Core Viewpoint - The emergence of excellent fund products is not a result of individual capabilities but rather a systematic output of team intelligence [1] Group 1: Investment Environment - In a low-interest-rate era, "capital preservation" financial products have become a thing of the past, and single assets struggle to navigate through cycles. Fixed-income products are increasingly becoming a focal point for wealth management among ordinary investors [2] - Successful fixed-income investment globally has always been a "systematic battle," exemplified by PIMCO, which manages over $2 trillion and relies on a systematic decision-making mechanism, deep macro research capabilities, and a rigorous team-based risk control system [2] Group 2: Huaan Fund's Fixed-Income Platform - Huaan Fund's large fixed-income platform serves as a noteworthy model in the Chinese market, adopting a "1+N" multi-asset team management model that integrates collective wisdom to enhance product investment performance [3] - The "1+N" model involves a strategic core leader and various fund managers collaborating across different asset classes, ensuring seamless integration from macro judgment to micro implementation [3] Group 3: Product Matrix - Huaan Fund has developed a clear "Fixed-Income Family" product matrix that includes liquidity management, pure bonds, and "fixed-income+" core product lines, catering to diverse investor risk preferences [4] - The liquidity management fund acts as a "safety cushion," providing stable short-term investment solutions, with products like Huaan Zhongxin 90-Day Rolling Short Bond A achieving a one-year yield of 2.12% as of September 30, 2025, outperforming its benchmark [4] - Pure bond funds serve as a "ballast" for stable returns, with Huaan Anpu Bond A yielding 2.90% over the same period, ranking in the top 1/6 of its category [5] Group 4: Enhanced Yield Products - The "fixed-income+" product line is designed for yield enhancement, with Huaan Qianyu Bond Initiated A achieving a one-year yield of 10.76%, significantly above its benchmark [6] - Huaan Fund's fixed-income series includes Huaan Strengthened Yield Bond A, which has a remarkable one-year yield of 28.23%, ranking in the top 1/10 of its category [7] Group 5: Research and Risk Management Platform - The Huaan Large Fixed-Income Research Platform is crucial for ensuring stable operations and continuous innovation, integrating individual expertise into a systematic combat force [8] - The platform emphasizes collaboration among credit researchers, interest rate strategists, asset allocation experts, and risk managers, ensuring that risk perspectives are integrated from the outset of investment decisions [9] Group 6: Professional Team Execution - The Huaan Large Fixed-Income Platform is led by Chief Fixed-Income Investment Officer Zou Weina, who emphasizes risk assessment before returns, ensuring effective operation of the "1+N" management model [11] - The fixed-income business features two complementary investment teams, each with distinct styles but unified by a common risk control framework, allowing for adaptability in various market conditions [13]

Group 1 - Longying Precision (300115.SZ) released its 2024 annual report on April 18, 2025, with 156 institutional investors holding a total of 534 million shares, accounting for 39.38% of the total share capital [1] - The top ten institutional investors collectively hold 37.79% of the shares, with a decrease of 2.45 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Huazhong Qianyu Bond Initiation A, increased its holdings, while five funds, including Jin Ying Technology Innovation Stock A and Southern CSI 1000 ETF, reduced their holdings by 0.69% [2] - A total of 140 new public funds were disclosed this period, including Guangfa CSI 1000 ETF and Huaxia Growth ETF [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.84% compared to the previous quarter [2]