Group 1 - The core point of the news is the announcement by Zhongtai Securities (600918) regarding the appointment of Cheng Bing as the new fund manager for Zhongtai Stable Weekly Purchase 12-Week Rolling Bond, while Zou Wei has resigned from the position [1][2] - Cheng Bing has extensive experience in the financial sector, having held various positions in companies such as Dongwu Securities, Shanghai Bank, and Industrial Securities, and has been with Zhongtai Securities since June 2023 [1] - The Zhongtai Stable Weekly Purchase 12-Week Rolling Bond A/C was established on July 21, 2021, and as of December 22, 2025, it has reported a year-to-date return of 1.82% and 1.53%, with cumulative returns since inception of 13.88% and 12.38% [1] Group 2 - The fund is managed by Zhongtai Securities (Shanghai) Asset Management Co., Ltd., and the announcement is in accordance with the "Measures for the Disclosure of Information on Publicly Raised Securities Investment Funds" [2] - The fund manager change includes both the appointment of Cheng Bing and the resignation of Zou Wan [2] - The fund's main code is 012266, and it is categorized as a bond-type securities investment fund [2]

Core Viewpoint - The recent reduction in deposit interest rates by major state-owned banks indicates a shift towards a low-interest-rate environment, prompting investors to seek alternative investment opportunities such as bond funds [2][4]. Group 1: Deposit Rate Changes - Major state-owned banks have lowered their one-year fixed deposit rates to between 0.95% and 0.98%, reflecting a broader trend of declining interest rates amid global economic pressures [2]. - The current environment marks a significant shift, with deposit rates entering a "zero" era, contrasting sharply with the past when rates above 5% were common [2]. Group 2: Investment Trends - In response to low deposit rates, many investors are turning to bond funds as a relatively stable investment option, with younger investors showing a trend of frequent adjustments to their bond fund positions, averaging 10 times a year [2]. - A report from Xiaohongshu and Ant Wealth highlights that the phrase "Did you collect eggs?" has become common among young investors, indicating a focus on small, consistent gains from bond funds [2]. Group 3: Bond Fund Variations - Different types of bond funds exist, and investors need to understand the characteristics of each to select the most suitable options for their needs [4]. - The "Zhongtai Asset Management Fixed Income Family" offers various products tailored to different investment scenarios, helping investors navigate their choices [4]. Group 4: Specific Bond Fund Products - Zhongtai Shuangli Bond Fund focuses on low volatility and aims to capture more yield opportunities while maintaining a stable investment approach, suitable for those willing to accept some fluctuations for higher returns [6]. - Zhongtai Anyi Interest Rate Bond Fund specializes in government and policy financial bonds, providing a low-risk investment option with a notable performance record since its inception [10][14]. - Zhongtai Anhui Bond Fund invests primarily in AAA-rated credit bonds and liquid interest rate bonds, utilizing futures for risk hedging, making it suitable for long-term stable return seekers [19][21]. - Zhongtai Wenggu 30-Day Holding Short-Duration Bond Fund and Zhongtai Wenggu Weekly Purchase 12-Week Rolling Bond Fund both emphasize steady returns and disciplined investment strategies, appealing to conservative investors [23][26].

Core Viewpoint - The recent recovery in equity markets has led to increased interest in "fixed income +" products, particularly low-volatility variants that offer stable returns with lower drawdowns [1][2] Group 1: Product Overview - The Zhongtai Shuangxin 6-Month Bond Fund (Class A: 023214, Class C: 023215) was launched on May 14, focusing on high-quality bonds as underlying assets, with a maximum of 20% allocated to equity assets [1] - The fund aims to achieve long-term returns exceeding the average fixed income yield while controlling drawdowns through hedging tools [1][3] - A 6-month holding period is set to stabilize fund size and reduce the impact of daily redemptions, allowing for a more strategic long-term investment approach [1] Group 2: Management Team - Fund managers Cheng Bing and Shang Yuanbo have over ten years of experience in securities research and investment, previously managing the Zhongtai Shuangli Bond Fund, which has shown strong performance [2][4] - The Zhongtai Shuangli Bond Fund's Class A net value growth rate reached 9.97% as of March 31, 2025, outperforming its benchmark by 4.04% [2] Group 3: Risk Management and Strategy - The focus of low-volatility "fixed income +" products is on risk-return characteristics rather than just yield, aiming for drawdown control similar to pure bond funds while achieving slightly better long-term returns [3] - Over 80% of the fund's capital will be invested in high-grade credit bonds and interest rate bonds, with equity investments limited to 20% in well-governed industry leaders [3] Group 4: Performance Metrics - The Zhongtai Shuangli Bond Fund has demonstrated superior drawdown management, with a maximum drawdown of only 0.66%, significantly better than the mixed bond index (4.25%) and pure bond index (1.31%) [2][4]

Core Viewpoint - The fund adopts a "fixed income +" strategy with an equity position of 0-20%, aiming for low volatility and long-term stable returns that exceed the benchmark [1][5]. Group 1: Fund Strategy and Structure - The fund focuses on high-quality bonds, primarily credit bonds and long-term government bonds, while also incorporating high-potential equity assets to enhance returns [2][10]. - A six-month holding period is established, allowing for trading on any business day, which balances the advantages of closed operations with liquidity needs [3][4]. Group 2: Performance Metrics - The fund's A share net value growth rate is 9.97% since its inception on September 27, 2022, outperforming the benchmark return of 5.93% [5][20]. - The fund has achieved a maximum drawdown of only 0.66%, significantly better than the mixed bond index (4.25%) and pure bond index (1.31%) [5][6]. Group 3: Management Team - The fund employs a dual fund manager approach, emphasizing strict risk control to ensure stability and profitability for investors [10][14]. - The management team has extensive experience in large fund management and absolute return strategies [12][13]. Group 4: Company Background - Founded in 2014, the asset management company has gained recognition from over 10.12 million users by prioritizing the interests of its investors [15].