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].

核校：杨澎 AI基金中欧红利智选混合A（023584）披露2025年二季报，第二季度基金利润722.16万元，加权平均基金份额本期利润0.03元。报告期内，基金净值增长率 为3%，截至二季度末，基金规模为2.48亿元。 截至7月18日，单位净值为1.037元。基金经理是张学明，目前管理5只基金。其中，截至7月18日，中欧景气精选混合A近一年复权单位净值增长率最高，达 39.63%；中欧品质精选混合A最低，为14.46%。 基金管理人在二季报中表示，展望未来，红利策略依然是底座型的策略，特别是与景气策略能形成非常好的互补关系，在特定的月份可进行一些轮动增强收 益，比如5月红利强、景气弱，6月景气强、红利弱等等。作为单独策略来说，红利策略在海外被称为"安全垫策略"或者carry策略，他的安全垫的基础来源于 股息回报，因此也被认为是市场下限最高的策略，年化收益很容易测算出来，因此不管是红利表现好还是不好，大家应该更加客观，涨得太多是不合理的 ——因为红利上限不高，跌了比较多也不合理——因为下限很高。我们在红利做决策也是相对容易的，上下沿比较确定，跌多了买起来没压力，涨多了卖起 来也没太多压力。 截至2025年二季度 ...