专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 近日，为深入贯彻落实《推动公募基金高质量发展行动方案》，在北京证监局的指导下，北京证券业协 会携手北京公募基金管理人、基金销售机构等多方力量，共同启动了"北京公募基金高质量发展系列活 动"。本次活动以"新时代・新基金・新价值——北京公募基金高质量发展在行动"为主题，核心目标之 一正是深化普惠金融与投资者教育保护。在此背景下，我们希望能像老朋友一样，与您聊聊如何运用这 个"新时代"的"新基金"，为我们的银发岁月规划出安稳、自在的"新价值"。 一、 银发时代的财务挑战：为何养老规划与众不同？ 与年轻时相比，退休后的财务生活有几个根本性的变化，理解这些特殊性，是做好规划的第一步： 1． 收入"断流"：工资这份主动收入停止了，我们主要依赖积蓄、社保养老金和投资产生的被动收入。 这意味着，财务规划的容错率变低了。 ◦ 储蓄、国债等：提供相对安全保障。 ◦ 货币基金、短债基金：这类公募基金波动极小，流动性好，非常适合存放短期要用的生活费和中短期 备用金，收益一般优于活期存款。 ◦ 中长期的纯债基金：主要投资于债券，风险相对可控，收益相对更优，能有效对抗通胀对现 ...

在存款利率持续下行的时代，"固收+"以"攻守兼备"的特质，为投资者提供了理财新选择。它既不是货 币理财的简单替代，也不是追求高风险收益的权益先锋，而是在股债间寻求风险和收益的巧妙平衡。这 种"固收为主，权益增强"的双重投资属性，使其成为众多投资的理想选择。在前两期内容中，我们了解 了"固收+"的概念，以及"固收+"策略在不同时间维度下的历史表现。本期【泓德固收家】将聚焦"固收 +"产品的主要类型，剖析其在不同市场维度下的收益与回撤情况，为投资者提供参考。 2025 年以来，权益市场总体呈上升态势，中长期资金风险偏好逐步提升，居民理财需求正从单纯的保 值向增值加速转变。在此背景下，公募"固收+"等配置型产品成为引导各类资金平稳入市的关键桥梁。 随着市场行情不断深入，具有一定弹性的"固收+"产品吸引力持续攀升，"资金流入——配置优质资产 ——吸引更多资金"的正向循环已然开启。 产品体系：三大核心类型解析 依据Wind二级投资分类，"固收+"主流产品包括混合债券型一级基金、混合债券型二级基金和偏债混合 型基金三类，构建起从稳健到进取较为完整风险收益谱系。 混合债券型一级基金，简称一级债基，是"固收+"中风险收益特征 ...

Core Insights - The recent salon hosted by the Beijing News Shell Finance Capital Market Research Institute focused on how patient capital can stabilize the market, coinciding with the Shanghai Composite Index reaching a ten-year high of 3800 points, driven by sustained inflows of medium to long-term funds [1][2] Group 1: Market Dynamics - The Shanghai Composite Index has recently stabilized at 3800 points, marking a ten-year high, attributed to the continuous influx of medium to long-term capital [1] - Key contributors to this trend include the acceleration of long-term investment trials by insurance funds, the initiation of public fund long-term assessment reforms, and the optimization of the national social security fund investment management mechanism [1] Group 2: Fund Management Strategies - According to Chen Jingjing from China Post Fund, the potential for investment funds to enter the market is significant, with the transformation of short-term funds into medium to long-term funds dependent on their duration and overall experience regarding returns, volatility, and drawdowns [3] - Fund companies are encouraged to provide high-quality products that balance returns and drawdowns to attract long-term capital, as evidenced by the success of China Post Fund's "steady fixed income plus" strategy [3][4] Group 3: Investment Focus Areas - Fund companies should enhance their product offerings by focusing on sectors with long-term sustainability, such as artificial intelligence, clean energy, and consumer healthcare, while employing strategies that emphasize stable, absolute returns [4] - The performance evaluation of fund managers should prioritize long-term stable returns over short-term rankings to better accommodate the influx of medium to long-term capital [4] Group 4: Institutional Investment Trends - Social security funds and insurance capital are becoming the primary sources of medium to long-term institutional capital entering the market, with public equity funds serving as key allocation tools [5] - Institutional investors show a preference for passive equity funds due to their convenience, liquidity, and low-cost attributes, while active management funds are evaluated based on their ability to generate excess returns [6] Group 5: Fund Performance Metrics - As of the end of 2024, the scale of active equity funds is approximately 33.817 billion yuan, with institutional holdings accounting for about 17.5% [7] - Funds with an average institutional holding of over 30% typically exhibit a five-year annualized return greater than 10% or a 2024 return exceeding 20%, indicating that fund companies can attract institutional investors by demonstrating stock-picking capabilities in high-growth sectors or maintaining performance across market cycles [7]

