华夏 6 个月持有期债券（A类 024296 / C类 024297）的拟任基金经理吴凡，拥有8年证券从业经验和超2 年公募基金管理经验，擅长自上而下进行资产配置与宏观策略研究，固收端投资注重券种均衡分散，权 益端倾向于主动择时，动态监控回撤，投资上兼顾回撤和收益。截至2025年3月31日，其代表产品华夏 希望债券A与业绩比较基准近1年净值增长率为5.29%/4.99%，取得较好绝对收益水平；产品长期业绩同 样稳健，华夏希望债券A与业绩比较基准近五年净值增长率分别为17.78%/22.66%、年化分别为 3.32%/4.17% ，获评银河三年期与五年期四星级评级！（数据来源基金定期报告，星级评价来自银河证 券，截至2025.03.31。历史数据不预示未来，基金评价结果并不是对未来表现的预测，也不应视作投资 基金的建议。详细注释见文末） 作为境内最早成立的公募基金管理人之一，华夏基金凭借多年深厚积淀，始终秉持"研究创造价值"的投 资理念，逐步发展成为一家依托强大投研体系、实施团队化协同作战的平台型资产管理机构。2006年中 国信用债市场初启之时，华夏基金便成立了信用研究团队，是同业中最早建立的信用研究团队、最早 ...

Core Viewpoint - The growth of the "Fixed Income+" product category has been significant, with a total scale increase of over 250 billion in the first half of the year, indicating a shift towards more diversified investment strategies in a low-interest-rate environment [2][3]. Group 1: Market Trends - The "Fixed Income+" category has evolved through different phases, moving from a simple stock-bond mix to a more complex, multi-strategy approach to meet investor demands for flexibility and diverse asset allocation [3]. - The current market environment, characterized by low interest rates, has led to a consensus that "Fixed Income+" products can balance risk and return effectively [3]. Group 2: Fund Manager Insights - Fund manager Wu Fan emphasizes a top-down investment framework, focusing on market timing while also considering individual securities, and avoids high-valuation assets [7][9]. - Wu Fan's investment philosophy includes a strong macroeconomic perspective, which is crucial for understanding the bond market's dynamics and making informed investment decisions [9][10]. Group 3: Investment Strategy - The strategy involves dynamic asset allocation based on market conditions, with a focus on maintaining a balance between equity and fixed income to control volatility and drawdown [10][11]. - The approach to managing "Fixed Income+" products includes a dual-manager system, where one manager focuses on equity and the other on pure bonds, ensuring a unified return and risk assessment [11][12]. Group 4: Performance Metrics - The performance of the "Fixed Income+" products has been strong, with specific funds achieving a maximum drawdown of less than 1% while yielding a return of 6.34% [26]. - The success in performance is attributed to both equity and bond segments contributing to overall returns, with strategic timing and allocation playing a critical role [26][27]. Group 5: Future Outlook - The market is currently in a phase of stabilization, with macroeconomic fundamentals showing signs of improvement, although a strong recovery is yet to be confirmed [29][30]. - The focus on dividend-paying assets is expected to grow, particularly in a low-interest-rate environment, with specific sectors like consumer goods and financials being highlighted for potential investment [31].