Group 1: Investment Outlook Keywords in Q3 Fund Reports - Technology and consumption are the key sectors, with high attention on growth and innovation [5] Group 2: Performance and Scale Dimensions - In Q3 2025, the scale of active equity funds increased significantly from about 3.35 trillion yuan in Q2 to over 4 trillion yuan, a rise of 19.75%. Index funds also saw a significant increase from 3.50 billion yuan to 4.44 billion yuan (+26.70%) [8] - As of Q3 2025, E Fund, China - Europe Fund, and Fullgoal Fund have the largest active equity management scales, all exceeding 20 billion yuan. China - Europe, Yongying, and E Fund had obvious growth in active equity management scale, all exceeding 5 billion yuan [11] - The performance of active equity funds in Q3 improved significantly compared to the previous quarter, with about 98% achieving positive returns and a median return of 23.00%. 361 funds achieved over 50% returns [13] - The top 20 active equity funds in Q3 performance mostly focused on communication, electronics, and power equipment, and most had low allocations in Hong Kong stocks [16] - The overall position of active equity funds rose in Q3, with the average stock position increasing to 88.72% (+1.34%) and the Hong Kong stock position slightly decreasing (-0.09%). The Hong Kong stock position of Hong Kong stock funds increased to 92.27% (+0.88%) [18] - Active equity funds reduced their positions in consumer and financial real - estate stocks and increased their positions in the technology sector in Q3. Electronics had the highest allocation ratio and the largest increase, rising from 17.90% in Q2 to 23.44%, followed by communication with a 2.81% increase. Banks had the most significant reduction, with a 2.61% decrease [20] - Among the 20 largest - scale funds, E Fund Blue Chip Select remains the largest. Some large - scale products saw performance recovery but a decline in shares, while several products reached over 10 billion yuan in scale in Q3 [23] - In Q3, the net subscription amount of some funds was high, such as AVIC Opportunity Pilot and China - Europe Digital Economy, both exceeding 8 billion yuan. The new - issue scale of active equity funds recovered significantly, with 6 funds exceeding 2 billion yuan. China Merchants Fund had the largest new - issue scale this quarter, and China Merchants Bank had the largest new - issue scale as a custodian bank [24] - The share change of active equity funds in Q3 was weakly correlated with performance, and the phenomenon of chasing rising and selling falling was not obvious [26] Group 3: Fund Company Dimensions - Dongwu Fund had the best average performance of active equity funds in Q3 2025, with an average return of 40.58%. Funds with good performance also include Caitong Fund, E Fund, and Morgan Fund. The performance differentiation of Caitong Fund and Dongwu Fund is relatively high [31] - E Fund remains the largest active equity management company, with a scale of 271.5 billion yuan in Q3. China - Europe and Yongying Funds had obvious growth in active equity scale in Q3 [33] - Leading fund companies in Q3 performance over - allocated industries such as power equipment and communication and under - allocated industries such as pharmaceutical biology and food and beverage. Some companies also had significant over - or under - allocation in specific industries [35] - The over - and under - allocation of heavy - position stocks in leading active equity fund management companies mainly concentrated in several popular industries. For example, E Fund significantly over - allocated communication and media and under - allocated medicine and automobiles [37] - Companies with relatively large - market - value positions include Ruiyuan, Morgan, and Huatai - PineBridge; those with relatively small - market - value positions include Yongying, Dacheng, and Wanjia; those with relatively high PE positions include Wanjia, Yongying, and Huashang; those with relatively low PE positions include Ruiyuan, Dacheng, and Hongde [39] Group 4: Investment Strategy Comparison - Technology and new - energy funds outperformed in Q3, while consumer and financial real - estate funds performed weakly. The large - cap growth style dominated in Q3, with the median return of large - cap growth products leading