Core Viewpoint - The "fixed income plus" funds have gained popularity among investors, particularly those with lower risk tolerance, due to their unique advantage of balancing risk and return amid market volatility, as evidenced by the growth in total assets of these funds from 1.38 trillion yuan to 1.48 trillion yuan in the second quarter of this year [1][2]. Group 1: Market Performance - The A-share market has successfully risen above 3,800 points since the rebound at the end of September last year, although volatility remains present, such as a pullback at the end of the first quarter this year [1]. - As of the end of August, the average return of 1,647 "fixed income plus" funds over the past year was 9.63%, with an overall positive return rate of 99% and an average maximum drawdown of -2.51% [2]. Group 2: Fund Characteristics - "Fixed income plus" funds are characterized by their focus on stability and pursuit of returns, making them suitable for conservative investors and as a foundational investment for more aggressive investors [1][2]. - Investors are advised to select funds with a stable style and clear strategies that have been tested in the medium to long term [2]. Group 3: Fund Performance Examples - The Guofu Hengrui Bond Fund, managed by Zhao Xiaodong, achieved a one-year return of 10.71% and a three-year return of 15.97%, outperforming the average returns of similar funds [3]. - The maximum drawdown for the Guofu Hengrui Fund was -2.32% over the past year and -3.77% over three years, both lower than the average maximum drawdowns of comparable funds [3]. - Other funds under the same product line, such as Guofu Xinyi Yield and Guofu Anyi Stable 6-Month Holding, also demonstrated solid performance with one-year returns of 8.47% and 7.06%, respectively, and significantly lower maximum drawdowns compared to their peers [3].

Core Viewpoint - The article discusses the rising popularity of "Fixed Income +" products as a solution for conservative investors facing low returns from traditional low-risk products and high volatility in the stock market [2][29]. Summary by Sections Concept of "Fixed Income +" - "Fixed Income +" is essentially an asset allocation strategy that combines low-risk fixed income assets, such as bonds, to secure a base return, while also including higher-risk equity assets to enhance returns, all while controlling volatility and drawdown [2][3]. Selection Criteria for "Fixed Income +" Products - The article outlines specific criteria for selecting "Fixed Income +" products, including: - Equity assets should constitute 10% to 20% of net fund assets, with a minimum of 5% and a maximum of 30% [2]. - Fixed income assets must make up at least 50% of net fund assets [3]. - A "Double 5 Requirement" is also mentioned, where the maximum drawdown and annualized volatility should not exceed 5% [3]. Featured "Fixed Income +" Products 1. **Guofu Hengrui Bond Fund** - Established on January 25, 2016, it has an average stock allocation of 15.28% and a bond allocation of 80.28% as of Q1 2025 [5][6]. - Cumulative total return of 61.49% and an annualized return of approximately 5.28% as of May 31, 2025, with a maximum drawdown of -3.77% [8]. 2. **Anxin New Trend Fund** - Launched on December 9, 2016, with an average stock allocation of 10.88% and a bond allocation of 98.13% [12]. - Cumulative total return of 54.50% and an annualized return of about 5.27% as of May 31, 2025, with a maximum drawdown of -3.27% [15]. 3. **Zhongou Jintong Fund** - Established on November 17, 2015, with an average stock allocation of 11.90% and a bond allocation of 105.92% [21]. - Cumulative total return of 64.50% and an annualized return of approximately 5.36% as of May 31, 2025, with a maximum drawdown of -3.52% [24]. 4. **Jingshun Changcheng Jingi Shuangli Bond Fund** - Founded on November 13, 2013, with an average stock allocation of 16.63% and a bond allocation of 89.77% [26]. - Cumulative total return of 23.37% and an annualized return of about 4.69% from October 30, 2020, to May 31, 2025, with a maximum drawdown of -3.90% [27]. Investment Strategy and Manager Profiles - Each featured fund is managed by experienced professionals with distinct investment styles, contributing to the overall performance and risk management of the "Fixed Income +" products [10][19][32]. - The article emphasizes the importance of risk control and the need for sustainable and stable returns when investing in "Fixed Income +" products [29][30].

Core Viewpoint - The article discusses the rising popularity of "Fixed Income +" products as a solution for conservative investors facing low returns from traditional low-risk products and high volatility in the stock market [2][29]. Summary by Sections Concept of "Fixed Income +" - "Fixed Income +" is essentially an asset allocation strategy that combines low-risk fixed income assets, such as bonds, to secure a base return, while also including a moderate allocation to higher-risk equity assets to enhance returns [2][3]. - The typical allocation for equity assets is set between 10% to 20%, with a minimum of 5% and a maximum of 30%, while fixed income assets must constitute at least 50% of the portfolio [2]. Risk Control Measures - A "Double 5 Requirement" is often applied, meaning that both the maximum drawdown and annualized volatility should not exceed 5% [3]. Types of "Fixed Income +" Products - The products that meet the above criteria are primarily found in secondary bond funds and flexible allocation funds, with some inclusion of primary bond funds and mixed bond funds [3]. Featured "Fixed Income +" Products 1. **Guofu Hengrui Bond Fund** - Established on January 25, 2016, it has an average stock allocation of 15.28% and a bond allocation of 80.28% as of Q1 2025 [5][6]. - Cumulative total return as of May 31, 2025, is 61.49%, with an annualized return of approximately 5.28% and a maximum drawdown of -3.77% [8]. 2. **Anxin New Trend Fund** - Launched on December 9, 2016, it has an average stock allocation of 10.88% and a bond allocation of 98.13% as of Q1 2025 [12]. - Cumulative total return as of May 31, 2025, is 54.50%, with an annualized return of about 5.27% and a maximum drawdown of -3.27% [15]. 3. **Zhongou Jintong Fund** - Established on November 17, 2015, it has an average stock allocation of 11.90% and a bond allocation of 105.92% as of Q1 2025 [21]. - Cumulative total return as of May 31, 2025, is 64.50%, with an annualized return of approximately 5.36% and a maximum drawdown of -3.52% [24]. 4. **Jingshun Changcheng Jingi Shuangli Bond Fund** - Founded on November 13, 2013, it has an average stock allocation of 16.63% and a bond allocation of 89.77% from Q4 2020 to Q1 2025 [26]. - Cumulative total return from October 30, 2020, to May 31, 2025, is 23.37%, with an annualized return of about 4.69% and a maximum drawdown of -3.90% [27]. Investment Strategy and Manager Profiles - Each of the featured funds is managed by experienced fund managers with distinct investment styles, contributing to the overall performance and risk management of the "Fixed Income +" products [10][19][32]. - The article emphasizes the importance of considering both risk control and the sustainability of returns when investing in "Fixed Income +" products, highlighting the need for skilled fund managers and robust investment strategies [29][30].