他即将掌舵的贝莱德富元金利混合型证券投资基金，正是这一理念的结晶。该产品于1月19日起首发， 产品以量化模型为核心，通过股债协同配置与多重风险控制机制，力求在复杂市场环境中捕捉股债的结 构性机会。 在中期看好中国权益资产表现的情况下，贝莱德富元金利定位为中高波"固收+"产品，不仅将权益仓位 上限提升至30%，更纳入港股通标的，通过一套融合全球经验与本土洞察的量化多资产策略，力求在震 荡市中为投资者提供"拿得住、睡得着、有弹性"的持有体验。 在低利率环境下，投资者既渴望超越理财的收益，又担忧资本市场的剧烈波动。如何在"稳"与"进"之间 找到平衡点？贝莱德基金权益、量化及多资产首席投资官王晓京给出了他的答案——以量化模型为引 擎，结合成熟的风险控制模块，打造一款能"一键配置"股债组合的"固收+"产品。 □本报记者 王雪青 2026开年，随着银行短期大额存单利率进入"0字头"以及权益市场的高景气度，一场关于"固收+"的讨论 悄然升温。 量化模型赋能"股债双+" 过去，传统"固收+"产品多以信用债券打底，用债券票息去买可转债或权益仓位；贝莱德富元添益和本 次新发行的贝莱德富元金利选择另辟蹊径，其核心是一套基于量化的多 ...

Core Viewpoint - The discussion around "fixed income plus" products is gaining traction as banks lower short-term large deposit rates to "0" and equity markets show high vitality, prompting investors to seek a balance between stability and growth [1] Group 1: Product Overview - The BlackRock Fuyuan Jinli Mixed Securities Investment Fund, launching on January 19, aims to create a "one-click allocation" stock-bond combination product driven by quantitative models and robust risk control mechanisms [1][2] - This product is positioned as a medium to high volatility "fixed income plus" offering, with an equity allocation cap raised to 30% and inclusion of Hong Kong Stock Connect targets [1][2] Group 2: Investment Strategy - The fund employs a "quantitative aggregation, dual asset plus" strategy, utilizing quantitative methods for dynamic collaboration between stocks and bonds [2] - The equity side will use an industry rotation model based on multiple signal dimensions, while the bond side will focus on duration and credit rotation strategies [3][4] Group 3: Risk Management - The fund incorporates a down-risk control module to manage volatility and drawdown, ensuring that investors can maintain their positions during market fluctuations [4][5] - The strategy aims to provide a systematic approach to risk management, allowing for disciplined adjustments based on market conditions [5][7] Group 4: Market Outlook - The outlook for 2026 remains optimistic for equity markets, particularly for large and mid-cap stocks, with the potential for the CSI 300 index to reach new highs if supportive policies are enacted [6] - The fund manager expresses caution regarding the bond market, suggesting a neutral stance on credit bonds and low expectations for yield increases [6][7] Group 5: Team Expertise - The fund will be managed by a team with extensive experience in global macro investment and quantitative multi-asset strategies, emphasizing disciplined risk management [7]

契合投资者需求 发行方面，根据中信证券的统计，今年一季度，公募固收类基金发行规模约1210亿元。"固收+"基 金平均募集规模出现不同幅度回暖。相较2024年，偏债混合型基金平均募集规模由3.90亿元上升至6.44 亿元；混合债券型二级基金平均募集规模由15.22亿元上升至20.64亿元。 一些基金公司通过"固收+"产品，实现了规模的大幅增长。多家基金公司"固收+"产品规模增长达到 百亿元级别，中欧基金、中银基金、景顺长城基金、永赢基金、富国基金等"固收+"产品规模增长位居 前列。其中，中欧基金的"固收+"产品一季度规模新增177亿元，领跑市场。 进入二季度，基金公司仍然选择积极布局，并密集发行二级债基等"固收+"产品。比如，贝莱德基 金就发行了贝莱德富元添益，其发行份额超10亿份。东方红裕丰回报、联博汇利等多只"固收+"产品正 在发行。仅5月19日当天，就有汇泉安瑞回报、创金合信文丰、国联稳健增益三只"固收+"基金启动发 行。接下来，中信保诚基金还将发行"固收+"产品中信保诚汇利。 "目前我们主推'固收+'产品。"一家中型基金公司市场人士告诉中国证券报记者。 "固收+"产品正成为公募机构争相布局的重要方向之一 ...

