Core Viewpoint - The bond market has transitioned from a unilateral trend to a volatile cycle, with the focus shifting to how to achieve reasonable returns in a low-interest, low-volatility environment [1] Group 1: Market Dynamics - The bond market is entering a "trading year," where the investment logic has shifted from "allocation is king" to "trading is king" due to changes in market ecology [3][4] - The static yield rates have entered the "1" range, significantly weakening the return expectations for large institutional investors like banks and insurance companies [3] Group 2: Investment Strategies - The past simple strategies of "buying long bonds and extending duration" are no longer effective; instead, three types of differences should be explored for returns: information differences, action differences, and research differences [5][6] - The strategy involves using quantitative factor models to track hundreds of indicators and adjusting weights based on market characteristics to capture opportunities [5] - The management of the fund emphasizes a dynamic balance between liquidity and returns, with a structured approach to asset allocation based on the holding period [8][9] Group 3: Performance Metrics - The fund managed by the company, Morgan Stanley's "安盈稳固六个月持有期债券A," achieved a return of 7.72% in 2024, ranking in the top 7 among similar funds [3] - The fund's yield since 2025 has reached 5.05%, significantly higher than the average yield of medium- to long-term pure bond funds, primarily driven by pure bond trading strategies [3] Group 4: Risk Management - The company has established a three-layer management mechanism to respond to redemption shocks, manage static asset discounts, and prepare for extreme scale scenarios [9] - The focus on "low volatility" in the management of fixed-income products is crucial for providing a stable holding experience for investors [7]