. Fixed Income Market - The fixed income market is characterized by a pragmatic approach, with limited expectations for significant interest rate cuts in the second half of the year. The central bank is expected to prioritize the stability of the banking system's liabilities and optimize policies based on macro-prudential principles [9]. - The market is likely to see a focus on short-term rates and credit products, with convertible bonds standing out due to their dual advantages in a resilient stock market [9]. Fund Manager Insights - Fund Manager Cai Weifeng reports a mixed strategy in the bond market, achieving moderate net value growth despite a challenging environment [10]. - Fund Manager Chen Fangfei observes that the bond market experienced fluctuations, with the central bank's actions providing some support, while maintaining a high duration strategy [12]. - Fund Manager Xu Jia notes that external risks have influenced bond market trends, with a focus on internal economic conditions as the market stabilizes [14].