New Stock Listings - New stock "艾芬达" (code: 301575) listed at an issue price of 27.69 on September 10, 2025[1] - "抚顺特钢" (code: 600399) has a tender offer period from August 12 to September 10, 2025[1] - "天茂" (code: 000627) has a cash option declaration period from September 15 to September 19, 2025[1] Market Alerts - "ST紫天" (code: 300280) enters the delisting arrangement period starting September 15, 2025[1] - "开普云" (code: 688228) reported severe abnormal fluctuations[1] - "新华锦" (code: 600735) also reported severe abnormal fluctuations[1] Other Announcements - "天际股份" (code: 002759) and "上海电力" (code: 600021) have recent announcements linked to their respective stocks[1] - "众泰汽车" (code: 000980) and "天域生物" (code: 603717) have also made recent disclosures[1] - "香农芯创" (code: 300475) and "博苑股份" (code: 301617) have announcements related to their stock activities[1]

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry. Core Insights - The banking wealth management industry is experiencing significant changes due to regulatory adjustments, market dynamics, and innovative product offerings. The introduction of a 3% VAT on interest income from newly issued government bonds has created a tax disparity between bank wealth management products and self-managed accounts, potentially impacting product attractiveness [3][12]. - Equity-based wealth management products have shown strong performance, with 43 out of 46 public equity products achieving positive annualized returns as of August 3, 2025, with 17 products exceeding 10% [3][12]. - The industry is witnessing a shift towards multi-asset and multi-strategy investment approaches, with institutions exploring diverse paths for innovation and product development [4][12]. Summary by Sections 1. Market Overview - As of August, the total market size of wealth management products remained stable at 31.20 trillion yuan, reflecting a slight increase of 0.11% month-on-month and a year-on-year growth of 5.13% [5][20]. - The market is characterized by a continued contraction in cash management products, while fixed-income products, particularly those with minimal holding periods, are expanding steadily [20][22]. 2. Performance Metrics - The annualized yield for cash management products decreased to 1.32%, while fixed-income products reported a yield of 1.81%, with solid fixed-income plus products showing a slight increase to 1.82% [25][29]. - The overall market's breaking net rate rose to 3.86%, indicating a growing trend in underperforming products [5][20]. 3. Regulatory Changes - New regulations effective from August 8, 2025, impose a 3% VAT on interest income from newly issued government bonds, impacting the tax burden on bank wealth management products [3][12]. - The introduction of trust registration regulations is expected to shift 1.82 trillion yuan of non-standard wealth management products towards more diversified investment strategies [3][12]. 4. Product Innovation - Institutions are actively launching innovative products, such as multi-asset strategies and charitable investment models, to meet evolving market demands [4][12]. - Notable innovations include the "Smarp" multi-asset allocation index and various personal pension wealth management products aimed at enhancing retirement planning [19][20]. 5. Industry Dynamics - The wealth management sector is experiencing a divergence in performance among institutions, with licensed wealth management subsidiaries generally showing positive growth, while unlicensed regional banks face contraction [12][16]. - The collaboration between wealth management subsidiaries and local banks is intensifying, expanding distribution channels and market reach [12][16].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The A-share equity market approached the high point in August 2025 this week and then experienced a rapid adjustment. The Shanghai Composite Index dropped below 3750 and then rebounded. During the adjustment, the maximum drawdown of the Shanghai Composite Index was -2.83%, and the drawdown of the CSI Active Equity Fund Index was even greater, with a maximum drawdown of -4.60% this week. The Evergreen Low-Volatility Strategy maintained its stable and low-volatility characteristics, with a maximum drawdown of only -1.94%. The strategy index can effectively reduce portfolio volatility and drawdown while maintaining an upward trend, providing a better holding experience [2]. - The quantitative strategy allocation view is: Equity Fund Enhancement Strategy > Overseas Equity Strategy > Evergreen Low-Volatility Strategy. The A-share market is expected to maintain an upward trend, and the callback space is limited. The more elastic equity fund enhancement portfolio has relatively more room at the current time. The Evergreen Low-Volatility Strategy can be used as a base configuration to optimize portfolio volatility characteristics. Defensive sectors such as banks have increased in cost-effectiveness after adjustment and still have high long-term allocation value [3]. - Overseas, the US stock market has been on an upward trend. With the expected new round of interest rate cuts in September, it is expected to regain its upward trend. In the long term, the main driving force of the technology development trend remains strong, and the long-term upward trend of the US stock market is still optimistic [4]. 