Group 1 - The core concept of the article emphasizes the importance of foundational knowledge in investing, particularly in mutual funds, to facilitate easier entry into investment activities [2] - The article introduces pension target funds, which are specifically designed for retirement financial planning and are characterized by the inclusion of "pension target" in their names [3] - Pension target funds operate in a fund-of-funds (FOF) format, with over 80% of their assets invested in other funds, catering to retirement needs [3]

近期有几个与银发经济相关的数据，引起了小编的关注： 事实上，当我们以产业发展的角度来切入老龄化时代，不难发现相关产业内涵的不断延展和新空间。 国家统计局于2021年公布的《养老产业统计分类（2020）》将养老产业范围确定为：养老照护服务、老年 医疗卫生服务、老年健康促进与社会参与、老年社会保障、养老教育培训和人力资源服务、养老金融服 务、养老科技和智慧养老服务、养老公共管理、其他养老服务、老年用品及相关产品制造、老年用品及相 关产品销售和租赁、养老设施建设等12个大类，并进一步细分成51个中类和79个小类。 没错，讨论、关注以及掘金银发经济的人，越来越多了。 除了老龄人口基数变大这一点，这一年龄段人口的财富积累也是其备受关注的重要原因。中国人民银行发 布的《2019年中国城镇居民家庭资产负债情况调查》显示，如果按户主年龄分类，2019年我国56-64岁和 65岁以上群体家庭总资产分别达到约355.4万元和288.0万元，相较于青年群体拥有更多的财富积累，也为 市场进一步发掘其消费潜力奠定了基石。 一是去哪儿发布的《史上最火五一出游报告》显示，"五一"期间，55岁至60岁用户的酒店预订增幅同比达 到了43%，在 ...

Core Viewpoint - The fund adopts a "fixed income +" strategy with an equity position of 0-20%, aiming for low volatility and long-term stable returns that exceed the benchmark [1][5]. Group 1: Fund Strategy and Structure - The fund focuses on high-quality bonds, primarily credit bonds and long-term government bonds, while also incorporating high-potential equity assets to enhance returns [2][10]. - A six-month holding period is established, allowing for trading on any business day, which balances the advantages of closed operations with liquidity needs [3][4]. Group 2: Performance Metrics - The fund's A share net value growth rate is 9.97% since its inception on September 27, 2022, outperforming the benchmark return of 5.93% [5][20]. - The fund has achieved a maximum drawdown of only 0.66%, significantly better than the mixed bond index (4.25%) and pure bond index (1.31%) [5][6]. Group 3: Management Team - The fund employs a dual fund manager approach, emphasizing strict risk control to ensure stability and profitability for investors [10][14]. - The management team has extensive experience in large fund management and absolute return strategies [12][13]. Group 4: Company Background - Founded in 2014, the asset management company has gained recognition from over 10.12 million users by prioritizing the interests of its investors [15].

Core Viewpoint - The article discusses the characteristics, risk-return profile, and management strategies of a mixed secondary bond fund, highlighting its potential as a stable investment option in a low-interest-rate environment [2][3][7]. Group 1: Fund Types and Characteristics - The fund is categorized as a mixed secondary bond fund, investing at least 80% of its assets in bonds and up to 20% in equity and convertible bonds, often referred to as "fixed income plus" products [2]. - The fund's expected return and risk level are lower than equity funds but higher than pure bond and money market funds, aiming to align with the medium to long-term bond index [3]. Group 2: Historical Performance - Over the past 20 years, the secondary bond fund index has increased by 372.10%, significantly outperforming the China Bond Index, which rose by 146.90% during the same period [3]. - In the last ten years, the secondary bond fund index had positive returns in seven years, with two years benefiting from the A-share market, achieving annual gains exceeding 10% [5]. Group 3: Current Market Conditions - With the recent decline in bank deposit rates and a drop in the 10-year government bond yield to around 1.7%, traditional cash management products and pure bond funds are increasingly unable to meet investors' demand for stable returns [7]. - The fund's "fixed income plus" strategy is positioned as a solution for conservative investors seeking to enhance yield [7]. Group 4: Investment Strategy - The fund employs a "fixed income plus" strategy, using bonds as a stable base and equities for potential higher returns, while also utilizing hedging tools to reduce portfolio volatility [8]. - The investment approach focuses on selecting high-quality bonds with a minimum credit rating of AA+ and emphasizes value investing in equities, targeting industry leaders and mature companies [8]. Group 5: Risk Management - The fund aims for low volatility and low drawdown by determining the stock-bond ratio through macro analysis and selecting foundational bonds and equity assets [9]. - Strict stop-loss operations and a focus on hedging are employed to control risks effectively [9]. Group 6: Fund Management Team - The fund will be managed by two experienced fund managers, Cheng Bing and Shang Yuanbo, who have extensive backgrounds in securities investment and management [10][11]. - The fund managers have previously managed similar products, achieving notable performance metrics, including a net value growth rate of 9.97% since inception [11]. Group 7: Market Opportunities - The fund managers recognize the current high volatility in the bond market due to external uncertainties but see potential opportunities in the equity market supported by favorable policies and low-interest rates [12][13]. - They plan to adjust leverage, portfolio duration, and asset distribution in response to market conditions, focusing on undervalued large-cap stocks [13]. Group 8: Fund Fees and Structure - The fund has a minimum holding period of six months, after which investors can redeem without incurring redemption fees, with various fee structures based on investment amounts [14][15]. Group 9: Management Company Overview - Zhongtai Securities Asset Management Co., Ltd. was established in 2014 and has grown to manage assets totaling 105.12 billion yuan as of December 31, 2024 [16]. - The company ranks highly among peers in both active stock and bond investment management over the past five years [16].