Core Insights - Bond funds have shown increasing average returns over the past 3, 5, and 7 years, with a widening gap between the best and worst performers [2][4][5] - The recent recovery in the A-share market has heightened investor interest in equity investments, but bond funds remain essential for stabilizing asset allocation [2][4] - The report titled "China Fund Industry Marathon Master Gathering 2025" analyzes extensive data to assess the long-term performance of bond funds [2] Performance Analysis - The average returns for the entire bond fund market over the past 3, 5, and 7 years are 8.37%, 17.32%, and 32.36% respectively, with a notable increase in the proportion of funds yielding positive returns [4][5] - Specific categories of bond funds, such as pure bond funds and mixed bond funds, have also demonstrated improved performance over time, with average returns of 9.49%, 17.64%, and 28.12% for pure bond funds over the past 3, 5, and 7 years [5][6] - The number of bond funds with positive returns has increased significantly, with 99.42% of funds achieving positive returns over the past 7 years [4] Risk and Performance Discrepancies - "Rights-containing" bond funds have shown mixed results, with some experiencing significant declines during market adjustments [6][7] - A total of 203 bond funds reported negative returns over the past 3 years, with a concentration in "rights-containing" funds [6][7] - Notably, some "rights-containing" funds have also achieved outstanding performance, with several funds exceeding 30% returns over the past 7 years [8][9] Top Performing Funds - The top-performing bond funds over the past 3 years include 富国久利稳健配置 A (41.20%), 华夏大中华信用精选 A 人民币 (34.97%), and 华商恒益稳健 (32.51%) [10] - Over the past 5 years, 华商丰利增强定开 A (131.24%) and 华商恒益稳健 (95.43%) lead the performance rankings [10] - For the past 7 years, 华商丰利增强定开 A (170.07%) and 汇丰晋信 2026 (127.30%) are among the top performers [10]

Core Viewpoint - The performance of "fixed income +" products has significantly diverged in the second half of the year, with those leaning towards equities and convertible bonds showing notable gains, while those focused on pure bonds have lagged behind [1][3][4] Group 1: Performance of "Fixed Income +" Products - "Fixed income +" products with higher equity and convertible bond allocations have seen substantial performance increases, with some funds achieving returns over 20% since the second half of the year [2][4] - Specific funds such as Huashang Shuangyi A and Jinying Yuanfeng A reported returns of 24.71% and around 20% respectively, with high equity allocations exceeding 40% [2][4] - Conversely, funds primarily invested in pure bonds, like Fangzheng Fubang Hongyuan A, have underperformed, with long-duration bonds leading to negative returns since July [3][4] Group 2: Market Trends and Strategies - The current market environment, characterized by a strong equity market and weak bond market, has led to a higher acceptance of "fixed income +" products, particularly those with convertible bonds [4][5] - Fund managers are advised to dynamically adjust the allocation of the "+" component based on market trends and risk preferences, enhancing the risk-adjusted returns of the portfolio [6][7] - The focus on multi-asset strategies and the exploration of various "fixed income +" investment strategies have become prevalent in the public fund industry [7][8] Group 3: Asset Allocation Insights - Successful "fixed income +" funds have shown a tendency to overweight sectors such as metals, military, TMT, and healthcare, while underweighting cyclical and financial sectors [4][5] - The strategy of using convertible bonds has proven effective, with funds capturing significant gains from high-performing stocks [2][4] - The importance of dynamic asset valuation and the ability to hedge against market fluctuations are emphasized for optimizing returns in "fixed income +" portfolios [6][8]

