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]

Core Insights - Lian De Equipment (300545.SZ) reported its Q3 2025 results, revealing that as of October 27, 2025, six institutional investors held a total of 8.3551 million shares, representing 4.51% of the company's total equity [1] - The institutional ownership increased by 1.41 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Hong Kong Central Clearing Limited, Industrial and Commercial Bank of China - Golden Eagle Technology Innovation Equity Fund, Industrial and Commercial Bank of China - Golden Eagle Core Resource Mixed Fund, Ping An Fund - Ping An Life Insurance - Dividend - Individual Insurance Dividend - Ping An Fund Equity Entrusted Investment No. 2, Bank of Communications - Golden Eagle National Emerging Flexible Allocation Mixed Fund, and Agricultural Bank of China - Golden Eagle Technology Zhiyuan Mixed Fund [1] - The total institutional holding percentage rose to 4.51% [1] Public Funds - Three new public funds were disclosed this period compared to the previous quarter, including Golden Eagle Technology Innovation Stock A, Golden Eagle Core Resource Mixed A, and Golden Eagle National Emerging Mixed A [1] - A total of 39 public funds were not disclosed this period, including Huabao Power Combination Mixed A, Boying Hongli Income Mixed A, Guoshou Anbao Growth Preferred Stock A, Huaxia Hope Bond A, and Huabao Industry Selection Mixed [1] Foreign Investment - One new foreign institution was disclosed this period, namely Hong Kong Central Clearing Limited [2]

Core Insights - Shenghang Co., Ltd. (001205.SZ) released its Q3 2025 report, indicating that as of October 24, 2025, seven institutional investors held a total of 46.82 million shares, representing 24.90% of the company's total share capital [1] - The proportion of shares held by institutional investors increased by 0.16 percentage points compared to the previous quarter [1] - In the public fund sector, 33 public funds were disclosed this quarter, including notable funds such as Huaxia Hope Bond A and Huaxia Zhaoxin Hongrui Mixed A [1] - One social security fund, Huaxia Fund Management Co., Ltd. - Social Security Fund 422 Combination, increased its holdings by 0.24% compared to the previous period [1]

Group 1 - The A-share market has shown significant characteristics of multiple driving forces, with sectors like computing power, innovative pharmaceuticals, and cyclical industries alternating in performance, contributing to overall market growth [1] - The macroeconomic environment is experiencing unprecedented structural shocks, leading to a complex market landscape where investors must balance certainty and risk [1][2] - The launch of the Huaxia 6-Month Holding Period Bond Fund (Class A: 024296 / Class C: 024297) on August 4 provides investors with a new asset allocation option that aims for both stability and potential returns [1][2] Group 2 - Central banks globally are adopting accommodative monetary policies due to inflation and economic growth pressures, while China's 10-year government bond yield has decreased to 1.68% as of July 21, 2025, highlighting the appeal of the bond market as a safe haven [2] - The A-share market continues to exhibit structural trends amid index fluctuations, with increased market risk appetite driven by profit-making effects, although the rapid rotation of hot topics complicates equity investment [2] - The secondary bond fund category, represented by "fixed income +” funds, is gaining traction as it combines stable income with equity market exposure, allowing investors to balance risk and returns [2][3] Group 3 - The secondary bond fund invests at least 80% of its assets in the bond market for stable coupon income while using up to 20% in the stock market to capture growth opportunities, demonstrating a "steady progress" strategy [3] - Over the past five years, the annualized return of the mixed bond secondary fund index was 3.3%, significantly outperforming major indices like the CSI 300 and CSI 500, which had returns of -0.14% and 0.99%, respectively [3] - The maximum drawdown for the secondary bond fund was -6.93%, much lower than the drawdowns of the CSI 300 and CSI 500, showcasing its resilience in various market conditions [3] Group 4 - The fund has a six-month holding period designed to minimize short-term volatility interference and encourage long-term investment, allowing for flexible exits without redemption fees after the holding period [4] - This structure helps fund managers estimate redemption pressure effectively, reducing the impact of cash assets on overall returns and enabling stable execution of investment strategies [4] Group 5 - The proposed fund manager, Wu Fan, has eight years of experience in securities and over two years in public fund management, focusing on top-down asset allocation and macro strategy research [5] - The fund's investment strategy emphasizes balanced diversification in fixed income and active timing in equity investments, aiming to manage drawdowns while seeking returns [5] - Huaxia Fund, one of the earliest public fund managers in China, has developed a robust bond research system and is committed to delivering returns through its credit research team [6]

Core Viewpoint - The A-share market is characterized by multiple driving forces, with sectors like computing power, innovative pharmaceuticals, and cyclical industries alternating in performance, reflecting a complex macroeconomic environment influenced by unprecedented structural shocks [1] Market Environment - Global central banks are adopting loose monetary policies due to inflation and economic growth pressures, while China's potential economic growth is slowing as it transitions to a high-quality development model [2] - As of July 21, 2025, the yield on China's 10-year government bonds has decreased to 1.68%, highlighting the unique appeal of the bond market as a safe haven [2] - The A-share market continues to exhibit structural trends amid index fluctuations, with an increase in market risk appetite driven by profit-making effects [2] Investment Strategy - The secondary bond fund, as a representative of "fixed income +", aims to balance risk and return by investing at least 80% of its assets in bonds for stable coupon income while flexibly participating in the stock market with up to 20% of its assets [2][4] - The mixed bond secondary fund index has shown a five-year annualized return of 3.3%, significantly outperforming major indices like the CSI 300 and CSI 500, which had returns of -0.14% and 0.99% respectively [2][4] Fund Characteristics - The 华夏 6-month holding period bond fund (A Class: 024296 / C Class: 024297) is designed to invest primarily in high-grade fixed income assets with low credit risk and good liquidity, while also diversifying across different bond types [4] - The fund has a six-month holding period to minimize short-term volatility interference and encourage long-term investment, which helps in managing redemption pressure effectively [4][5] Management and Performance - The fund manager, Wu Fan, has over eight years of experience in securities and more than two years in public fund management, focusing on top-down asset allocation and macro strategy research [5] - The fund's representative product, 华夏希望债券 A, achieved a one-year net value growth rate of 5.29%, outperforming its benchmark [5] Future Outlook - In the context of low interest rates and increased market volatility, the "fixed income enhancement" strategy remains a core tool for investors to achieve their investment goals [6][7] - The current environment suggests that the bond market's profit-making effect has weakened compared to the previous year, while the equity market is expected to see increased activity and diverse investment opportunities [6][7]