一个低波产品的十年，从200户到50万户的跃迁

Core Viewpoint - The article discusses the evolution and success of the Zhongou Jintong fund over the past decade, highlighting its growth in both the number of investors and total assets, as well as its stable performance in a changing market environment [1][2]. Group 1: Fund Growth and Performance - Zhongou Jintong has grown from 211 investors at the end of 2016 to 510,000 investors by the end of September 2025, with total assets reaching 5.161 billion [1][2]. - Since its inception, Zhongou Jintong A has achieved a cumulative return of 72.81%, significantly outperforming its benchmark return of 24.14% [2][24]. - The fund has demonstrated strong stability, only recording negative returns in 2022 during a market downturn [2]. Group 2: Market Context and Investor Behavior - Over the past decade, there has been a significant shift in investor behavior, with a growing preference for low-volatility and absolute return products as economic growth transitions from high-speed to high-quality [6][8]. - The rise of "fixed income plus" products reflects a broader trend where investors prioritize stability and lower volatility over high returns [6][7]. Group 3: Investment Strategy Evolution - The investment strategy of Zhongou Jintong has evolved through several iterations, moving from a "workshop" model to an "industrialized" management approach, enhancing its ability to manage risk and achieve stable returns [4][10][13]. - The introduction of the MARS framework (Multi-Asset Solution) has allowed for a more diversified and systematic investment process, focusing on predictable risk-return profiles and clear attribution of performance [12][13]. Group 4: Investor Experience and Trust - The fund manager, Hua Licheng, emphasizes the importance of investor experience, advocating for metrics like rolling win rates to enhance investor confidence and encourage long-term holding [15][16]. - The growth in investor numbers reflects a strong trust in the fund's ability to deliver consistent performance, which is crucial for maintaining long-term relationships with investors [15][18]. Group 5: Future Outlook - The article suggests that the strong performance and adaptability of Zhongou Jintong may signal the beginning of a new era for low-volatility investment products as market conditions continue to evolve [19].