Core Viewpoint - The continuous decline in interest rates has led to a surge in demand for low-risk investment options, with the stock market's performance presenting opportunities for enhanced yield flexibility, despite concerns over volatility due to tariffs and other events [1]. Group 1: Fund Performance and Growth - Public fund fixed-income products saw a significant growth of 200 billion, reaching a total scale of 1.9 trillion by mid-year [1]. - The traditional equity firm, Invesco Great Wall, experienced substantial growth in its fixed-income products, managing 93.5 billion with a half-year increase of 35.66 billion [1]. - As of August 1, seven of Invesco Great Wall's fixed-income products achieved a net value growth rate exceeding 10% over the past year, with 15 products surpassing 7% [1]. Group 2: Investment Strategy and Team Capability - Invesco Great Wall's success is attributed to its comprehensive research capabilities, allowing it to adapt to various market trends, including dividend styles and technology growth [2]. - Fund managers like Zou Lihua and team members have effectively captured investment opportunities in sectors such as non-ferrous metals and AI-related industries [2]. - The fixed-income products benefit from a solid foundation in bond investments and a diverse product line that caters to different risk appetites [3]. Group 3: Risk Management and Market Position - The focus on controlling product drawdowns is prioritized over upward elasticity for most target audiences, including institutions and individual investors [3]. - Invesco Great Wall's fixed-income products demonstrated favorable risk-return characteristics, with 14 products showing a net value growth rate between 5-10% and limited maximum drawdowns [3]. - The low-interest-rate environment and a thriving stock market provide a conducive backdrop for the performance of fixed-income products, emphasizing the importance of active management capabilities [3].

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]