Core Viewpoint - The most important value of fund products is whether they can help holders earn real profits, rather than just focusing on size or returns. Lower volatility assets are crucial for achieving lifetime returns, as evidenced by the performance of real estate versus stocks over the past 20 years [1][2]. Asset Performance Analysis - From 2003 to 2023, the annualized return of the CSI 300 was less than 6% with an annualized volatility exceeding 25%, while the annualized return of the China Bond Index was over 4% with volatility below 5%. This stark difference highlights the risk-return profile of these asset classes [1][2]. Product Design and Features - The newly issued Southern Yiwen fund (A class: 024937; C class: 024938) offers three levels of assurance for holders' returns: 1. Low volatility assurance through a design that allocates 85% to the China Bond Index, 10% to the CSI 300, and 5% to the Hong Kong Stock Connect, creating a stable risk-return characteristic [3][4]. 2. Dual brand assurance from Guangfa Bank and Southern Fund, ensuring only selected products are offered to clients for long-term stable returns [3][4]. 3. Experienced fund managers with over 17 years of experience, ensuring effective management of the fund [4][15]. Performance of Secondary Bond Funds - Secondary bond funds effectively combine low volatility from fixed income and enhanced returns from equities. As of July 25, the secondary bond fund index had a year-to-date increase of 3.07%, outperforming the pure bond fund index which rose only 0.50% [6][9]. Historical Performance of Secondary Bond Funds - From 2015 to present, the secondary bond fund index has only recorded negative returns in 2016, 2018, and 2022, achieving positive returns in all other years. The Southern Yiwen product optimizes the traditional secondary bond fund index by reducing equity allocation and increasing Hong Kong stock allocation, resulting in consistent absolute returns [12][13]. Managerial Expertise - The fund is managed by two seasoned fund managers, Liu Shukun and Liu Yicheng, who have extensive experience in absolute return investment. Their previous management of other funds has demonstrated strong performance across market cycles [15][17][18]. Product Selection and Quality - In an era of high-quality development, the Southern Yiwen fund is designed to provide stable returns by minimizing volatility, thus allowing investors to hold onto their investments and earn profits [24][27]. The fund's transparent operational approach enhances predictability and clarity in its investment strategy [26].

Group 1 - The current A-share market is entering a slow bull phase driven by dual factors of valuation recovery and profit improvement [1][5] - Bank stocks are offering an average dividend yield exceeding 4%, significantly higher than the 10-year government bond yield, indicating a favorable investment environment [1][6] - There is an expectation of a rebound in the profitability of cyclical industries, with market sentiment improving, making equity asset allocation more attractive [1][6] Group 2 - The "absolute return" investment philosophy is emphasized, particularly in the context of a low-interest-rate environment where fixed-income returns are declining [2] - The management of "fixed income plus" products requires dynamic asset allocation based on market conditions, focusing on finding diverse asset opportunities [2] - The investment strategy includes a balanced approach to equity positions, favoring value stocks and a bottom-up selection process to identify low-volatility, high-yielding assets [2][3] Group 3 - The investment portfolio strategy focuses on industry balance and individual stock diversification, aiming to provide a stable long-term holding experience for investors [3] - The portfolio typically holds over 150 stocks, with no single stock exceeding 1% of total holdings, ensuring a well-distributed risk profile [3][4] - The focus on low valuation and stable profit growth helps avoid "valuation traps" in stock selection [3] Group 4 - Quantitative models are utilized to efficiently identify potential secondary industries and stocks, although final investment decisions are based on safety and return assessments [4] - The current market sentiment is better than expected, with significant capital inflows potentially accelerating market growth [6] - The valuation levels in the A-share market are considered reasonable, particularly in traditional sectors, with a notable disparity in valuations that is deemed unsustainable [6] Group 5 - The outlook for the equity market suggests a slow bull trend, with expectations of sector rotation rather than a focus on specific styles [6] - In the bond market, a cautious stance is adopted due to historically low interest rates and potential liquidity fluctuations, with a focus on mid to short-duration bonds [6]

