Core Viewpoint - The pursuit of stability remains a fundamental aspect of investment strategies in China, especially as guaranteed returns diminish and fixed-income assets become a preferred "safe haven" for investors [1][2]. Group 1: Market Trends and Performance - As of May 2025, the net asset value of public funds in China reached 33.74 trillion yuan, with bond funds and money market funds growing to 6.78 trillion yuan and 14.4 trillion yuan respectively, indicating a strong demand for stable returns [1]. - The Wande pure bond fund index and the Wande hybrid bond fund index achieved year-to-date gains of 0.68% and 1.93%, respectively, marking historical highs [1]. - Huazhang Fund's fixed-income funds have shown a seven-year return rate of 35.18% as of June 30, 2025, highlighting the importance of stable long-term returns in a slowing global economy [3]. Group 2: Huazhang Fund's Strategy - Huazhang Fund has developed a comprehensive "big fixed income" platform, focusing on diversified product lines including pure bond funds, "fixed income+" funds, and liquidity management funds [2][4]. - The "1+N" multi-asset team management model allows for specialized decision-making, enhancing overall decision-making success rates and investment outcomes [9][10]. - The performance of Huazhang Fund's products, such as the Huazhang Enhanced Income Bond A, which achieved a one-year return of 21.20% against a benchmark of 2.39%, demonstrates the effectiveness of their strategy [5]. Group 3: Product Lines and Performance - The pure bond fund category includes products primarily based on credit and interest rate strategies, with notable performers like Huazhang Tianqin Bond achieving a one-year return of 3.83% [5]. - The "fixed income+" fund category offers a range of products with varying risk profiles, with Huazhang Zhili Mixed achieving a one-year return of 21.23% [5]. - Liquidity management funds, such as Huazhang Cash Treasure A, reported a one-year return of 1.54%, outperforming its benchmark [6]. Group 4: Investment Philosophy and Market Outlook - The investment philosophy emphasizes the importance of a platform mechanism and team collaboration to ensure sustainable investment performance [8][11]. - The focus on long-term performance stability is crucial, as highlighted by the chief fixed-income investment officer's remarks on the significance of platform operations over individual fund manager capabilities [7]. - Looking ahead to the second half of 2025, there is an expectation of increased capital inflow into the bond market if borrowing costs decrease, despite potential market volatility [14].

以下文章来源于二鸟说 ，作者二鸟说 二鸟说 . 专注于基金投资，秉承长期投资，价值投资，稳健投资的原则，合理进行大类资产配置，科学的择基， 适当择时，实现资产长期稳健增值。 长按即可免费加入哦 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：二鸟说 来源：雪球 2024年以来债市维持强势 ， 权益类资产整体震荡 、 局部不乏行情 ， 部分 " 固收+ " 产品在较为 复杂的市场环境中 ， 依然把 " + " 这一部分做的比较出彩 。 这些基金采用的策略有较大的差别 ， 具有各自独特的风险收益特征 ， 给了投资者丰富的可选项 。 经过深入研究 ， 我们选取了四只采用不同策略的产品 ， 供大家参考 。 其中 ， 华安强化收益债 券是 " 固收+可转债 " ， 华泰柏瑞鼎利灵活配置混合是 " 固收+周期股 （ 主要是黄金股 ） " ， 易 方达瑞锦混合是 " 固收+红利 " ， 招商安阳债券是 " 固收+量化选股 " 策略 。 下面来为大家详细 介绍一下 。 一 、 华安强化收益债券 郑伟山自2022年9月16日开始管理华安强化收益债券 ， 过去1年收益为11.41% ， ...