证监发〔2025〕21号 中国证监会各派出机构，各交易所，各下属单位，各协会，会内各司局： 现将《推动公募基金高质量发展行动方案》印发给你们，请认真贯彻落实。 中国证监会 2025年5月7日 推动公募基金高质量发展行动方案 近年来，我国公募基金行业在服务实体经济与国家战略、促进资本市场改革发展稳定、满足居民财富管理 需求等方面发挥了积极作用，但也暴露出经营理念有偏差、功能发挥不充分、发展结构不均衡、投资者获 得感不强等问题。为推动行业加快实现高质量发展，制定本方案。 一、总体要求 以习近平新时代中国特色社会主义思想为指导，深入贯彻落实党的二十届三中全会、中央经济工作会议、 中央金融工作会议、2024年9月26日中央政治局会议以及新"国九条"关于"稳步推进公募基金改革、推动证 券基金机构高质量发展、支持中长期资金入市"的决策部署，主要体现以下基本原则：坚持党对金融工作 的全面领导，坚定不移走好中国特色金融发展之路，建设符合中国式现代化本质要求的公募基金行业；坚 持以强监管、防风险、促高质量发展为主线，校正行业发展定位，实现功能性和盈利性的有机统一；坚持 问题导向、目标导向，切实回应市场关切，推出一系列投资者可感 ...

Core Viewpoint - The article presents a book list for 2025, emphasizing the importance of reading classic works across various fields such as investment, history, and medicine, which can enhance cognitive understanding and provide insights during market noise [2]. Book Recommendations - **"Kangxi's Red Ticket"**: This book explores the interactions between Emperor Kangxi and Western missionaries, highlighting the complex relationships between the Qing Dynasty and the West in areas like science and diplomacy [2]. - **"Surely You're Joking, Mr. Feynman!"**: A non-typical autobiography of Richard Feynman, showcasing his curiosity and problem-solving approach through various anecdotes without complex formulas [6][8]. - **"The Little Book of Common Sense Investing"**: This classic guide by Professor Siegel analyzes over 200 years of stock trading in the U.S., comparing various investment products and offering strategic advice [8][10]. - **"Value Investing: From Graham to Buffett"**: This book systematically discusses the theory and practice of value investing, from Graham's foundational theories to Buffett's innovations, helping readers understand value principles and portfolio management [12][14]. - **"The Discovery of Thinking"**: This book delves into human decision-making processes, exploring biases and irrational behaviors that challenge traditional economic assumptions [15][17]. - **"Sorry, I Moved Your Brain"**: A collection of true stories from a neurosurgeon's perspective, discussing medical technology, ethics, and the emotional journey of doctors [19][21].

Core Viewpoint - The article discusses the performance of dividend stocks versus technology stocks in the context of the current investment environment, emphasizing the importance of understanding the long-term investment returns and the factors influencing them [2]. Group 1: Dividend Stocks vs. Technology Stocks - The investment in technology stocks is often seen as seeking high returns, while dividend stocks are viewed as a means of preserving capital. However, the actual investment return is a function of both the win rate and the payout ratio [2]. - Long-term investment in technology stocks may not necessarily yield better returns than accumulating dividends in traditional industries, as the latter can provide more stable income over time [2]. Group 2: Key Variables Influencing Investment Returns - The critical variables affecting investment returns include the longevity of the company, long-term Return on Equity (ROE), long-term dividend levels, and the valuation at the time of purchase [2][4]. - Companies that have reached a stable growth phase and increase their dividend rates can help maintain a reasonable ROE [2]. Group 3: Longevity of Companies - The probability of a company maintaining excellence over the long term is low, and traditional industry leaders have a higher likelihood of long-term survival compared to emerging industries, which are often characterized by rapid changes and intense competition [4]. Group 4: Long-term ROE Expectations - Investors often have conservative expectations regarding long-term ROE and growth rates. Many high-quality companies that are temporarily undervalued can still meet internal return requirements with modest ROE and growth [5]. Group 5: Valuation Considerations - While high ROE and rapid growth are desirable, the valuation must also be reasonable. Emerging industries often receive inflated valuations, which can lead to investment pitfalls [6]. - Low valuation does not guarantee sufficient margin of safety, as it may result from unexpected declines in fundamentals. Investors should consider multiple scenarios when assessing future profitability [7]. Group 6: Investment Strategy in Adverse Conditions - In challenging market conditions for dividend investments, the focus should be on optimizing the portfolio, increasing the margin of safety, and enhancing internal return rates, rather than being overly concerned with stock prices [9]. - Value investing is presented as a principle rather than a strategy, with the emphasis on improving the probability of success under low prior probabilities [9].

