"十五五"规划的启动年即将到来，构建现代产业体系和提升科技自立自强水平被摆在最重要位置。在鹏 华基金混合资产投资部基金经理陈大烨看来，这轮科技浪潮将催生丰富的投资机会。 前瞻布局科技，鹏华安颐A近一年业绩超10% 拥有北京大学人工智能本科与数量金融硕士复合背景的陈大烨，同时管理鹏华安颐A(012111)、鹏华精 新添利A(019602)等"固收+"产品。面对"十五五"规划开启的科技投资新纪元，他正以其严谨的方法论， 在成长机遇与风险控制之间寻找最佳平衡。 陈大烨"固收+"产品矩阵：主打中波波动与鲜明成长风格 陈大烨管理的"固收+"产品定位清晰，主打中波波动与鲜明成长风格。基于对"固收+"产品特性的深刻理 解，他构建了"20%权益聚焦成长、80%固收奠定基础"的配置框架，旨在通过权益部分捕捉社会发展红 利，固收部分提供稳健回报机会，力争打造能够穿越周期、适合长期持有的配置工具。 在具体管理过程中，他通过三层机制实现风险收益比的系统优化： 首先是建立系统的风险预算与回撤管理机制。事前，基于行业历史波动率评估进行仓位控制与结构管 理；事中，设定明确的最大回撤目标，一旦回撤超过阈值且市场风险仍存，即降低高波动资产比例 ...

Core Insights - In 2025, the "fixed income +" fund products have shown significant yield elasticity driven by the recovery of equity markets, with core indices reflecting substantial increases in performance [1][2] - The leading management teams, particularly the Penghua fixed income team, have demonstrated outstanding performance through active management, achieving notable net value growth rates in their "fixed income +" products [1][4] Group 1: Performance Metrics - As of September 30, 2025, key indices for "fixed income +" funds have recorded impressive gains: WIND Mixed Bond Type Level 1 Index at 2.38%, Level 2 Index at 5.83%, Mixed Bond Fund Index at 7.27%, and Convertible Bond Fund Index at 23.44% [1] - Penghua's fixed income team has 13 "fixed income +" products with net value growth rates exceeding 5% for the year, and 5 products surpassing 10% [1][4] - Specific products like Penghua Convertible Bond A (000297), Penghua Double Bond Plus A (000143), and Penghua Jingxin Teli A (019602) achieved net value growth rates of over 33%, 17%, and 10% respectively [1] Group 2: Fund Size and Market Trends - The overall scale of "fixed income +" funds has rebounded, with a 6.1% quarter-on-quarter increase in Q2 2025, totaling 2,178 funds and a combined scale of 2.16 trillion yuan, surpassing the end of 2023 levels [2] - Factors contributing to the growth of "fixed income +" funds include low interest rates prompting investors to seek yield-enhancing alternatives, improved asset allocation strategies by fund companies, and a more rational understanding of these funds by investors [2] Group 3: Product Strategies - Penghua's fixed income team employs a strategy of "strategy labeling and style segmentation," offering a diverse range of products across various risk-return profiles, including ultra-low, low, medium, and high volatility [3] - Low and medium-low volatility "fixed income +" products are preferred by conservative investors, focusing on stable asset appreciation [4] - Medium volatility products incorporate equity positions to balance risk and return, capitalizing on sectors like technology and manufacturing for enhanced yields [5] Group 4: High Volatility Products - High volatility "fixed income +" products typically have a higher equity asset allocation, targeting investors with greater risk tolerance [6] - Penghua Convertible Bond A (000297) exemplifies this approach, with a significant allocation to convertible bonds and a notable net value growth rate of 33.03% as of September 30, 2025 [6] - Overall, the "fixed income +" funds have effectively seized opportunities amidst market fluctuations, validating their asset allocation value and yield elasticity [6]

Core Viewpoint - The recent strong performance of the Shanghai Composite Index, particularly driven by the technology sector, presents investment opportunities, but direct stock investment in this volatile sector is challenging for ordinary investors. Therefore, "fixed income +" products focusing on technology are recommended to capture market gains while controlling volatility [1]. Group 1: Investment Strategy - Chen Daye, a fund manager at Penghua Fund, emphasizes the importance of managing volatility while investing in technology growth through "fixed income +" products, which provide a differentiated path for investors [1]. - The strategy involves a focus on "technology + manufacturing growth," with a meticulous approach to managing drawdowns and balancing risk and return [2]. Group 2: Product Performance - The two main "fixed income +" products managed by Chen Daye, Penghua Anyi A and Penghua Jingxin Tianli A, have both achieved new net asset value highs in 2025, with annual net value growth rates of 8.55% and 9.10%, respectively [3]. - The maximum drawdown for Penghua Jingxin Tianli since inception is 2.03%, while Penghua Anyi has a maximum drawdown of approximately 2.2%, indicating effective volatility management [3]. Group 3: Market Outlook - The current low interest rate environment and supportive policies create a favorable backdrop for the technology sector, with a positive outlook for investments in AI and semiconductors [4]. - Domestic advancements in AI are accelerating, with significant investments from major tech companies, suggesting a potential for further market pricing adjustments in the future [4][5].