Core Viewpoint - The article emphasizes the investment philosophy of Yu Lei, focusing on achieving absolute returns through multi-asset and "fixed income plus" strategies while controlling drawdowns and providing tailored asset allocation solutions for clients [1][2][38]. Investment Philosophy - The core investment philosophy is to maximize long-term returns while controlling drawdowns, emphasizing the importance of price over absolute asset quality [2][38]. - Yu Lei identifies the importance of dynamic asset allocation to capture investment opportunities across different market environments, highlighting the varying cost-effectiveness of different asset classes [1][2][38]. Performance Metrics - As of September 30, the representative product in the "fixed income plus" category, Silver Hua Sheng Hong Bond A, achieved a net value growth of 6.81% since Yu Lei's appointment on February 18, outperforming the benchmark by 5.53% [3][39]. Multi-Asset Strategy - The multi-asset team under Yu Lei offers four main strategies: fixed income, equity, "fixed income plus" allocation, and FOF, each with various sub-strategies to meet diverse client needs [2][18][39]. - The platform's ecological solution capability includes asset allocation, team culture, information technology, and multi-strategy Alpha, which are essential for effective investment management [3][19][39]. Team Dynamics - The team culture emphasizes collaboration and knowledge sharing, which enhances overall investment management efficiency and performance [3][22][39]. - The team consists of over 50 members with clear roles, focusing on asset allocation and maintaining sensitivity to key investment areas [3][23][39]. Future Outlook - The "fixed income plus" product line is expected to have significant growth potential, as it provides asset allocation solutions that many investors currently lack [2][44]. - Yu Lei's investment approach combines defensive strategies from insurance with the aggressive growth potential of public funds, aiming for a balanced investment strategy [2][29].

Core Viewpoint - The article emphasizes the importance of multi-asset and "fixed income plus" investment strategies to achieve absolute returns while managing risks effectively. The focus is on providing tailored investment solutions that meet diverse client needs and adapting strategies based on market conditions [4][5][10]. Investment Philosophy - The investment philosophy prioritizes controlling drawdowns while maximizing long-term returns, emphasizing the importance of price over absolute asset quality. The concept of "value for money" is central, with a focus on dynamic asset allocation to capture investment opportunities across different market environments [4][14][17]. Performance Metrics - Since February 18, 2025, the representative product in the "fixed income plus" category, Yin Hua Sheng Hong Bond A, has achieved a net value growth of 6.81%, significantly outperforming the benchmark of 1.28%, resulting in an excess return of 5.53% [5]. Product Solutions - The company offers a comprehensive suite of investment strategies, including fixed income, equity, "fixed income plus" allocation, and FOF strategies, each with various sub-strategies to cater to diverse client needs. This approach is supported by a robust platform ecosystem that enhances investment capabilities [25][22]. Platform Ecosystem - The multi-asset platform ecosystem is structured around four key modules: asset allocation, team culture, information technology, and multi-strategy Alpha. This framework aims to improve decision-making and enhance the sustainability of performance [27][28]. Team Dynamics - The team culture emphasizes collaboration and knowledge sharing, which enhances overall investment management efficiency and performance. The team consists of over 50 members with clear roles, focusing on asset allocation and maintaining sensitivity to market trends [31][33]. Market Outlook - The outlook for the equity market in 2024 and 2025 is optimistic, driven by valuation recovery and improving corporate earnings. The company anticipates that adjustments in asset allocation will help navigate short-term volatility while focusing on long-term growth opportunities [38][39].

Core Viewpoint - Dividend assets remain a rare value proposition in the A-share market, with a price-to-book (PB) ratio below 0.8 and a return on equity (ROE) of approximately 9% despite high valuations in the broader market [1][3]. Valuation and Profitability - Recent mid-year financial reports indicate that dividend assets are still at relatively low valuations, with strong earnings resilience. The ROE for the CSI Dividend Index, CSI Low Volatility Dividend Index, and CSI Dividend Value Index are 8.9%, 9.3%, and 9.3% respectively, placing them among the top ten in comparison to 31 industry sectors [3][4]. - The PB levels for these dividend indices are below 0.8, indicating significant room for valuation recovery [3][4]. Dividend Distribution - The willingness of listed companies to distribute dividends is increasing, reflecting their profitability and asset return capabilities. As of September 19, 2025, 819 A-share companies are expected to distribute a total of 644.9 billion yuan in mid-year dividends, marking a year-on-year increase of 16% and 10% respectively [4][6]. - Among the CSI Dividend Index constituents, 37 companies are expected to announce mid-year profit distributions totaling 341.3 billion yuan, capturing the benefits of enhanced shareholder returns [4][6]. Long-term Value Proposition - In the context of a declining long-term interest rate and a credit expansion cycle, the value proposition of dividend assets continues to stand out. The overall asset return rate is decreasing, and with falling bond yields, financial institutions are seeking assets that match their risk-return profiles [6][9]. - The relative valuation of high-dividend traditional companies is declining, while the spread between dividend yields and long-term government bond yields is increasing, enhancing the attractiveness of dividend assets [6][9]. Investment Tools - In a low-interest-rate environment, dividend-focused ETFs such as E Fund Dividend ETF (code: 515180), Low Volatility Dividend ETF (code: 563020), and Dividend Value ETF (code: 563700) are highlighted as effective tools for investors to capture high-performance, undervalued segments of the A-share market [9].