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].