Core Viewpoint - "Fixed Income +" products are becoming a key focus for public fund companies, driven by investor demand for absolute returns and the need for fund companies to grow their management scale [1][2]. Group 1: Market Trends - The total scale of "Fixed Income +" funds increased by over 100 billion yuan in the first quarter of this year, showing a significant rise compared to the second half of 2024 [1]. - In the first quarter, the issuance scale of public fixed income funds was approximately 121 billion yuan, with average fundraising sizes for various fund types showing recovery [1][2]. - Several fund companies, including China Universal Fund and Bank of China Fund, reported substantial growth in their "Fixed Income +" product scales, with China Universal Fund leading the market with an increase of 17.7 billion yuan in the first quarter [2]. Group 2: Investor Demand - The recent "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes the support for low-volatility products and asset allocation products, indicating a favorable environment for "Fixed Income +" products [2]. - Investors are increasingly seeking funds that can provide positive returns over a certain period, especially after experiencing fluctuations in the equity market [3]. Group 3: Performance and Strategy - "Fixed Income +" products, which combine bond assets with equity for enhanced returns, are designed to capture structural opportunities in the stock market while striving for coupon income amid bond market volatility [3][4]. - The performance of certain "Fixed Income +" funds has been commendable, with examples like the Guangfa Jutai Mixed A fund achieving a total return rate of 74.25% since its inception [3]. - Fund managers are focusing on strategies that balance risk and return, with expectations that certain bond investment strategies will perform better than duration strategies in the second quarter [5].

Core Viewpoint - Foreign public funds have significantly increased their product layout in bond funds this year in response to ongoing market volatility [1][2]. Group 1: Product Launches and Market Response - Foreign public funds have launched a variety of new bond funds this year, including medium to long-term pure bond funds, first-level bond funds, and second-level bond funds, indicating a strong market recognition of foreign bond funds [2][3]. - Notable new products include the BlackRock Fuyuan Tianyi, a second-level bond fund that started subscription on April 7, focusing on quantitative investment strategies [3]. - Schroders launched a medium to long-term pure bond product, Schroders Tianyuan Pure Bond, with a first issuance scale close to 6 billion yuan, reflecting continued investor interest in stable bond products [4]. - Allianz Fund introduced the Allianz Anyu, a second-level bond fund emphasizing stable returns and flexible responses, enhancing its fixed income product line [5]. - Manulife Financial actively launched bond products, including the Manulife Yueli Rate Bond and Manulife Interbank Certificate Index 7-Day Holding, with first issuance scales of 6 billion yuan and 5 billion yuan respectively, indicating high market recognition [5][6]. Group 2: Market Outlook and Structural Opportunities - The bond market is expected to present structural opportunities, with credit bonds gaining relative attractiveness as the interest rate bond market may exhibit "small year" characteristics in 2025 [7][11]. - The market has seen fluctuations since the beginning of the year, with expectations of rapid interest rate cuts influencing long-term yield declines [8]. - After mid-March, the funding environment improved, leading to a short-term rebound in the bond market, with expectations that interest rate bonds may continue to decline [9][10]. - Investors are advised to focus on short-duration products in the city investment bond sector, while the credit bond market remains sensitive to policy changes [11][12]. Group 3: Investment Strategies and Flexibility - The current environment is seen as an opportune time for allocating to second-level bond funds, with expectations of a dual bull market in stocks and bonds in the medium term [13]. - The convertible bond market presents structural opportunities, with a reduction in new issuance and a focus on shorter remaining maturities, enhancing the value of convertible bond options [13].