Core Viewpoint - Ordinary secondary bond funds have recently shown strong performance and long-term returns, making them a preferred choice for investors seeking a balance of safety and yield in a volatile capital market [1] Group 1: Core Advantages - The core advantage of ordinary secondary bond funds lies in their asset allocation strategy, which allows for both offensive and defensive positioning, catering to investors who seek stability without settling for pure bond yields [2] - A stable base is established by allocating over 80% of assets to fixed-income securities such as government bonds, financial bonds, and corporate bonds, significantly reducing portfolio volatility and appealing to investors with moderate risk tolerance [2] - The ability to invest up to 20% of assets in the stock market enhances yield potential, allowing investors to benefit from stock market gains during favorable conditions while improving overall returns during stable bond market periods [2] - The strategy's flexibility allows fund managers to adjust positions based on market conditions, balancing performance stability with yield potential [2] Group 2: Performance Metrics - From September 24, 2024, to July 31, 2025, the Wind Mixed Bond Secondary Fund Index increased by 7.92%, outperforming the Wind Mixed Bond Primary Fund Index (4.41%) and the Wind Pure Bond Fund Total Index (1.98%) [2] - In a short-term period from September 24 to December 13, 2024, the index saw a remarkable increase of 5.06%, indicating strong sustained positive returns [2] - Over the past five years, the average net value growth rate of mixed bond secondary funds reached 17.9%, demonstrating steady asset appreciation and mitigating the impact of market volatility [3] Group 3: Selection Criteria for Secondary Bond Funds - When selecting secondary bond funds, investors should consider not only returns but also performance stability, fund size, and historical success rates [4] - Notable funds include: - Invesco Great Wall Jingyifengli Bond A (code: 003504) with a scale of 8.457 billion, achieving a 35.54% return over the past two years and a 10.94% return in 2024, outperforming the average of 4.96% [4] - Fortune Optimized Enhanced Bond A/B (code: 100035/100036) with a scale of 21 billion, showing a 30.97% return over the past two years and a 9.48% return in 2024, demonstrating strong risk control [4] - Hongde Yukan Bond A (code: 002738) with a scale of 0.402 billion, achieving a 13.30% return over the past two years, outperforming the benchmark by 5.85% [5] - Huashang Credit Enhanced Bond A (code: 001751) with a scale of 9.043 billion, achieving a 31.82% return over the past two years and a 9.29% return in 2024 [5] - Jianxin Shuangxinhongli Bond A (code: 530017) focusing on a balanced strategy, achieving a 23.96% return over the past two years and a 4.79% absolute return in 2024 [5] Group 4: Market Positioning - Secondary bond funds serve as an essential "balancer" in asset allocation, effectively avoiding the low yields of pure bond funds while mitigating the volatility risks associated with equity funds [6] - Long-term holding of these funds allows investors to fully benefit from the dual advantages of bond yields and equity appreciation, reducing the impact of short-term market fluctuations on returns [6]