among various products, reaching 43.73%, while small - cap growth products generally performed slightly weaker [1]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company reported a revenue of 3.369 billion yuan for the first three quarters of 2025, a year-on-year decrease of 1.19%, while the net profit attributable to the parent company was 732 million yuan, down 7.48%. However, in Q3 2025, the company achieved a revenue of 1.445 billion yuan and a net profit of 336 million yuan, representing year-on-year increases of 25.12% and 30.21% respectively. This performance exceeded expectations, primarily due to the revenue growth from smart water meters, new energy business, and distribution business, indicating the second growth curve is on the rise [1][10]. Financial Data and Profit Forecast - Total revenue for 2025 is projected at 5.021 billion yuan, with a year-on-year growth rate of 6.4%. The net profit attributable to the parent company is expected to be 870 million yuan, reflecting a decrease of 13.1% year-on-year. The earnings per share (EPS) is forecasted to be 1.79 yuan [3][11]. - The gross profit margin is expected to stabilize at 43.9% from 2025 to 2027, while the return on equity (ROE) is projected to improve from 10.9% in 2025 to 12.1% in 2027 [3][11]. Business Expansion and Strategic Developments - The company is actively expanding its smart power distribution business both domestically and internationally. The South African smart ultrasonic water meter factory has commenced operations, marking a significant step in localizing its smart water business in Africa. Additionally, the company has secured large-scale bids for its self-owned distribution network products in Asia, Africa, and Latin America, and has successfully won transformer orders in Central Asia and Africa [10]. - The launch of the "Orca" platform 10.0 version, which integrates edge computing, artificial intelligence, and digital technology, has significantly enhanced system performance and competitiveness in overseas solutions, showcasing the company's technological leadership in the smart grid sector [10]. Shareholder Returns - The company has maintained a consistent dividend policy, with a total cash dividend of 338 million yuan for the 2024 annual profit distribution, continuing a nine-year streak of cash dividends since 2016, totaling approximately 2.306 billion yuan. Furthermore, a share repurchase plan has been initiated, with a planned repurchase amount of 100 to 200 million yuan, reflecting a strong commitment to shareholder value and prudent capital management [10].

Investment Rating - The report maintains a "Buy" rating for Huadian International [2][7]. Core Views - The company reported a slight improvement in power generation margins and is expected to benefit from an upcoming increase in capacity pricing [7]. - The company's revenue for the first three quarters of 2025 was 95.872 billion yuan, a year-on-year decline of 9.72%, while net profit attributable to shareholders increased by 15.87% to 6.437 billion yuan [7]. - The average on-grid electricity price for the first nine months was 0.50955 yuan per kilowatt-hour, down 2.76% year-on-year, but the company is expected to see improved profitability due to a larger decline in costs compared to electricity prices [7]. Financial Data and Profit Forecast - Total revenue is projected to increase from 112.994 billion yuan in 2024 to 130.669 billion yuan in 2027, with a compound annual growth rate of approximately 6.3% [6][9]. - Net profit attributable to shareholders is forecasted to grow from 6.895 billion yuan in 2025 to 8.044 billion yuan in 2027, reflecting a growth rate of 20.9% in 2025 [6][9]. - The company's financial costs have decreased significantly, with financial expenses for the first nine months of 2025 at 2.414 billion yuan, down 4.47 billion yuan year-on-year [7]. Capacity Pricing and Regulatory Changes - The upcoming increase in capacity pricing is expected to add approximately 3.536 billion yuan to the company's revenue starting in 2026, as the fixed cost recovery ratio for coal-fired power plants is set to rise [7]. - The company holds a substantial coal-fired power generation capacity of 54.4 million kilowatts, positioning it to benefit significantly from the regulatory changes [7].

