Core Viewpoint - The A-share market in the first three quarters of 2025 showed characteristics of "oscillation recovery and structural differentiation," with the Shanghai Composite Index and ChiNext Index rising by 15.84% and 51.20% respectively as of September 30, 2025 [1] Group 1: Market Performance - The market experienced increased volatility due to overseas policy disturbances and tight funding conditions, impacting fixed income investments which faced challenges of "narrow fluctuations and frequent adjustments" [1] - The fixed income absolute return ranking by Guotai Haitong Securities showed that Everbright Pramerica Fund achieved a 7.34% absolute return in the first three quarters of 2025, ranking first among 166 public fund companies [1][3] Group 2: Fund Performance - Everbright Pramerica Fund's solid investment philosophy and research capabilities led multiple fixed income products to rank among the top in their categories, with the Everbright Medium and High-Grade Bond Fund ranking first in various time frames [2][3] - The Everbright Zengli Fund also performed well, ranking fifth among 499 ordinary bond funds over the past year, and consistently ranking in the top 10 across multiple time frames [2] Group 3: Investment Strategy - The fixed income investment team at Everbright Pramerica is structured into specialized sub-teams focusing on low-risk, multi-strategy, and credit pure bond investments, each led by experienced professionals with over 10 years in the field [1] - The company has established a dedicated research department to support investment teams, creating a core advantage through "professional division of labor and collaborative operations" [1] Group 4: Market Outlook - Looking ahead to the fourth quarter, the fixed income market is expected to maintain a volatile pattern, with anticipation for important policy guidance, while a seasonal trend of "weak first, strong later" may unfold [2] - Debt market supply is expected to weaken monthly from September, while institutional demand for allocation may gradually increase towards year-end [2]

Core Viewpoint - The recent reduction in deposit rates by major banks marks a shift towards a low-interest-rate environment, prompting investors to reconsider traditional savings and explore "fixed income +" strategies in public funds as a viable investment option [1][11]. Group 1: "Fixed Income +" Fund Characteristics - "Fixed Income +" is not an official fund type but a strategy that combines low-volatility fixed income assets with equities and other instruments to enhance returns [1]. - The strategy typically includes mixed bond funds, with equity investments capped at 30% to qualify as "fixed income +" products [2]. - The average annualized return of "fixed income +" funds over the past five years is 16.35%, outperforming both pure bond funds and mixed equity funds [5][6]. Group 2: Performance Metrics - As of May 28, "fixed income +" funds have an average annualized volatility of 4.55% and a maximum drawdown of -8.61%, which is lower than that of mixed equity funds [4]. - Among 1,253 "fixed income +" funds, 64.53% reported positive returns in the first quarter of 2025 [1][5]. Group 3: Growth Phases of "Fixed Income +" Funds - The first rapid growth phase occurred from 2014 to 2016, driven by a favorable market environment and significant liquidity, leading to a doubling of "fixed income +" fund numbers [8]. - The second growth phase from 2019 to 2021 was fueled by regulatory changes and a strong equity market, resulting in a 134.41% increase in the number of "fixed income +" funds [9]. Group 4: Current Market Opportunities - The current market conditions, characterized by low deposit rates and increased volatility, present a favorable environment for "fixed income +" strategies, similar to previous growth phases [11]. - Analysts suggest that the focus on diversified asset allocation within "fixed income +" strategies can enhance return potential amid uncertain economic conditions [11]. Group 5: Recommended "Fixed Income +" Products - A selection of 103 "fixed income +" products with above-average performance metrics has been identified for potential investment, including several mixed bond funds [12][14]. - The top-performing mixed bond funds over the past five years include those managed by Tianhong Fund, Dongfanghong Asset Management, and others, showcasing strong returns and low volatility [14][16].