Core Viewpoint - The article emphasizes the importance of a systematic approach to achieve stable returns in a low-interest, high-volatility market environment, highlighting the need for diversified income sources and rigorous risk control [1][17]. Group 1: Investment Environment - Investors are experiencing unprecedented anxiety due to high risks in the stock market and unsatisfactory returns from financial products [1]. - The market demand has shifted, creating a new investment challenge: how to design financial products that capture excess returns while strictly controlling drawdowns [1]. Group 2: Performance of Investment Products - The article presents the performance of several products managed by Wu Jianghong's team, showcasing their ability to maintain low volatility and strong performance over time [2]. - Specific products mentioned include: - 汇添富保鑫: 近半年业绩 1.41%, 近一年业绩 3.51% [2] - 汇添富鑫享添利: 近半年业绩 2.80%, 近一年业绩 6.07% [2] - 汇添富双鑫添利: 近半年业绩 2.27%, 近一年业绩 5.65% [2] - 汇添富稳健盈和: 近半年业绩 2.57%, 近一年业绩 6.00% [2] - 汇添富实业债: 近半年业绩 4.45%, 近一年业绩 10.13% [2] Group 3: Investment Methodology - The team employs a specialized division of labor, allowing each member to focus on their area of expertise, which enhances the overall investment strategy [5][6]. - The investment approach includes pursuing a broader spectrum of alpha by diversifying income sources across various asset classes, including bonds and stocks [7]. - The team emphasizes strict control of drawdowns and risk exposure, aiming for consistent positive returns regardless of market complexity [8][9]. Group 4: Focus on Convertible Bonds - Wu Jianghong's expertise lies in convertible bonds, which are viewed as low-error-cost equity assets that provide both debt protection and equity-like flexibility [11]. - The team identifies three types of convertible bond opportunities: - Bonds with asymmetric risk-reward profiles [12]. - Undervalued bonds from high-quality companies [13]. - Bonds from cyclical growth industries [13]. Group 5: Expansion of Investment Capabilities - Wu Jianghong has expanded his investment capabilities beyond convertible bonds to include equity investments, focusing on undervalued assets across various sectors [15]. - The investment strategy emphasizes diversification not only by industry but also by factors, ensuring a balanced exposure to different market conditions [15]. Group 6: Systematic Approach to Stability - The article concludes that true "stable returns" stem from a comprehensive system that includes diversified income sources, a rigorous risk control framework, and deep asset knowledge [17].

Core Viewpoint - The discussion emphasizes that in a low-interest-rate environment, wealth management companies must enhance their core investment research capabilities and seek breakthroughs through diversified assets and strategies [1][2] Group 1: ETF and Investment Strategies - ETFs are highlighted as one of the best tools for wealth management companies to participate in the equity market due to their transparency, tradability, large capacity, and convenience [1] - The future strategy for wealth management companies includes effectively utilizing ETFs and public funds to capture Beta or Smart Beta returns in the equity market [1] Group 2: Investor Expectations and Risk Management - Investor expectations have evolved from "rigid repayment" to emphasizing "fixed income," and now to focusing on "absolute returns," indicating a dynamic change in demand [1] - In the context of increasing market volatility, the focus on "stable returns" necessitates attention to how wealth management companies can achieve relatively stable returns under closing price adjustments [1] - Understanding the risk tolerance and duration requirements of investors is crucial for wealth management companies to effectively manage client relationships and expectations [2] Group 3: Challenges in the Low-Interest Rate Environment - The low-interest-rate era presents a significant challenge for the asset management industry, necessitating a focus on providing stable returns [2] - The concept of "asset scarcity" reflects a mismatch in returns, prompting wealth management companies to enhance their core investment research capabilities [2]

Core Insights - The CEO of La Banque Postale Asset Management, Alexandre Werno, expresses optimism about the prospects for financial and trade cooperation between China and Europe [1][2] - The company aims to meet the increasing demand for stable investment products among clients, emphasizing the importance of delivering consistent returns [3][4] Group 1: Product Performance and Client Demand - Since its establishment, the company has focused on a client-demand-driven product design philosophy, prioritizing stable returns over complexity [3] - All closed-end fixed-income products have met or exceeded performance benchmarks, which has garnered high client recognition [4] - The company plans to continue launching medium to low-risk products to address clients' needs for stable investments [5] Group 2: Channel Development and Business Expansion - Agricultural Bank of China serves as the core channel, significantly supporting the company's growth [6] - The company has successfully raised 2.5 billion RMB in 30 hours for its first product through Agricultural Bank's channel [6] - Efforts are underway to diversify channel development beyond Agricultural Bank, including partnerships with Nanjing Bank and Standard Chartered Bank [8] Group 3: ESG Opportunities - The company has integrated ESG principles into its operations, establishing a dedicated ESG research team [11] - ESG products are seen as a strategic component aligned with both French and Chinese shareholder interests, providing a solid policy foundation for development [11] - The growing focus on sustainability among investors presents an opportunity for the company to add value through ESG offerings [11] Group 4: Corporate Culture and Team Building - The CEO emphasizes the importance of communication and establishing a market-oriented performance evaluation system to foster a positive corporate culture [14] - The company aims to leverage the diverse backgrounds of its employees to enhance its global perspective [14] - Employee engagement is encouraged to contribute to the company's growth and sustainability [15]