Group 1 - The global capital markets in 2025 are characterized by uncertainty due to fluctuating interest rates from the Federal Reserve and geopolitical risks, leading to increased volatility in equity and bond markets [1] - Asset allocation is becoming the primary strategy for investors to cope with market uncertainties, as the risk resilience of single assets is declining [1][2] - The volatility of single asset investments has been significant, with the maximum drawdown of the Wind All A Index exceeding 29% and the QDII fund index over 17% in the past three years [2] Group 2 - Liu Xin emphasizes four core principles for asset allocation: understandable expected returns, controllable volatility, transparent structure, and executable long-term investment [3] - FOF (Fund of Funds) products are gaining traction in China as a new investment tool, allowing for diversified and optimized asset allocation through the selection of various funds [4][5] - The advantages of FOF investments include strategy complementarity, risk management through diversification, and professional management by experienced teams [5] Group 3 - There are two prevailing views on FOF products: one focuses on concentrated allocations for short-term excess returns, while the other aims for long-term stable returns [6] - Liu Xin advocates for the latter approach, emphasizing the need for public funds to expand their scale and provide a stable investment experience for a broader audience [6][7] - The future layout of FOF products will focus on absolute return goals and diversified allocation to meet investors' needs for steady growth [6][7] Group 4 - Liu Xin defines investment risk as comprising volatility and value loss, distinguishing between market sentiment-driven price fluctuations and fundamental deterioration [8] - The investment strategy should focus on long-term probability rather than short-term market predictions, with successful investments relying on proper asset allocation [8] - Liu Xin believes that the transparency and reliability of fund product returns are crucial for investor confidence and long-term holding [9] Group 5 - Current market conditions favor Chinese assets, with A-shares at historical low valuations and an upward trend, while U.S. assets are at high valuations with potential risks [9]

Group 1 - The article discusses the recent investment strategies of Pacific Insurance (太保) in the context of a long-term low interest rate environment, highlighting the challenges faced by traditional fixed-income assets [7][8][9] - It emphasizes the necessity for equity investments to enhance overall returns and alleviate pressure from declining interest spreads, citing the long-term annualized return of the CSI Dividend Total Return Index at approximately 14% since 2006 [15][16][21] - The shift from relative return strategies to absolute return strategies is noted, with a focus on passive investment approaches and the increasing importance of Smart Beta strategies [22][28][29] Group 2 - The article outlines the trend of insurance institutions transitioning from traditional financial investors to strategic investors, with a focus on long-term partnerships and governance in listed companies, particularly in undervalued and high-dividend sectors [30][31] - It discusses the impact of new accounting standards on financial reporting, emphasizing the need for insurance companies to carefully consider asset classification to manage volatility and ensure stable returns [33][35] - Key indicators for long-term asset allocation are identified, including sustainable competitive advantage, consistent profitability, operational stability, and shareholder return capabilities [36][37] Group 3 - Recommendations for regulatory adjustments are provided to encourage long-term capital market investments, including capital incentives for long-term equity holdings and differentiation between trading and strategic investments [40][41][42]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Ye Feng of Huatai-PineBridge Fund constructs an investment framework based on the "macro setting - meso allocation - micro execution" system, aiming to achieve a balance between offense and defense through a deep combination of policy sensitivity and industry understanding [4]. - The active equity representative product, Huatai - PineBridge Zhiyuan, has shown excellent performance in terms of return - risk characteristics, asset allocation, and industry allocation. It has achieved remarkable returns and effectively managed risks [4]. - The fixed - income plus representative product, Huatai - PineBridge Jinrui, has also demonstrated outstanding performance in return - risk characteristics, asset allocation, bond investment, and stock investment, with high returns and strong risk - control capabilities [4]. 3. Summary According to the Table of Contents 3.1 Huatai - PineBridge Ye Feng: Building an Offense - Defense Balanced Investment Portfolio with an Absolute Return Orientation - **Basic Information of the Fund Manager**: Ye Feng graduated with a doctorate from the Investment Department of the Chinese Academy of Social Sciences. He has 7 years of policy research experience in central enterprises and government think - tanks and 9 years of investment practice experience. He currently manages 4 products with a total scale of 2.445 billion yuan [10]. - **Investment Framework**: Ye Feng's investment framework combines macro - trend analysis with industry understanding. At the macro level, he focuses on analyzing the monetary environment; at the meso level, he focuses on three major fields: dividends, technology, and non - ferrous metals; at the micro level, he selects stocks based on his industry experience to form an offense - defense balanced portfolio [13]. 3.2 Huatai - PineBridge Zhiyuan: Seizing Inflection Points through Precise Timing and Capturing Main Lines through Cyclical Rotation - **Return - Risk Characteristics**: Since 2025, the cumulative return of Huatai - PineBridge Zhiyuan has been 25.35% (ranked in the top 7% of the market), with a Sharpe ratio of 2.39 (ranked in the top 10% of the market). It has a quarterly win - rate of 75% and an average excess return of 3.37%. It has also shown good adaptability in complex market environments [15][23]. - **Asset Allocation**: The fund manager uses "macro analysis + position timing" to achieve a balance between offense and defense. For example, in September 2024, the position was increased to 92.82% to capture the rebound, and before the tariff risk in 2025, the position was reduced to 63.67% [30]. - **Stock Investment**: The fund manager focuses on the cyclical rotation of "cycle - dividend - technology" sectors. He can rotate industries in advance, heavily invest in favored industries, and construct a dumbbell - shaped portfolio to reduce volatility [33]. 3.3 Huatai - PineBridge Jinrui: A Top - Performing Fixed - Income Plus Product with Returns in the Top 2% - **Return - Risk Characteristics**: The cumulative return of Huatai - PineBridge Jinrui is 10.90% (ranked in the top 2% of the same - strategy funds), with a Sharpe ratio of 1.66 (ranked in the top 20% of the same - strategy funds). It has a quarterly win - rate of 100% and an average excess return of 1.40% [43]. - **Asset Allocation**: The equity part of Huatai - PineBridge Jinrui is invested in stocks, with an average stock position of 8.49%. The fund manager can adjust the position extremely flexibly, such as being empty - position in the semi - annual report of 2024 and increasing the position to 12.14% during the 924 market [55]. - **Bond Investment**: The fund adopts a short - duration interest - rate bond strategy, mainly investing in short - term and highly liquid government bonds and policy - bank bonds to provide liquidity for the stock portfolio [56]. - **Stock Investment**: The fund manager heavily invests in favored industries and stocks. The top ten heavy - position stocks account for a high proportion of the stock investment market value. The simulated portfolio of heavy - position stocks has outperformed the CSI 300 Index, and the stock investment return significantly leads the same - strategy funds [61][71].