Group 1 - The current market sentiment is improving, leading to a recovery in investor confidence, but fund performance shows a differentiated trend [1] - Investors should clarify their investment positioning based on risk tolerance, investment horizon, and return expectations before selecting funds [1][2] - For conservative investors, it is recommended to allocate funds primarily to bond funds or mixed-asset funds to balance risk and return [1] Group 2 - For those seeking to outperform the market, actively managed funds should be prioritized, with a focus on the long-term performance of fund managers [2] - Constructing a diversified portfolio is crucial for enhancing return stability and mitigating risks associated with market volatility [2][3] - Investors should be mindful of fund liquidity and fee levels, as these factors can significantly impact overall investment costs and returns [3] Group 3 - Dynamic adjustment of the investment portfolio is necessary to adapt to market changes and ensure sustainable returns [3] - Avoiding common investment pitfalls, such as chasing hot funds or frequent trading, can help reduce potential losses [3] - A scientific approach to fund selection, portfolio construction, and dynamic adjustment is essential for capitalizing on market opportunities and achieving desired returns [3]

Core Insights - The article discusses the behavior of mutual fund investors who tend to redeem their investments once they break even, reflecting deeper issues in investment psychology and strategy [2][3][4] Investor Behavior and Psychology - Many investors view "breaking even" as the ultimate goal, neglecting the potential for long-term gains [3] - Behavioral finance concepts such as "loss aversion" and "anchoring effect" contribute to irrational decision-making, leading to a cycle of holding during losses and redeeming upon slight gains [3][4] - Investors often lack a clear understanding of their risk tolerance and investment objectives, resulting in poor decision-making [3][4][15] Recommendations for Investors - Professional advisors suggest that investors should focus on long-term profitability and avoid short-term reactions to market fluctuations [4][5] - Different strategies are recommended based on the investor's current account status, such as locking in profits for those who are already in the green, or considering additional investments for those still in the red [5][6][7] - Investors are encouraged to reassess their portfolios and ensure alignment with their risk tolerance and market conditions [7][8][19] Market Conditions and Investment Strategies - The current market is characterized by a mixed performance, with some funds recovering while others remain in loss [9][12][13] - The timing of entry into the market significantly impacts investment outcomes, with those entering at lower points faring better than those who invested at market peaks [10][13] - The article emphasizes the importance of maintaining a disciplined investment approach, including diversification and adherence to long-term strategies [17][19][20] Conclusion - The article highlights the need for investors to adopt a more rational and informed approach to mutual fund investments, focusing on long-term goals rather than short-term market movements [15][20]

Core Viewpoint - The article discusses the behavior of mutual fund investors as the Shanghai Composite Index surpasses 3600 points, emphasizing the need for investors to reassess their strategies and avoid impulsive decisions based on short-term market fluctuations [3][4]. Investor Behavior and Challenges - Many investors exhibit a "redemption upon breakeven" mentality, which reflects a fundamental misalignment in their investment understanding and behavior [5][6]. - Behavioral finance concepts such as "loss aversion" and "anchoring effect" contribute to this mindset, leading investors to make irrational decisions based on short-term price movements rather than long-term potential [6][7]. - The lack of a clear long-term investment plan often results in investors being swayed by market volatility, creating a cycle of holding during losses and redeeming upon minor gains [6][7]. Proposed Solutions - Investment advisory firms suggest focusing on "investor account profitability" and aligning investment strategies with reasonable time horizons to mitigate losses from mismatched funding [7]. - Fund companies and sales channels are encouraged to enhance investor education, improve communication, and create mechanisms that align the interests of fund managers and investors [7]. Differentiated Strategies for Various Investor Scenarios - For investors who have returned to profitability, it is recommended to "lock in profits" partially before making further decisions, especially if the fund's long-term performance is stable [9][10]. - Investors who are still at breakeven but with minimal gains should evaluate valuation levels and industry trends to make informed decisions about adjusting their positions [10]. - Investors who are still "underwater" may consider averaging down if the fund's fundamentals remain strong, while those with deteriorating fundamentals should consider cutting losses [10]. - For investors with no positions or light positions, a gradual entry strategy is advised, focusing on low-volatility products initially [11]. Portfolio Review and Adjustment - Investors are encouraged to reassess their fund holdings, ensuring alignment with their initial investment strategies and risk tolerance [12][13]. - Key factors to consider include industry diversification, equity-to-bond ratios, and the stability of fund managers' investment styles [13][14]. - Continuous evaluation of fund performance against peers is crucial, particularly in volatile market conditions [14]. Market Outlook and Investment Discipline - The current market environment is characterized as an "investment new cycle," with a recommendation for investors to maintain patience and adhere to investment discipline [25][26]. - Investors are advised to manage their funds across different time horizons and to engage in systematic investment approaches like dollar-cost averaging [30][31]. - Emphasis is placed on the importance of constructing a well-diversified portfolio to mitigate risks associated with market fluctuations [31].