3. Summary by Directory 3.1 Quantitative Strategy Configuration Viewpoints - A-share market: The Shanghai Composite Index has been strong since June this year, breaking through multiple round-number points. Considering various factors, the market is expected to maintain an upward trend, and the callback space is limited. The equity fund enhancement portfolio has more room, and the Evergreen Low-Volatility Strategy can be used as a base configuration. Defensive sectors such as banks have high long-term allocation value [3]. - Overseas market: The US stock market has been on an upward trend. With the expected new round of interest rate cuts in September, it is expected to regain its upward trend. In the long term, the main driving force of the technology development trend remains strong, and the long-term upward trend of the US stock market is still optimistic [4]. 3.2 Performance of Equity Fund Strategies - Evergreen Low-Volatility Fund Strategy: This week's return was 0.141%, with an excess return of -0.219%. Since 2025, it has shown strong stability. It can be used as a base configuration to optimize portfolio volatility characteristics [5]. - Equity Fund Enhancement Strategy: This week's return was -0.922%, with an excess return of -1.282%. The strategy is expected to have stronger elasticity after the market environment improves [5]. - Cash Enhancement Fund Strategy: This week's return was 0.028%, outperforming the benchmark. Since the strategy started in July 2023, the excess return has been accumulating, providing a reference for cash management [18]. - Overseas Equity Allocation Fund Strategy: Since July 2023, it has accumulated high excess returns. Global allocation can increase the return of the equity portfolio [21]. 3.3 Toolized Fund Portfolio Performance Tracking - Evergreen Low-Volatility Fund Portfolio: It has maintained low volatility and small drawdowns since the strategy started in July 2023, with significant excess returns. It has both defensive and offensive characteristics [14]. - Equity Fund Enhancement Fund Portfolio: The strategy has been running for a short time, and its performance is similar to that of the CSI Active Equity Fund Index. It is expected to have stronger elasticity after the market environment improves [17]. - Cash Enhancement Fund Portfolio: It has continuously outperformed the benchmark since the strategy started in July 2023, with an accumulated excess return of over 0.41%, providing a reference for cash management [18]. - Overseas Equity Allocation Fund Portfolio: Since July 2023, it has accumulated high excess returns. Global allocation can increase the return of the equity portfolio [21]. 3.4 Toolized Fund Portfolio Construction Ideas - For active equity funds, a low-volatility fund portfolio strategy is constructed to meet the defensive needs of investors in a high-risk market environment and provide stable returns for investors with moderate risk preferences. A fund portfolio strategy with similar risk and volatility characteristics to the equity fund benchmark index is constructed to provide a more aggressive option for investors with high risk preferences [22]. - For money market funds, a money market fund screening system is constructed to select money market funds with better performance, helping investors optimize the return of short-term idle funds [23]. - For QDII funds, an overseas equity allocation fund portfolio is constructed by screening equity indices of multiple countries or regions based on long-term and short-term technical indicators, providing an auxiliary tool for global investment [25].

Group 1 - The report outlines a grid trading strategy, which is a high buy-low sell approach that capitalizes on price fluctuations without predicting market trends, making it suitable for volatile markets [3][11] - Characteristics of suitable grid trading targets include being exchange-traded, having stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being particularly appropriate [3][11] - The report highlights three key ETFs for grid trading: New Economy ETF, Defense ETF, and Bank ETF, each benefiting from specific market conditions and government policies [3][12][15] Group 2 - The New Economy ETF (159822.SZ) is positioned to capture new economic growth driven by policy incentives and industrial upgrades, tracking leading companies in sectors like internet technology and healthcare [3][12] - The Defense ETF (512670.SH) is expected to see improved fundamentals due to increased defense spending, with a 2025 budget of CNY 1.81 trillion, reflecting a 7.2% year-on-year increase [4][15] - The Bank ETF (159887.SZ) offers a high dividend yield of 5.86%, making it an attractive option for long-term capital allocation, especially for insurance companies seeking to mitigate interest rate risks [5][6][17]

