Core Viewpoint - In the current macroeconomic and market environment, fund managers must maintain objective and calm judgment amidst market noise and emotional turbulence, focusing on logical decision-making and client needs [1][4]. Group 1: Investment Strategy - The investment framework for fixed income must transition from a coarse approach to a more refined management style due to the ongoing low interest rate environment and scarcity of quality assets [5]. - The investment framework is summarized as "three bowls of noodles": macro fundamentals, market policy, and micro sentiment [5]. - The era of making significant profits from just a few major market movements is over; higher frequency tracking and precise judgment are now essential for generating excess returns [5]. Group 2: Client Orientation - Understanding client needs is crucial; while relative performance is important, absolute returns remain the core demand from clients [7]. - A multi-strategy framework is adopted in investment portfolios, aiming to achieve both relative and absolute return goals [8]. - Liquidity management and drawdown control should align with product positioning and the risk tolerance of the liability side [8]. Group 3: Market Outlook - The overall direction of the bond market remains positive, supported by a loose monetary policy and the need for economic transformation towards high-quality development [10]. - Investment opportunities in pure bond investments, such as credit bonds, interest rate bonds, and local government bonds, are expected to remain favorable [10]. - Convertible bonds are highlighted as a noteworthy investment, combining fixed income characteristics with potential equity appreciation [10].