中欧基金：以“MARS工厂”投研体系，铸就固收+卓越表现

Core Viewpoint - The "Fixed Income +" funds are becoming a safe haven for investors amid the continuous decline in risk-free interest rates, with the total market size reaching 2.47 trillion yuan by the end of Q3 2025, reflecting a quarterly growth of over 520 billion yuan [1] Group 1: Market Trends - Historical experiences show that during low interest rate periods, fixed income products have significantly increased in size, as seen in Japan in the 1990s and the rise of "Fixed Income +" strategies in the U.S. post-2000 [1] - The trend indicates a structural shift towards absolute return products as a necessary response to declining interest rates [1] Group 2: Company Strategy - China Europe Fund has distinguished itself through its forward-looking vision and systematic capabilities, implementing "asset management industrialization" early on [1] - The "MARS Factory" investment research system developed by the multi-asset team breaks down the investment process into four workshops: design, production, assembly, and testing, transforming investment from an art reliant on inspiration to a predictable, replicable, and explainable craft [1][2] Group 3: Product Performance - The "MARS Factory" system has enabled outstanding performance of China Europe Fund's products, with the "Jintong" product achieving a return of 72.8% since its inception in November 2015, significantly outperforming its benchmark of 24.1% [5] - The annualized return of the "Jintong" product stands at 5.7%, compared to its benchmark of 2.2%, with a maximum drawdown of only -3.5% [5] - The number of holders for the "Jintong" product has surged from 319 at the end of 2018 to 519,000 by the end of June 2025, representing a growth of over 1,600 times [5] Group 4: Evolution of Investment Strategy - The evolution of the multi-asset team at China Europe Fund has progressed from a focus on "asset allocation of stocks and bonds" to "diverse strategies enriching sources of returns," and now to "diverse assets to disperse risks," continuously deepening around diversification, risk-return ratios, and customer experience [6] - The company is leading the industry towards healthier and sustainable development by providing superior services amid the transition from "product supply" to "demand matching" in the asset management sector [6]