New Stock Issuance - New stock issuance for Shichang Co., Ltd. at an issuance price of 10.90 on September 9, 2025[1] - Fushun Special Steel (stock code: 600399) is in the offer period from August 12 to September 10, 2025[1] - Cash option for *ST Tianmao (stock code: 000627) is open from September 15 to September 19, 2025[1] Trading Alerts - *ST Zitian (stock code: 300280) enters the delisting arrangement period starting September 15, 2025[1] - Significant abnormal fluctuations reported for Kaipu Cloud (stock code: 688228) on August 30, 2025[1] - Multiple companies including Tianji Co. (stock code: 002759) and Tongrun Equipment (stock code: 002150) have recent announcements regarding trading activities[1] Market Trends - A total of 30 companies reported abnormal trading activities, indicating potential market volatility[2] - The report highlights a trend of increased scrutiny on companies with significant price fluctuations, suggesting a regulatory focus on market stability[2]

Fee Structure Changes - The maximum subscription fee rates for equity funds, mixed funds, and bond funds have been reduced to 0.8%, 0.5%, and 0.3% respectively[2] - Sales service fee rates for equity and mixed funds, index funds, bond funds, and money market funds have been lowered, with no service fees for equity and mixed funds held for over one year[10] Redemption Fee Adjustments - Redemption fees will now be fully included in the fund property, with simplified rates based on holding periods: less than 7 days at 1.5%, 7 to 30 days at 1.0%, and 30 days to 6 months at 0.5%[13] - The new rules aim to increase costs for short-term holdings, encouraging long-term investment[13] Client Maintenance Fee Differentiation - The client maintenance fee for individual investors remains capped at 50%, while for institutional investors, it is maintained at 30% for equity and mixed funds, and reduced from 30% to 15% for other funds[18] Promotion of Direct Sales - The regulations support the establishment of a direct sales service platform for institutional investors, enhancing the efficiency of fund transactions[19] Impact on Fund Distribution Models - The new rules may pressure fund distribution institutions, potentially altering their business models, especially those relying on high turnover and subscription fees[21]

Report Investment Rating - No information provided regarding the industry investment rating. Core Viewpoints - Last week (from September 1, 2025, to September 5, 2025), the equity market experienced volatile adjustments, with the Wind All - A Index falling 1.37%. The recent intensified market adjustments are due to the extreme differentiation of the previous market structure and the rapid rise of core varieties, which require short - term fluctuations for digestion and consolidation [12]. - The high - level sub - sectors of AI computing power, such as PCB, optical modules, domestic AI chips, and the foundry segment, had a significant volume fluctuation last Thursday, indicating that the industrial trend investment centered around the AI computing power chain may enter a transition phase. The new energy and power sector may offer a new direction for flexible funds under the dual - drive of anti - involution and technological breakthroughs [13]. - On September 5, 2025, the CSRC issued the "Regulations on the Management of Sales Fees of Publicly Offered Securities Investment Funds (Exposure Draft)", which is the third - stage reform after the management fee and trading fee reforms. The new regulations are expected to improve the ecological environment of the public fund industry [14]. Summary by Directory 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Market performance: The Wind All - A Index fell 1.37% last week. The ChiNext Index and micro - cap stocks led the gains, while the CSI 1000 and the STAR 50 Index declined. In terms of industry sectors, the medical and advanced manufacturing sectors led the gains, while the financial real - estate and technology sectors led the losses [12]. - Market adjustment reasons: Extreme differentiation in the previous market structure, rapid rise of core varieties, and the end of the National Day parade on September 3, which made some funds choose to cash out [12]. - Market sentiment: Although the equity market fluctuated last week, there was no obvious decline in risk appetite. The average daily trading volume of A - shares last week was 2603.2 billion yuan, a 13% week - on - week decrease but still at a relatively high level. The margin trading balance reached a record high of 2280.8 billion yuan on September 1 and then slightly declined to 2264.2 billion yuan on September 4 [12]. - Industry trends: The AI computing power chain may enter a transition phase, and the new energy and power sector may provide a new direction for funds [13]. 1.2. Public Fund Market Dynamics - On September 5, 2025, the CSRC issued the "Regulations on the Management of Sales Fees of Publicly Offered Securities Investment Funds (Exposure Draft)", aiming to reasonably reduce subscription/redemption fees and sales service fees, optimize redemption arrangements, and guide sales institutions to shift from a "traffic" mindset to a "retention" mindset [14]. 