Core Viewpoint - The current capital market is undergoing unprecedented changes and challenges, prompting investors to focus on optimizing asset allocation through professional research and investment capabilities [1][2]. Group 1: Bond Market Insights - The bond market has transitioned from a "configuration is king" phase to a "trading year," emphasizing the need for refined management to capture structural alpha opportunities [3][7]. - The core challenge for bond fund managers is to achieve reasonable returns in a low-interest, low-volatility market [6][12]. - The market is characterized by "backward market conditions," where opportunities arise from adjustments during high valuations [12][11]. - The strategy of simply buying long-term bonds and extending duration is no longer effective; instead, managers must identify opportunities through information, action, and research differences [13][14][16]. Group 2: Short-Duration Bond Funds - In the low-interest-rate environment, short-duration bond funds are emerging as a new option for wealth management, with their stability appealing to investors [24][26]. - The performance of short-duration bond funds has remained positive, even as other bond products have seen significant declines [27][28]. - The core advantages of short-duration bonds include low duration, low volatility, and low credit risk, making them suitable for defensive strategies [28]. Group 3: Risk Management Strategies - Effective risk management is crucial for bond funds, particularly in controlling drawdowns, which are seen as a lifeline for fund performance [29][30]. - The risk management framework includes duration management, holding structure, and portfolio diversification to mitigate market volatility [31][32]. - The focus has shifted from solely maximizing returns to balancing risk and return, with drawdown control embedded in the investment team's culture [33]. Group 4: Consumer Sector and AI Integration - The consumer sector is undergoing significant structural changes, with AI expected to drive deeper transformations than the internet era [35][36]. - Investment strategies focus on identifying companies with strong cash flow generation capabilities, emphasizing the importance of buying at reasonable prices [37][39]. - The future investment opportunities are anticipated to arise from the integration of consumer needs and AI advancements, particularly in new consumption areas [45][46].

当下，债券市场从单边行情进入震荡周期，"如何在低利率、低波动的存量市场中获取较为合理的收 益"成为债券基金管理者的核心命题。 摩根士丹利基金固收投资部副总监吴慧文近日接受证券时报记者采访时指出，债市已从"配置为王"进 入"交易元年"，需以扎实的投研能力为根基，用敏锐的交易思维捕捉结构性机会，并通过精细化管理筑 牢风险底线，实现"低波动"的持有体验。 固收全链条积累 锻造核心投研能力 吴慧文毕业于武汉大学金融工程专业，职业路径始于券商自营利率衍生品研究，是国内首批参与国债期 货仿真与实战交易的从业者之一，至今已耕耘国债期货投研领域13年。在广义基金领域从业8年，她管 理过货币基金、短债、纯债、固收+等多类产品，拥有利率债、信用债、利率衍生品、可转债等债券全 品种投研逻辑体系。 作为金融工程科班出身的基金经理，吴慧文拥有较强的量化研究与逻辑推导能力，对利率波动、价量数 据及收益率曲线变化保持高度敏锐。从在管产品来看，目前吴慧文管理的产品涵盖类现金工具同业存单 基金、中长期纯债、一级债基、二级债基等多元策略，构建了较为完整的固收产品图谱。 吴慧文介绍，这种全链条积累，锻造了其两大核心能力：一是大类资产穿透式认知。从 ...