Investment Rating - The report maintains a "Buy" rating for Anta Sports [5] Core Insights - Anta Sports' two main brands are performing steadily, while new brands continue to show high growth momentum [10] - The company has adjusted its revenue guidance for the Anta brand down to low single-digit growth due to a weak retail environment [10] - The multi-brand matrix of the company is seen as a rare resource with significant growth potential in the long term [10] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: - FY2023: 623.6 billion RMB - FY2024: 708.3 billion RMB - FY2025E: 789.1 billion RMB - FY2026E: 858.1 billion RMB - FY2027E: 923.0 billion RMB - Net profit forecasts show a significant increase in FY2023 with 102.4 billion RMB, peaking at 159.2 billion RMB in FY2027 [9][20] - The gross margin is expected to improve slightly from 62.6% in FY2023 to 63.9% in FY2027 [9] Brand Performance - Anta and FILA brands showed low single-digit growth in Q3 2025, while other brands experienced a growth rate of 45-50% [10] - FILA's growth was impacted by delayed sales of autumn and winter products, but it is expected to maintain mid-single-digit growth for the year [10] - Other brands like Descente and Maia Active are showing strong growth, with Descente growing approximately 30% and Maia Active around 45% [10] Market Expansion - Anta Sports is expanding its overseas market with a target of reaching 1,000 stores in Southeast Asia within three years [10] - The company is focusing on brand building and market cultivation in strategic markets like Europe and the US [10] Profitability and Cost Management - The company emphasizes quality over quantity in its operations, maintaining a profit margin target of 20-25% for the Anta brand and around 25% for FILA [10] - The report indicates a slight decrease in profit forecasts for 2025-2027 due to the current weak retail environment [10]

1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints of the Report - Deng Xinyu, a fund manager at China - Europe Fund, uses fundamental quantitative methods for the "plus" part of the "fixed - income +" investment framework, with multiple strategies such as dividend, value, quality, growth, and micro - cap strategies, and a macro - based asset allocation framework [3][9]. - China - Europe Dingli is a medium - to - high - volatility secondary bond fund with a quantitative boom - growth strategy. It emphasizes the company's financial health, profit sustainability, and growth momentum, and shows high return - risk performance and increasing investor profitability over time [12][14][32]. - China - Europe Enhanced Return is a low - volatility absolute - return product aiming for an absolute return within a 2% drawdown target. It emphasizes the safety margin of equity assets through valuation and has excellent performance in multiple core indicators [44][45][46]. 3. Summary by Relevant Catalogs 3.1. China - Europe Fund Deng Xinyu: A Practitioner of Fundamental Quantitative Fixed - Income + - Personal resume: Deng Xinyu joined China - Europe Fund in October 2023. He currently serves as a member of the fixed - income investment decision - making committee, the head of the hybrid asset group, and a fund manager. He manages multiple funds including China - Europe Dingli and China - Europe Enhanced Return [7]. - Investment framework: The "plus" part of the "fixed - income +" uses fundamental quantitative methods, with multiple strategies based on fundamental analysis and a macro - based asset allocation framework [9][11]. - Managed products: He manages products worth 8.768 billion yuan, covering first - tier and second - tier bond funds and flexible - allocation funds, achieving over 7% and 2% returns for China - Europe Dingli and China - Europe Enhanced Return respectively [8]. 3.2. China - Europe Dingli: A Medium - to - High - Volatility Secondary Bond Fund with a Boom - Growth Strategy - Product positioning: It is a medium - to - high - volatility secondary bond fund using a quantitative boom - growth strategy with three nested layers [12]. - Boom judgment: It uses financial statements to assess a company's financial health, profit sustainability, and growth momentum [14]. - Comparison with other products: It is comparable to Smart Beta products. Growth - style products have high volatility and high long - term returns, and China - Europe Dingli's equity return in 2025 has exceeded the growth index [19][30]. - Product characteristics: It has high return - risk performance, with a 2025 - to - date return of 11.41% (in the 10.16% percentile) and an annualized volatility of 8.44% (in the 8.59% percentile). Investor profitability increases with holding time [32][33]. - Portfolio: It has a stock position of 16.29% and a convertible bond position of 13.14%, with a focus on growth - oriented industries such as electronics, machinery, and power equipment [37]. 