2. Active Equity Fund Index Performance Tracking 2.1. Active Stock Fund Selection Index - Positioning: Each period selects 15 funds with equal - weight allocation. Core positions select active equity funds based on performance competitiveness and style stability in value, balanced, and growth styles, and the style distribution is roughly balanced according to the CSI Active Equity Fund Index [16]. - Performance: It fell 0.74% last week and has accumulated an excess return of 11.91% since its establishment [7]. 2.2. Value Stock Fund Selection Index - Positioning: Selects 10 funds with deep - value, quality - value, and balanced - value styles based on multi - period style classification [18]. - Performance: It rose 0.36% last week and has accumulated an excess return of 1.63% since its establishment [7]. 2.3. Balanced Stock Fund Selection Index - Positioning: Selects 10 funds with relatively balanced and value - growth styles based on multi - period style classification [20]. - Performance: It fell 0.32% last week and has accumulated an excess return of 8.54% since its establishment [7]. 2.4. Growth Stock Fund Selection Index - Positioning: Selects 10 funds with active - growth, quality - growth, and balanced - growth styles based on multi - period style classification [21]. - Performance: It fell 1.79% last week and has accumulated an excess return of 15.29% since its establishment [7]. 2.5. Pharmaceutical Stock Fund Selection Index - Positioning: Selects funds with an average purity of no less than 60% in the pharmaceutical industry over the past three years or since establishment, and constructs an evaluation system to form an index with 15 funds [26]. - Performance: It rose 3.93% last week and has accumulated an excess return of 22.15% since its establishment [7]. 2.6. Consumption Stock Fund Selection Index - Positioning: Selects funds with an average purity of no less than 50% in the consumption industry over the past three years or since establishment, and constructs an evaluation system to form an index with 10 funds [28]. - Performance: It fell 0.57% last week and has accumulated an excess return of 20.81% since its establishment [7]. 2.7. Technology Stock Fund Selection Index - Positioning: Selects funds with an average purity of no less than 60% in the technology industry over the past three years or since establishment, and constructs an evaluation system to form an index with 10 funds [32]. - Performance: It fell 3.63% last week and has accumulated an excess return of 18.77% since its establishment [7]. 2.8. High - end Manufacturing Stock Fund Selection Index - Positioning: Selects funds with an average purity of no less than 50% in the high - end manufacturing industry over the past three years or since establishment, and constructs an evaluation system to form an index with 10 funds [34]. - Performance: It rose 0.55% last week and has accumulated an excess return of - 3.63% since its establishment [7]. 2.9. Cyclical Stock Fund Selection Index - Positioning: Selects funds with an average purity of no less than 50% in the cyclical industry over the past three years or since establishment, and constructs an evaluation system to form an index with 5 funds [36]. - Performance: It rose 1.47% last week and has accumulated an excess return of - 2.77% since its establishment [7].

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report The report presents several ETF strategy indices developed by Huabao Research, aiming to help investors convert quantitative models or subjective views into practical investment strategies. It tracks the performance and holdings of these indices on a weekly basis, providing data on their returns and excess returns compared to benchmarks [13]. 3. Summary by Relevant Catalogs 3.1 ETF Strategy Index Tracking - **Overall Performance Last Week**: The table shows the performance of different ETF strategy indices last week, including their returns, benchmark returns, and excess returns. For example, the Huabao Research Size Rotation ETF Strategy Index had a return of -0.80% last week, compared to the benchmark CSI 800's return of -1.09%, resulting in an excess return of 0.29% [14]. 3.2 Huabao Research Size Rotation ETF Strategy Index - **Strategy Principle**: It uses multi - dimensional technical indicator factors and a machine - learning model to predict the return difference between the Shenwan Large - Cap Index and the Shenwan Small - Cap Index. The model outputs weekly signals to determine positions and obtain excess returns [4][15]. - **Performance**: As of September 5, 2025, the excess return since 2024 was 19.21%, the excess return in the past month was - 0.01%, and the excess return in the past week was 0.29%. The current position is 100% in the SSE 300ETF [15][20]. 3.3 Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy Principle**: It uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposure to 9 major Barra factors to achieve market - outperforming returns. The selected ETFs cover mainstream broad - based index ETFs and some style and strategy ETFs [4]. - **Performance**: As of September 5, 2025, the excess return since 2024 was 13.81%, the excess return in the past month was - 2.52%, and the excess return in the past week was - 1.63% [4]. 