Core Viewpoint - The "fixed income +" fund market has been experiencing continuous growth since 2025, reaching approximately 1.5 trillion yuan by the end of June, with an increasing number of funds incorporating quantitative strategies [1] Group 1: Fund Performance - The "fixed income +" funds managed by Wu Di, including Guangfa Xinhao, Guangfa Hengxiang, and Guangfa Jirui, have shown strong performance, with Guangfa Xinhao achieving a one-year return of 8.23% and a maximum drawdown of 1.94% as of July 25 [1] - Guangfa Hengxiang and Guangfa Jirui, which Wu Di took over on May 7, reported net value growth rates of 4.91% and 3.54% over the last six months, significantly outperforming their benchmarks [2] - The maximum drawdown for both Guangfa Hengxiang and Guangfa Jirui was kept under 2%, indicating excellent risk-return characteristics [2] Group 2: Investment Strategy - The investment strategy for "fixed income +" funds requires high standards for both bond and equity investments, utilizing an active duration strategy in the bond market to enhance win rates [3] - On the equity side, a quantitative long strategy is employed, leveraging data analysis, factor modeling, and deep learning to cover various market themes comprehensively [3] Group 3: Asset Allocation - Guangfa Hengxiang limits its equity investments to no more than 20% of total assets, with a maximum of 50% in Hong Kong stock connect stocks, while Guangfa Jirui also maintains a similar cap on equity assets [2] - As of the latest reports, Guangfa Hengxiang's equity investments accounted for nearly 18% of total assets, with stock investments at approximately 9.41% and convertible bonds at 8.07% [2] - Guangfa Jirui's equity investments totaled around 10%, with stock investments at about 5.24% and convertible bonds at 4.64% [2]