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]

Group 1 - The A-share market is characterized by multiple driving forces, with sectors like computing power, innovative pharmaceuticals, and cyclical industries alternating in performance, contributing to overall market strength [1] - The macroeconomic environment is complex, with unprecedented structural shocks affecting the global economic landscape, leading to a focus on asset allocation strategies that balance stability and returns [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 growth and protection [1][2] Group 2 - Central banks worldwide 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 bonds as a safe asset [2] - The A-share market continues to exhibit structural trends amid index fluctuations, with increased risk appetite among investors, although the rapid rotation of hot topics complicates equity investment [2] - The secondary bond fund category, represented by "fixed income +", is gaining traction as it combines stable income with equity market exposure, allowing investors to balance risk and returns effectively [2][3] Group 3 - Secondary bond funds invest at least 80% of their assets in the bond market for stable interest income while using up to 20% in equities to capture growth opportunities, demonstrating a "steady progress" strategy [3] - Over the past five years, the mixed bond secondary fund index has achieved an 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 [3][5] - The maximum drawdown for the mixed bond secondary fund index was -6.93%, much lower than the drawdowns of the CSI 300 (-45.60%) and CSI 500 (-41.81%), showcasing its resilience in various market conditions [3] Group 4 - The Huaxia 6-Month Holding Period Bond Fund is designed with a six-month holding period to minimize short-term volatility and encourage long-term investment, allowing for flexible exits without redemption fees after the holding period [6] - This structure helps fund managers estimate redemption pressures effectively, reducing the impact of cash assets on overall returns, and promotes a stable fund size for better execution of investment strategies [6] Group 5 - The fund manager, Wu Fan, has eight years of experience in securities and over two years in public fund management, focusing on balanced asset allocation and macro strategy research [7] - The Huaxia Fund has a strong research foundation and has been a pioneer in credit research in China, establishing a comprehensive bond research system over the years [7][8] - In the current low-interest-rate environment, the Huaxia Fund is evolving its product strategies to enhance investment experiences and meet diverse investor needs [8]