3.3. China - Europe Enhanced Return: A Low - Volatility Absolute - Return Product - Product positioning: It aims to create an absolute return within a 2% drawdown target, emphasizing the safety margin of equity assets through valuation [44][45]. - Performance: In 2025, it achieved a cumulative return of 3.53% with an annualized volatility of 2.26%, ranking in the 14.21% and 16.50% percentiles among first - tier bond funds with equity. Multiple core indicators rank high in the industry [45][46]. - Investor profitability: Investor profitability increases with holding time, with average returns of 0.49%, 1.08%, and 1.54% for 1 - month, 2 - month, and 3 - month holding periods respectively, and a 100% winning rate for 2 - and 3 - month holding periods [47].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's Q3 revenue performance exceeded expectations, with a total revenue of 2.43 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.2%. The net profit attributable to the parent company was 301 million yuan, up 10.5% year-on-year [7] - The cold storage cabinet business is experiencing rapid growth, while the frozen sector maintains its competitive advantage. The company has managed to maintain a stable market share despite a decline in product sales in the commercial frozen display cabinet segment due to overall weak downstream demand [7] - The company's profitability remains robust, with a gross margin of 27.34% for the first three quarters of 2025, a slight decrease of 0.70 percentage points year-on-year. The net profit margin for the same period was 12.27%, down 0.71 percentage points year-on-year [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 3.25 billion yuan, with a year-on-year growth rate of 14.6%. The net profit attributable to the parent company is forecasted to be 398 million yuan, reflecting a year-on-year increase of 12.5% [5] - The company expects to achieve net profits of 398 million yuan, 458 million yuan, and 522 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 12.5%, 15.2%, and 14.0% [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [2][6][8]. Core Insights - The company reported a total revenue of 10.035 billion yuan for the first three quarters of 2025, a decrease of 4.29% year-on-year, while the net profit attributable to shareholders increased by 12.17% to 1.989 billion yuan, aligning with expectations [6][8]. - Wind conditions improved in Q3 2025, with total wind power generation reaching 3.922 billion kilowatt-hours, a year-on-year increase of 7.09% [6][8]. - The company has a rich pipeline of projects under construction, including significant investments in hydropower and offshore wind projects, which are expected to drive future growth [6][8]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 14.428 billion yuan, with a year-on-year growth rate of -0.9% [3][7]. - The net profit attributable to shareholders is forecasted to be 3.047 billion yuan in 2025, reflecting a growth rate of 9.1% [3][7]. - Earnings per share are expected to be 1.10 yuan in 2025, with a projected gross margin of 29.6% [3][7]. - The company’s return on equity (ROE) is anticipated to be 11.1% in 2025, indicating a solid performance [3][7]. Market Position and Strategy - The company has demonstrated confidence in its asset value through multiple share buyback announcements, with significant purchases made by major shareholders [6][8]. - The company is strategically positioned to benefit from favorable market conditions in Fujian, with a focus on optimizing power generation efficiency [6][8].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - In Q3 2025, the cumulative scale of FOF reached the highest level since Q4 2022, with significant increases in both new - issue and continued - operation scales. Performance was highly differentiated, and top - performing FOFs generally preferred gold and computing power assets. FOFs showed a trend of increasing A - share equity holdings, decreasing pure - bond holdings, and continuously emphasizing passive investment. The scale of personal pension funds maintained a relatively high growth rate [4]. 3. Summary by Relevant Catalogs 3.1 Scale Dimension - **Classification Method**: FOF funds are classified into four types: bond - type FOF, fixed - income + FOF, balanced FOF, and equity - type FOF based on post - penetration equity positions or the proportion of equity indices in the performance benchmark. For pension target funds, classification is based on the holding period [9][10]. - **Scale Review**: In 2025, the new - issue scale of FOF was relatively stable, with 11783 million yuan issued in Q3, similar to Q3 2022 but showing a decline compared to the previous quarter. The continued - operation scale increased significantly, rising by 16034 million yuan, the first significant increase since 2023, indicating high investor enthusiasm [11]. - **New - Issue Representatives**: Among fund companies, Morgan Fund had a prominent new - issue scale of 2752 million yuan. Among custodian banks, China Merchants Bank had a cumulative new - issue scale of 3851 million yuan, far exceeding other banks [14]. - **Product New - Issue and Continued - Operation**: Bond - type FOF remained popular, and some fixed - income +/bond - type FOFs had net subscriptions exceeding 3000 million yuan in Q3. Most FOF products with large net subscriptions were from the Changying Plan, reflecting investors' preference for low - risk products [16][17]. - **Fund Company Dimension**: The scale of a few leading fund managers increased significantly. China Europe Fund became the institution with the largest FOF management scale, and Fullgoal Fund also saw a significant increase in its management scale [20]. 