Core Viewpoint - The asset management industry is undergoing a profound restructuring of its return logic due to the continuous decline in global interest rates, prompting a shift from "single asset allocation" to "multi-asset allocation" strategies [2][3] Group 1: Business Strategy - The company adopts a dual-driven approach of "active management + risk control" to navigate the low interest rate environment, establishing a robust business structure with a focus on traditional investment research and development (R&D) alongside innovative financing services [2][3] - The business architecture consists of a main body focusing on fixed income, equity, quantitative, fund of funds (FOF), and derivatives, with two wings represented by asset-backed securities (ABS) and real estate investment trusts (REITs) [2][3] Group 2: Investment Strategy - The traditional bond coupon strategy is no longer sufficient to meet investor return demands, with the 10-year government bond yield stabilizing around 1.7%, necessitating a reconstruction of return logic [3] - The company has been systematically developing a multi-strategy product line since 2016, focusing on flexible private equity products to complement its multi-asset strategy [3][4] - The fixed income team is continuously iterating its capabilities and structure, expanding its focus to include innovative investments and international business [3][4] Group 3: Product Development - The company has designed a multi-strategy product system based on investor risk preferences, creating a gradient layout of low, medium, and high volatility products [4] - The fixed income multi-strategy toolbox has expanded from traditional investments to include quantitative strategies, derivatives, and cross-border assets [4] Group 4: Equity Investment - The company's public equity scale grew over 80% by the end of Q3 2025 compared to the beginning of the year, with significant institutional capital inflow [5] - The company focuses on investment themes aligned with national industrial upgrades, achieving top performance in technology, consumer, and healthcare sectors [5] Group 5: Transition to Asset Management - The company is transitioning from traditional investment banking services to asset management, emphasizing deep operational engagement to enhance asset value [6][7] - The company has issued approximately 180 billion in ABS, focusing on high-quality enterprises in Zhejiang province and sectors like green technology [6][8] Group 6: Competitive Advantage - The company emphasizes the importance of active management and risk control as core competitive strategies, with total assets under management exceeding 300 billion by Q3 2025 [8][9] - The company aims to build a sustainable investment culture, focusing on long-term trends and the necessary professional capabilities to navigate market fluctuations [9]

Core Viewpoint - The current market environment presents a favorable opportunity for investing in multi-strategy fixed income products, emphasizing risk control and sustainable returns over maximizing short-term gains [1][2]. Group 1: Investment Strategy - The investment philosophy prioritizes risk management, with a focus on controlling drawdowns and ensuring accumulative returns [2][4]. - The approach involves setting predetermined stop-loss and take-profit points for each trade, balancing between profit-taking and risk management [3]. - The company emphasizes a top-down asset allocation strategy, making macro-level judgments to guide investment decisions [4][5]. Group 2: Market Outlook - The bond market is expected to have limited further adjustments, with potential opportunities for allocation in the fourth quarter [7]. - The equity market is anticipated to continue its structural rally, with a focus on selecting next-tier leaders or broad-based ETFs to reduce portfolio volatility [7]. - Convertible bonds are viewed as a significant source of yield enhancement, with a focus on stocks with strong growth potential and themes like "anti-involution" and AI-related sectors [7][8]. Group 3: Team and Product Development - The fixed income team at the company consists of nearly 70 professionals with an average of 7 years of experience, covering a wide range of asset classes and investment strategies [5][6]. - Since 2016, the company has developed a mature management system for multi-strategy fixed income products, currently offering 14 different products [6]. - The company aims to balance volatility and return sources while allowing fund managers to leverage their strengths and meet investors' risk preferences [6].

Core Viewpoint - The article emphasizes the importance of risk management and sustainable returns in investment strategies, particularly in the context of fixed income multi-strategy products, as articulated by the fund manager Gong Zhifang [1][4][7]. Group 1: Market Conditions and Investment Strategy - The equity market has shown an upward trend this year, making fixed income multi-strategy products increasingly attractive for investors seeking value preservation and growth [1][4]. - Gong Zhifang believes that the current market conditions present a good opportunity for allocating to fixed income multi-strategy products, as the bond market's adjustment is limited and structural opportunities in the equity market are expected to continue [4][14]. - The strategy focuses on balancing risk and return, with an emphasis on not pursuing the last bit of profit at the expense of increased risk [5][9]. Group 2: Investment Philosophy and Risk Management - Gong Zhifang's investment philosophy is rooted in financial risk management, prioritizing risk control before seeking returns, which aligns with the broader investment approach of the fixed income team at the company [6][7]. - The approach includes setting predefined stop-loss and take-profit points for each trade, with a focus on both absolute and relative returns [8][9]. - The team emphasizes a low volatility and stable return investment philosophy, ensuring that risk management is at the forefront of their strategies [7][12]. Group 3: Asset Allocation and Research - The investment strategy involves a top-down approach to asset allocation, focusing on macroeconomic factors and market trends rather than individual stock selection [11][14]. - The fixed income research team consists of approximately 70 members with an average of 7 years of experience, covering a wide range of areas from macroeconomic analysis to credit risk identification [11][12]. - The company has developed a mature management system for fixed income multi-strategy products since 2016, with a balanced product matrix across different risk levels [12]. Group 4: Future Outlook and Opportunities - The company anticipates limited further adjustments in the bond market and sees potential allocation opportunities in the fourth quarter, while the equity market is expected to continue its structural performance [14][15]. - The focus on convertible bonds is driven by the expectation of continued growth in underlying stocks, with a strategy that includes investing in sectors with strong growth potential [15]. - The upcoming issuance of a new bond fund aims to enhance returns through a combination of credit bonds and dynamic trading strategies [15].