1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The product is positioned as a low - risk "fixed - income +" FOF, aiming for absolute returns with a target drawdown of less than 2%. It focuses on global asset allocation, using a combination of quantitative and qualitative methods for fund selection, and tactically over - allocates risk assets in 2025 [2]. - The product has a scientific investment strategy, diversifying assets to reduce volatility. The simulated portfolio formed by the current asset allocation center has achieved good performance since 2007, with an annualized return of 5.16% and an annualized volatility of 2.40% [2]. - The fund manager has rich experience and a complete methodology for asset allocation and fund selection, and currently manages 6 products with a total scale of 976 million yuan [3]. 3. Summary by Relevant Catalogs 3.1 Product Introduction 3.1.1 Product Overview - The product is the ICBC Credit Suisse Zhiyuan Dynamic Allocation Three - Month Holding Period Hybrid Fund of Funds (FOF), established on November 19, 2019. It is a low - risk "fixed - income +" FOF with a current risk asset investment ratio center of 12%, aiming for capital preservation and appreciation under controllable risks [5]. - The investment range includes various financial instruments, and the investment ratio of public offering funds (including public offering REITs) in the fund assets is not less than 80%, with 10% - 40% invested in stocks, stock - type funds, and hybrid funds [6]. 3.1.2 Strategy Introduction - The strategy focuses on multi - asset allocation to reduce drawdown and aims for absolute returns. It sets the risk center at 12% and introduces various low - correlation assets to disperse risks. The target drawdown is set within 2%, and it conducts tactical over - or under - allocation of assets and industries [8]. - In selecting underlying funds, it uses a "quantitative + qualitative" approach, classifying funds into different sub - categories and then conducting quantitative optimization and on - site due diligence [8]. 3.1.3 Performance - Since its establishment, the fund's return is 13.81%, with an annualized volatility of 3.42% and a maximum drawdown rate of 8.78%. After the strategy improvement this year, the maximum drawdown rate is only 1.00%, and the annualized volatility is 2.08% [11]. 3.2 Investment Highlights 3.2.1 Steady Appreciation - The product aims to control drawdown and reduces portfolio risk through multi - asset allocation. It maintains an allocation center of 88% stable assets + 12% risk assets and tactically adjusts the risk asset ratio within the 10% - 15% range [13]. - The simulated portfolio based on the current asset allocation center has shown stable performance since 2007, with an annualized return of 5.16%, an annualized volatility of 2.40%, and a return - to - volatility ratio of over 2.1 [17]. 3.2.2 Fund Selection - The ICBC Credit Suisse FOF team has rich experience in quantitative fund selection and fund manager research. It has a scientific fund classification system and uses a "quantitative + qualitative" and "active + passive" approach for fund selection [21][22][25]. - The team prefers fund managers with longer management years and can obtain Alpha returns through multi - dimensional optimization of active funds and participate in industry theme investment opportunities through passive funds [25]. 3.3 Position Analysis 3.3.1 Asset Allocation - Since 2025, the product has tactically over - allocated risk assets, with the overall risk asset ratio at around 15%, over - allocating A - shares, Hong Kong stocks, and gold assets and under - allocating foreign stocks relative to the center [30]. 3.3.2 Fixed - Income Allocation - The product has recently increased the allocation of high - quality medium - and long - term pure - bond funds and passive index - bond funds, while reducing the allocation of first - tier hybrid bond funds, aiming to capture both Alpha and Beta opportunities in the bond market [31]. 3.3.3 Equity Allocation - Since the end of 2024, the product has tactically over - allocated Hong Kong stocks, with the current allocation ratio of Hong Kong stocks to A - shares being approximately 3:7. It has also actively participated in industry theme investment opportunities through ETFs [39]. - In A - share industries, it shows obvious industry rotation characteristics, currently over - allocating transportation, banks, non - ferrous metals, etc. relative to the CSI 800 index. In terms of style, it has a certain rotation characteristic, mainly over - allocating non - linear market - value style and slightly favoring value - style stocks [44][46]. 3.3.4 Individual Fund Selection - The product's overall position is relatively concentrated, with the top ten funds accounting for nearly 80% of the position. It has significant excess returns in fixed - income fund selection, especially in fixed - income + and pure - bond funds [49][55]. 3.4 Fund Manager Introduction - The fund manager, Zhou Yin, has 13 years of securities industry experience and 10 years of investment management experience. He joined ICBC Credit Suisse in 2014 and currently manages 6 products with a total scale of 976 million yuan [56].

