Core Viewpoint - The article emphasizes the importance of constructing stable investment products in a market characterized by irrationality and volatility, particularly highlighting the growth of "fixed income plus" products in the Chinese asset management industry [1]. Team Profile: Multi-Asset Stronghold of "Fixed Income Plus" Matrix - The "fixed income plus" product matrix is composed of a clear spectrum of products categorized by risk levels (low, medium, high) to meet diverse client risk preferences [2]. - The team has developed a comprehensive product spectrum including primary bond funds, secondary bond funds, and mixed bond funds, managed by seven fund managers overseeing twelve products [2]. - Low volatility products are designed for clients transitioning from traditional wealth management with lower risk tolerance [2]. Product Performance and Management - Mid-high volatility products aim for higher annualized returns through moderate equity market participation [3]. - High elasticity products utilize flexible allocation between convertible bonds and stocks to capture market opportunities while controlling drawdowns [4]. - The performance of various funds managed by the team has been notable, with several products achieving impressive returns over the past year [5]. Platform Strength: Multi-Strategy Integration - The team benefits from a robust platform that integrates various investment strategies, including convertible bonds, equities, and multi-asset capabilities [8]. - The equity investment team has a strong track record, with top ratings in absolute returns over multiple time frames [8]. - The open research platform allows fixed income managers to participate in high-level investment meetings, enhancing decision-making capabilities [8]. Collaborative Evolution: Deeply Integrated Research Culture - The team promotes an open research culture, facilitating comprehensive information flow and collaboration among members [11]. - Weekly investment meetings focus on reviewing product performance and discussing valuable stocks, integrating optimal research resources [11]. - This collaborative environment not only enhances investment precision but also serves as a training ground for emerging talent [11]. Forward-Looking Strategy: Defining the Value of "+" in an "Asset Scarcity" Era - Understanding client needs is fundamental to the team's product matrix construction, with a focus on stable, risk-defined products [13]. - The team anticipates a shift in market demand for "fixed income plus" products from optional to essential due to changing bond market dynamics [13]. - Continuous exploration in product innovation aims to provide diverse alpha sources, including quantitative strategies and FOF models [13]. Commitment to Client Responsibility - The team emphasizes a strong fiduciary duty, treating client funds as their own and prioritizing long-term value creation [15]. - The focus is on ensuring that clients achieve positive returns over time, aligning product offerings with market conditions to create safety margins [15]. - The culture of client-centric responsibility influences product marketing and communication strategies, aiming for transparency in risk and return characteristics [15].

Core Insights - The article emphasizes the importance of balanced asset allocation and long-term returns in the current investment landscape, characterized by declining interest rates and market volatility [1][2] Investment Philosophy - The investment philosophy of the company, as articulated by fund manager Zhu Zhefeng, focuses on value investing, which includes three key principles: long-termism, questioning market valuations, and understanding a company's future potential [3] - Zhu Zhefeng highlights the distinction between short-term temptations and long-term value, stressing that successful investing requires both professional expertise and integrity [3][2] Performance Metrics - Since Zhu Zhefeng took over as fund manager in July 2023, the net value of the mixed bond fund "Xingquan Huihong" has increased by 11.57%, outperforming its benchmark by 4.87 percentage points as of June 30, 2025 [3] Fixed Income Strategy - The company’s fixed income strategy, particularly the "Fixed Income +" product, aims to provide yield flexibility through diversified asset allocation, catering to investors with moderate risk tolerance [4] - The performance benchmark for the "Xingquan Global Fengde Bond Fund" is set to a composite of various indices, emphasizing low volatility, with a return of 4.79% and a maximum drawdown of only 1.02% since inception [4] Asset Allocation Approach - Zhu Zhefeng emphasizes the importance of balancing equity and debt in the "Fixed Income +" products, leveraging the company's historical expertise in convertible bonds to navigate market fluctuations [5] - For the second half of the year, the company plans to adopt a conservative approach in pure debt investments, focusing on credit risk management while seeking structural opportunities in convertible bonds and favoring dividend-paying stocks and sectors with strong fundamentals [6]