Core Viewpoint - The article discusses the increasing demand for stable asset appreciation in a low-interest-rate environment, highlighting the role of "fixed income +" products as a balanced investment strategy for families [1][2]. Group 1: Investment Strategy - The "fixed income +" strategy combines equity and debt to provide both stability and growth potential, requiring fund managers to skillfully navigate market volatility and identify long-term opportunities [1][3]. - Chen Daye, a fund manager at Penghua Fund, emphasizes a growth-oriented approach within the "fixed income +" framework, focusing on sectors like technology and high-end manufacturing to enhance returns while maintaining a stable base [2][11]. Group 2: Risk Management - Chen Daye outlines a risk-return optimization system for managing "fixed income +" products, which includes establishing a systematic risk budget and withdrawal management mechanism [4][5]. - The strategy involves assessing historical volatility across industries to control positions and implementing a maximum drawdown strategy to mitigate risks during market downturns [6][8]. Group 3: Market Insights - Chen identifies key market trends and opportunities, noting that A-shares often exhibit structural bull markets driven by capital flows, which can be leveraged for "fixed income +" products [7][9]. - He stresses the importance of understanding macroeconomic conditions and industry trends to avoid the pitfalls of "fixed income -" scenarios, particularly during bear markets [8][10]. Group 4: Growth Focus - The article highlights Chen's unique focus on growth stocks within the "fixed income +" product category, adapting to changing macroeconomic environments and identifying potential growth sectors over time [11][12]. - Chen's background in artificial intelligence informs his investment decisions, particularly in the technology sector, where he anticipates significant growth opportunities [12][13]. Group 5: Future Outlook - Looking ahead, Chen expresses optimism about the long-term performance of equity markets, particularly for companies that can generate free cash flow and have global competitiveness [16]. - The investment focus is shifting towards sustainable business models in AI and technology, with an emphasis on cash flow generation rather than just infrastructure [16].

Core Insights - The article discusses the increasing demand for stable asset appreciation among investors in a low-interest-rate environment, highlighting the role of "fixed income +" products as a balancing tool in asset allocation [1] - It emphasizes the need for fund managers to enhance their capabilities in capturing returns while controlling drawdowns amidst market volatility [1][4] Group 1: "Fixed Income +" Strategy - The "fixed income +" strategy is characterized by a combination of equity and debt, aiming to provide both stability and growth potential [1] - Chen Daye, a fund manager at Penghua Fund, shares insights on constructing and managing a growth-oriented "fixed income +" product, focusing on the art and science of asset allocation [1][4] - The strategy is discussed in the context of a high-profile interview series on long-term and value investing, indicating its relevance in current market conditions [1] Group 2: Fund Management Experience - Chen Daye has 8 years of experience in securities and 4 years in fund management, currently managing three funds, including Penghua Jingxin Tianli and Penghua Anyi, with a high institutional ownership ratio [2][3] - The funds managed by Chen Daye are positioned to provide higher returns than pure bond funds while maintaining a level of volatility that investors can tolerate [3][5] Group 3: Risk-Return Optimization - The "fixed income +" products managed by Chen Daye are categorized as medium volatility, focusing on growth sectors while implementing a systematic risk budget and drawdown management mechanism [5][6] - The strategy includes identifying market trends and structural opportunities, emphasizing the importance of valuation discipline in stock selection [6][7] Group 4: Macro Risk Management - Chen Daye discusses the importance of macroeconomic indicators in avoiding the pitfalls of "fixed income -" products, particularly during periods of poor equity performance [8][10] - Historical analysis reveals that significant market downturns are often linked to macroeconomic changes, underscoring the need for proactive risk management [9][10] Group 5: Growth-Oriented Investment Logic - The article highlights Chen Daye's unique approach to focusing on growth-oriented assets within the "fixed income +" framework, adapting to changing macroeconomic conditions [11][12] - The strategy aims to provide a stable return while allowing investors to benefit from societal development dividends through a balanced asset allocation [11][12] Group 6: Focus on Technology and AI - Chen Daye's investment strategy includes a forward-looking approach to technology sectors, particularly AI, supported by his academic background in artificial intelligence [12][15] - The emphasis is on identifying sustainable business models within the AI space, with a cautious approach to investment timing and validation of revenue generation capabilities [15][16] Group 7: Future Outlook - The article concludes with an optimistic view on the long-term performance of equity markets, particularly in the context of China's economic transition to high-quality growth [16] - Chen Daye identifies two key asset categories for future focus: technology-driven companies with global competitiveness and dividend-paying stocks that generate free cash flow [16]

Core Viewpoint - The "fixed income +" strategy remains a vital choice for institutional and individual investors seeking stable returns, despite the challenges posed by a declining risk-free rate and a changing market environment [1][2]. Group 1: Market Environment - As of Q4 2025, the bond market has transitioned from a strong performance to a low yield environment, with money market product yields dropping below 1% [2]. - The A-share market has shown strong performance, with the Shanghai Composite Index and Shenzhen Component Index increasing by over 15% and 25% respectively year-to-date as of October 20 [2]. - Over 95% of "fixed income +" funds have achieved positive returns, with some convertible bond funds yielding over 38% [2]. Group 2: Investment Strategy - The "fixed income +" strategy is evolving towards multi-asset and multi-strategy approaches to balance risk and return in a low absolute return environment [2]. - The upcoming event on October 22 aims to explore the practical logic and innovative directions of the "fixed income +" strategy through discussions among experienced fund managers [1][3]. Group 3: Fund Manager Insights - Fund managers participating in the event include seasoned professionals with extensive experience in asset allocation and market timing, emphasizing the importance of equity asset allocation in performance [3][4]. - Discussions will cover topics such as achieving better returns in low volatility environments and the significance of credit strategies and yield enhancement [4][5]. Group 4: Future Outlook - The "Fund Manager 100" series aims to provide diverse strategy references for investors navigating complex markets, with future discussions planned around different asset classes [5].