Core Viewpoint - The "solid return +" funds represented by secondary bond funds are key tools for investors seeking controlled risks and stable returns, providing effective solutions to navigate market fluctuations [1] Group 1: Performance and Strategy of Secondary Bond Funds - Since 2010, the cumulative return of the Wind Mixed Bond Fund Index has reached 100.30% by November 24, 2025, significantly outperforming the Shanghai Composite Index (34.16%) and the CSI 300 Index (40%) [1] - The maximum drawdown of the Wind Mixed Bond Fund Index over the past five years is only -12.02%, which is much lower than the maximum drawdowns of the CSI 300 Index (-46.70%) and the Shanghai Composite Index (-52.30%) [1] - Secondary bond funds maintain a structure of at least 80% fixed income assets and 0-20% flexible equity positions, allowing for both offensive and defensive strategies [1] Group 2: Introduction of Huaxia Zhuoan Bond Fund - The Huaxia Zhuoan Bond Fund, launched on December 1, aims to capture opportunities in both equity and bond markets with a balanced approach [2] - The fund employs a "dual-drive" strategy, focusing on high-grade fixed income assets while maintaining a flexible equity position of 5%-20% to capture structural opportunities across A-share and Hong Kong markets [2] - The fund manager will implement multi-dimensional risk warnings and closely monitor stock adjustments and contribution to overall returns [2] Group 3: Fund Management and Expertise - The proposed fund manager, Wu Fan, has 8 years of experience in the securities industry and over 3 years in public fund management, currently managing a scale of 5.85 billion [3] - Wu Fan's investment style emphasizes absolute return and dynamic monitoring of drawdowns, achieving a net value growth rate of 4.98% in the past year, outperforming the benchmark of 2.87% [3] - Huaxia Fund has a strong reputation in fixed income management, with 18 products rated five stars over three years and 15 products rated five stars over five years by Galaxy Securities [3]

Core Viewpoint - The global capital markets are experiencing high volatility, influenced by fluctuating expectations regarding the Federal Reserve's interest rate cuts and concerns over overheated valuations in the AI technology sector, creating uncertainty in the A-share market [1] Group 1: Market Conditions - Since November, the Shanghai Composite Index has fluctuated around the 3800-point mark after peaking at 4034.08 points, reflecting investor anxiety and uncertainty about future market directions [1] - The "fixed income plus" funds, represented by secondary bond funds, are seen as a key strategy for investors seeking stable returns amid market turbulence [1] Group 2: Performance of Secondary Bond Funds - Since 2010, the cumulative return of the mixed bond secondary fund index has reached 100.30% by November 24, 2025, significantly outperforming the Shanghai Composite Index (34.16%) and the CSI 300 Index (40%) [2] - The maximum drawdown for the mixed bond secondary fund index over the past five years was only -12.02%, which is considerably lower than the drawdowns of the CSI 300 Index (-46.70%) and the Shanghai Composite Index (-52.30%) during the same period, highlighting its value in risk control and stable returns [2] Group 3: New Fund Launch - Huaxia Fund is launching a new "fixed income plus" product, Huaxia Zhuoan Bond Fund, on December 1, aimed at helping investors capture opportunities in both equity and bond markets [2][3] - The fund employs a "dual-drive" strategy, focusing on high-grade fixed income assets while maintaining a flexible equity allocation of 5%-20%, allowing for dynamic risk management and opportunity capture across markets [3] Group 4: Fund Management Expertise - The fund manager, Wu Fan, has 8 years of experience in the securities industry and over 3 years in public fund management, with a current managed scale of 5.85 billion [4] - Wu Fan's investment style emphasizes absolute returns, with a focus on balanced asset allocation and proactive timing in equity investments, demonstrating strong risk-adjusted return capabilities [4] - Huaxia Fund has a strong track record in fixed income management, with multiple products receiving high ratings from Galaxy Securities, indicating robust long-term performance [4]