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]