Core Viewpoint - The article discusses the current investment landscape, particularly focusing on the insurance sector's asset allocation strategies and the shift towards equity investments due to the underperformance of the bond market [3][4]. Group 1: Investment Strategies - There is a consensus in the industry that after a downturn in the bond market, investors are looking to equities for returns, although there are concerns about high valuations and the sustainability of upward momentum [3]. - Institutional investors have been net sellers of broad-based ETFs, with over 100 billion sold since mid-April, indicating a cautious approach despite a high risk appetite reflected in the net inflow into industry ETFs [3]. - The insurance sector faces challenges in absolute and relative performance assessments, necessitating a focus on alpha opportunities within the industry [4]. Group 2: Asset Allocation Challenges - Insurance companies are constrained by asset-liability matching requirements, which limits their ability to invest heavily in equities, necessitating a continued allocation to long-duration bonds [4]. - The overall investment process in insurance firms is evolving towards a more team-oriented approach to ensure consistent expectations and performance across different accounts [5][6]. Group 3: Market Dynamics - The insurance sector is experiencing a gradual increase in equity allocation, driven by high costs of liabilities and a mismatch in the speed of asset allocation between fixed income and equities [5]. - The current low interest rate environment has led to a significant increase in insurance premium income, but the sustainability of this growth is questioned due to the potential for asset-liability mismatches [6][9]. Group 4: Research and Analysis - There is a need for cross-research among different asset classes within financial institutions to avoid siloed thinking and enhance overall market understanding [7][8]. - The article emphasizes the importance of understanding the broader market context, particularly the implications of low interest rates on asset valuations and investment strategies [9].

