Core Viewpoint - The inaugural "券中实盘大赛" is set to begin on June 9, featuring a renowned investor known as "剩者为王," who has achieved a remarkable 580.83% return since 2017 with minimal drawdown, sharing his investment strategies and participating in the competition [1][2]. Investment Philosophy - The investor's journey can be divided into three stages: risk avoidance, risk recognition, and risk embracing, highlighting a significant evolution in investment mindset over the years [2][9]. - The core principle for controlling drawdown is to approach trading with caution, ensuring every transaction is validated through fundamental, capital, and market analysis [5][10]. Performance Metrics - Since 2017, the investor's return curve has sharply risen, outperforming the CSI 300 index, which has only increased by 14.33%, resulting in an excess return of 566.5% [5]. - The investor emphasizes a disciplined approach to trading, with a focus on maintaining a near-zero drawdown through meticulous stock selection and timing [6][10]. Investment Strategy - The investment strategy is anchored in fundamental analysis, with technical analysis serving as a supplementary tool. The investor prioritizes company business development as the basis for investment decisions [6][14]. - The investor's approach to stock selection involves identifying key signals, such as company announcements and market trends, to make informed decisions [20]. Market Outlook - The current market is viewed as stable and active, with no significant systemic risks, suggesting that investors should adopt an aggressive strategy based on their risk tolerance [22]. - The investor encourages participation in the competition as a means to validate investment strategies and engage with diverse investment styles [6][7]. Conclusion - The upcoming competition is seen as a platform for investors to test their strategies and improve their skills, with the investor advocating for a rational approach to investing [6][7].

Core Viewpoint - The article discusses the growth of fixed income plus (固收+) products, particularly from Tianhong Fund, and emphasizes the importance of controlling drawdowns in investment strategies during market fluctuations [2][3][6]. Group 1: Growth of Fixed Income Plus Products - The equity market's strength often correlates with the significant development of fixed income plus products, as evidenced by Tianhong's nearly doubled product offerings in 2022 compared to 2021, which was a peak in the previous bull market [3]. - Tianhong's fixed income plus funds have shown varying annual returns over the past decade, with a notable average return of 14.88% in 2015 and a decline to -3.59% in 2022, highlighting the volatility in performance [4][8]. Group 2: Importance of Drawdown Control - The ability to control drawdowns in fixed income plus products becomes increasingly critical during market transitions, as demonstrated by Tianhong's only negative annual return occurring in 2022, when the average return for the entire market was -3.15% [6]. - The article stresses that for investors, the primary goal is capital preservation and achieving better returns than traditional savings, making drawdown control a priority over potential returns [6][11]. Group 3: Assessment and Evaluation Framework - The assessment of fixed income plus products should focus on the overall performance rather than solely on the investment methodology or the fund manager's capabilities [9][10]. - Tianhong's evaluation framework includes key indicators such as risk-adjusted returns (e.g., Sharpe Ratio), maximum drawdown control, and the time taken to recover from drawdowns, which are essential for maintaining a robust investment strategy [12][13][14].

Core Viewpoint - The recent market environment has led to increased risk aversion among investors, making bond funds, particularly those with strong drawdown control and excess returns, an attractive option for stable income [1] Group 1: Performance of Guangfa Tianying Bond Fund - Guangfa Tianying Bond Fund's scale increased from 142 million to 926 million yuan in Q1 2023 [1] - The fund achieved a net value growth rate of 4.25% over the past year, outperforming the average of similar funds at 3.45% [2] - The fund's maximum drawdown was limited to 0.34%, significantly lower than the average maximum drawdown of 1.06% for similar funds [2] Group 2: Risk Management and Performance Metrics - Guangfa Tianying Bond Fund demonstrated excellent drawdown control with a maximum recovery time of only 7 days [2] - The fund's Sharpe ratio is 3.15, and its Calmar ratio is 12.48, indicating a strong risk-return profile compared to the average Calmar ratio of 4.48 for similar products [2] Group 3: Fund Management and Strategy - The fund is managed by experienced professionals, Fang Kang and Li Xiaobo, who have extensive backgrounds in securities and investment management [2] - In Q1 2023, the fund increased its allocation to credit bonds, particularly bank perpetual bonds, while slightly raising duration and leverage [3] - The fund's strategy focuses on prioritizing coupon income and selecting short to medium-term credit bonds, with flexible adjustments based on market conditions [3] Group 4: Market Outlook - The bond market's trading focus is expected to remain on changes in liquidity and market risk appetite, with potential for policy easing amid growth pressures [3] - The impact of macroeconomic data on market risk preferences and the effects of trade tensions on domestic industries will significantly influence credit expansion and bond yield pricing [3]