优秀基金产品的诞生，不会是个人能力的单点爆发，而是团队智慧的系统化输出。 低利率时代，"保本"理财已成历史，单一资产亦难以穿越周期。对大多数普通投资者而言，固收产品正成为财 富管理地图中越来越值得关注的重要选项。 而这类产品的长期稳健表现，离不开平台化、系统化的投研支撑。它需要宏观与信用的深度研究、多资产类别 的策略协同，以及贯穿全程的专业风控。唯有依靠体系而非个人，才能真正实现"稳中求进"的投资目标。 纵观全球，成功的固收投资从来都是一场"系统战"。以管理规模超2万亿美元的太平洋投资管理公司 （PIMCO）为例，其能够穿越周期、持续领先，核心在于系统化的决策机制、深厚的宏观研究能力与严谨的 团队化风控体系。 我们发现，在中国市场，华安基金大固收平台提供了一个值得研究的范本。基于"大固收平台"体系，华安基金 摒弃了过度依赖个人的旧范式，转而构建出独特的"1+N"多资产团队管理模式。这一模式如同一个精密的"树 状"协作系统，在不同层面形成"1+N"协作；在大类资产配置层面，大固收平台负责人作为战略核心"1"，由负 责各类资产的基金经理"N"协同配合；在投资操作层面，基金经理作为决策核心"1"，"N"则是各个具体 ...

Core Viewpoint - The "fixed income +" strategy is becoming an important tool for asset allocation in a volatile market environment, focusing on achieving reasonable returns with lower volatility than the market average [1][4]. Group 1: Investment Strategy - The investment framework consists of a three-layer combination system: style structure, industry allocation, and stock selection [5][6]. - The first layer, style structure, involves dynamically balancing technology and non-technology assets based on macro policies and industry conditions [7]. - The second layer focuses on industry allocation, tracking supply and demand changes to capture profit inflection points, particularly favoring left-side positioning [8]. - The third layer emphasizes stock selection, identifying companies with the highest profit elasticity in specific development stages [8]. Group 2: Risk Control - The risk control approach relies on disciplined position management and detailed portfolio management to avoid "fixed income -" scenarios [10][11]. - Position management is designed to prevent increasing exposure during market uptrends, maintaining a ceiling on equity positions around 10% while allowing for a zero equity position in extreme market conditions [12][13]. - Daily liquidity and risk management mechanisms are implemented to smooth portfolio volatility and respect market risks [14]. Group 3: Team Support - The investment practice benefits from a strong platform support within the Huazhong Fund's absolute return investment department, utilizing a "1+N" management model for collaborative decision-making [15][16]. - The team structure allows for complementary expertise across various investment areas, enhancing the overall investment strategy [16]. Group 4: Market Outlook - The market is expected to exhibit structural trends due to the misalignment of economic cycles between China and the U.S., with new economic contributions surpassing real estate over the next five years [19]. - The focus is on sectors like AI, military, and new energy equipment, with an emphasis on domestic manufacturing and opportunities for growth [19]. - The latest quarterly report for the Huazhong Fund shows a balanced industry structure, maintaining a focus on technology growth and cyclical finance [20].

Core Insights - The "Fund Manager 100" series of high-end interviews, co-hosted by 21st Century Business Herald and Dianshi Investment, will officially launch on October 22 in Shanghai, focusing on the long-term viability of the "Fixed Income +" strategy [2][12] - The event aims to create a professional and high-quality communication platform, emphasizing the performance of fund managers and their products [2][3] Group 1: Event Overview - The first event will feature discussions on asset allocation strategies, stock-bond mixed strategies, and achieving low-volatility returns [3] - Notable fund managers from various firms, including Anxin Fund, GF Fund, and others, will participate in roundtable discussions to share practical insights on "Fixed Income +" investments [3][5] Group 2: Fund Performance Highlights - Anxin Stable Growth A, managed by Li Jun, has achieved positive returns every year since its inception in 2015, with a total scale of 10.371 billion [4] - GF Fund's GF Jiyu A, managed by Zeng Gang, has a year-to-date return of 9.37% and is highly favored by institutional investors, with over 98% institutional holding [4][5] - The newly established mixed bond fund, Zhao Shang An Ning A, has been co-managed by experienced managers with over 12 years in the industry [5] Group 3: Professional Engagement - The event is expected to attract a diverse audience from the asset management industry, including investment managers, researchers, and product experts from various sectors [10][11] - The focus will be on fostering deep exchanges of ideas and experiences among participants, enhancing the overall quality of discussions [11]