Core Insights - The "fixed income +" products have shown significant performance advantages in the market this year, highlighting the benefits of the "fixed income +" strategy [1] - The mixed bond secondary index has increased by 5.56% year-to-date, while the hybrid bond fund index has risen by 6.51%, compared to a mere 2.15% increase in the total bond fund index during the same period [1] - The strategy of multi-asset allocation and multi-strategy operation has allowed products like secondary bond funds and hybrid bond funds to break through the limitations of pure bond investments, providing enhanced returns [1] Performance Analysis - The Jia Shi Duo Li fund has achieved a return of 15.40% over the past year, significantly outperforming its benchmark of 2%, with a maximum drawdown of 2.93% [1] - Since its establishment in March 2011, the fund has navigated multiple economic cycles and market changes, adapting to current market demands for stability and flexibility [1] - As of the end of Q3 2025, the A-class share of Jia Shi Duo Li has delivered a cumulative return of 29.85% since its transformation, compared to a benchmark increase of 7.89%, indicating substantial excess returns [1] Fund Management - The fund's performance is closely tied to its investment framework that aligns with economic cycles and the multi-asset management capabilities of its fund manager, Gao Qunshan, who has 15 years of experience in the domestic capital market [2] - The fund's scale reached 3.43 billion yuan by the end of Q3, with a high allocation to flexible assets, including a 14.4% equity position focused on cyclical growth and high prosperity sectors [2] - The current economic environment of recovery and low interest rates has heightened investor demand for both yield and stability in asset allocation [2] Ratings and Recognition - As of the end of Q3 2025, Jia Shi Duo Li Bond A has received a five-star rating from Galaxy Securities and has been rated five stars for three, five, and ten years by Guotai Junan Securities [1][2]