Core Insights - The article discusses the challenges investors face in a low interest rate environment and how Yongying Fund is addressing these challenges through diversified strategies in fixed income enhancement products [1][2][7]. Group 1: Investment Strategy - Yongying Fund emphasizes a shift from "single yield" to "multi-enhancement" strategies to meet return objectives in a prolonged low interest rate scenario [2]. - The core solution proposed is "multi-asset, multi-strategy," which involves expanding asset classes and employing various strategies within each asset category to optimize risk-return profiles [2][3]. - Specific paths to achieve absolute returns include focusing on high Sharpe ratio assets and actively managing portfolios to exceed benchmark returns [2][3]. Group 2: Product Performance - Yongying Fund's fixed income enhancement products have returned to historical high scales, with low to medium volatility strategies showing strong performance [3]. - For instance, the Yongying Xinxin A product achieved a return of 21.61% over the past two years, significantly outperforming the category average of 11.93% [4]. - The Yongying Multi-Asset and Multi-Strategy product has a maximum drawdown of only -0.71%, better than the category average of -1.39% [4]. Group 3: Systematic Research Support - Yongying Fund has developed a robust systematic research platform that supports effective strategy execution, including asset allocation and risk management [6]. - The "Qianxing" research system utilizes big data and AI to enhance bond investment strategies and risk assessment, earning recognition from the People's Bank of China [6][10]. Group 4: Market Outlook - The fund anticipates that global liquidity and fiscal expansion will continue, with a focus on U.S. tech stocks, U.S. bonds, and gold as key investment areas [6][7]. - The bond market is expected to experience a "low interest rate + high volatility" environment, presenting trading opportunities, particularly in credit bonds [7].

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 article discusses the performance of public fixed-income enhancement products with a minimum holding period of six months, highlighting the top-performing products from various financial companies [5][6]. Group 1: Performance Overview - As of October 24, 2025, six financial companies have products listed in the top performance rankings, including Ping An Wealth Management, Xingyin Wealth Management, ICBC Wealth Management, Hangzhou Bank Wealth Management, Pudong Development Bank Wealth Management, and Xinyin Wealth Management [5]. - Ping An Wealth Management has the highest number of products in the top 10, with four products achieving over 5% returns in the past year, showcasing strong excess return capabilities and effective risk management [5][6]. Group 2: Product Analysis - The "Flexible Growth and Income Daily Open 180 Days Holding No. 7A" product from Ping An Wealth Management has a one-year net value growth rate of 6.18%, with a maximum drawdown of only 0.01%, indicating strong performance and low volatility [5][6]. - The "Sailing Enhanced Stable Income Daily Open 180 Days Holding No. 5A" product also shows impressive performance, with net value growth rates of 6.11%, 5.49%, and 4.53% since its inception, one year, and year-to-date, respectively, while maintaining minimal drawdown [11][13]. Group 3: Investment Strategies - Ping An's fixed-income enhancement products aim to provide higher returns than bond coupons while maintaining a stable investment experience, suitable for conservative investors [6][10]. - The "Flexible Growth and Income" product primarily invests at least 80% in fixed-income assets and 5% in cash or short-term government bonds, targeting absolute returns [6][9]. - The "Sailing Enhanced Stable Income" series diversifies its investment strategy by including a mix of stable assets and a small percentage of equity-like assets to enhance yield, making it suitable for investors seeking steady income with limited risk [10][13].

Core Viewpoint - The current low interest rate environment and increased volatility in the bond market have led to a growing interest in fixed income enhancement products, with strategies such as leveraged carry becoming more prominent [1][2]. Group 1: Market Conditions - The bond market has experienced significant fluctuations this year, contrasting with last year's upward trend, leading to a negative holding experience for many investors [2]. - The rise in risk appetite, particularly since the second half of the year, has pressured the bond market, resulting in notable adjustments [2]. - Despite the challenges, the fundamental support for the bond market remains, with monetary policy still moderately accommodative [2]. Group 2: Investment Strategies - The leveraged carry strategy is gaining traction as the advantages become more apparent, particularly in the context of mid to short-term instruments [2]. - Long-term instruments, while lacking trend opportunities, still hold value for range trading, allowing investors to capitalize on current volatility [3]. Group 3: Fixed Income Enhancement Products - The demand for fixed income enhancement products is rising as traditional pure bond assets struggle to meet investors' needs for stable returns [4]. - Various innovative and diversified methods for enhancing returns are being explored, including commodities, quantitative strategies, and index tools [4]. - The company has developed a comprehensive fixed income enhancement investment system that includes strategies across different volatility levels, utilizing convertible bonds, stocks, and quantitative methods [4][5]. Group 4: Convertible Bonds - Convertible bonds have gained attention this year, despite their average prices and conversion premiums reaching recent highs, as their adjustments are primarily driven by structural divergences in the equity market [4]. - A new product managed by the company, focusing on a low-volatility fixed income enhancement strategy, is currently being issued, which combines fixed income with convertible bonds [5].

Core Viewpoint - The "fixed income plus" funds have gained popularity among investors, particularly those with lower risk tolerance, due to their unique advantage of balancing risk and return amid market volatility, as evidenced by the growth in total assets of these funds from 1.38 trillion yuan to 1.48 trillion yuan in the second quarter of this year [1][2]. Group 1: Market Performance - The A-share market has successfully risen above 3,800 points since the rebound at the end of September last year, although volatility remains present, such as a pullback at the end of the first quarter this year [1]. - As of the end of August, the average return of 1,647 "fixed income plus" funds over the past year was 9.63%, with an overall positive return rate of 99% and an average maximum drawdown of -2.51% [2]. Group 2: Fund Characteristics - "Fixed income plus" funds are characterized by their focus on stability and pursuit of returns, making them suitable for conservative investors and as a foundational investment for more aggressive investors [1][2]. - Investors are advised to select funds with a stable style and clear strategies that have been tested in the medium to long term [2]. Group 3: Fund Performance Examples - The Guofu Hengrui Bond Fund, managed by Zhao Xiaodong, achieved a one-year return of 10.71% and a three-year return of 15.97%, outperforming the average returns of similar funds [3]. - The maximum drawdown for the Guofu Hengrui Fund was -2.32% over the past year and -3.77% over three years, both lower than the average maximum drawdowns of comparable funds [3]. - Other funds under the same product line, such as Guofu Xinyi Yield and Guofu Anyi Stable 6-Month Holding, also demonstrated solid performance with one-year returns of 8.47% and 7.06%, respectively, and significantly lower maximum drawdowns compared to their peers [3].