资产配置 | 策略报告 当低利率邂逅风偏回归，资产配置被动为 盾，主动为矛 ——2026 年多资产配置展望 研究结论 报告发布日期 2025 年 12 月 12 日 | 王晶 | 执业证书编号：S0860510120030 | | --- | --- | | | wangjing@orientsec.com.cn | | | 021-63325888*6072 | | 周仕盈 | 执业证书编号：S0860125060012 | | 021-63326320 | | --- | | 交易平稳，预期主导：——资产配置月报 | 2025-12-03 | | --- | --- | | 202512 | | | 资产配置策略中低波分化，行业策略转 | 2025-12-03 | | 向：——资产配置模型月报 202512 | | | 资产配置不仅仅是风险分散：——主动型 | 2025-11-27 | | 资产配置新思路 | | | 全天候模型仓位平稳，行业策略推荐科技/ | 2025-11-03 | | 有色/新能源等板块：——资产配置模型月 | | | 报 202511 | | | 关注权益和商品机会：——资产配置月 ...

Core Viewpoint - The article discusses how domestic fixed-income products are facing declining yields, prompting some financial institutions to turn to overseas bond funds as a new investment strategy to enhance returns and diversify risks [1][3]. Group 1: Market Context - The overall yield of fixed-income products in the domestic market has been on a downward trend, with the average annualized yield for open-ended fixed-income products at 1.04% as of March 16, reflecting a decrease of 0.57 percentage points [3]. - The decline in domestic bond market yields and the limitations of credit downshift strategies have led financial institutions to seek higher-yielding assets to improve product attractiveness and yield levels [3][4]. Group 2: Investment Strategy - Some pure fixed-income products are beginning to allocate to overseas bond funds, such as the Xinyin Wealth Management's product that plans to invest in global or Asian bond funds starting in Q4 2024 [3]. - The strategy of investing in overseas bond funds allows for the diversification of investments across different countries and regions, thereby reducing single-market risks and enhancing portfolio stability [3][4]. Group 3: Asset Allocation and Management - Financial institutions are encouraged to adopt diversified asset allocation and refined management strategies to enhance yield levels and market competitiveness in a low-interest-rate environment [6][7]. - Recommendations include increasing allocations to equity-like instruments, alternative assets, and structured products, while also optimizing product operation management processes to improve asset allocation efficiency and yield levels [6][7]. Group 4: Considerations for Investors - Investors are advised to understand the risks, investment scope, and duration of products, and to choose strategies that suit their needs for enhancing fixed-income returns [8]. - It is emphasized that while "fixed-income plus" products may offer higher annualized returns than pure fixed-income products, they may also experience periods of volatility and drawdowns [8].