据悉，华夏卓安债券的拟任基金经理为固收+领域领军人物吴凡。她拥有8年证券从业经验，超3年公募 基金管理经验，目前在管规模达58.5亿元。在投资风格上，吴凡女士坚守绝对收益理念，擅长自上而下 进行资产配置与宏观策略研究，固收端投资注重券种均衡分散，权益端倾向于主动择时，动态监控回 撤，投资上兼顾回撤和收益。其代表产品华夏希望债券A在过去一年中取得了4.98%的净值增长率，显 著跑赢2.87%的业绩比较基准，近1年最大回撤仅-0.90%，实现卡玛比率5.53，展现出极强的风险调整后 收益能力。 华夏基金重磅推出中低波固收+新作——华夏卓安债券型证券投资基金（A类代码：026049 ，C类代 码：026050）于12月1日起正式发行，作为一款权益投资策略追求稳健的二级债基，该产品旨在助力投 资者把握股债双重机遇。 华夏卓安债券以"股债双驱"策略实现攻守兼备。在固收端，产品坚持"不下沉"原则，主要投资于信用风 险较低、流动性相对较好的高等级固收类资产，同时注重券种的均衡分散配置；管理人将根据收益率曲 线变化，灵活应用杠杆、久期、收益率曲线策略等，争取收益增厚。权益部分的仓位设定为5%-20%， 中枢偏积极；同时覆盖A ...

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]