Core Viewpoint - The recent launch of the "Jingshun Changcheng Anyue 180-Day Holding Period Bond Fund" by Jingshun Changcheng Fund aims to enhance returns for conservative investors through a strategy combining bonds and convertible bonds in a declining bond yield environment [1][2]. Group 1: Product Strategy - The fund employs a "bond base + flexible allocation of convertible bonds" strategy, targeting higher returns while primarily investing in bond assets and a limited portion in convertible bonds [1]. - The fund's structure is designed as a "double bond" enhancement strategy, utilizing convertible bonds' characteristics to provide both equity upside and debt support [1]. - A "barbell" approach is used for convertible bond allocation, balancing stable large-cap convertible bonds with high yield and growth-oriented convertible bonds to enhance overall portfolio flexibility and returns [1]. Group 2: Risk Management and Fees - The fund incorporates a risk budgeting mechanism to assess daily risks and adjust fund allocation accordingly, aiming to reduce portfolio volatility [2]. - Investors can avoid redemption fees by holding the fund for a minimum of 180 days, and the management fee of 0.20% per year along with a 0.05% custody fee is significantly lower than the average for similar funds [2]. Group 3: Management Expertise - The fund is managed by Mi Liang, who has 11 years of experience in securities and funds, with a focus on short-term interest rate opportunities and a flexible trading approach [2].