Core Viewpoint - The report aims to capture global multi-asset investment opportunities based on market conditions and design corresponding investment strategies, including equity and bond target allocation, low-volatility fixed income combinations, and global asset allocation strategies [1][2]. Group 1: Investment Strategies - The equity-bond target allocation strategy utilizes a risk budget design method to construct a portfolio that achieves the desired allocation level while providing a better long-term risk-return profile compared to fixed allocation portfolios [2]. - The low-volatility "fixed income +" strategy constructs a portfolio with a target allocation of equity: gold: bonds = 1:1:4, achieving an annualized return of 6.91% and a maximum drawdown of -4.92% over the backtest period from January 1, 2015, to April 30, 2025 [2]. - The global asset allocation strategy I, which includes A-shares, bonds, gold, and US stocks, achieved an annualized return of 11.22% with a maximum drawdown of -7.97% over the backtest period from January 2, 2014, to April 30, 2025 [3]. Group 2: Market Outlook and Recommendations - As of May 2025, the report suggests a cautious approach to A-shares due to ongoing tariff impacts, recommending a "barbell strategy" focusing on stable cash flow assets and technology + domestic demand as key themes [5]. - The domestic bond market is expected to benefit from a broad interest rate decline due to the central bank's monetary policy easing, with a focus on short-term securities and potential adjustments in long-term bonds [5]. - For US stocks, the uncertainty surrounding Trump's policies remains, with short-term fluctuations expected as the market reacts to tariff impacts on the US economy [5]. - Japanese stocks may present short-term opportunities due to easing tariffs and improving economic conditions [5]. - Indian stocks are anticipated to experience upward movement due to economic resilience and foreign capital inflows [5][6].

Core Viewpoint - The "fixed income +" funds are experiencing a new peak of development in 2025, becoming an important tool for asset allocation in a complex market environment [1][2]. Summary by Sections Growth of "Fixed Income +" Funds - In the first quarter of this year, several public fund companies achieved significant growth in the scale of "fixed income +" products, with some institutions seeing quarterly increments exceeding 10 billion [2][3]. - The "fixed income +" funds are gaining popularity as they offer potential for elastic returns while providing risk buffering in portfolios, making them a crucial asset allocation tool in volatile markets [2][3]. Market Conditions and Opportunities - The first quarter of 2025 saw a renewed expansion in the scale of "fixed income +" funds, with companies like China Europe Fund and Bank of China Fund leading in growth, with China Europe Fund's products seeing an increase of 17.7 billion [3]. - Global stock markets are experiencing fluctuations due to factors like the so-called "reciprocal tariffs" from the U.S., leading to increased market risk aversion [3]. - Recent financial policies announced by the State Council are expected to provide new development opportunities for "fixed income +" funds, with anticipated monetary policy adjustments aligning with market expectations [3]. Strategy Upgrades and Product Evolution - "Fixed income +" products are evolving from being stable allocation tools to strategy-oriented products, with a focus on low volatility, factor enhancement, and risk budgeting [5][8]. - The first "fixed income +" product launched by the company adopts a "10:90" stock-bond allocation framework, emphasizing quantitative strategies for risk management [5]. - Fund managers are increasingly focusing on strategic investments, such as macro hedging and multi-strategy risk parity, to achieve long-term stable returns [5][6]. Diversification and Refinement - The "fixed income +" products are moving towards diversification and refinement, addressing the balance between returns and volatility while enhancing strategies, tools, and management processes [7][8]. - Future developments in "fixed income +" products will include more refined strategies tailored to different risk-return objectives and the incorporation of various asset classes to achieve stable long-term returns [8]. - Traditional "fixed income +" products heavily rely on fund managers' personal experience, prompting a shift towards industrialized manufacturing processes to ensure performance sustainability [8].