五星固收团队护航，长城兴达债券9月1日正式发行

Core Viewpoint - The article discusses the launch of the Changcheng Xingda Bond Fund, a "fixed income+" product aimed at conservative investors seeking stable returns amidst market fluctuations [1][2]. Group 1: Fund Overview - The Changcheng Xingda Bond Fund (Class A: 024954; Class C: 024955) officially launched on September 1, 2025, focusing on a multi-asset allocation strategy combining "pure bonds, convertible bonds, and stocks" [1]. - The fund aims to maintain a bond investment ratio of no less than 80% of its total assets, with AAA-rated credit bonds making up at least 80% of the credit bond assets [1]. - The fund manager, Zhang Zhen, emphasizes a focus on medium to short-duration interest rate bonds and high-grade financial bonds from commercial banks to achieve stable coupon income [1]. Group 2: Market Context and Performance - Over the past year, the secondary bond fund index (992617.SSI) increased by 10.25%, significantly outperforming the pure bond fund index (930609.CSI), which rose by only 1.82% [2]. - The article suggests that the "fixed income+" strategy is currently advantageous due to a recovering domestic macro economy and a downward trend in bond market interest rates [2]. - Zhang Zhen predicts that the "fixed income+" funds will continue to thrive in a favorable investment environment, supported by policies aimed at expanding domestic demand and a sustained "bull" logic in long-term bonds [2]. Group 3: Fund Manager's Expertise - Zhang Zhen has 11 years of experience in the securities industry and over 7 years in managing fixed income funds, with expertise in various asset types including macro rates and credit bonds [2][3]. - His previous fund, Changcheng Enhanced Income Open A, has shown exceptional performance, ranking in the top 10% among similar funds over one, three, and five years [3]. - The Changcheng Fund's fixed income team has successfully built a robust platform for the new fund's investment operations, managing over 330.7 billion yuan in fixed income assets as of the second quarter of 2025 [3].