Core Viewpoint - The article emphasizes the importance of constructing stable investment products in a market characterized by irrationality and volatility, particularly highlighting the growth of "fixed income plus" products in the Chinese asset management industry [1]. Team Profile: Multi-Asset Stronghold of "Fixed Income Plus" Matrix - The "fixed income plus" product matrix is composed of a clear spectrum of products categorized by risk levels (low, medium, high) to meet diverse client risk preferences [2]. - The team has developed a comprehensive product spectrum including primary bond funds, secondary bond funds, and mixed bond funds, managed by seven fund managers overseeing twelve products [2]. - Low volatility products are designed for clients transitioning from traditional wealth management with lower risk tolerance [2]. Product Performance and Management - Mid-high volatility products aim for higher annualized returns through moderate equity market participation [3]. - High elasticity products utilize flexible allocation between convertible bonds and stocks to capture market opportunities while controlling drawdowns [4]. - The performance of various funds managed by the team has been notable, with several products achieving impressive returns over the past year [5]. Platform Strength: Multi-Strategy Integration - The team benefits from a robust platform that integrates various investment strategies, including convertible bonds, equities, and multi-asset capabilities [8]. - The equity investment team has a strong track record, with top ratings in absolute returns over multiple time frames [8]. - The open research platform allows fixed income managers to participate in high-level investment meetings, enhancing decision-making capabilities [8]. Collaborative Evolution: Deeply Integrated Research Culture - The team promotes an open research culture, facilitating comprehensive information flow and collaboration among members [11]. - Weekly investment meetings focus on reviewing product performance and discussing valuable stocks, integrating optimal research resources [11]. - This collaborative environment not only enhances investment precision but also serves as a training ground for emerging talent [11]. Forward-Looking Strategy: Defining the Value of "+" in an "Asset Scarcity" Era - Understanding client needs is fundamental to the team's product matrix construction, with a focus on stable, risk-defined products [13]. - The team anticipates a shift in market demand for "fixed income plus" products from optional to essential due to changing bond market dynamics [13]. - Continuous exploration in product innovation aims to provide diverse alpha sources, including quantitative strategies and FOF models [13]. Commitment to Client Responsibility - The team emphasizes a strong fiduciary duty, treating client funds as their own and prioritizing long-term value creation [15]. - The focus is on ensuring that clients achieve positive returns over time, aligning product offerings with market conditions to create safety margins [15]. - The culture of client-centric responsibility influences product marketing and communication strategies, aiming for transparency in risk and return characteristics [15].

Core Insights - The new fund issuance is experiencing a peak following the National Day and Mid-Autumn Festival, marking the final "battle season" for fund managers in 2023 [2] - A total of 23 funds were launched on October 9, with nearly 70 new funds scheduled for October, including several actively managed equity funds led by high-performing fund managers [2][4] Fund Types and Performance - Actively managed equity funds, index funds, and hybrid bond funds are the main types driving new fund issuance, which is expected to bring additional capital to the equity market [2] - 19 actively managed equity funds are set to be launched post-holiday, with notable managers like Yan Siqian and Jin Zicai leading new offerings, reflecting strong performance in their previous funds [4][5] - Technology-themed funds have shown robust performance, prompting fund companies to increase their focus on this sector in Q4 [4] Market Trends - The issuance of index funds is also significant, with over 30 new products planned for October, covering various indices to meet diverse investor needs [7] - The bond fund market is shifting towards hybrid bond funds, with no pure bond funds scheduled for October, reflecting recent poor performance in the bond market [8] - The overall new fund issuance has stabilized and rebounded in 2023, with a notable increase in actively managed equity funds, while bond fund issuance has significantly declined [10][13] Fund Issuance Statistics - In the first three quarters of 2023, a total of 1,148 new funds were established, surpassing the total for the previous year [11] - The number of actively managed equity funds launched has reached a record high, with 654 new stock funds and a total issuance of 3,366 billion units, the highest since 2022 [12] - The largest actively managed equity fund launched this year raised nearly 50 billion units, indicating strong investor interest in equity funds [12][13]