Investment Philosophy - Richard Peng emphasizes a client-first approach, prioritizing customer interests to achieve mutual long-term success [3][4] - The investment strategy focuses on stability and absolute returns, aiming for an annual return of 10%-15% regardless of market fluctuations [4][6] - Influences on Richard Peng's investment philosophy include Warren Buffett's "slow wealth accumulation" and Nassim Taleb's concepts of risk and uncertainty [5] Asset Management Products - Beta International Securities has obtained a Type 9 asset management license and plans to launch a fund targeting high-net-worth clients in the Hong Kong stock market [6][9] - The fund will focus on the primary market for new stock offerings, leveraging communication with issuers to secure favorable long-term returns [6][9] - The investment threshold for the fund is set at HKD 1 million, with a requirement for liquid financial assets of over HKD 8 million, targeting a projected annual return of over 20% [9] Future Outlook - The company aims to develop "midfield master-level" investment products that provide steady returns, catering to clients seeking more than just basic financial products [10] - Richard Peng believes that the recent regulatory changes in the Hong Kong IPO market will benefit institutional investors and enhance market fairness [7][10] - The company is committed to cautious and diligent management, recognizing the inherent uncertainties in the market [11]

Core Viewpoint - The investment strategy employed by the company is not focused on undervalued investments or opportunistic arbitrage, but rather on systematic execution of strategies that most investors can implement [2][5]. Investment Strategy - The investment approach is characterized by a bottom-up selection of funds, categorizing them into different risk-return profiles, akin to a football formation, to create a balanced portfolio that adapts to market changes without over-relying on market timing [2][3]. - The team emphasizes strict adherence to client-defined risk exposures, ensuring that equity positions remain within agreed limits to avoid excessive tracking errors [3][9]. - The company aims to enhance the stability of excess returns through a low-correlation multi-asset and multi-strategy approach, particularly in the context of arbitrage strategies [3][10]. Product Design - Absolute return products are designed with a focus on asset allocation, strategy alpha, and disciplined rebalancing to control volatility while enhancing the holding experience without sacrificing long-term returns [3][18]. - Public FOFs are primarily aimed at ordinary investors as long-term savings tools, while separate accounts are more flexible and tailored to meet specific client needs over shorter time frames [8][9]. Market Outlook - The company adopts a gradual operational approach, remaining cautious during market highs and more aggressive during lows, while focusing on generating alpha in intermediate market conditions [24][25]. - The investment philosophy does not rely on making large market predictions but instead emphasizes systematic methods and the stability of fund managers' performance [24][25].

Core Viewpoint - The investment strategy employed by the company is not focused on undervalued investments or opportunistic arbitrage, but rather on systematic execution of strategies that most investors can implement [2][6][15]. Investment Strategy - The investment approach is characterized by a bottom-up selection of funds, categorizing them into different risk-return profiles akin to a "football formation" [2]. - The team emphasizes strict adherence to client-defined risk exposures, ensuring that equity positions remain within agreed limits to avoid tracking error [3][13]. - The company does not rely on market timing but instead utilizes a low-correlation multi-asset and multi-strategy approach to enhance the stability of excess returns [3][14]. Product Design - Absolute return products are designed with a focus on asset allocation, strategy alpha, and disciplined rebalancing to control volatility while enhancing the holding experience [3][21]. - The company differentiates between public FOFs, which serve as long-term savings tools for ordinary investors, and private accounts that cater to specific client needs with more flexible strategies [12][11]. Risk Management - The company aims to optimize risk-return characteristics through systematic research in arbitrage strategies, focusing on high win rates and favorable odds [3][19]. - The allocation to arbitrage strategies varies based on market conditions, with higher allocations during favorable scenarios while maintaining strict control over exposure to avoid excessive tracking error [17][19]. Market Outlook - The company adopts a gradual operational approach, remaining neutral in market sentiment and focusing on alpha generation rather than making large market predictions [29][30]. - The emphasis is placed on the stability of fund managers' styles and the sustainability of excess returns, rather than on expressing market views through investment choices [27][30].

