随着资管新规打破刚兑、理财净值化转型，兼具稳健与弹性的"固收+"策略已成为震荡市的资金避风 港。今年7月，由海富通基金混合资产投资部总经理江勇掌舵的产品海富通添合收益首发募集规模超12 亿元，成为当下市场中的亮色。这背后，是投资者对稳健收益的迫切需求，更是对掌舵人投资能力的信 任投票。 "当前权益市场的潜在回报率较高，至少两到三年内我都持较乐观的态度。"在接受中国证券报记者采访 时，江勇如此概括对市场的核心判断。这位旗下产品屡创净值新高的基金经理，正以"绝对收益"为锚， 在股债间构建攻守兼备的配置矩阵。 成功把握贝塔行情 谈及对债市的操作，江勇的策略更显防守姿态。"目前组合久期低于去年水平。"江勇坦言，当前债券期 限利差、信用利差均较低，票息绝对收益水平也处于低位。"当资本利得成为双刃剑，控制回撤或成为 重要考量因素。" 在权益投资方面，江勇表示，安全性是选股的首要因素。首先，股票的估值要合理，价格能够反映其真 实价值；其次，公司的财务数据不能有太大风险；第三，尽量避免选择出现大股东减持、管理层问题等 负面信息的公司。此外，在组合的整体配置上，江勇的持仓呈现出均衡配置的特点：首先，尽量保持组 合的单一行业占比 ...

Core Viewpoint - The "fixed income +" strategy has become a safe haven for funds in a volatile market, driven by investors' urgent demand for stable returns and trust in fund managers' investment capabilities [1] Group 1: Market Outlook - The potential return rate of the equity market is viewed optimistically for at least the next two to three years [1] - The current market shows strong characteristics, with opportunities for rotation in undervalued sectors that have long-term growth potential [4] - The valuation of many quality leading companies has dropped to 15-20 times earnings, indicating significant potential for price appreciation if market confidence is restored [4] Group 2: Investment Strategy - The fund manager emphasizes a balanced approach in asset allocation, maintaining a single industry exposure of no more than 10% and diversifying stock selections [2] - In equity investments, safety is prioritized, focusing on reasonable valuations, sound financial data, and avoiding companies with negative news [2] - The strategy involves increasing equity positions while reducing convertible bond holdings, reflecting a proactive adjustment to market conditions [4] Group 3: Fixed Income Investment - The focus in fixed income investments is on the unity of safety, yield, and liquidity, primarily investing in high-grade credit bonds with a preference for medium to short durations [3] - The current bond portfolio has a lower duration compared to the previous year, indicating a defensive posture in response to low absolute yield levels [5]

Core Viewpoint - The "fixed income +" strategy has emerged as a safe haven for funds in a volatile market, driven by investor demand for stable returns and trust in fund managers' capabilities [1] Group 1: Market Insights - The current equity market has a high potential return rate, with a positive outlook for at least the next two to three years [1] - The market has strong characteristics, with opportunities for rotation in sectors that have reasonable valuations and long-term growth potential [4] - The core assets in the A-share market have become more attractive, with many leading companies' price-to-earnings ratios falling to 15-20 times, indicating significant potential for price appreciation if market confidence returns [4] Group 2: Investment Strategy - The investment strategy emphasizes a balanced approach, maintaining a diversified portfolio across various sectors while focusing on safety and return elasticity [4] - In equity investments, safety is prioritized, with a focus on reasonable valuations, stable financial data, and avoidance of companies with negative news [2] - In fixed income investments, the strategy focuses on high-grade credit bonds with a preference for medium to short durations, while strictly controlling credit risk [3] Group 3: Fund Performance - The fund managed by Jiang Yong, Hai Fu Tong Tian He Yield, raised over 1.2 billion yuan in its initial offering, reflecting strong investor demand for stable returns [1] - The fund has successfully captured beta trends in the market, achieving positive returns for three consecutive years since its inception in the second half of 2021 [1][2] - Jiang Yong's management has led to a systematic increase in equity positions while significantly reducing convertible bond holdings, indicating a strategic adjustment based on market predictions [3]

2025年，投资者似乎面临着两难局面：一方面是部分银行一年期定存利率跌破"1%大关"，获取稳健收 益的难度不断提升；另一方面，全球政策不确定性因素仍存，权益市场波动高企，令中低风险偏好投资 者驻足观望。 在此背景下，求稳又求胜的"固收+"策略重新回到了投资者的视野。这类产品用债券资产构筑收益安全 垫，通过精选股票、可转债等弹性标的获取增强收益，以实现攻守兼备的目标。 海富通悦享一年持有期混合（A类：019752 C类：019753）大部分投资于债券，权益类资产及可转换债 券、可交换债券资产占比为10%-30%，是一只投资者体验不错的"固收+"产品。截至2025年一季度末， A类份额近一年收益率5.11%，最大回撤仅-1.88%，还有多个风险收益指标在同类产品中脱颖而出。 （数据来源：Wind，基金定期报告） 延续稳健底色，打造优质"固收+" 近年来，资产管理行业对收益风险比的认识愈发深刻，而年金投资则长期贯彻这一理念，即在充分控制 风险的基础上，最大程度为客户追求资产的保值增值。 海富通基金长期深耕养老领域，已实现养老金三大支柱全面布局。依托公司全方位业务体系，公司已将 养老金投资的稳健诉求和投资经验，深度植 ...