3.4 Huabao Research Quantitative Fire - Wheel ETF Strategy Index - **Strategy Principle**: It starts from a multi - factor perspective, including the grasp of medium - to long - term fundamental dimensions, the tracking of short - term market trends, and the analysis of the behaviors of various market participants. It uses valuation and crowding signals to indicate industry risks and multi - dimensionally digs out potential sectors to obtain excess returns [5]. - **Performance**: As of September 5, 2025, the excess return since 2024 was 20.39%, the excess return in the past month was 7.87%, and the excess return in the past week was 2.03%. The current positions include the Science and Technology Innovation Board 50ETF, CSI 2000ETF, etc. [24][27]. 3.5 Huabao Research Quantitative Balance ETF Strategy Index - **Strategy Principle**: It uses a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior to build a quantitative timing system for equity market trend judgment. It also predicts the market's large - and small - cap styles to adjust the equity market position distribution and obtains excess returns through comprehensive timing and rotation [5]. - **Performance**: As of September 5, 2025, the excess return since 2024 was - 8.68%, the excess return in the past month was - 5.64%, and the excess return in the past week was 0.17%. The current positions include the 10 - Year Treasury Bond ETF, Enhanced 500ETF, etc. [28][29]. 3.6 Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy Principle**: It tracks and mines hot - spot index target products in a timely manner based on strategies such as market sentiment analysis, industry event tracking, investor sentiment and professional views, policy and regulatory changes, and historical deduction. It constructs an ETF portfolio to capture market hot - spots and assist investors in making investment decisions [6]. - **Performance**: As of September 5, 2025, the excess return in the past month was - 1.16%, and the excess return in the past week was 3.95%. The current positions include the Non - Ferrous Metals 50ETF, Hong Kong Stock Connect Pharmaceutical ETF, etc. [32][34]. 3.7 Huabao Research Bond ETF Duration Strategy Index - **Strategy Principle**: It uses bond market liquidity and price - volume indicators to screen effective timing factors and predicts bond yields through machine learning. When the expected yield is below a certain threshold, it reduces the long - duration positions in the bond portfolio to improve long - term returns and drawdown control [6]. - **Performance**: As of September 5, 2025, the excess return in the past month was 0.36%, and the excess return in the past week was - 0.02%. The current positions include the Short - Term Financing ETF, 10 - Year Treasury Bond ETF, etc. [35][36].

New Stock Listings - New stock "Sanxie Electric" (证券代码: 920100) listed at an issuance price of 8.83[1] Equity Announcements - "Fushun Special Steel" (证券代码: 600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] - "ST Tianmao" (证券代码: 000627) has a cash option declaration period from September 15, 2025, to September 19, 2025[1] - "ST Zitian" (证券代码: 300280) enters the delisting arrangement period starting September 15, 2025[1] Severe Abnormal Fluctuations - "KaiPu Cloud" (证券代码: 688228) reported severe abnormal fluctuations[1] - "XinHua Jin" (证券代码: 600735) also reported severe abnormal fluctuations[1] - "TianJi Shares" (证券代码: 002759) reported severe abnormal fluctuations[1] Additional Announcements - "ST Zhengping" (证券代码: 603843) and "ShouKai Shares" (证券代码: 600376) have recent announcements regarding their stock performance[1] - "ST Jinfeng" (证券代码: 000908) and "HaiBo SiChuang" (证券代码: 688411) have also made recent announcements[1]

Group 1: Report Overview - The report is a weekly report on public - offering funds from September 1, 2025, to September 5, 2025, covering the market review, public - offering fund market dynamics, and performance tracking of fixed - income - related fund indices [1][2] Group 2: Market Review Bond Market - In the domestic bond market, from September 1, 2025, to September 5, 2025, the equity market fluctuated sharply. The bond market went from profit - taking to long - making and then to a pullback, with yields first falling and then rising, showing a "V" shape. The 1 - year Treasury yield rose 2.61BP to 1.40%, the 10 - year Treasury yield fell 1.19BP to 1.83%, and the 30 - year Treasury yield fell 2.5BP to 2.11%. Short - term yield decline space is not opened, and the 10 - year Treasury yield is expected to fluctuate mainly in the 1.75% - 1.8% range. High - coupon assets can be mainly focused on [2][10] - The US Treasury bonds showed a bull - flattening trend. The 1 - year US Treasury yield fell 18BP to 3.65%, the 2 - year yield fell 8BP to 3.51%, and the 10 - year yield fell 13BP to 4.10%. The trend is mainly influenced by the volatility of the European bond market and the significantly lower - than - expected US employment data [11] REITs Market - The China Securities REITs Total Return Index closed at 1078.42 points, showing a volatile upward trend with a weekly increase of 