安筑砥柱·双擎聚睿|双“5A”基金大厂9.12首发“固收+”长投新基！

Core Viewpoint - The launch of the Huabao Anrui Bond Fund represents a strategic move to cater to long-term investment needs, particularly in the context of a recovering stock market and a favorable bond market environment [1][2][4]. Group 1: Fund Overview - The Huabao Anrui Bond Fund is positioned as an actively managed "secondary bond fund," focusing on a balanced investment strategy between stocks and bonds, with at least 80% of assets allocated to bonds [2][4]. - The fund aims to achieve long-term stable growth while controlling downside risks through dynamic adjustments in equity positions and participation in stock market opportunities [2][4]. Group 2: Market Context - The current economic environment shows a slowdown in growth elasticity and a downward trend in interest rates, leading to increased volatility in single assets, making bond assets a reliable long-term investment [4][8]. - The A-share market has experienced multiple cycles of bull and bear markets over the past 15 years, with secondary bond funds achieving a cumulative return of 102.78%, outperforming major stock and bond indices [4]. Group 3: Management Team - The fund employs a dual fund manager system, with Tang Xueqian and Lin Hao leading the investment strategy, combining quantitative and fundamental analysis for stock selection and risk control [5][7]. - The management team has a proven track record, with the Huabao New Opportunity Mixed Fund, managed by the same duo, achieving a net value growth of 75.44% since its inception, significantly surpassing the benchmark index [7]. Group 4: Fixed Income Business - Huabao Fund has a well-established fixed income business, managing assets totaling 215.7 billion yuan, with a focus on research, bond investment, and trading [5][8]. - The fixed income products have shown competitive performance, with a recent one-year yield of 4.88%, ranking 11th out of 170 fund companies [11]. Group 5: Investment Strategy Outlook - The fixed income investment team anticipates a three-step approach for the bond market in the second half of the year, with varying strategies for different periods [8]. - The team emphasizes capturing structural opportunities in credit bonds and suggests a "two-dumbbell" strategy for convertible bonds, focusing on both growth and defensive sectors [8].