Core Viewpoint - The article emphasizes the importance of risk assessment in investment, highlighting that understanding one's risk tolerance is crucial for selecting suitable fund products and making informed investment decisions [3][4][10]. Risk Assessment - Risk assessment is a process to determine an investor's risk tolerance, which helps in identifying appropriate fund investments [4][5]. - Fund products are categorized into five risk levels (R1 to R5), with R1 being low risk and R5 being high risk, while investors are classified into five categories (C1 to C5) based on their risk tolerance [5][6]. - The classification allows investors with lower risk tolerance (C1) to invest in low-risk products (R1), while those with higher risk tolerance (C5) can invest in a broader range of products, including high-risk options [5][7]. Changes in Risk Tolerance - An investor's risk tolerance is generally stable over short periods but can change over longer durations due to factors like age, family assets, and financial knowledge [8]. - For instance, a novice investor may start with a low-risk tolerance (C1) but may evolve to a higher risk tolerance (C2 or C3) as they gain experience and knowledge [8]. Investment Planning - Investors should avoid following market trends and instead focus on investments that align with their risk tolerance [10][11]. - A diversified investment portfolio should be constructed based on risk tolerance, with lower-risk investors (C1, C2) primarily investing in fixed-income funds while allowing for some exposure to mixed funds [11]. - It is crucial for investors to anchor their investment strategies to their risk tolerance rather than market fluctuations to avoid emotional decision-making during market volatility [11]. Long-term Investment - The article advocates for a long-term investment approach, emphasizing that investors should commit to holding suitable funds over time to achieve satisfactory returns [11].

近期很多小伙伴的心态也许都在随着市场的波动而波动，或许正处于"心累"中。 沪指创下近3年半新高，牛市真的来了吗？如果不够有格局、涨一点就容易卖飞；对市场将信将疑、很容易脚底抹油先撤；当然也不排除越涨越买加在山顶 的可能性。 具体产品风险等级由基金管理人、销售机构根据产品风险特征和程度进行划分，这个大家应该都比较熟悉了。同时基金募集机构要按照风险承受能力，将普 通投资者由低到高至少分为C1（含风险承受能力最低类别）、C2、C3、C4、C5五种类型。 一般来说，C1低风险承受能力投资者（含风险承受能力最低类别）他们不愿意承担风险，适合投资R1低风险产品；C2中低风险承受能力投资者他们风险承 受能力比较低，但也不是完全不能承受风险，适合R2中低风险及以下产品；以此类推，投资者本身的风险等级越高，可以投资的品种也越多，对于C5高风 险承受能力投资者来说，他们热爱冒险，为了追求更高收益可以忍受长期的大额亏损，R1低风险到R5高风险的产品都可以投。但是目前市场上R5的产品较 少，我们平时投资的基金普遍在R1到R4范围中。 不同的基金公司和平台对投资者的风险属性划分可能有所不同，总体来看划分标准是差不多的，大家可以根据实际 ...