Core Viewpoint - Hongda Co., Ltd. has reported a turnaround in net profit for 2024, but its stock price has significantly retraced since reaching a peak of 9.30 yuan per share in early November 2024, nearly erasing the gains made in October 2024 [1] Group 1: Financial Performance - In 2024, Hongda Co., Ltd. achieved total operating revenue of 3.409 billion yuan, a year-on-year increase of 12.68% [7] - The net profit attributable to shareholders was 36.11 million yuan, recovering from a loss of 95.84 million yuan in the previous year [7] - The company reported a non-recurring net profit of 13.12 million yuan, compared to a loss of 104.63 million yuan in the previous year [7] - Despite the recovery, the net profit level in 2024 has not fully returned to the 2022 level, where it was 60.16 million yuan [7] Group 2: Institutional Investment - By the end of 2024, institutional investors held a total of 9.57 billion shares of Hongda, an increase from 8.42 billion shares at the end of Q3 2024, with 44 new funds and 1 insurance company entering as investors [2] - The largest institutional holders include a single insurance company holding 71.02 million shares and 45 funds holding a combined 68.91 million shares [2] - Notable funds include the China Europe Industry Outlook Mixed Securities Investment Fund, which newly acquired 10 million shares, ranking as the ninth largest holding [4] Group 3: Shareholder Changes - The original controlling shareholder, Sichuan Hongda Industrial Co., Ltd., entered bankruptcy reorganization in June 2023, with the reorganization plan approved in July 2024 [6] - Following the reorganization, the controlling shareholder changed to Shudao Investment Group, which now holds 26.39% of the total shares [6] - As of October 31, 2024, Shudao Group and its concerted parties controlled 31.31% of Hongda's total shares [6] Group 4: Historical Issues and Debt - Hongda has faced significant debt due to a major lawsuit involving Yunnan Jinding Zinc Industry Co., Ltd., which resulted in a repayment of 650.67 million yuan, with remaining obligations totaling 423.43 million yuan [8] - The company has resolved its historical issues and is currently in the process of a stock issuance to raise 2.853 billion yuan for debt repayment and working capital [9]

Core Viewpoint - The article discusses the performance and strategies of various "Fixed Income +" funds in the current market environment, highlighting their unique risk-return characteristics and providing insights for investors to consider different options for asset allocation [2][15]. Group 1: Fund Performance and Strategies - The article highlights four funds with different strategies: 1. Huaan Enhanced Income Bond focuses on "Fixed Income + Convertible Bonds" 2. Huatai-PB Dingli Flexible Allocation Mixed focuses on "Fixed Income + Cyclical Stocks" (mainly gold stocks) 3. E Fund Rui Jin Mixed focuses on "Fixed Income + Dividends" 4. China Merchants Anyang Bond focuses on "Fixed Income + Quantitative Stock Selection" [2]. - Huaan Enhanced Income Bond, managed by Zheng Weishan, achieved a 1-year return of 11.41%, significantly outperforming its benchmark of 5.86%, ranking in the top 2% of its category [3][4]. - Huatai-PB Dingli Flexible Allocation Mixed, managed by Zheng Qing and Dong Chen, reported a 1-year return of 6.72%, with a flexible bond portfolio primarily consisting of financial bonds [7][8]. - E Fund Rui Jin Mixed, managed by Yang Kang, achieved a 1-year return of 10.90%, focusing on high-dividend assets and actively adjusting stock positions based on market conditions [10][11]. - China Merchants Anyang Bond, managed by Yin Xiaohong and Cai Zhen, reported a 1-year return of 9.72%, utilizing a "Fixed Income + Quantitative" strategy to balance risk and return [12][14]. Group 2: Investment Strategies and Asset Allocation - Huaan Enhanced Income Bond has shifted its bond holdings to focus on convertible bonds, maintaining over 70% in this asset class since 2023, which provides both defensive and offensive characteristics [3][5]. - Huatai-PB Dingli's bond holdings are primarily in financial bonds, with a flexible allocation strategy that adjusts based on market conditions, aiming to capture opportunities in a declining interest rate environment [7][8]. - E Fund Rui Jin Mixed employs a strategy focused on high-dividend stocks, adjusting its equity positions based on specific market indicators to optimize returns while managing risk [10][11]. - China Merchants Anyang Bond utilizes a quantitative approach for stock selection, focusing on industry rotation and maintaining a balance between different sectors to adapt to market changes [13][14]. Group 3: Conclusion and Investor Considerations - The article emphasizes the importance of understanding the underlying strategies of "Fixed Income +" funds, as different approaches can lead to varying performance outcomes, allowing investors to find suitable products based on their risk preferences and investment goals [15].

广发证券首席金工分析师 安宁宁 anningning@gf.com.cn 广发证券资深金工分析师 陈原文 chenyuanwen@gf.com.cn 联系人：广发证券金工研究员 林涛 gflintao@gf.com.cn 广发金工安宁宁陈原文团队 摘要 神经常微分方程： 在机器学习国际顶会NeurIPS 2018上，Chen等人发表的论文《Neural Ordinary Differential Equations》获得了大会的最佳论文奖。简单来 说，一个常见的ResNet网络通常由多个形如h_{t+1}=f(h_t,_t)+h_t的残差结构所组成。在常规求解中，需计算出每一个残差结构中最能拟合训练数据的网 络参数。而该论文提出，假设当ResNet网络中的残差结构无限堆叠时，则每一个残差结构的参数都可以通过求解同一个常微分方程来获得。 液态神经网络： 基于上述工作，来自麻省理工学院的Ramin Hasani等人，创新性地以常微分方程的形式描述循环神经网络的隐藏状态变化，提出了一类被 称之为液态神经网络的模型，这些研究成果被发表在《Nature：Machine Intelligence》等国际顶级期刊上。此类模 ...