Core Viewpoint - Huaan Securities reported its best performance for the first half of the year since its listing, with significant growth in both operating performance and capital strength, showcasing a robust multi-business collaboration and strong investor return initiatives [1][2]. Financial Performance - The company achieved an operating income of 2.808 billion yuan, a year-on-year increase of 43.09%, and a net profit attributable to shareholders of 1.035 billion yuan, up 44.94%, marking the best performance for the same period since its listing [1]. - As of the end of June, total assets exceeded 100 billion yuan, reaching 102.118 billion yuan, with net assets of 23.106 billion yuan and net capital of 18.469 billion yuan, providing solid capital support for business expansion and innovation [1]. Business Segments - The growth was driven by the collaboration of four major segments: retail, industry, institutional, and proprietary trading, rather than relying on a single business [2]. - Retail business saw significant success in wealth management transformation, with agency buying income increasing by 66% and advisory business income surging by 129% [3]. - Proprietary trading revenue grew by 77.02%, becoming a core driver of net profit growth [5][6]. - Investment banking revenue skyrocketed by 229.70%, contributing significantly to overall revenue growth [6]. Shareholder Returns - The company completed a share buyback of 119 million yuan and plans to distribute a mid-term cash dividend of 187 million yuan, transitioning from annual dividends to a combination of annual and mid-term dividends [2][8]. - The company emphasizes a shareholder-centric approach, as reflected in its "Quality Improvement and Efficiency Return Assessment Report," which outlines specific measures and plans for enhancing investor returns [8].

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.09% as of August 26, 2025, with mixed performance among constituent stocks [1] - China National Cereals, Oils and Foodstuffs Corporation (600737) led the gains with an increase of 5.90%, while Shaanxi Natural Gas (002267) experienced the largest decline [1] - The National State-Owned Enterprises Dividend ETF (159515) is consolidating, with the latest price at 1.17 yuan [1] Group 2 - The China Securities State-Owned Enterprises Dividend Index tracks 100 listed companies with high cash dividend yields, reflecting the overall performance of high-dividend securities among state-owned enterprises [2] - As of July 31, 2025, the top ten weighted stocks in the index accounted for 16.77% of the total index weight, including China COSCO Shipping (601919) and Jizhong Energy (000937) [2] Group 3 - Analysts from Minsheng Securities noted that insurance capital prefers undervalued, high-dividend stocks with strong performance certainty, especially in a declining long-term interest rate environment [1] - The report from Caixin Securities suggests that high dividend yield assets remain attractive, with long-term funds like insurance capital likely to continue flowing into these assets [1]

Core Insights - The article highlights the growing trend of quantitative investment in the context of a strengthening small and micro market, with a projected peak in 2025 as AI and quantitative technologies continue to evolve [1] - The total scale of private quantitative funds in the market has surpassed 1.49 trillion yuan, reflecting an increase of over 80 billion yuan since the end of 2024 [1] - The launch of a multi-asset absolute return independent quantitative strategy by the established subjective private equity firm, Jiangju Capital, marks a significant shift towards quantitative investment [1][2] Company Strategy - Jiangju Capital's decision to transition from subjective to quantitative investment is based on the maturity of its quantitative resources and technology, as well as a forward-looking approach to strategy innovation and long-term development [2] - The firm aims to achieve steady, low-volatility absolute returns, positioning its new strategy against "fixed income +" or market-neutral products [1][3] - The quantitative team at Jiangju Capital has been developing various quantitative sub-strategies since 2009, with the independent quantitative product plan emerging in 2023 as these strategies matured [3][4] Investment Focus - The multi-asset absolute return strategy combines various asset classes and strategies to mitigate portfolio volatility and capitalize on the positive return attributes of stocks, bonds, and certain commodities [3][4] - The strategy integrates multiple quantitative underlying strategies, including quantitative stock selection and risk parity, rather than following mainstream index-enhanced strategies [4] - Jiangju Capital's approach emphasizes long-term effective fundamental research, avoiding crowded market competition and focusing on the stability of factors over time [5] Market Outlook - The A-share market has shown signs of a technical bull market, with the Shanghai Composite Index surpassing 3,800 points, reflecting a cumulative increase of over 30% from the bottom [6] - The firm anticipates a slow bull market in the medium to long term, contingent on factors such as sustained market liquidity, corporate profit recovery, and coordinated macro policies [6] - Jiangju Capital identifies four key investment directions: AI infrastructure, capital market-related stocks, competitive consumer companies, and globally competitive firms with significant overseas business [6][7] Strategy Evolution - Jiangju Capital has upgraded its active investment strategies, expanding from a growth-focused approach to include dividend and commodity stock strategies [7] - The firm has balanced strategy weights in portfolio management to avoid excessive exposure to any single style while ensuring adequate allocation to advantageous directions [7] - The focus on stock selection has shifted towards emphasizing safety margins and the price-to-earnings ratio, seeking high potential returns with lower downside risks [7]

