（原标题：低利率时代怎么投资？这场固收 + 圆桌论坛，三大嘉宾讲透了！） 存款利率跌破 1%，把钱存银行，利息越来越少；A 股慢牛启势，想赚权益红利又怕风险太高 —— 当 下理财的两难困境，想必不少人都感同身受。 9 月 9 日天弘基金特邀三位投资领域重磅嘉宾，打造「低 利率时代，固收 + 投资如何顺势而为」圆桌论坛，从宏观趋势到资产配置，从产品挑选到实操技巧， 一站式解答了大家的投资困惑。这场论坛为何值得关注？核心干货又有哪些？我们为你整理好了精华内 容。 一、这场论坛有哪些看点？ 1. 国盛证券熊园：宏观趋势与利率走向，这几点最关键 作为首席经济学家，熊园对经济大方向的判断，是投资的 "指南针"。他提到，今年上半年中国经济增 速达 5.3%，全年实现 5% 目标基本无虞，但下半年经济存在下行压力，且地产下行周期尚未走完，从 销售面积看，需从当前 8 亿平方米降至 6 亿平方米，按每年降 10% 算，至少还需 2 年。 关于大家最关心的利率，他给出明确判断：短期（1-2 年）利率大幅涨跌概率小，10 年国债大概率在 1.6%-1.8% 区间震荡；若美联储下半年连续降息，中国央行可能跟随降 10 个基点，届时 ...

Core Viewpoint - In the current low-interest-rate environment, Tianhong Yongli Bond has emerged as a robust investment option, showcasing strong resilience and potential for stable wealth growth over the years [1][3]. Group 1: Performance and Historical Data - Since its inception on April 18, 2008, Tianhong Yongli Bond B (420102) has achieved an average annualized return of 5.83% over 17 years, with a historical cumulative return of 167.31% [1]. - As of August 18, 2025, the fund's one-year return is 8.78%, five-year cumulative return is 27.67%, and ten-year cumulative return is 72.24%, ranking in the top 5 among similar products [4]. - The fund has a user base of approximately 176,000 and a total scale of 20.5 billion, making it a leader in the secondary bond market [1]. Group 2: Investment Strategy and Management - Tianhong Yongli Bond aims for absolute returns, employing a strategy of 80% pure bonds and 0-20% in stocks and convertible bonds, allowing for flexible asset allocation [3]. - The fund manager, Jiang Xiaoli, has been at the helm since August 2012, successfully navigating multiple market cycles and accurately predicting major turning points in the bond market [4][8]. - Jiang Xiaoli has received the Golden Bull Award ten times, with a comprehensive annualized return of 6% across the ten funds she manages, totaling 30.4 billion [8]. Group 3: Risk Management and Fees - The fund has demonstrated excellent risk management, with a maximum drawdown of only 1.74% in the past year, recovering within 54 days [11]. - The management fee is 0.7%, and the custody fee is 0.2%, with no sales service fee, making it suitable for investors seeking stable returns without frequent trading [11]. Group 4: Market Trends and Future Outlook - The market is at a critical turning point, with expectations of rising PPI and a potential shift from liquidity-driven to fundamentals-driven market conditions [12]. - The investment strategy focuses on high-quality companies with strong cash flow generation and cyclical stocks that meet long-term return requirements [12].