Core Viewpoint - The overall macro analysis indicates a bullish outlook for equity and bond assets, while industrial products are viewed negatively. Gold assets are also favored due to positive macro conditions [1][7]. Macro Analysis - Equity assets are supported by favorable macro conditions, with a positive trend and moderate valuation, indicating capital inflow [2][23]. - Bond assets are also favored on the macro level, although they show a downward trend [2][23]. - Industrial products face negative macro conditions, despite a rising price trend [2][23]. - Gold assets benefit from positive macro conditions and an upward price trend [2][23]. Technical Analysis - The latest trend indicators show upward trends for equity, industrial products, and gold, while bond prices are trending down [12][13]. - The equity risk premium (ERP) is at 52.65%, indicating a moderate valuation level for equity assets [16][17]. Asset Performance Tracking - The fixed ratio combined with macro and technical indicators yielded a return of 2.64% as of August 2025, with an annualized return of 11.96% since April 2006 [3][28]. - The volatility-controlled and risk parity combinations achieved returns of 3.50% and 0.79%, respectively, with annualized returns of 9.50% and 9.63% since April 2006 [30][29]. Summary of Indicators - The macro and technical indicators for various asset classes show a low correlation, averaging around 0.17, suggesting that both should be considered in asset evaluation [21][22]. - The total scores for asset classes indicate a bullish stance on equities and gold, while industrial products are viewed negatively [22][23].

Core Viewpoint - The A-share market is witnessing new highs, leading to increased interest in multi-asset allocation, particularly in bonds as a long-term investment option that can withstand market cycles [1] Group 1: Bond Market Insights - The recent correction in the bond market has improved the valuation attractiveness, presenting a potential opportunity for investment [1] - Galaxy Leading Bond A (519669) has achieved positive returns for nearly 12 consecutive years, with an annualized return exceeding its performance benchmark, highlighting its long-term investment value [1] - The fund's asset allocation strategy is diversified, including government bonds, financial bonds, corporate bonds, medium-term notes, and convertible bonds, balancing risk and return through macro analysis and individual bond selection [1] Group 2: Convertible Bonds Strategy - The unique value of the convertible bond market lies in its dual characteristics: it can exhibit equity-like behavior in a rising stock market and provide bond-like returns during market fluctuations [1] - The fund manager employs a quantitative model to select convertible bonds, ensuring quality and reasonable valuation while maintaining liquidity in the pure bond portion [2] - A four-tier defense system is established for risk control, including overall risk exposure management, cross-market risk awareness, internal diversification within the convertible bond portfolio, and adherence to disciplined investment processes [2]

Group 1 - The core viewpoint of the report indicates that the AI Fund Donghai Qiyuan Tianyi 6-Month Holding Mixed Initiated A (023244) reported a profit of 273,700 yuan in the second quarter of 2025, with a weighted average profit per fund share of 0.0269 yuan [3] - The fund's net value growth rate for the reporting period was 2.73%, and as of the end of the second quarter, the fund size was 10.5 million yuan [3] - As of July 21, the unit net value was 1.023 yuan, with the fund manager being Xing Ye and Qu Miao, who currently manage five funds [3] Group 2 - The fund's investment strategy focuses on timely allocation of bond assets, selective allocation and trading of convertible bonds and equity assets, aiming to create long-term stable returns for investors [4] - As of the end of the second quarter of 2025, the fund's top ten holdings included Shandong Expressway, Anhui Expressway, Ninghu Expressway, Guangdong Expressway A, Newao Co., Ltd., Shougang Environmental Protection, Beidahuang, Yangtze Power, Sinopec, and China Unicom [4]