作/博望财经 站在2025年底看2026年，估值已经走过最便宜的阶段，盈利改善在不同板块之间分化，外部环境的不确 定因素仍在累积。市场充满机会，却缺一套可反复实践的执行标准。对于公募机构而言，关键在于将对 经济、行业和企业的判断，转化为可复用的组合管理方法，并在剧烈波动中得以持续验证。 在这样的背景下，中欧基金近期举办了"看见·中欧基金2026年度投资策略会"。会议伊始，总经理刘建 平便开宗明义，为中欧基金的解题之道定下基调：投资不仅是数字的增长，更是一场关乎信任的托付； 服务，也要经得起时间的考验。未来，中欧基金将更关注如何将投资者长期利益深度融入每一项服务环 节。在此理念下，这场会议选择不讲虚高的故事，多谈一点"怎么做"的干货。 01.一场投资策略会，看见2026的机遇与约束 中欧基金总经理刘建平指出，一路走来，中欧基金始终锚定长期主义核心，近年来专注于做好两件事： 一是持续推动以"工业化"为核心的投研体系升级，二是以"长期主义"精神坚持客户陪伴。 在中欧基金看来，资管行业的超额收益来源于"洞见"，即超越市场一致预期的认知。其中，专业化，解 决的是"洞见"的来源问题；工业化，解决的是"洞见"的转化问题；数 ...

Core Viewpoint - The "Fixed Income +" funds are becoming a safe haven for investors amid the continuous decline in risk-free interest rates, with the total market size reaching 2.47 trillion yuan by the end of Q3 2025, reflecting a quarterly growth of over 520 billion yuan [1] Group 1: Market Trends - Historical experiences show that during low interest rate periods, fixed income products have significantly increased in size, as seen in Japan in the 1990s and the rise of "Fixed Income +" strategies in the U.S. post-2000 [1] - The trend indicates a structural shift towards absolute return products as a necessary response to declining interest rates [1] Group 2: Company Strategy - China Europe Fund has distinguished itself through its forward-looking vision and systematic capabilities, implementing "asset management industrialization" early on [1] - The "MARS Factory" investment research system developed by the multi-asset team breaks down the investment process into four workshops: design, production, assembly, and testing, transforming investment from an art reliant on inspiration to a predictable, replicable, and explainable craft [1][2] Group 3: Product Performance - The "MARS Factory" system has enabled outstanding performance of China Europe Fund's products, with the "Jintong" product achieving a return of 72.8% since its inception in November 2015, significantly outperforming its benchmark of 24.1% [5] - The annualized return of the "Jintong" product stands at 5.7%, compared to its benchmark of 2.2%, with a maximum drawdown of only -3.5% [5] - The number of holders for the "Jintong" product has surged from 319 at the end of 2018 to 519,000 by the end of June 2025, representing a growth of over 1,600 times [5] Group 4: Evolution of Investment Strategy - The evolution of the multi-asset team at China Europe Fund has progressed from a focus on "asset allocation of stocks and bonds" to "diverse strategies enriching sources of returns," and now to "diverse assets to disperse risks," continuously deepening around diversification, risk-return ratios, and customer experience [6] - The company is leading the industry towards healthier and sustainable development by providing superior services amid the transition from "product supply" to "demand matching" in the asset management sector [6]

Core Viewpoint - The article discusses the evolution and success of the Zhongou Jintong fund over the past decade, highlighting its growth in both the number of investors and total assets, as well as its stable performance in a changing market environment [1][2]. Group 1: Fund Growth and Performance - Zhongou Jintong has grown from 211 investors at the end of 2016 to 510,000 investors by the end of September 2025, with total assets reaching 5.161 billion [1][2]. - Since its inception, Zhongou Jintong A has achieved a cumulative return of 72.81%, significantly outperforming its benchmark return of 24.14% [2][24]. - The fund has demonstrated strong stability, only recording negative returns in 2022 during a market downturn [2]. Group 2: Market Context and Investor Behavior - Over the past decade, there has been a significant shift in investor behavior, with a growing preference for low-volatility and absolute return products as economic growth transitions from high-speed to high-quality [6][8]. - The rise of "fixed income plus" products reflects a broader trend where investors prioritize stability and lower volatility over high returns [6][7]. Group 3: Investment Strategy Evolution - The investment strategy of Zhongou Jintong has evolved through several iterations, moving from a "workshop" model to an "industrialized" management approach, enhancing its ability to manage risk and achieve stable returns [4][10][13]. - The introduction of the MARS framework (Multi-Asset Solution) has allowed for a more diversified and systematic investment process, focusing on predictable risk-return profiles and clear attribution of performance [12][13]. Group 4: Investor Experience and Trust - The fund manager, Hua Licheng, emphasizes the importance of investor experience, advocating for metrics like rolling win rates to enhance investor confidence and encourage long-term holding [15][16]. - The growth in investor numbers reflects a strong trust in the fund's ability to deliver consistent performance, which is crucial for maintaining long-term relationships with investors [15][18]. Group 5: Future Outlook - The article suggests that the strong performance and adaptability of Zhongou Jintong may signal the beginning of a new era for low-volatility investment products as market conditions continue to evolve [19].

