Core Viewpoint - The article discusses the characteristics and risks associated with R1-rated funds, emphasizing that "low risk" does not equate to "zero risk" and provides guidance for conservative investors on selecting suitable low-risk funds [1]. Fund Risk Level System - The fund risk level system ranges from R1 to R5, indicating increasing levels of risk and corresponding investor risk tolerance [2]. - R1 funds are considered "quasi-savings" but still carry three main potential risks: yield fluctuation risk, liquidity risk, and minimal credit risk [4][5][6]. R1 Fund Characteristics - R1 funds are suitable for cautious investors seeking capital safety and stable returns, with maximum drawdown typically controlled within 0.5% [7]. - The average annualized return for R1 funds over the past decade is 2.4%, with the maximum single-day decline not exceeding 0.05% [6]. Types of Low-Risk Funds - Money Market Funds: Known for liquidity, suitable for cash management [9]. - Interbank Certificate of Deposit Index Funds: Enhanced yield version of money market funds, with higher yield volatility [9]. - Pure Bond Funds: Core for stable returns, requiring differentiation between short and long-term [9]. Investment Characteristics - Money Market Funds: Seven-day annualized yield ranges from 1.8% to 2.8% [10]. - Interbank Certificate of Deposit Index Funds: Annualized yield over the past three years is between 2.8% and 3.5%, with volatility 1.5 times that of money market funds [10]. - Pure Bond Funds: Short-term pure bond funds yield between 2.5% and 3.2%, while long-term pure bond funds yield between 3.5% and 4.5% [10]. Investment Strategy for Conservative Investors - For conservative investors, a combination of money market funds for cash management, interbank certificate of deposit funds for enhanced yield, and pure bond funds for core returns can achieve a stable annualized return of 2.8% to 4% [13].

Core Viewpoint - Taiping Fund announced the change of fund managers for the Taiping Rui'an Mixed Fund, with Su Daming replacing Chen Xiao and Shao Chuang due to work adjustments [2][3] Fund Manager Change - The new fund manager, Su Daming, has been with Taiping Fund since April 2016 and has prior experience in credit assessment and investment research [2][3] - Chen Xiao was the original fund manager since the fund's inception in November 2020, and Shao Chuang was appointed in January 2024 [3] Fund Performance - As of April 30, 2025, the net value of Taiping Rui'an Mixed A Fund has decreased by 10.02% since inception, with a 2.7% decline over the past three years and a 5.86% increase over the past year [3][4] - The fund's net asset value was approximately 303 million yuan as of the end of the first quarter of 2025, with a stock allocation of 34.86% and a bond allocation of 60.09% [4] Holdings and Concentration - The top ten holdings include companies such as Sanhua Intelligent Controls, Hengxuan Technology, and Tai Ling Micro [4] - A single institution holds 99.21% of the total fund shares, which raises concerns about potential concentrated redemptions and liquidity risks [4][5] Investment Strategy - The fund has been gradually reducing its risk asset positions and increasing its allocation to pure bond assets to achieve stable returns [5] - The equity holding structure will maintain a balanced growth style with a focus on technology and healthcare sectors, while also looking for opportunities in dividend assets [5]