Core Viewpoint - The article emphasizes the importance of both defensive and offensive strategies in investment, suggesting that wealth preservation should precede wealth accumulation, especially in a declining interest rate environment for bank wealth management products [1]. Group 1: Investment Strategy - The focus is on low-volatility mixed "fixed income +" products, highlighting that only 30 out of 225 secondary bond funds established before 2019 achieved continuous absolute returns over six years [3]. - The performance of the "Jiaoyin Anxin Yield" fund managed by Wei Yumin is noted, achieving a positive return in a bear market and outperforming the benchmark index in recent months [3][4]. - The maximum drawdown recovery days for the "Jiaoyin Anxin Yield" fund are reported as 34 days in 2024 and 22 days in 2025, indicating strong net value recovery capabilities [3]. Group 2: Fund Performance - The article presents the performance metrics of several funds managed by Wei Yumin, with returns ranging from 4.84% to 5.87% over the past year, and commendable Calmar ratios indicating good risk-adjusted returns [4]. - The "fixed income +" products from Jiaoyin Schroder are recognized for providing a good holding experience, effectively defending against weak markets while capitalizing on structural opportunities [4]. Group 3: Convertible Bonds - Convertible bonds are described as the "soul" of fixed income + investments, providing unique "option value" that enhances the risk-return profile of portfolios [6][7]. - Wei Yumin's extensive experience in convertible bond research is highlighted, noting her strategy of identifying undervalued convertible bonds to enhance returns [8][9]. - The article discusses Wei Yumin's dual strategies for convertible bonds: seeking low-priced bonds with safety margins and identifying high-priced bonds with potential for alpha generation [10]. Group 4: Stock Strategy - Wei Yumin categorizes stocks into four styles: dividend, value, cyclical, and growth, aligning them with different economic cycles to create a balanced portfolio [11][12]. - The focus on dividend stocks during economic downturns and value stocks during stable periods is emphasized, along with the need for sensitivity to industry conditions for cyclical stocks [12][27]. Group 5: Multi-Asset Approach - The article underscores the necessity of a multi-asset investment approach to achieve absolute return goals, with different asset classes contributing to returns in varying market conditions [14][15]. - Wei Yumin's strategies include adjusting durations in bond investments and selectively increasing positions in convertible bonds during market downturns [15][19]. Group 6: Research and Collaboration - Jiaoyin Schroder's emphasis on integrating equity research with fixed income + investments is noted, enhancing the ability to identify suitable stocks for fixed income portfolios [18][20]. - The collaborative approach between equity researchers and fixed income managers is highlighted as a key factor in improving investment outcomes [18][21].

Core Viewpoint - The AI Fund, China Europe Dividend Smart Mixed A (023584), reported a profit of 7.22 million yuan for Q2 2025, with a net value growth rate of 3% during the period [3] Group 1: Fund Performance - The fund's profit for the second quarter was 7.22 million yuan, resulting in a weighted average profit per fund share of 0.03 yuan [3] - As of the end of Q2, the fund's scale was 248 million yuan [3] - The unit net value as of July 18 was 1.037 yuan [3] Group 2: Fund Manager Insights - The fund manager, Zhang Xueming, oversees five funds, with the highest one-year return for China Europe Prosperity Selected Mixed A at 39.63%, while China Europe Quality Selected Mixed A had the lowest at 14.46% [3] - The fund management indicated that the dividend strategy remains a foundational strategy, complementing the prosperity strategy, allowing for rotation to enhance returns in specific months [3] Group 3: Investment Strategy - The dividend strategy is referred to as a "safety net strategy" or carry strategy overseas, with its foundation based on dividend returns, considered to have the highest market lower limit [3] - The annualized return is easily measurable, and the fund management emphasizes the importance of being objective regarding dividend performance, noting that significant fluctuations in performance are often unreasonable [3] Group 4: Top Holdings - As of the end of Q2 2025, the fund's top ten holdings included Zhongchuang Zhiling, OPPLE Lighting, Tiandi Technology, Zhonggu Logistics, Shouhua Environmental Protection, Huate Dain, Shangfeng Cement, Xinhua Insurance, Ordos, Midea Group, and Zhengmei Machine [4]