Core Viewpoint - Zhang Yifei, a prominent fund manager at Anxin Fund, has resigned from his position managing nine funds due to personal reasons, with speculation that he may transition to the private equity sector [1][4]. Group 1: Zhang Yifei's Career and Achievements - Zhang Yifei joined Anxin Fund in September 2012 and has nearly 13 years of experience in the firm, previously working in financial management in the real sector [2]. - Under Zhang's management, the Anxin Stable Growth Fund has achieved a total return of 82.45% since its inception, with an annualized return of 6.1% and a maximum drawdown of only 7.2% [3]. - Zhang's investment strategy focused on large asset allocation, selecting securities from pure bonds, stocks, and convertible bonds to pursue high risk-return ratios, resulting in a management scale of 321.92 billion [3]. Group 2: Transition and Successors - Following Zhang's departure, fund management responsibilities will be taken over by Li Jun and Huang Wanshu, both of whom have extensive experience and have worked closely with Zhang [6]. - Li Jun has 20 years of experience in the securities industry and has been with Anxin Fund since 2017, while Huang Wanshu joined in 2016 and has held various roles including bond trader and researcher [6]. - The combined management scale of the funds that Li Jun and Huang Wanshu will oversee is approximately 275 billion [6]. Group 3: Industry Context - Zhang Yifei's resignation is part of a broader trend in the mutual fund industry, where over 2,700 changes in fund managers have occurred this year, including 194 resignations and 307 new appointments [8]. - The increasing turnover of fund managers reflects pressures such as performance expectations, net asset value fluctuations, and evolving investor preferences, indicating a shift from individualistic approaches to team-based strategies in the industry [8].

Core Viewpoint - The article emphasizes the importance of behavioral finance in investment decision-making, highlighting that understanding investor psychology can lead to better investment outcomes [4][5][6]. Group 1: Importance of Behavioral Finance - Behavioral finance is crucial as it helps investors understand their own biases and the market dynamics, which traditional financial theories often overlook [4][5]. - The author discusses the need for investors to develop a comprehensive framework for investment cognition, which includes understanding both market behavior and self-awareness [4][6]. Group 2: Investment Phases and Psychological Traps - Investors typically go through three phases of loss: chasing prices during market optimism, becoming passive during initial market corrections, and panic selling during prolonged downturns [8][10]. - The concept of loss aversion is highlighted, where investors focus on not losing money rather than achieving gains, leading to poor decision-making [18][19]. Group 3: Overconfidence and Herd Behavior - Overconfidence among investors often leads to poor performance, especially during bull markets where they tend to buy high and sell low [21][22]. - The article references historical market events to illustrate how herd behavior can lead to market bubbles and subsequent crashes [23][24]. Group 4: Diversification and Long-term Thinking - Diversification is presented as a key strategy to mitigate risk, with the understanding that it is not merely about spreading investments but ensuring low correlation among assets [26][27]. - The need for a long-term investment perspective is emphasized, encouraging investors to set clear financial goals and avoid impulsive decisions based on short-term market movements [30][31].

以下文章来源于阿尔法工场DeepFund ，作者基哥 阿尔法工场DeepFund . 近年来，A股市场波动加剧，银行理财打破刚兑，存款利率持续下行，传统低风险投资工具的吸引 力逐渐减弱。与此同时，权益市场的高波动性也让部分风险偏好较低的投资者望而却步。 专注基金行业事件、产品和人物故事，探究背后的深层逻辑。 作者 | 基哥 来源 | 阿尔法工场DeepFund 导语 ： "固收+"不是简单的"债打底、股增厚"，而是基于对资产间相关性及性价比的动态判 断，以实现风险与收益平衡的更优解。 种种迹象表明，"固收+"基金正受到越来越多投资者的喜爱。 来自华西证券的研报数据显示，截至今年一季度末，"固收+"基金总规模上升至13807.34亿元，规模 环比增加1560.29亿元，在广义债基中的占比环比上升2个百分点，这是"固收+"基金规模占比自 2022年一季度以来首次显著回升。 这一趋势，在互联网平台上体现得尤为明显。 据某平台统计数据显示，以债券为底仓、含少部分权益资产的"固收+"基金热度持续攀升，今年前4 个月该类基金的用户规模同比增幅达88%。 "固收+"基金受到热捧的背后，与投资者在震荡市中对稳健收益的强烈需求 ...

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].