Core Viewpoint - The article emphasizes the growing importance of "fixed income +" products as a hidden driver of positive market trends, particularly in the context of the current A-share market rally and the need for prudent asset allocation strategies [1][20]. Market Performance - The A-share market has shown a steady upward trend this year, with the Shanghai Composite Index surpassing 3,800 points in August and daily trading volumes exceeding 3 trillion yuan [2]. - Key sectors such as computing, chips, robotics, and solid-state batteries have attracted significant investor interest [2]. Investment Behavior - Investors are cautioned against the temptation of quick profits, which can lead to hasty decisions and poor asset allocation, resulting in losses during market fluctuations [3]. - As of the end of August, 65.58% of actively managed equity funds are still recovering from losses since the market peak in February 2021 [3]. Performance of "Fixed Income +" Products - "Fixed income +" products have outperformed traditional equity indices over the past five years, with the non-pure bond fund index yielding an annualized return of 2.78%, significantly higher than the -1.52% for the CSI 300 index [4]. - The volatility of the non-pure bond fund index over the past five and ten years was only 2.93% and 2.64%, respectively, compared to much higher volatility in equity indices [4]. Historical Performance of Mixed Bond Funds - The mixed bond fund index has consistently delivered positive returns, achieving positive performance in 18 out of 22 years from 2004 to 2025, with relatively small drawdowns during downturns [5]. Asset Allocation Logic - The article explains the asset allocation logic behind "fixed income +" products, highlighting the low volatility of bonds and the higher expected returns from equities, which can lead to significant losses if not managed properly [9]. - The negative correlation between stocks and bonds is noted, with less than 10% of periods experiencing simultaneous declines in both markets [10]. Selection of "Fixed Income +" Funds - Criteria for selecting "fixed income +" funds include a minimum scale of 3 billion yuan and performance metrics over various time frames, with several funds identified as top performers [11]. - Notable funds include博时稳健回报A, which focuses on high-grade credit bonds and employs various strategies to optimize returns while managing risks [11]. Fund Management and Team Expertise - The success of "fixed income +" products is attributed to the expertise of the management teams, with experienced fund managers leading the investment strategies [13]. -博时基金's strong performance is supported by a robust research team with extensive experience in fixed income investments [13]. Market Trends and Future Outlook - The article suggests that "fixed income +" products are becoming increasingly relevant in the current low-interest-rate environment, as traditional fixed income yields decline [21]. - The shift in asset allocation towards "fixed income +" products is expected to provide substantial capital inflows into the A-share market, potentially boosting major indices [22]. - As of August, over 1,640 "fixed income +" funds reported positive returns, with a median return exceeding 3%, indicating strong market performance [23].

Core Insights - Bond funds have shown increasing average returns over the past 3, 5, and 7 years, with a widening gap between the best and worst performers [2][4][5] - The recent recovery in the A-share market has heightened investor interest in equity investments, but bond funds remain essential for stabilizing asset allocation [2][4] - The report titled "China Fund Industry Marathon Master Gathering 2025" analyzes extensive data to assess the long-term performance of bond funds [2] Performance Analysis - The average returns for the entire bond fund market over the past 3, 5, and 7 years are 8.37%, 17.32%, and 32.36% respectively, with a notable increase in the proportion of funds yielding positive returns [4][5] - Specific categories of bond funds, such as pure bond funds and mixed bond funds, have also demonstrated improved performance over time, with average returns of 9.49%, 17.64%, and 28.12% for pure bond funds over the past 3, 5, and 7 years [5][6] - The number of bond funds with positive returns has increased significantly, with 99.42% of funds achieving positive returns over the past 7 years [4] Risk and Performance Discrepancies - "Rights-containing" bond funds have shown mixed results, with some experiencing significant declines during market adjustments [6][7] - A total of 203 bond funds reported negative returns over the past 3 years, with a concentration in "rights-containing" funds [6][7] - Notably, some "rights-containing" funds have also achieved outstanding performance, with several funds exceeding 30% returns over the past 7 years [8][9] Top Performing Funds - The top-performing bond funds over the past 3 years include 富国久利稳健配置 A (41.20%), 华夏大中华信用精选 A 人民币 (34.97%), and 华商恒益稳健 (32.51%) [10] - Over the past 5 years, 华商丰利增强定开 A (131.24%) and 华商恒益稳健 (95.43%) lead the performance rankings [10] - For the past 7 years, 华商丰利增强定开 A (170.07%) and 汇丰晋信 2026 (127.30%) are among the top performers [10]

Core Insights - The report analyzes the investment value of fixed income funds managed by Huashang Fund's manager Li Qian, focusing on market environment, manager capabilities, and product characteristics [1][2]. Market Analysis - The equity market has shown a volatile upward trend over the past year, characterized by "strong expectations, weak realities," with a significant rebound since September 24, 2024, following unexpected policy shifts. However, recent tariff policies have led to stagnation [12][19]. - The bond market's safe-haven rally driven by tariff impacts may be temporarily concluding, with the 10-year government bond yield expected to fluctuate between 1.65% and 1.75% [19][24]. - The convertible bond market has experienced a "V"-shaped recovery, with a positive outlook for price recovery, particularly in technology growth sectors [1][19]. Fund Manager Introduction - Li Qian, an economics PhD with 5.3 years of securities investment experience, has managed over 6.6 billion yuan in public funds, achieving a return of 119.63% for the Huashang Fengli Enhanced A fund during his tenure, ranking first among peers [2][41]. Product Characteristics Huashang Fengli Enhanced A - This fund exhibits characteristics of a convertible bond fund, achieving significant excess returns during the bull market from 2020 to 2021. Over the past five years, it has delivered a return of 119.63%, significantly surpassing its performance benchmark [3][43]. - The fund's asset allocation strategy has focused on convertible bonds and interest rate bonds, maintaining a maximum drawdown of no more than 3% while achieving high returns [3][43]. - In 2024, the fund's annualized return exceeded 10%, driven by active industry rotation and optimized leverage and duration management [3][44]. Huashang Credit Enhanced A - This fund also demonstrates strong characteristics of a convertible bond fund, achieving a balance between returns and risks across different market cycles. It recorded annualized returns of 20.53% and 33.49% in 2020 and 2021, respectively, significantly outperforming peers [4][5]. - The fund's performance turned negative in 2022-2023 due to macroeconomic downturns and rising interest rates, but it rebounded to an annualized return of 9.27% in 2024 [4][5]. Huashang Lixin Return A - This fund has shown aggressive characteristics through high leverage and industry rotation strategies, demonstrating defensive attributes in a weak market environment in 2023. Its performance improved significantly in 2024, with continued recovery in 2025 [6][5]. Fund Performance Metrics - Huashang Fengli Enhanced A achieved an annualized return of 16.92% over five years, with a total return of 118.69%, significantly exceeding its benchmark [46][44]. - The fund's asset allocation has shifted towards convertible bonds, which now constitute 97.75% of its portfolio, reflecting a strategy focused on high-risk assets [49][50]. - The fund's leverage ratio is higher than the industry average, enhancing its return potential while increasing volatility [54].