低利率时代投资指南：天弘永利债券的投资价值与策略展望

Core Viewpoint - In the current low-interest-rate environment, Tianhong Yongli Bond has emerged as a robust investment option, showcasing strong resilience and potential for stable wealth growth over the years [1][3]. Group 1: Performance and Historical Data - Since its inception on April 18, 2008, Tianhong Yongli Bond B (420102) has achieved an average annualized return of 5.83% over 17 years, with a historical cumulative return of 167.31% [1]. - As of August 18, 2025, the fund's one-year return is 8.78%, five-year cumulative return is 27.67%, and ten-year cumulative return is 72.24%, ranking in the top 5 among similar products [4]. - The fund has a user base of approximately 176,000 and a total scale of 20.5 billion, making it a leader in the secondary bond market [1]. Group 2: Investment Strategy and Management - Tianhong Yongli Bond aims for absolute returns, employing a strategy of 80% pure bonds and 0-20% in stocks and convertible bonds, allowing for flexible asset allocation [3]. - The fund manager, Jiang Xiaoli, has been at the helm since August 2012, successfully navigating multiple market cycles and accurately predicting major turning points in the bond market [4][8]. - Jiang Xiaoli has received the Golden Bull Award ten times, with a comprehensive annualized return of 6% across the ten funds she manages, totaling 30.4 billion [8]. Group 3: Risk Management and Fees - The fund has demonstrated excellent risk management, with a maximum drawdown of only 1.74% in the past year, recovering within 54 days [11]. - The management fee is 0.7%, and the custody fee is 0.2%, with no sales service fee, making it suitable for investors seeking stable returns without frequent trading [11]. Group 4: Market Trends and Future Outlook - The market is at a critical turning point, with expectations of rising PPI and a potential shift from liquidity-driven to fundamentals-driven market conditions [12]. - The investment strategy focuses on high-quality companies with strong cash flow generation and cyclical stocks that meet long-term return requirements [12].