3.2 Performance Dimension - **Overall Performance**: In Q3, the stock market was highly elastic, with the CSI 300 index rising by 17.90%. FOF performance was more affected by equity positions. As the equity position increased, FOF performance improved, and the median return of equity - type FOF reached 20.86%, surpassing the CSI 300, CSI 1000, and CSI 2000 indices [23]. - **Performance Differentiation**: The performance of top - performing fixed - income + FOF and bond - type FOF was highly differentiated. Top - performing balanced FOF and equity - type FOF tended to prefer gold funds such as gold - stock ETFs or equity funds with computing - power characteristics like E Fund Ke Rong [30]. 3.3 Investment Characteristics - **Asset Allocation of Leading Managers**: Leading managers generally emphasized multi - asset allocation. Some focused on QDII stock - type assets, some on mutual - recognition funds, and some on commodity investments [35]. - **Market - Wide Characteristics**: In Q3, FOFs generally increased A - share equity holdings, decreased pure - bond holdings, and continued to emphasize passive investment. The proportion of pure - bond funds decreased significantly, while the attention to active and passive equity funds increased, and the proportion of fixed - income + and commodity funds also rose [39]. - **Preference for Assets**: The heavy - position fund allocation in Q3 showed a preference for A - share growth stocks, especially technology - related active equity funds and passive equity funds related to technology, advanced manufacturing, and gold [40]. - **Stock Allocation**: The sector - allocation preferences of the three types of FOF (fixed - income + FOF, balanced FOF, and equity - type FOF) differed significantly. Each type had different trends in sector - specific increases and decreases [47]. 3.4 Personal Pension Funds - **Overall Scale**: In Q3, the total scale of personal pension funds was 12817 million yuan, an increase of 1983 million yuan compared to Q2 2025, maintaining a relatively high growth rate. Pension target - date funds were more popular, with a current scale of 7803 million yuan. The scale of equity - type FOF and the 2050 series FOF increased significantly [50].

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company reported a revenue of 3.369 billion yuan for the first three quarters of 2025, a year-on-year decrease of 1.19%, and a net profit attributable to shareholders of 732 million yuan, down 7.48%. However, in Q3 2025, the company achieved a revenue of 1.445 billion yuan and a net profit of 336 million yuan, representing year-on-year increases of 25.12% and 30.21% respectively, indicating a recovery in performance driven by the growth in smart water meters, new energy, and distribution businesses [1][10] - The company has expanded its smart power distribution business both domestically and internationally, with significant developments in its new energy business. The South African smart ultrasonic water meter factory has commenced operations, marking a key step in localizing its smart water business in Africa. The company has also secured large-scale bids for its self-owned distribution network products in Asia, Africa, and Latin America, and has launched the "Orca" platform 10.0, enhancing its competitiveness in the smart grid sector [10] - The company has a strong commitment to shareholder returns, having distributed a total cash dividend of 338 million yuan for the 2024 annual profit distribution plan, continuing a nine-year streak of cash dividends since 2016, totaling approximately 2.306 billion yuan. Additionally, a share repurchase plan has been initiated, with a planned repurchase amount of 100 to 200 million yuan [10] - The company's earnings forecast for 2025-2027 is set at 870 million, 1.027 billion, and 1.243 billion yuan respectively, with the current stock price corresponding to a PE ratio of 18, 15, and 12 for 2025-2027. The company maintains a positive outlook on the synergy between its power distribution and new energy businesses, which is expected to enhance profitability in the medium to long term [10][11] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 5.021 billion yuan, with a year-on-year growth rate of 6.4%. The net profit attributable to shareholders is expected to be 870 million yuan, reflecting a year-on-year decrease of 13.1%. The earnings per share are forecasted to be 1.79 yuan [3][11] - The gross profit margin is expected to stabilize at 43.9% from 2025 to 2027, while the return on equity (ROE) is projected to increase from 10.9% in 2025 to 12.1% in 2027 [3][11]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In Q3 2025, the scale of fixed - income + funds increased again, with a total of 1419 funds and a scale of 1.93 trillion yuan. Most types of products saw scale growth, and the issuance of fixed - income + funds warmed up significantly [3][9]. - Affected by the high - level correction in the convertible bond market, fixed - income + products generally reduced their convertible bond positions and increased their stock positions, and uniformly increased the allocation ratio of the science and technology innovation and advanced manufacturing sectors [3][32][35]. - In Q3 2025, the median return and maximum drawdown of fixed - income + funds were 2.84% and - 0.85% respectively. Products with higher stock positions performed better, and Huashang Fund and Boshi Fund had relatively high average returns [3][44][46]. 