Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - During the period from June 30 to July 6, the issuance guidance rates announced by the National Association of Financial Market Institutional Investors mostly declined, with an overall change range of -14 BP to 2 BP. The issuance scale of credit bonds decreased month - on - month, while the net financing amount increased. In the secondary market, the trading volume of credit bonds decreased month - on - month, and the yields of all credit bonds declined. The credit spreads of medium - and short - term notes, enterprise bonds, and urban investment bonds mostly narrowed, and each rating was generally at a historical low [1]. - On July 2, the first batch of 10 Sci - tech Bond ETFs were approved and will be issued on July 7, with a maximum initial fundraising scale of 3 billion yuan each. Their investment opportunities are worth attention [2]. - With the optimization of real - estate policies, the real - estate market is moving towards stabilization. For real - estate bonds, investors with high risk tolerance can consider early layout, focusing on central and state - owned enterprises and high - quality private enterprise bonds with strong guarantees [2]. - In the context of stable growth and prevention of systemic risks, the probability of urban investment bond defaults is very low, and urban investment bonds can still be a key allocation variety [3]. Group 3: Summary According to the Directory 3.1 Primary Market Situation 3.1.1 Issuance and Maturity Scale - From June 30 to July 6, a total of 221 credit bonds were issued, with an issuance amount of 213.317 billion yuan, a month - on - month decrease of 30.80%. The net financing amount was 94.097 billion yuan, a month - on - month increase of 105.798 billion yuan. Different bond types showed different trends in issuance and net financing [12]. 3.1.2 Issuance Interest Rates - The issuance guidance rates announced by the National Association of Financial Market Institutional Investors mostly declined, with different change ranges for different terms and ratings, from -14 BP to 2 BP [13]. 3.2 Secondary Market Situation 3.2.1 Market Trading Volume - From June 30 to July 6, the total trading volume of credit bonds was 939.898 billion yuan, a month - on - month decrease of 15.26%. The trading volume of short - term financing bills increased, while that of other varieties decreased [19]. 3.2.2 Credit Spreads - For medium - and short - term notes, most credit spreads narrowed. For enterprise bonds and urban investment bonds, similar trends were observed, with different changes in spreads for different terms and ratings [23][32][35]. 3.2.3 Term Spreads and Rating Spreads - For AA+ medium - and short - term notes, enterprise bonds, and urban investment bonds, term spreads and rating spreads showed different changes, and most were at historical lows [44][50][53]. 3.3 Credit Rating Adjustments and Default Bond Statistics 3.3.1 Credit Rating Adjustment Statistics - From June 30 to July 6, a total of 5 companies had their ratings (including outlooks) adjusted, with 2 downgraded and 3 upgraded [56]. 3.3.2 Default and Extension Bond Statistics - There were no credit bond defaults during this period. The credit bonds of Guangzhou Fangyuan Real Estate Development Co., Ltd. were extended, with a remaining balance of 918 million yuan [58]. 3.4 Investment Views - In the long run, the yield of credit bonds is still in a downward channel. When allocating, investors can wait for opportunities and increase allocation during adjustments, focusing on the coupon value of individual bonds. Currently, credit sinking is not effective, and high - grade 5 - year bonds can be considered first. Attention should also be paid to the impact of policies and market supply - demand on the bond market [1][59]. - The investment opportunities of Sci - tech Bond ETFs are worthy of attention. For real - estate bonds, high - risk - tolerance investors can consider early layout. Urban investment bonds can be a key allocation variety [2][3][60].

Core Insights - The public fund industry is experiencing innovation breakthroughs with the approval and launch of the first batch of floating fee rate funds, led by the "Action Plan for Promoting High-Quality Development of Public Funds" [1] - Chen Cong, the proposed fund manager of the Xingzheng Global Hexi Mixed Fund, is gaining market attention as a representative of the new generation of floating fee rate fund managers [1] Group 1: Investment Philosophy and Strategy - Chen Cong is known as a "quality growth catcher" and has a strong background in data processing and systematic thinking, stemming from his education in mathematics and financial engineering [2] - His investment philosophy emphasizes three key concepts: quality growth, risk pricing, and disciplined investment, focusing on a balanced approach rather than a single aggressive strategy [2][3] - Chen Cong maintains a flexible tactical allocation strategy, allowing for adjustments based on market conditions, such as shifting to cyclical assets when growth styles falter [3] Group 2: Fund Management and Performance Goals - The Xingzheng Global Hexi Mixed Fund aims for returns relative to a benchmark, combining fixed management fees with a floating component that aligns with investor interests [4] - Chen Cong's primary goal in managing the new product is to avoid underperforming the benchmark by 3% and to pursue excess returns of over 6% [4] - The floating fee mechanism shifts the performance assessment from peer comparison to index tracking, enhancing decision-making clarity for fund managers [4] Group 3: Market Outlook and Investment Opportunities - Chen Cong expresses optimism about the current market, citing improvements in market structure and investor behavior as conducive to better long-term returns [5] - He identifies innovative pharmaceuticals as a promising sector, noting that the valuation of Chinese innovative drug companies remains undervalued despite recent gains [5] - The application of AI is another area of focus, with Chen Cong believing that the recent pullback in AI hype presents an opportunity for long-term investment in high-certainty internet leaders [5] - Chen Cong also highlights the advantages of A-shares in technology hardware, while recognizing the strong positioning of Hong Kong stocks in new consumption sectors [5]

