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Core Viewpoint - The most important value of fund products is whether they can help holders earn real profits, rather than just focusing on size or returns. Lower volatility assets are crucial for achieving lifetime returns, as evidenced by the performance of real estate versus stocks over the past 20 years [1][2]. Asset Performance Analysis - From 2003 to 2023, the annualized return of the CSI 300 was less than 6% with an annualized volatility exceeding 25%, while the annualized return of the China Bond Index was over 4% with volatility below 5%. This stark difference highlights the risk-return profile of these asset classes [1][2]. Product Design and Features - The newly issued Southern Yiwen fund (A class: 024937; C class: 024938) offers three levels of assurance for holders' returns: 1. Low volatility assurance through a design that allocates 85% to the China Bond Index, 10% to the CSI 300, and 5% to the Hong Kong Stock Connect, creating a stable risk-return characteristic [3][4]. 2. Dual brand assurance from Guangfa Bank and Southern Fund, ensuring only selected products are offered to clients for long-term stable returns [3][4]. 3. Experienced fund managers with over 17 years of experience, ensuring effective management of the fund [4][15]. Performance of Secondary Bond Funds - Secondary bond funds effectively combine low volatility from fixed income and enhanced returns from equities. As of July 25, the secondary bond fund index had a year-to-date increase of 3.07%, outperforming the pure bond fund index which rose only 0.50% [6][9]. Historical Performance of Secondary Bond Funds - From 2015 to present, the secondary bond fund index has only recorded negative returns in 2016, 2018, and 2022, achieving positive returns in all other years. The Southern Yiwen product optimizes the traditional secondary bond fund index by reducing equity allocation and increasing Hong Kong stock allocation, resulting in consistent absolute returns [12][13]. Managerial Expertise - The fund is managed by two seasoned fund managers, Liu Shukun and Liu Yicheng, who have extensive experience in absolute return investment. Their previous management of other funds has demonstrated strong performance across market cycles [15][17][18]. Product Selection and Quality - In an era of high-quality development, the Southern Yiwen fund is designed to provide stable returns by minimizing volatility, thus allowing investors to hold onto their investments and earn profits [24][27]. The fund's transparent operational approach enhances predictability and clarity in its investment strategy [26].