Core Viewpoint - The growth of the "Fixed Income+" product category has been significant, with a total scale increase of over 250 billion in the first half of the year, indicating a shift towards more diversified investment strategies in a low-interest-rate environment [2][3]. Group 1: Market Trends - The "Fixed Income+" category has evolved through different phases, moving from a simple stock-bond mix to a more complex, multi-strategy approach to meet investor demands for flexibility and diverse asset allocation [3]. - The current market environment, characterized by low interest rates, has led to a consensus that "Fixed Income+" products can balance risk and return effectively [3]. Group 2: Fund Manager Insights - Fund manager Wu Fan emphasizes a top-down investment framework, focusing on market timing while also considering individual securities, and avoids high-valuation assets [7][9]. - Wu Fan's investment philosophy includes a strong macroeconomic perspective, which is crucial for understanding the bond market's dynamics and making informed investment decisions [9][10]. Group 3: Investment Strategy - The strategy involves dynamic asset allocation based on market conditions, with a focus on maintaining a balance between equity and fixed income to control volatility and drawdown [10][11]. - The approach to managing "Fixed Income+" products includes a dual-manager system, where one manager focuses on equity and the other on pure bonds, ensuring a unified return and risk assessment [11][12]. Group 4: Performance Metrics - The performance of the "Fixed Income+" products has been strong, with specific funds achieving a maximum drawdown of less than 1% while yielding a return of 6.34% [26]. - The success in performance is attributed to both equity and bond segments contributing to overall returns, with strategic timing and allocation playing a critical role [26][27]. Group 5: Future Outlook - The market is currently in a phase of stabilization, with macroeconomic fundamentals showing signs of improvement, although a strong recovery is yet to be confirmed [29][30]. - The focus on dividend-paying assets is expected to grow, particularly in a low-interest-rate environment, with specific sectors like consumer goods and financials being highlighted for potential investment [31].

Core Viewpoint - The article emphasizes the growing popularity of "low-volatility fixed income plus" products as a stable investment choice amid a challenging market environment characterized by tightening yields in traditional bank wealth management and pure bond funds, alongside increased volatility in equity markets [1][8]. Market Environment - The traditional bank wealth management and pure bond fund yields are under continuous pressure due to the transition to net value management and the scarcity of high-yield assets [1]. - The bond market is expected to perform well in 2024, coupled with structural opportunities in the equity market, creating a favorable environment for "fixed income plus" strategies [1]. - In Q1 2025, the average drawdown of "fixed income plus" products was only 1.38%, showcasing strong risk resistance capabilities [1]. Product Strategy - Bosera Fund has developed a comprehensive "fixed income plus" product matrix to cater to different risk preferences, filling the gap between pure bonds and equities through flexible asset allocation [2]. - The "low-volatility" prefix in "fixed income plus" products clarifies the product strategy, aiming to maintain low volatility while responding flexibly to market fluctuations [2]. Management Approach - The management of "fixed income plus" products requires a combination of macro asset allocation and in-depth research on specific assets, which Bosera Fund has effectively integrated [3]. - Bosera has established a systematic asset evaluation process that includes weekly, monthly, and quarterly assessments to ensure timely and professional investment decisions [4]. Performance Metrics - Bosera's "low-volatility fixed income plus" products have demonstrated strong long-term returns, with the Bosera Stable Return Fund achieving a cumulative return of 97.88% since its inception in 2011, significantly outperforming its benchmark [6]. - The Bosera Stable Value Fund has also shown impressive performance, with a cumulative return of 173.23% since its establishment in 2007, far exceeding its benchmark [6]. Team Expertise - The investment team behind Bosera's "low-volatility fixed income plus" products consists of experienced professionals, many with over 10 years in the securities industry, ensuring a robust investment philosophy and operational style [7][8]. - The dual-manager decision-making structure for these products combines the strengths of fixed income and equity managers, enhancing the ability to capture investment opportunities while maintaining low volatility [5].

Core Viewpoint - The recent recovery in equity markets has led to increased interest in "fixed income +" products, particularly low-volatility variants that offer stable returns with lower drawdowns [1][2] Group 1: Product Overview - The Zhongtai Shuangxin 6-Month Bond Fund (Class A: 023214, Class C: 023215) was launched on May 14, focusing on high-quality bonds as underlying assets, with a maximum of 20% allocated to equity assets [1] - The fund aims to achieve long-term returns exceeding the average fixed income yield while controlling drawdowns through hedging tools [1][3] - A 6-month holding period is set to stabilize fund size and reduce the impact of daily redemptions, allowing for a more strategic long-term investment approach [1] Group 2: Management Team - Fund managers Cheng Bing and Shang Yuanbo have over ten years of experience in securities research and investment, previously managing the Zhongtai Shuangli Bond Fund, which has shown strong performance [2][4] - The Zhongtai Shuangli Bond Fund's Class A net value growth rate reached 9.97% as of March 31, 2025, outperforming its benchmark by 4.04% [2] Group 3: Risk Management and Strategy - The focus of low-volatility "fixed income +" products is on risk-return characteristics rather than just yield, aiming for drawdown control similar to pure bond funds while achieving slightly better long-term returns [3] - Over 80% of the fund's capital will be invested in high-grade credit bonds and interest rate bonds, with equity investments limited to 20% in well-governed industry leaders [3] Group 4: Performance Metrics - The Zhongtai Shuangli Bond Fund has demonstrated superior drawdown management, with a maximum drawdown of only 0.66%, significantly better than the mixed bond index (4.25%) and pure bond index (1.31%) [2][4]