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]

Core Viewpoint - The "fixed income +" strategy is becoming an important tool for asset allocation in a volatile market environment, focusing on achieving reasonable returns with lower volatility than the market average [1][4]. Group 1: Investment Strategy - The investment framework consists of a three-layer combination system: style structure, industry allocation, and stock selection [5][6]. - The first layer, style structure, involves dynamically balancing technology and non-technology assets based on macro policies and industry conditions [7]. - The second layer focuses on industry allocation, tracking supply and demand changes to capture profit inflection points, particularly favoring left-side positioning [8]. - The third layer emphasizes stock selection, identifying companies with the highest profit elasticity in specific development stages [8]. Group 2: Risk Control - The risk control approach relies on disciplined position management and detailed portfolio management to avoid "fixed income -" scenarios [10][11]. - Position management is designed to prevent increasing exposure during market uptrends, maintaining a ceiling on equity positions around 10% while allowing for a zero equity position in extreme market conditions [12][13]. - Daily liquidity and risk management mechanisms are implemented to smooth portfolio volatility and respect market risks [14]. Group 3: Team Support - The investment practice benefits from a strong platform support within the Huazhong Fund's absolute return investment department, utilizing a "1+N" management model for collaborative decision-making [15][16]. - The team structure allows for complementary expertise across various investment areas, enhancing the overall investment strategy [16]. Group 4: Market Outlook - The market is expected to exhibit structural trends due to the misalignment of economic cycles between China and the U.S., with new economic contributions surpassing real estate over the next five years [19]. - The focus is on sectors like AI, military, and new energy equipment, with an emphasis on domestic manufacturing and opportunities for growth [19]. - The latest quarterly report for the Huazhong Fund shows a balanced industry structure, maintaining a focus on technology growth and cyclical finance [20].

Core Insights - The "Fund Manager 100" series of high-end interviews, co-hosted by 21st Century Business Herald and Dianshi Investment, will officially launch on October 22 in Shanghai, focusing on the long-term viability of the "Fixed Income +" strategy [2][12] - The event aims to create a professional and high-quality communication platform, emphasizing the performance of fund managers and their products [2][3] Group 1: Event Overview - The first event will feature discussions on asset allocation strategies, stock-bond mixed strategies, and achieving low-volatility returns [3] - Notable fund managers from various firms, including Anxin Fund, GF Fund, and others, will participate in roundtable discussions to share practical insights on "Fixed Income +" investments [3][5] Group 2: Fund Performance Highlights - Anxin Stable Growth A, managed by Li Jun, has achieved positive returns every year since its inception in 2015, with a total scale of 10.371 billion [4] - GF Fund's GF Jiyu A, managed by Zeng Gang, has a year-to-date return of 9.37% and is highly favored by institutional investors, with over 98% institutional holding [4][5] - The newly established mixed bond fund, Zhao Shang An Ning A, has been co-managed by experienced managers with over 12 years in the industry [5] Group 3: Professional Engagement - The event is expected to attract a diverse audience from the asset management industry, including investment managers, researchers, and product experts from various sectors [10][11] - The focus will be on fostering deep exchanges of ideas and experiences among participants, enhancing the overall quality of discussions [11]