Group 1 - The fund manager officially starts managing the fund from the effective date of the fund contract [1] - The fund manager will determine the specific date for subscription based on actual conditions, and will not exceed three months from the effective date to start processing redemptions [1] - Sales institutions accepting investor subscription applications do not guarantee the success of the application, which must be confirmed by the fund's registration institution [1] Group 2 - The fund manager is responsible for the costs incurred during the fundraising period, including information disclosure fees, legal fees, and accounting fees, which will not be paid from the fund's assets [1] - Investors can check transaction confirmation status through the sales institution or the fund manager's website [1]

Core Insights - The article discusses the evolution of "fixed income +" funds, highlighting the integration of quantitative models for flexible asset allocation and risk management [1] Group 1: Quantitative Multi-Asset Strategy - The quantitative multi-asset strategy emphasizes systematic and disciplined management of investment portfolios, using quantitative models as key decision-making tools for asset allocation, portfolio adjustment, and risk management [2] - An example is provided with the BlackRock Fund, which employs an industry rotation model for its equity portion, scoring based on multiple signal dimensions and optimizing industry allocation [2] - The bond portion utilizes duration and credit rotation strategies, dynamically adjusting the ratio of interest rate bonds to high-grade credit bonds based on various signals [2] Group 2: Risk Control Mechanisms - The strategy includes a dedicated down-risk control module with hard stop-loss lines and volatility management for preemptive alerts, allowing for proactive adjustments before market anomalies occur [2] - Adjustments are primarily driven by risk control needs rather than timing the market for profit, ensuring that the portfolio operates within a safe boundary [3] Group 3: Investment Strategy and Market Outlook - The core of the strategy's returns comes from trading strategies rather than static bond yields, allowing for significant scalability without impacting performance [5] - The firm anticipates investment opportunities in the domestic bond market, focusing on short-term high-grade credit bonds and interest rate bonds, with a preference for quantitative models to assess multi-dimensional judgments [5] - In the equity market, the firm remains optimistic about the A-share market in 2026, predicting favorable performance for the CSI 300 index, which currently has an attractive valuation based on projected earnings [6]

Core Viewpoint - The "Fixed Income +" fund is evolving by leveraging quantitative models to flexibly adjust the equity-debt ratio, catering to the growing demand for diversified and stable wealth management among residents [1] Group 1: Quantitative Multi-Asset Strategy - The quantitative multi-asset strategy emphasizes systematic and disciplined management of investment portfolios, using quantitative models as key decision-making tools for asset allocation, portfolio adjustment, and risk management [2] - The BlackRock Fund's mixed securities investment fund employs an industry rotation model for its equity portion, scoring based on multiple signal dimensions such as value, growth, and price momentum, while the bond portion uses duration and credit rotation strategies [2] Group 2: Risk Control Mechanisms - The strategy includes a dedicated downside risk control module with hard stop-loss lines and volatility management for preemptive alerts, allowing for adjustments before market fluctuations occur [3] - Fund managers verify model recommendations daily and strictly adhere to risk control directives to ensure the portfolio operates within safe boundaries, aiming to provide investors with peace of mind [3] Group 3: Revenue Sources and Market Capacity - The core of revenue generation comes from trading strategies rather than static bond yields, allowing for a potential scale of over 10 billion yuan for the "Fixed Income +" products without significant impact on returns [5] - The strategy focuses on large and mid-cap stocks and interest rate bonds, with a monthly rebalancing frequency, ensuring that market pricing transparency mitigates concerns about resource scarcity affecting returns [5] Group 4: Investment Outlook for 2026 - The investment opportunities in the domestic bond market are expected to concentrate on short-term high-grade credit bonds and interest rate bond curve trading, with quantitative models aiding in multi-dimensional assessments [5] - The A-share market is anticipated to perform well in the next 12 to 18 months, with the CSI 300 index currently showing an attractive valuation based on projected earnings [5] - Structural market trends are expected to continue, with AI applications expanding beyond hardware infrastructure, and the consumer sector potentially recovering due to positive factors [6]

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。 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。 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。 现任贝莱德权益、量化及多资产首席投资官。拥有15年全球投研经验，10年投资管理经验，具有先进的 海外量化投资经验，同时深耕中国市场，擅长多资产定制策略等。 量化模型赋能"股债双+" 过去，传统"固收+" ...

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]