Core Viewpoint - The A-share market has been strong since September 2024, driven by policy benefits, the rise of technology, and optimized capital structure, making "fixed income +" funds a preferred choice for asset allocation [1] Group 1: Fund Performance and Growth - The Southern Fund's "Southern Jinxiang" bond fund saw its management scale grow from 1.89 million yuan at the end of Q3 2024 to over 10 billion yuan by the end of Q3 2025, marking a nearly 60-fold increase in one year [1] - The fund has consistently outperformed its performance benchmark across various time frames, with a maximum drawdown kept at a low level since inception, demonstrating superior risk-adjusted returns compared to peers [3] Group 2: Investment Strategy - The core competitiveness of "Southern Jinxiang" lies in its investment strategy, which is designed to meet market demands by balancing risk and return, utilizing a macroeconomic framework for asset allocation, and employing differentiated equity and bond strategies [3] - The fund aims to capture investment opportunities in both equity and bond markets while managing downside risks, aligning with current market demand for low-volatility and stable-return products [3] Group 3: Research and Support - The growth and performance of "Southern Jinxiang" are supported by the Southern Fund's mixed asset investment team, which has over 20 years of experience in the field, leveraging an integrated research platform for effective resource fusion [5] - The team employs a "cross-asset integration + specialization" model, allowing for effective conversion of research outcomes into investment strategies [5] Group 4: Risk Management - The mixed asset investment team adheres to a "compliance first, steady long-term" philosophy, integrating risk management throughout the investment process to ensure stable fund operations [6] Group 5: Development Initiatives - The "优生优养计划" (Optimal Growth and Nurturing Plan) was launched to align fund products and investment strategies with investor needs, fostering a virtuous cycle of stable fund performance and positive investor experiences [8] - The rapid growth of "Southern Jinxiang" is attributed to this plan, which provides comprehensive support throughout the product lifecycle, leading to increased recognition and a growing investor base [8] Group 6: Future Outlook - As economic development and income levels rise, the demand for wealth management among residents is expected to grow, with the public fund industry continuing to enhance its service capabilities to improve investor satisfaction [9] - The Southern Fund aims to prioritize the best interests of investors, contributing to the high-quality development of the public fund industry and promoting inclusive finance [9]

Core Insights - The A-share market has been strong since September 2024, driven by policy benefits, the rise of technology sectors, and optimized capital structure [1] - The "Fixed Income +" fund has become a preferred choice for asset allocation due to its precise balance of risk and return [1] Group 1: Fund Performance and Growth - The South Fund's "South Enjoy Stable Income Bond Fund" has seen its management scale grow from 189 million to over 10 billion in just one year, marking a nearly 60-fold increase [1] - The fund has consistently outperformed its performance benchmark across various time frames, demonstrating superior risk-adjusted returns compared to peers [2] Group 2: Investment Strategy - The fund's core competitiveness lies in its investment strategy, which is designed to meet market demands by balancing macroeconomic trends with differentiated equity and bond allocation strategies [2] - The strategy aims to minimize portfolio volatility and drawdown while capturing investment opportunities in both equity and bond markets [2] Group 3: Research and Team Support - The growth and performance of the fund are supported by a strong mixed-asset investment team with over 20 years of experience [3] - The team utilizes an integrated research platform to effectively combine macro strategies, equity research, and fixed income analysis, enhancing investment outcomes [3] Group 4: Product Development and Investor Engagement - The "Optimal Growth and Nurturing Plan" was launched to align fund products and investment strategies with investor needs, fostering a virtuous cycle of performance and investor experience [4] - The plan has contributed to the rapid growth of the fund, with net asset values reaching new highs and a growing investor base since Q4 2024 [4] Group 5: Industry Outlook - As economic development and income levels rise, the demand for wealth management among residents is expected to increase, positioning the public fund industry to play a crucial role [5] - The company aims to enhance investor satisfaction and well-being by continuously improving research capabilities and investor engagement [5]

Core Viewpoint - Southern Fund Management Co., Ltd. announced restrictions on large subscriptions, regular investments, and transfer-in operations for the Southern Jinxiang Stable Income Bond Fund starting from September 16, 2025, to protect the interests of fund shareholders [1] Group 1: Fund Restrictions - The fund will limit the maximum amount for subscriptions and transfer-ins to 10 million yuan (1,000.0 million) [1] - The specific details for the sub-funds are as follows: - Southern Jinxiang Stable Income Bond A (Code: 018471) will have a subscription limit of 10 million yuan and a transfer limit of 10 million yuan [1] - Southern Jinxiang Stable Income Bond C (Code: 018472) will also have a subscription limit of 10 million yuan and a transfer limit of 10 million yuan [1]