Core Viewpoint - The article emphasizes the importance of having a clear and tested investment strategy to navigate the cyclical nature of capital markets, highlighting different investment styles in equity and fixed income markets that can help investors achieve long-term stable returns [1]. Equity Section - Long-term value investors focus on the essence of investment, leveraging the time factor to accumulate wealth through low turnover rates, avoiding impulsive trading during market fluctuations [2][3]. - Yang Xinxin from ICBC Credit Suisse adheres to the principle of "good company + good price," demonstrating excellent long-term performance with a clear investment framework that includes macroeconomic analysis and a focus on undervalued stocks [3]. - Jiang Cheng from Zhongtai Securities Asset Management employs a "concentrated waiting" strategy, emphasizing the scarcity of good companies and the need to wait for favorable prices, achieving positive returns even in a declining market [6]. - The hard-core growth style focuses on identifying high-growth potential companies, being sensitive to industry trends and technological innovations, and managing risks associated with growth stocks [8][9]. - Xie Zhiyu from Xingzheng Global Fund exemplifies this growth style by focusing on company growth and management capabilities, maintaining a balanced industry allocation to mitigate risks [9]. - GARP (Growth at a Reasonable Price) investors balance growth and valuation, understanding the risks of high valuations while seeking profitable opportunities [10][11]. - Zhou Yun from Oriental Red Asset Management practices GARP by focusing on quality companies at reasonable prices, maintaining a diversified portfolio to balance risks and opportunities [11]. - Liu Xu from Dacheng Fund employs a dynamic adjustment strategy to adapt to market cycles, effectively managing risks while seizing investment opportunities across growth and value stocks [14]. Fixed Income Section - Pure bond conservative managers focus on bond investments to achieve stable returns, emphasizing risk control and macroeconomic research [16]. - Li Yingfang and Peng Ziyun from Jianxin Fund exemplify this approach by managing duration and credit risk effectively, resulting in lower volatility compared to peers [16][17]. - Huang Jiliang from Fortune Fund adopts a strategy of focusing on high-grade credit bonds while diversifying across different bond types to maximize risk-adjusted returns [19]. - The fixed income plus enhancement style seeks to enhance returns through equity exposure, with Wang Xiaocheng from E Fund demonstrating this by combining high-grade bonds with equity investments [22][23]. - Zhu Song from Penghua Fund utilizes a strategy of credit bonds and interest rate trading to stabilize returns while enhancing them through convertible bonds [24]. Conclusion - The article concludes that there is no absolute "best strategy" among the various investment styles; the key is to find a suitable match based on individual risk preferences and investment horizons [26].

进入晨星小程序，轻松掌握更多基金信息！ | 基金代码： | 206018 | | --- | --- | | 基金类型： | 普通债券 | | 基准指数： | 中国普通债券 | | 成立日期： | 2013-02-06 | | --- | --- | | 基金规模（亿元）： | 20.92 | | 基金规模日期： | 2024-12-31 | | 晨星三年评级： | | | 晨星五年评级： | | | 基金经理： | 祝松 | | 基金公司： | 鹏华基金 | | 年度综合费率： | 1.30% | 鹏华产业债债券基金在资深基金经理祝松先生的管理下，综合运用信用策略、久期策略与可转债策略，力求为投资者创造长期稳健的投资回报。基金以信用债为配置重点， 主要持有中高等级信用债。利率债配置占比一般控制在 0-20% ，以久期的波段操作为主，组合久期在 1 至 5 年灵活调整。可转债占比一般控制在 0-20% 之间，以自上而下的仓位 调整和行业选择为主，自下而上的个券选择为辅。基金杠杆策略稳健，平均杠杆率约为 125% 。自 2014 年 3 月至 2025 年 2 月，在祝松先生管理期间，该基金实现了 6.42% ...

进入晨星小程序，轻松掌握更多基金信息！ | 基金代码： | 206018 | | --- | --- | | 基金类型： | 普通债券 | | 基准指数： | 中国普通债券 | 焦点基金 —— | 成立日期： | 2013-02-06 | | --- | --- | | 基金规模（亿元）： | 20.92 | | 基金规模日期： | 2024-12-31 | | 晨星三年评级： | | | 晨星五年评级： | | | 基金经理： | 祝松 | | 基金公司： | 鹏华基金 | | 年度综合费率： | 1.30% | 鹏华产业债债券基金在资深基金经理祝松先生的管理下，综合运用信用策略、久期策略与可转债策略，力求为投资者创造长期稳健的投资回报。基金以信用债为配置重点， 主要持有中高等级信用债。利率债配置占比一般控制在 0-20% ，以久期的波段操作为主，组合久期在 1 至 5 年灵活调整。可转债占比一般控制在 0-20% 之间，以自上而下的仓位 调整和行业选择为主，自下而上的个券选择为辅。基金杠杆策略稳健，平均杠杆率约为 125% 。自 2014 年 3 月至 2025 年 2 月，在祝松先生管理期间，该基金实现 ...