Core Insights - The "Fixed Income +" products have rapidly emerged as a significant growth curve in the asset management industry since 2025, with the total market size reaching 2.47 trillion yuan by the end of Q3 this year, reflecting a quarterly increase of over 520 billion yuan [1] - The concept of "Fixed Income +" has evolved beyond a simple bond-stock mix to a sophisticated multi-asset allocation solution that relies heavily on research collaboration, process decomposition, and refined risk management [1] - Companies are now challenged to build a scalable "industrialized" output system to meet the demands of this evolving market [1] Company Development - China Universal Asset Management has been a pioneer in "asset management industrialization," evolving its multi-asset team through three key stages: from 1.0 "asset allocation of stocks and bonds," to 2.0 "diversified strategies enriching sources of returns," and finally to 3.0 "diversified assets mitigating risks" [1][6] - The performance of China Universal's multi-asset team is exemplified by the China Universal Jintong product, which has achieved a return of 72.8% since its inception in November 2015, outperforming its benchmark by 24.1 percentage points [2] - The number of holders for China Universal Jintong has increased from 319 at the end of 2018 to 519,000 by June 2025, representing a growth of over 1600 times [2] Risk Management - The risk management system of China Universal Jintong has evolved from reactive measures to proactive monitoring, allowing for dynamic adjustments based on real-time risk assessments [3] - The introduction of a quarterly evaluation and dividend mechanism since June 2024 has enhanced investor experience, with a total of 148 million yuan distributed over six consecutive quarters [3] Industrialized Research and Development - The "MARS Factory" industrialized research and development system at China Universal addresses the traditional asset management industry's reliance on star fund managers, which often leads to performance volatility and strategy replication challenges [4] - The MARS Factory breaks down the investment process into four key areas: design, production, assembly, and testing, transforming investment from an art reliant on inspiration into a predictable and replicable process [4][5] - The design phase focuses on customer needs, while the production phase involves developing over 20 standardized investment strategies, creating a comprehensive strategy library [4][5] Future Outlook - China Universal's multi-asset team has established a product line that covers various risk preferences, offering low, medium, and high volatility options, while also catering to different asset classes and client requirements [6] - The evolution of the product strategy has seen a shift from simple asset allocation to a more nuanced approach that includes a diverse range of asset classes and strategies, enhancing risk-return profiles and client experiences [7]

Core Viewpoint - The article discusses the rising popularity of "Fixed Income +" products as a solution for conservative investors facing low returns from traditional low-risk products and high volatility in the stock market [2][29]. Summary by Sections Concept of "Fixed Income +" - "Fixed Income +" is essentially an asset allocation strategy that combines low-risk fixed income assets, such as bonds, to secure a base return, while also including higher-risk equity assets to enhance returns, all while controlling volatility and drawdown [2][3]. Selection Criteria for "Fixed Income +" Products - The article outlines specific criteria for selecting "Fixed Income +" products, including: - Equity assets should constitute 10% to 20% of net fund assets, with a minimum of 5% and a maximum of 30% [2]. - Fixed income assets must make up at least 50% of net fund assets [3]. - A "Double 5 Requirement" is also mentioned, where the maximum drawdown and annualized volatility should not exceed 5% [3]. Featured "Fixed Income +" Products 1. **Guofu Hengrui Bond Fund** - Established on January 25, 2016, it has an average stock allocation of 15.28% and a bond allocation of 80.28% as of Q1 2025 [5][6]. - Cumulative total return of 61.49% and an annualized return of approximately 5.28% as of May 31, 2025, with a maximum drawdown of -3.77% [8]. 2. **Anxin New Trend Fund** - Launched on December 9, 2016, with an average stock allocation of 10.88% and a bond allocation of 98.13% [12]. - Cumulative total return of 54.50% and an annualized return of about 5.27% as of May 31, 2025, with a maximum drawdown of -3.27% [15]. 3. **Zhongou Jintong Fund** - Established on November 17, 2015, with an average stock allocation of 11.90% and a bond allocation of 105.92% [21]. - Cumulative total return of 64.50% and an annualized return of approximately 5.36% as of May 31, 2025, with a maximum drawdown of -3.52% [24]. 4. **Jingshun Changcheng Jingi Shuangli Bond Fund** - Founded on November 13, 2013, with an average stock allocation of 16.63% and a bond allocation of 89.77% [26]. - Cumulative total return of 23.37% and an annualized return of about 4.69% from October 30, 2020, to May 31, 2025, with a maximum drawdown of -3.90% [27]. Investment Strategy and Manager Profiles - Each featured fund is managed by experienced professionals with distinct investment styles, contributing to the overall performance and risk management of the "Fixed Income +" products [10][19][32]. - The article emphasizes the importance of risk control and the need for sustainable and stable returns when investing in "Fixed Income +" products [29][30].

