HUYA(US:HUYA) Xin Lang Cai Jing·2026-02-09 02:34Core Viewpoint - The transformation of brokerage asset management collective products into public fund products is nearing completion, with significant collaborations taking place to ensure a smooth transition and maintain investor interests [1][2]. Group 1: Transformation Process - Dongzheng Ronghui Asset Management has successfully transitioned two major bond products into public funds, namely Dongzheng Ronghui Xinxing 30-day Rolling Short-term Bond and Dongzheng Ronghui Xiyue 90-day Rolling Short-term Bond [2]. - The original fund managers, Ying Jiexie and Zheng Zheng, have joined Dongcai Fund to continue managing these products, ensuring continuity in investment management [2][3]. - The total scale of the two products is expected to exceed 9 billion yuan by the end of Q3 2025 [2]. Group 2: Investment Strategy and Style - The investment management style of the two bond products remains focused on achieving stable holding experiences, while also emphasizing the value of liability stability during different rolling holding periods [3]. - The products will now include a new investment scope that allows for the inclusion of treasury futures, which can effectively hedge against net value drawdowns during significant market adjustments [3][4]. - The Dongcai Fund's fixed income investment team is recognized for its transaction-based methodology, which will enhance the management of these products [2][3]. Group 3: Market Outlook - The domestic bond market is expected to stabilize and improve in 2026, with current interest rates returning to a reasonable range that aligns with economic growth and monetary supply levels [4]. - The investment sentiment in the bond market is anticipated to be significantly better than in 2025, with expectations of slight downward adjustments in interest rates [4]. - The company believes that capturing phase-based price differences could yield excess returns for pure bond portfolios, particularly as the yield curve has reached a relatively reasonable position [5].