Group 1 - The core viewpoint is that the inclusion of rights in fixed-income products has become a favored choice for low-risk preference funds, with significant growth in public fund scale [1][2] - In the first half of the year, the scale of public fund fixed-income products increased by 200 billion, surpassing 1.9 trillion in total scale, with traditional equity firm Invesco Great Wall's fixed-income products managing 93.5 billion, growing by 35.66 billion in six months [1][2] - Performance is a key factor attracting funds, with seven products in Invesco Great Wall's fixed-income category achieving a net value growth rate exceeding 10% in the past year, and the Jingyifengli product achieving a 25.23% growth rate, ranking in the top 3% among similar funds [1][2] Group 2 - The strong performance elasticity is attributed to the comprehensive research capabilities of Invesco Great Wall, which has successfully navigated various market trends, including dividend styles and technology growth [2] - The investment team, including managers with expertise in various sectors, has effectively captured investment opportunities in industries such as non-ferrous metals and AI-related sectors, enhancing the performance of fixed-income products [2] - The solid foundation of bond investments and a comprehensive product line with varying volatility levels are crucial for the growth of Invesco Great Wall's fixed-income products [2][3] Group 3 - The risk-return characteristics of Invesco Great Wall's fixed-income products show that 14 products had a net value growth rate between 5% and 10%, with 11 products having a maximum drawdown not exceeding -4% [3] - The low-interest-rate environment and a continuously improving stock market provide a favorable backdrop for the performance of fixed-income products, emphasizing the importance of active management capabilities [3] - The investment research team at Invesco Great Wall will continue to refine its investment capabilities to offer a wider range of fixed-income products for different types of investors [3]

Group 1 - The trust industry is undergoing a transformation, with an average management trust asset scale exceeding 470 billion yuan, reflecting a year-on-year growth of over 20% [1] - As of the end of 2024, the average management trust asset scale of 57 trust companies reached 475.53 billion yuan, an increase of 100.04 billion yuan or 26.64% compared to the end of 2023 [2] - The growth in management scale is primarily driven by the rapid development of core businesses, with companies like Ping An Trust reporting a 49.88% year-on-year increase in asset management scale [2] Group 2 - There has been a significant turnover in senior management within the trust industry, with over 10 companies experiencing changes this year, often bringing in leaders with extensive experience in banking and securities [3] - The frequent changes in leadership are seen as a strategy to better understand and adapt to industry trends and to enhance risk management and transformation efforts [3] Group 3 - The average operating income for 57 trust companies in 2024 was 1.109 billion yuan, a decline of 16.5% from 2023, while average profit fell by 29.05% to 554 million yuan [4] - The decline in profitability despite growth in scale is attributed to the ongoing exploration phase of core businesses, where many companies have not yet established significant advantages [4] - Trust companies are encouraged to enhance their active management capabilities and develop differentiated services based on their resource endowments [4][6]