Core Viewpoint - The article discusses the rising popularity of "Fixed Income +" products as a solution for conservative investors facing low returns from traditional low-risk products and high volatility in the stock market [2][29]. Summary by Sections Concept of "Fixed Income +" - "Fixed Income +" is essentially an asset allocation strategy that combines low-risk fixed income assets, such as bonds, to secure a base return, while also including a moderate allocation to higher-risk equity assets to enhance returns [2][3]. - The typical allocation for equity assets is set between 10% to 20%, with a minimum of 5% and a maximum of 30%, while fixed income assets must constitute at least 50% of the portfolio [2]. Risk Control Measures - A "Double 5 Requirement" is often applied, meaning that both the maximum drawdown and annualized volatility should not exceed 5% [3]. Types of "Fixed Income +" Products - The products that meet the above criteria are primarily found in secondary bond funds and flexible allocation funds, with some inclusion of primary bond funds and mixed bond funds [3]. Featured "Fixed Income +" Products 1. **Guofu Hengrui Bond Fund** - Established on January 25, 2016, it has an average stock allocation of 15.28% and a bond allocation of 80.28% as of Q1 2025 [5][6]. - Cumulative total return as of May 31, 2025, is 61.49%, with an annualized return of approximately 5.28% and a maximum drawdown of -3.77% [8]. 2. **Anxin New Trend Fund** - Launched on December 9, 2016, it has an average stock allocation of 10.88% and a bond allocation of 98.13% as of Q1 2025 [12]. - Cumulative total return as of May 31, 2025, is 54.50%, with an annualized return of about 5.27% and a maximum drawdown of -3.27% [15]. 3. **Zhongou Jintong Fund** - Established on November 17, 2015, it has an average stock allocation of 11.90% and a bond allocation of 105.92% as of Q1 2025 [21]. - Cumulative total return as of May 31, 2025, is 64.50%, with an annualized return of approximately 5.36% and a maximum drawdown of -3.52% [24]. 4. **Jingshun Changcheng Jingi Shuangli Bond Fund** - Founded on November 13, 2013, it has an average stock allocation of 16.63% and a bond allocation of 89.77% from Q4 2020 to Q1 2025 [26]. - Cumulative total return from October 30, 2020, to May 31, 2025, is 23.37%, with an annualized return of about 4.69% and a maximum drawdown of -3.90% [27]. Investment Strategy and Manager Profiles - Each of the featured funds is managed by experienced fund managers with distinct investment styles, contributing to the overall performance and risk management of the "Fixed Income +" products [10][19][32]. - The article emphasizes the importance of considering both risk control and the sustainability of returns when investing in "Fixed Income +" products, highlighting the need for skilled fund managers and robust investment strategies [29][30].

Core Viewpoint - The recent reduction in deposit rates by major banks marks a shift towards a low-interest-rate environment, prompting investors to reconsider traditional savings and explore "fixed income +" strategies in public funds as a viable investment option [1][11]. Group 1: "Fixed Income +" Fund Characteristics - "Fixed Income +" is not an official fund type but a strategy that combines low-volatility fixed income assets with equities and other instruments to enhance returns [1]. - The strategy typically includes mixed bond funds, with equity investments capped at 30% to qualify as "fixed income +" products [2]. - The average annualized return of "fixed income +" funds over the past five years is 16.35%, outperforming both pure bond funds and mixed equity funds [5][6]. Group 2: Performance Metrics - As of May 28, "fixed income +" funds have an average annualized volatility of 4.55% and a maximum drawdown of -8.61%, which is lower than that of mixed equity funds [4]. - Among 1,253 "fixed income +" funds, 64.53% reported positive returns in the first quarter of 2025 [1][5]. Group 3: Growth Phases of "Fixed Income +" Funds - The first rapid growth phase occurred from 2014 to 2016, driven by a favorable market environment and significant liquidity, leading to a doubling of "fixed income +" fund numbers [8]. - The second growth phase from 2019 to 2021 was fueled by regulatory changes and a strong equity market, resulting in a 134.41% increase in the number of "fixed income +" funds [9]. Group 4: Current Market Opportunities - The current market conditions, characterized by low deposit rates and increased volatility, present a favorable environment for "fixed income +" strategies, similar to previous growth phases [11]. - Analysts suggest that the focus on diversified asset allocation within "fixed income +" strategies can enhance return potential amid uncertain economic conditions [11]. Group 5: Recommended "Fixed Income +" Products - A selection of 103 "fixed income +" products with above-average performance metrics has been identified for potential investment, including several mixed bond funds [12][14]. - The top-performing mixed bond funds over the past five years include those managed by Tianhong Fund, Dongfanghong Asset Management, and others, showcasing strong returns and low volatility [14][16].