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存款利率“1”时代,是时候从“收益率焦虑”转向“有效加法”了
中泰证券资管· 2025-08-18 01:19
Core Viewpoint - The current low interest rate environment is challenging traditional investment strategies, particularly for those relying on interest income from bank deposits and fixed-income products [2][4]. Group 1: Interest Rate Trends - Multiple banks have announced reductions in deposit interest rates, with one-year fixed deposit rates dropping to 0.95%, resulting in less than 10,000 yuan interest for 1 million yuan in a year [2]. - The yield on 10-year government bonds has continued to decline, reaching approximately 1.7%, indicating a shrinking return space for traditional fixed-income products [4]. Group 2: Investment Strategies - The "fixed income plus" strategy is being adopted by funds like Zhongtai Shuangyi Bond, which focuses on bonds while enhancing returns through equity investments, aiming to cover a more diversified asset base [5]. - The secondary bond fund index has seen a significant increase of 378.07% over the past 20 years, outperforming the medium to long-term bond fund index, which increased by 141.81% [6]. Group 3: Fund Performance - Zhongtai Shuangli Bond A has shown significant excess performance since its inception, ranking in the top 16% among similar funds over the past two years [8]. - The fund's one-year return is 5.04%, compared to a benchmark of 4.26%, indicating strong performance relative to its peers [9]. Group 4: Management Team - The fund management team consists of experienced professionals, with both managers having over ten years of investment research experience [11]. - Zhongtai Securities Asset Management, established in 2014, has built a reputation for prioritizing investor interests, managing assets totaling 105.75 billion yuan as of June 30, 2025 [14].
新基发行,中泰双鑫6个月持有债券基金十问十答
中泰证券资管· 2025-05-12 00:50
提问 1. 全市场的债券基金那么多,到底有什么区别? 回答 按照投资范围,我们可以把主动管理型债券基金分为两类。一类是纯债基金,是指那些只能投资于 固定收益类金融工具的基金,不参与新股申购,也不投资股票。另一类是混合债基。 混合债基又可以分为一级债基和二级债基(主要根据投资标的作区别)。 中泰双鑫6个月持有债券为混合二级债基:投资于债券的比例不低于基金资产的80%,投资于权益类资产 及可转换债券(含分离交易可转债)、可交换债券的投资合计占基金资产的比例不超过20%,也就是大家 常说的"固收+"产品。 提问 2. 本产品的风险收益特点如何? 回答 本基金作为混合二级债基,预期收益和风险水平低于股票型基金,高于纯债基金与货币基金。同 时,本基金力争风险目标与中长期债券型基金指数相近。由于二级债基主要资产投资于债券市场,小幅参 与权益投资,产品兼具固收类资产严控风险及权益类资产争取更高收益的特性。近20年来,二级债基指数 的涨幅为372.10%,大幅跑赢中证全债(同期涨幅146.90%)。 上述数据来源:Wind,统计时间截至2025.3.31。万得混合债券型二级指数代码885007.WI,中证全债代码H11001 ...