0.47%, continuing the previous repair pattern. Except for a slight decline in data center REITs, other assets achieved positive returns, and some previously weak REITs rebounded. In the primary market, the first foreign - funded consumer REITs completed the inquiry, and as of September 5, 2025, there were 1 REITs product in the accepted stage, 3 in the in -quired stage, 4 in the feedback stage, 6 passed and waiting for listing, and 10 first - issue products that have been listed [11] Group 3: Public - Offering Fund Market Dynamics - On September 5, 2025, the China Securities Regulatory Commission revised and issued the "Regulations on the Administration of Sales Fees of Publicly Offered Securities Investment Funds (Exposure Draft)", which is the "last crucial step" in the phased fee - rate reform. The regulations mainly include six aspects such as reasonably reducing subscription fees, purchase fees, and sales service fees, optimizing redemption fees, encouraging long - term holding, setting different trailing commission payment ratio caps, strengthening fee standardization, and establishing a direct - sales service platform for institutional investors in the fund industry [3][12] Group 4: Performance Tracking of Fixed - Income - Related Fund Indices Overall Performance | Index Name | Last Week's Return | One - Month Return | YTD Return | Since Inception Return | | --- | --- | --- | --- | --- | | Money Enhancement Index | 0.03% | 0.12% | 1.05% | 4.02% | | Short - Term Bond Fund Preferred Index | 0.03% | 0.07% | 0.77% | 4.19% | | Medium - and Long - Term Bond Fund Preferred Index | 0.09% | - 0.16% | 0.67% | 6.31% | | Low - Volatility Fixed - Income + Fund Preferred Index | 0.11% | 0.62% | 2.54% | 3.83% | | Medium - Volatility Fixed - Income + Fund Preferred Index | 0.06% | 1.70% | 4.32% | 4.85% | | High - Volatility Fixed - Income + Fund Preferred Index | 0.08% | 1.64% | 6.64% | 6.38% | | Convertible Bond Fund Preferred Index | 0.83% | 2.91% | 15.82% | 19.44% | | QDII Bond Fund Preferred Index | 0.14% | 0.30% | 4.25% | 9.29% | | REITs Fund Preferred Index | 1.53% | - 1.11% | 28.42% | 37.59% | [5][13][14] Index Positioning - **Money Enhancement Strategy Index**: Aims at liquidity management, pursues a curve that surpasses money funds and rises smoothly. It mainly allocates money market funds and inter - bank certificate of deposit index funds in passive index - type bond funds. The performance benchmark is the China Securities Money Fund Index [15] - **Short - Term Bond Fund Preferred Index**: Aims at liquidity management, pursues a smooth upward curve on the basis of ensuring drawdown control. It mainly allocates 5 funds with stable long - term returns, strict drawdown control, and significant absolute return capabilities. The performance benchmark is 50% * Short - Term Pure Bond Fund Index + 50% * Ordinary Money Fund Index [15][17] - **Medium - and Long - Term Bond Fund Preferred Index**: Invests in medium - and long - term pure bond funds, pursues stable returns while controlling drawdowns, and aims for excess returns relative to the medium - and long - term bond fund index and a stable upward net value curve. It selects 5 funds each period, flexibly adjusts the duration according to the market, and adjusts the proportion of credit bond funds and interest - rate bond funds [19] - **Low - Volatility Fixed - Income + Preferred Index**: The equity center is positioned at 10%, and 10 funds are selected each period. It selects fixed - income + targets with an equity center within 15% in the past three years and recently. The performance benchmark is 10% China Securities 800 Index + 90% ChinaBond New Composite Full - Price Index [21][22] - **Medium - Volatility Fixed - Income + Preferred Index**: The equity center is positioned at 20%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 15% - 25% in the past three years and recently. The performance benchmark is 20% China Securities 800 Index + 80% ChinaBond New Composite Full - Price Index [24] - **High - Volatility Fixed - Income + Preferred Index**: The equity center is positioned at 30%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 25% - 35% in the past three years and recently. The performance benchmark is 30% China Securities 800 Index + 70% ChinaBond New Composite Full - Price Index [27] - **Convertible Bond Fund Preferred Index**: Selects bond - type funds with the average proportion of convertible bond investment in bond market value greater than or equal to 60% in the latest period and greater than or equal to 80% in the past four quarters as the sample space. It constructs an evaluation system from multiple dimensions and finally selects 5 funds to form the index [30] - **QDII Bond Fund Preferred Index**: The underlying assets are overseas bonds. It selects 6 funds with stable returns and good risk control according to credit and duration conditions [31] - **REITs Fund Preferred Index**: The underlying assets are mainly mature, high - quality, and stable - operating infrastructure projects. It selects 10 funds with stable operation, reasonable valuation, and certain elasticity according to the type of underlying assets [34]