“固收+”上新，长城丰泽债券基金力争稳中有进

Core Insights - The "Fixed Income +" funds have become the main driver of growth in the market, with a total of 2,209 funds and a combined scale of 2.7 trillion yuan as of the end of Q3 2025, highlighting their importance in asset allocation for investors [1][4] - The launch of the Changcheng Fengze Bond Fund aims to provide investors with more quality and stable investment options, with a focus on a multi-asset allocation strategy [1][2] Fund Characteristics - The Changcheng Fengze Bond Fund will allocate at least 80% of its assets to bonds, while stocks and convertible bonds will account for 5%-20% of the fund's assets [2] - The fund manager, Zhang Zhen, emphasizes the need for proactive portfolio management and a clear multi-asset allocation logic in response to new market trends [2] Investment Strategy - The investment strategy includes building a bond base focusing on medium to short-duration government bonds and high-grade corporate bonds to secure stable coupon income, supplemented by long-duration bonds for additional returns [2] - The fund will enhance returns through convertible bonds, targeting those with high yields and low conversion premiums, while maintaining a diversified approach to control drawdowns [2] - Stock investments will focus on high-dividend, low-volatility stocks with strong financial health, selected based on market changes [2] Performance Metrics - The Changcheng Stable Income Fund, managed by Zhang Zhen, has shown strong performance, with a one-year return of 7.48%, significantly outperforming its benchmark of 4.27% [2] - The fund's Sharpe ratio of 2.31 indicates excellent investment efficiency compared to the industry average of 1.34 [2] Research and Development - Changcheng Fund is enhancing its fixed income product line with clear differentiation in strategy to cater to various risk preferences, aiming to improve investor understanding and experience [3] - The firm is also promoting integrated research and development, establishing specialized teams for different fixed income sectors to ensure efficient decision-making processes [3]