3. Summary According to the Directory 3.1 Scale Changes: The Scale Rapidly Climbed and Exceeded 1.9 Trillion, and High - Elasticity Secondary Bond Funds Attracted Attention - **Overall Scale and Growth**: As of Q3 2025, there were 1419 fixed - income + funds with a total scale of 1.93 trillion yuan. The cumulative scale increased by 55.9428 billion yuan this quarter, with the continued operation scale rising by 48.8825 billion yuan and the new - issue fund scale reaching 2.6823 billion yuan. Low - and medium - position fixed - income + funds and hybrid bond - type secondary funds saw significant scale increases [9][12]. - **Top - Rising Products**: The product with the largest scale increase was Yongying Steady Enhancement, with a scale increase of 27.331 billion yuan this quarter. It is a medium - volatility secondary bond fund with outstanding performance this quarter, achieving a cumulative return of 7.37% [17]. - **New - Issue Product Dynamics**: In Q3 2025, fund companies issued 33 fixed - income + funds with a total initial offering scale of 2.68 billion yuan. The issuance market warmed up significantly, with July being relatively cold and August - September showing obvious improvement [19]. - **Fund Company Dimension**: The management scales of the top 20 fund companies in terms of management scale all increased this quarter. The company with the largest scale increase was Invesco Great Wall Fund, with a scale increase of 78.199 billion yuan [22]. - **Continued Operation and Initial Offering**: The net subscription amounts of the top ten funds in Q3 2025 were approximately between 10 - 30 billion yuan, and the initial offering shares of the top ten funds were between 0.8 - 5 billion [27]. - **Investor Preference**: In Q3 2025, the scales of fixed - income + funds with more holders mostly increased slightly, while the scales of fixed - income + funds preferred by institutions increased significantly [29]. 3.2 Investment Characteristics: Reducing Convertible Bond Positions and Increasing Stock Positions - **Asset Allocation Characteristics**: Affected by the high - level correction in the convertible bond market, various fixed - income + products generally reduced their convertible bond positions and increased their stock positions, especially low - position fixed - income + funds [32]. - **Industry Allocation Characteristics**: In Q3 2025, fixed - income + funds uniformly reduced the allocation ratios of the financial real estate, consumption, medicine, and cycle sectors and increased the allocation ratios of the science and technology innovation and advanced manufacturing sectors [35]. - **Industry Allocation Characteristics at the Fund Company Level**: Among the top 10 fund companies in terms of fixed - income + fund scale in Q3 2025, there were significant differences in industry allocation views [38]. - **Industry Allocation Characteristics of High - Performing Fixed - Income + Funds**: High - performing fixed - income + funds in Q3 2025 had obvious commonalities in industry allocation, mainly investing in advanced manufacturing, technology, and non - ferrous metals, and most high - performing products had high convertible bond positions [41]. 3.3 Performance Review: Huashang Fund Led the Way - **Performance of the Entire Market's Fixed - Income + Funds**: In Q3 2025, the median return and maximum drawdown of fixed - income + funds were 2.84% and - 0.85% respectively. Products with higher stock positions performed better [44]. - **Performance at the Fund Company Level**: Among the fund companies with large fixed - income + fund scales, Huashang Fund and Boshi Fund had the highest average returns. Tianhong Fund and Bank of China Fund had relatively similar product performance, while Huaxia Fund and Invesco Great Wall Fund had higher performance differentiation [46]. - **Performance of Large - Scale Funds**: In Q3 2025, the performance of large - scale fixed - income + funds varied. Products with leading performance in the same strategy included Invesco Great Wall Jingyi Fengli and Yongying Steady Enhancement [47]. - **High - Performing Products of Different Types of Fixed - Income + Funds**: The products with top returns included Hongta Red Tower Shengshang One - Year, Huatai - PineBridge Yurun, Rongtong Stable Credit Gain 6 - Month Holding, and Caitong Asset Management Xinyi [49].