其中，光大中高等级A、光大增利A和光大添益A三只产品均由公司总经理助理、固收多策略投资部总监黄波管理。作为拥有13年证券从业经验、超9年投资 管理经验的固收老将，黄波的职业生涯覆盖年金、专户和公募，是一名具备多品类投资管理经验的固收多策略投资老将，具备优秀的多策略组合投资和回撤 控制能力，力争持续为投资者打造"暖心收益"。 重要提示：房雷先生，2007年毕业于哈尔滨工业大学获得信息与计算科学专业的学士学位，2009年获得哈尔滨工业大学概率论与数理统计专业的硕士学位。 2009年6月至2013年4月在江海证券先后担任研究发展部宏观策略分析师、投资部高级研究员，2013年5月至2015年6月在平安证券担任综合研究所策略研究组 组长兼平安银行私人银行投资决策委员会委员，2015年6月加入光大保德信基金管理有限公司，历任策略分析师、研究总监助理，现任权益管理总部权益投 资团队团队长兼首席策略分析师、基金经理，2016年12月至2018年1月担任光大保德信红利混合型证券投资基金的基金经理，2017年3月至2019年8月担任光 大保德信永鑫灵活配置混合型证券投资基金的基金经理，2018年1月至2019年7月担任光大保德信 ...

Core Viewpoint - The article emphasizes the growing importance of "fixed income +" products as a hidden driver of positive market trends, particularly in the context of the current A-share market rally and the need for prudent asset allocation strategies [1][20]. Market Performance - The A-share market has shown a steady upward trend this year, with the Shanghai Composite Index surpassing 3,800 points in August and daily trading volumes exceeding 3 trillion yuan [2]. - Key sectors such as computing, chips, robotics, and solid-state batteries have attracted significant investor interest [2]. Investment Behavior - Investors are cautioned against the temptation of quick profits, which can lead to hasty decisions and poor asset allocation, resulting in losses during market fluctuations [3]. - As of the end of August, 65.58% of actively managed equity funds are still recovering from losses since the market peak in February 2021 [3]. Performance of "Fixed Income +" Products - "Fixed income +" products have outperformed traditional equity indices over the past five years, with the non-pure bond fund index yielding an annualized return of 2.78%, significantly higher than the -1.52% for the CSI 300 index [4]. - The volatility of the non-pure bond fund index over the past five and ten years was only 2.93% and 2.64%, respectively, compared to much higher volatility in equity indices [4]. Historical Performance of Mixed Bond Funds - The mixed bond fund index has consistently delivered positive returns, achieving positive performance in 18 out of 22 years from 2004 to 2025, with relatively small drawdowns during downturns [5]. Asset Allocation Logic - The article explains the asset allocation logic behind "fixed income +" products, highlighting the low volatility of bonds and the higher expected returns from equities, which can lead to significant losses if not managed properly [9]. - The negative correlation between stocks and bonds is noted, with less than 10% of periods experiencing simultaneous declines in both markets [10]. Selection of "Fixed Income +" Funds - Criteria for selecting "fixed income +" funds include a minimum scale of 3 billion yuan and performance metrics over various time frames, with several funds identified as top performers [11]. - Notable funds include博时稳健回报A, which focuses on high-grade credit bonds and employs various strategies to optimize returns while managing risks [11]. Fund Management and Team Expertise - The success of "fixed income +" products is attributed to the expertise of the management teams, with experienced fund managers leading the investment strategies [13]. -博时基金's strong performance is supported by a robust research team with extensive experience in fixed income investments [13]. Market Trends and Future Outlook - The article suggests that "fixed income +" products are becoming increasingly relevant in the current low-interest-rate environment, as traditional fixed income yields decline [21]. - The shift in asset allocation towards "fixed income +" products is expected to provide substantial capital inflows into the A-share market, potentially boosting major indices [22]. - As of August, over 1,640 "fixed income +" funds reported positive returns, with a median return exceeding 3%, indicating strong market performance [23].

银河证券最新公布的公募基金业绩排行榜显示，光大保德信旗下光大中高等级A(002405)再创佳绩，截至2025年7月31日，该基金近1年、近2年、近3年、近4 年、近5年的收益率均位列同类第一，实现"五年五冠"，成为全市场极少数在多阶段领跑的债券基金，用实力诠释"长跑型"固收多策略产品的韧性。① ① 同类排名来源于银河证券，截至2025.07.31，同类指的是普通债券型基金。光大中高等级近1/2/3/4/5年具体排名分别为1/259、1/236、1/219、1/191、 1/175。 ② 同类排名来源于银河证券，截至2025.07.31。光大增利同类为普通债券型基金（可投转债），光大增利近1/2/3/5年具体排名分别为10/259、8/236、 10/219、3/175。光大添益同类为普通债券型基金（二级），近1/5年具体排名分别为3/488、7/223。 黄波，2009年毕业于南京大学，2012年获得复旦大学金融学硕士学位。 2012年7月至2016年5月在平安养老保险股份有限公司任职固定收益部助理投资经理；2016年5月至2017年9月在长信基金管理有限公司任职固定收益部专户投 资经理；2017年9月至20 ...