二、强化基金公司与投资者的利益绑定。全面建立以基金投资收益为核心的行业考核评价体系，将业绩比 较基准对比、基金利润率等直接关乎投资者利益的指标引入考核体系，相应降低产品管理规模排名、基金 公司收入利润等指标的考核权重。提高基金公司高管、基金经理跟投本公司管理产品的比例和锁定期要 求。督促基金公司建立健全与基金投资收益挂钩的薪酬管理制度，对产品中长期业绩差的基金经理，要求 其绩效薪酬应当明显下降，更好体现与投资者的"同甘共苦"。 三、提升行业服务投资者的能力。引导基金公司、基金销售机构围绕投资者最佳利益，全面优化投资研 究、产品设计、风险管理、市场推广等资源配置，践行长期投资、价值投资、理性投资，努力给投资者带 来更优回报。抓紧出台公募基金投资顾问管理规定，促进基金投顾业务规范发展，为投资者提供适配其特 点和需求的组合投资服务。加快推出机构投资者直销服务平台，便利各类机构投资者参与基金投资。 四、提高公募基金权益投资的规模和稳定性。优化基金注册安排，推出更多场内外指数基金和中低波动含 权型产品，促进权益类基金创新发展。强化基金产品业绩比较基准的约束力，充分发挥其体现产品定位、 衡量产品业绩的作用，对基金投资业绩 ...

Core Viewpoint - The Chinese government is implementing a comprehensive set of financial policies to stabilize the market and manage expectations amid external economic pressures, particularly from U.S. tariff policies [3][4][6]. Group 1: Market Stability Measures - The Central Political Bureau emphasized the importance of maintaining a stable and active capital market, reflecting the government's commitment to market stability and vitality [4]. - The China Securities Regulatory Commission (CSRC) is actively monitoring market conditions and enhancing risk assessment to support market stability, including the role of the Central Huijin Investment Ltd. as a stabilizing force [4][6]. - A significant number of listed companies are engaging in stock buybacks and other measures to maintain stock price stability, demonstrating confidence in their value and future prospects [3][8]. Group 2: Support for Companies - The CSRC is focused on helping companies adapt to the impacts of U.S. tariffs, with measures including increased regulatory flexibility for affected firms and support for mergers and acquisitions [9][11]. - The commission has conducted extensive outreach to listed companies to address challenges, having visited 2,352 companies and resolved over 3,300 issues [9]. - The CSRC is revising regulations to facilitate corporate restructuring and enhance the ability of companies to navigate external pressures [9][12]. Group 3: Long-term Investment Strategies - The CSRC is promoting the entry of long-term capital into the market, with initiatives aimed at increasing the scale and proportion of long-term funds [5][14]. - The newly released action plan for public fund development aims to align fund management with investor interests, emphasizing long-term performance and stability [14][16]. - The growth of equity funds has been significant, with the scale increasing from 7 trillion yuan to 8.3 trillion yuan since September of the previous year, indicating a strong focus on equity investment [16][17]. Group 4: External Market Engagement - The CSRC is committed to enhancing the openness of the capital market, facilitating foreign investment participation, and optimizing the Qualified Foreign Institutional Investor (QFII) system [11][12]. - Despite external uncertainties, the strategic direction for high-quality economic development remains clear, bolstering foreign confidence in the Chinese capital market [12]. - The commission plans to expand institutional openness and product offerings, including futures and options for qualified foreign investors, to further integrate with global markets [12].

"下. -个! " 子 这已经是第32个能穿上水晶鞋的姑娘了。 "恭喜您,您一一也许一一就 是我们要找的人! " All 00 又穿上了?! "可只凭一双鞋子,实在太难锁定人选。 " 我需要用更多的信息来确认。 王子很烦恼。 他举着那只晶莹剔透的水晶鞋, TO US 看着排成长龙的姑娘们,第无数次叹了口气。 寻找心上人的第37天, 事情的发展完全出乎他的意料。 王子开始回忆那晚的近距离接触。 他记得那天晚上 ..... 收先下的长生 手 r = 1 器方在即 lines 淡苗色砂眼眸 78 出出了 对了! 还有伤口! o 0 o 0 王子召集了侍卫, 让他们把能穿上水晶鞋的姑娘召集在一起, 全城能穿上水晶鞋的姑娘都来到了城堡。 "能穿上水晶鞋的姑娘太多了,经过王子的 再三思虑,现在决定挑选手最美丽的姑娘做 王妃!" 灰姑娘一瞬间黯淡了，原来王子要找的不是她。 数的手不好 0 O 有些姑娘十指葱葱, 有些姑娘手如柔黄 有些姑娘的指甲上点缀着细闪闪的碎钻石。 "请问,我可以帮你把袖子 拉上去一点吗?" 王子轻轻的把袖子拉上去了一点, 露出了袖子下的手。 细小的伤口还留着红痕。 0 Hil "当然"。 对上了灰姑娘 ...