Core Viewpoint - The article highlights the investment philosophy and strategies of Bao Xiaohui, the chairman and investment director of Changli Asset, emphasizing the combination of stability from insurance asset management and flexibility from private equity fund management [1][2]. Group 1: Investment Philosophy - Bao Xiaohui's investment philosophy is rooted in rationality and discipline, focusing on absolute returns rather than short-term rankings [2][3]. - The company aims for long-term stable growth of client assets, which is reflected in its core strategy of "fixed income plus" [2][3]. Group 2: "Fixed Income Plus" Strategy - The "fixed income plus" strategy primarily involves high-rated credit bonds and interest rate bonds as a stable asset base, while also flexibly allocating equity assets and using derivatives to enhance returns [3]. - The investment research teams at Changli Asset average over 15 years of experience, with many members having backgrounds in insurance asset management, fostering a culture of "stability first, balanced allocation" [3]. Group 3: Market Outlook - Bao Xiaohui expresses optimism about the resilience of the Chinese economy and the ample policy space, despite external pressures and internal adjustments [3]. - The current A-share market rally is seen as driven by both policy and liquidity, with a focus on sectors with potential for rebound [4]. - The company advises investors to maintain patience and wait for rotation opportunities, particularly in undervalued traditional industries and large-cap stocks [4][5]. Group 4: Investment Strategy - The company adheres to a "contrarian layout" principle, advocating for building positions during market downturns and gradually exiting during high market sentiment [5]. - Bao Xiaohui emphasizes the importance of maintaining rationality and patience in equity asset investments, suggesting that frequent rebalancing can hinder returns [5].

Core Viewpoint - The article highlights the investment philosophy and strategies of Bao Xiaohui, the chairman and investment director of Changli Asset, emphasizing the combination of stability from insurance asset management and flexibility from private equity management [1][2]. Group 1: Investment Philosophy - Bao Xiaohui's investment philosophy is rooted in rationality and discipline, focusing on absolute returns rather than short-term rankings [2][3]. - The company aims for long-term stable growth of client assets, which is reflected in its core strategy of "fixed income plus" [2][3]. Group 2: "Fixed Income Plus" Strategy - The "fixed income plus" strategy primarily involves high-rated credit bonds and interest rate bonds as a stable asset base, while also flexibly allocating equity assets and using derivatives to enhance returns [3]. - The investment research teams at Changli Asset average over 15 years of experience, with many members having backgrounds in insurance asset management, fostering a culture of "stability first, balanced allocation" [3]. Group 3: Market Outlook - Bao Xiaohui expresses optimism about the resilience of the Chinese economy and the ample policy space available, despite external pressures and internal adjustments [3]. - The current A-share market rally is seen as driven by both policy and liquidity, with a focus on sectors with potential for rebound [4][5]. - The company advises investors to maintain patience and wait for rotation opportunities, particularly in sectors that have not yet reached excessive valuations [4][5]. Group 4: Investment Strategy - The company adheres to a "contrarian layout" principle, advocating for building positions during market downturns and gradually exiting during high sentiment [5]. - Bao Xiaohui emphasizes the importance of maintaining rationality and patience in equity asset investments, noting that frequent trading can hinder returns [5].

Core Viewpoint - The article highlights the investment philosophy and strategies of Bao Xiaohui, the chairman and investment director of Changli Asset, emphasizing a focus on "absolute return" and a "fixed income plus" strategy to achieve stable long-term growth for clients [1][2]. Group 1: Investment Philosophy - Bao Xiaohui believes that the essence of investment is a contest of rationality and discipline, advocating for decisions based on in-depth research and strict discipline [2]. - The company has consistently pursued an "absolute return" goal since its inception, focusing on long-term stable growth rather than short-term rankings [2]. - The "fixed income plus" strategy involves using high-rated credit bonds and interest rate bonds as a stable asset base while flexibly allocating equity assets and utilizing derivatives to enhance returns [2]. Group 2: Market Outlook - Bao Xiaohui expresses optimism about the resilience of the Chinese economy and the ample policy space available, maintaining a positive outlook for the economic fundamentals in the coming years [2]. - The current A-share market rally is seen as driven by both policy and liquidity, with expectations of continued fiscal and monetary support [3]. - Despite the positive outlook, there are warnings about potential technical adjustments in the short term, particularly for small-cap stocks that have seen significant price increases [3]. Group 3: Investment Strategy - The company emphasizes the importance of strategic asset allocation, suggesting a reduction in real estate and precious metals while prioritizing equity opportunities [2]. - Bao Xiaohui highlights the need for patience in holding positions and waiting for rotation opportunities, especially in the context of a long-term trend [4]. - The company adheres to a "contrarian layout" principle, advocating for building positions during market downturns and gradually exiting during high market sentiment [4].