Group 1 - The article discusses the controversial yet significant figure of Xu Xiang, known for his unique investment style and long-term high returns, leaving a legendary mark in the investment community [2] - Xu Xiang's early life was characterized by hard work and a strong dedication to studying finance, which laid the foundation for his future success in the securities industry [5][6] - His investment firm, Zexi, was known for its aggressive trading style and strict performance standards, focusing on absolute returns while also considering relative performance [12][13] Group 2 - Xu Xiang's work ethic was highlighted by his dedication to studying the stock market for over 12 hours a day, demonstrating an intense focus that contributed to his investment success [8][9] - The firm Zexi employed a rigorous assessment method for its researchers, emphasizing the importance of stock recommendations that would yield immediate gains and maintaining strict stop-loss measures [13][14] - The article illustrates the concept of contrarian thinking in investing, where Xu Xiang often went against prevailing market sentiments, leading to successful outcomes [14][18] Group 3 - The case of Chongqing Brewery is presented as a classic example of Xu Xiang's investment strategy, where he capitalized on market misjudgments despite negative news, showcasing the psychological aspects of stock trading [17][18] - The narrative emphasizes the importance of resilience in the face of market volatility, as demonstrated by Zexi's ability to recover from significant losses due to unforeseen events [19]

Core Viewpoint - The article emphasizes the importance of long-term investment and value investing in the capital market, particularly in light of new policies aimed at promoting long-term funds into the market [1] Group 1: Policy and Market Environment - The new "National Nine Articles" policy aims to significantly boost long-term capital inflow into the market, which is crucial for the healthy and stable development of the capital market [1] - The banking wealth management sector, with a scale of 30 trillion, is expected to inject substantial liquidity into the capital market, benefiting the real economy [1] Group 2: Company Strategy and Product Development - 招银理财 has established an independent equity investment department since 2019 and has been innovating in fee structures, such as launching the first equity product that does not charge management fees if the net value is below 1 [5] - The company has developed a multi-asset strategy brand called "全+福," which includes various strategies like value+, dividend+, and index+ to adapt to different market conditions [7] - 招银理财 aims to enhance its investment strategies and product functionalities, focusing on absolute return goals while also considering relative returns [5][7] Group 3: Investment Roles and Market Stability - 招银理财 plays multiple roles in the market, including being a long-term capital "introducer," a "stabilizer" for the capital market, and a "promoter" of industrial upgrades through participation in equity financing [6] - The company has reported that its PR3 and above equity products have reached over 200 billion, accounting for about one-third of the bank wealth management market [7] Group 4: Investment Trends and Future Outlook - The company sees "固收+" products as a key strategy for increasing equity investment, as they offer a balanced risk-return profile and are well-received by clients with lower risk tolerance [8] - 招银理财 is also focusing on enhancing investor education to improve confidence in equity products, employing a tiered educational approach tailored to different risk preferences [17] - The company anticipates that the proportion of equity assets in wealth management will gradually increase, with a more diversified asset allocation strategy in response to the low-interest-rate environment [20]

Core Viewpoint - The article emphasizes the importance of fund managers in the capital market, particularly in maintaining relative performance against benchmarks, and highlights the success of Liu Xu, a fund manager at Dacheng Fund, in achieving outstanding relative returns despite market challenges [1][2]. Group 1: Fund Manager Performance - Liu Xu managed a fund size of 25.734 billion yuan as of March 31, 2025, achieving a personal record high amidst a general decline in public equity fund sizes [2]. - Liu Xu's flagship product, "Dacheng Gaoxin A," has delivered a cumulative return of 382.28% and an annualized return of 17.37% since he took over in July 2015, ranking 1st out of 119 in its category [7][8]. - The fund consistently outperformed its benchmark in all complete years under Liu's management, with only two years (2018 and 2022) showing negative returns [7][8]. Group 2: Investment Strategy - Liu Xu's investment strategy is characterized by maintaining a high stock position (around 80%) and a low turnover rate (below 100% over the past five years), which contrasts sharply with the average turnover rate of over 200% for public funds [15][18]. - The fund has avoided market hotspots, such as the new energy and pharmaceutical sectors during their respective bull markets, focusing instead on stable, undervalued companies [18][20]. - As of the first quarter of 2025, the fund's top holdings included low-valuation telecom operators and leading home appliance companies, contributing to its recent performance [23][24]. Group 3: Historical Context and Challenges - Liu Xu began his tenure during a challenging market period, which has shaped his risk awareness and investment approach, leading to a significant reduction in drawdowns since 2015 [13][25]. - The fund's net value experienced significant fluctuations in its early years but has since stabilized, reflecting Liu's ability to navigate through market volatility [9][13].