Core Viewpoint - The transformation of brokerage asset management collective products into public fund products is nearing completion, with significant collaborations taking place to ensure a smooth transition and maintain investor interests [1][2]. Group 1: Transformation Process - Dongzheng Ronghui Asset Management has successfully transitioned two major bond products into public funds, namely Dongzheng Ronghui Xinxing 30-day Rolling Short-term Bond and Dongzheng Ronghui Xiyue 90-day Rolling Short-term Bond [2]. - The original fund managers, Ying Jiexie and Zheng Zheng, have joined Dongcai Fund to continue managing these products, ensuring continuity in investment management [2][3]. - The total scale of the two products is expected to exceed 9 billion yuan by the end of Q3 2025 [2]. Group 2: Investment Strategy and Style - The investment management style of the two bond products remains focused on achieving stable holding experiences, while also emphasizing the value of liability stability during different rolling holding periods [3]. - The products will now include a new investment scope that allows for the inclusion of treasury futures, which can effectively hedge against net value drawdowns during significant market adjustments [3][4]. - The Dongcai Fund's fixed income investment team is recognized for its transaction-based methodology, which will enhance the management of these products [2][3]. Group 3: Market Outlook - The domestic bond market is expected to stabilize and improve in 2026, with current interest rates returning to a reasonable range that aligns with economic growth and monetary supply levels [4]. - The investment sentiment in the bond market is anticipated to be significantly better than in 2025, with expectations of slight downward adjustments in interest rates [4]. - The company believes that capturing phase-based price differences could yield excess returns for pure bond portfolios, particularly as the yield curve has reached a relatively reasonable position [5].

Core Viewpoint - The transformation of brokerage asset management collective products into public funds is nearing completion, with significant collaboration between Dongzheng Ronghui Asset Management and Dongcai Fund to launch two key bond products [1][2]. Group 1: Transformation Process - The two bond products, Dongzheng Ronghui Xinxing 30-Day Rolling Short-Duration Bond and Dongzheng Ronghui Xiyue 90-Day Rolling Short-Duration Bond, have been successfully transitioned to Dongcai Fund, maintaining the original fund managers to ensure continuity in investment management [2][3]. - The total scale of the two products is expected to exceed 9 billion yuan by the end of Q3 2025 [2]. Group 2: Investment Management Style - The investment management style of the two bond products remains focused on achieving a stable holding experience, while also emphasizing the value of liability stability derived from different rolling holding periods [3]. - The transition to public funds allows for a more refined investment approach, including the incorporation of treasury futures to hedge against net value fluctuations during market adjustments [3][4]. Group 3: Market Outlook - The domestic bond market is expected to stabilize and improve in 2026, with current interest rates returning to a reasonable range, aligning with economic growth and monetary supply levels [4]. - The investment sentiment in the bond market is anticipated to be significantly better than in 2025, with expectations of slight downward adjustments in interest rates [4][5]. Group 4: Investment Strategies - The company plans to leverage phase-based arbitrage trading to enhance returns for pure bond portfolios, particularly focusing on long-end varieties while applying leverage strategies on the short-end based on liquidity conditions [5]. - The Dongcai Xinxing 30-Day Rolling Short-Duration Bond will utilize coupon strategies, yield curve strategies, and capital arbitrage strategies to increase returns [5].

东证融汇资管基于持有人利益为先的原则，将东证融汇鑫享30天滚动持有中短债、东证融汇禧悦90天滚 动转至东财基金旗下，两只债券型产品将分别以东财鑫享30天滚动持有中短债、东财禧悦90天滚动持有 中短债的"新身份"重新启航。两只产品的原基金经理应洁茜、郑铮同步加盟东财基金，从本质上保持产 品投资的延续性，最大程度保护投资者利益。截至2025年三季度末，两只产品合计规模达90亿元以上。 谈及这次"跨界合作"，东证融汇资管表示，主要是基于固收投研及信息系统建设等能力考量，最终与东 财基金达成合作，选择其作为这两只重要债券型产品的管理承接方。 □本报记者 王鹤静 根据《证券公司大集合资产管理业务适用〈关于规范金融机构资产管理业务的指导意见〉操作指引》要 求，券商资管大集合产品改造为公募基金产品已接近尾声。近期，东证融汇资管携手东财基金，顺利推 动两只重磅债券型产品公募化转型落地。 两只产品的原基金经理应洁茜、郑铮同步加盟东财基金，将继续为两只产品的投资管理保驾护航。日 前，应洁茜、郑铮在接受中国证券报记者专访时表示，从券商资管大集合产品转型为公募基金后，两只 产品的投资管理风格依然以追求稳健的持有体验为目标，同时将更加 ...

□本报记者 王鹤静 根据《证券公司大集合资产管理业务适用〈关于规范金融机构资产管理业务的指导意见〉操作指引》要 求，券商资管大集合产品改造为公募基金产品已接近尾声。近期，东证融汇资管携手东财基金，顺利推 动两只重磅债券型产品公募化转型落地。 两只产品的原基金经理应洁茜、郑铮同步加盟东财基金，将继续为两只产品的投资管理保驾护航。日 前，应洁茜、郑铮在接受中国证券报记者专访时表示，从券商资管大集合产品转型为公募基金后，两只 产品的投资管理风格依然以追求稳健的持有体验为目标，同时将更加专注于挖掘滚动持有期不同所带来 的负债端稳定性价值，纯粹公募化的投研风格和协同效应加持将映射到策略执行上。 公募转型平稳落地 券商资管大集合产品改造成公募基金的大背景，促成了这样一次特别的合作。 2026开年以来，国内债市历经此前的超涨回调后，开始企稳回升。应洁茜认为，当前利率水平已回到相 对合理的区间，无论是资金面、情绪面还是利率曲线，都能与目前的经济增速以及货币供给水平相匹 配。 "今年国内债市的投资体感可能要比2025年好很多。"在应洁茜看来，目前国内经济仍处于转型阶段，企 业业绩有所企稳，但地产基建仍形成拖累，物价水平较为温和 ...