Core Viewpoint - The article emphasizes the investment potential of the Guofu Strategy Return Mixed Fund (450010), highlighting its stable management and focus on long-term growth opportunities in the context of China's economic development goals [4][5]. Fund Overview - Fund Code: 450010 - Fund Type: Active Allocation - Large Cap Growth - Benchmark Index: CSI 300 Relative Growth Total Return [1] - Fund Manager: Wang Xiaoning, with 21 years of experience in the securities industry and 12 years in investment [6]. - Fund Size: 18 billion CNY as of September 30, 2025 [2]. Performance Metrics - The fund's annualized returns over the last three and five years are 6.97% and 6.57%, respectively, ranking 33rd and 28th among its peers [3]. - The fund outperformed the Morningstar benchmark (CSI 300 Relative Growth Index) by 0.03% and 6.50% over the same periods [3]. - The fund's comprehensive fee rate is 1.79%, significantly lower than the average of 2.26% for similar funds [3][31]. Investment Strategy - The fund employs a growth investment strategy focusing on three key factors: economic conditions, quality, and valuation [11]. - The investment portfolio is diversified across various sectors, with a low turnover rate, aligning with the fund's long-term growth focus [3][13]. - Key sectors in the recent portfolio include pharmaceuticals, electrical equipment, electronics, and consumer goods [13]. Risk and Return Analysis - The fund's risk-adjusted performance metrics, such as the Sharpe ratio (1.80) and Sortino ratio (8.92), indicate strong performance relative to peers [30]. - The fund's standard deviation is 11.36%, ranking it better than 92% of similar funds, reflecting lower volatility [29]. Manager's Track Record - Wang Xiaoning has successfully adjusted the fund's strategy since 2020, leading to improved performance and reduced volatility [25]. - The fund's annualized return since the strategy adjustment is 11.36%, with a ranking of 34th among peers [25]. Sector Allocation - The fund's asset allocation includes 79.32% in equities, 8.56% in bonds, and 16.20% in cash, indicating a strong equity focus [18]. - The sector distribution shows a significant allocation to cyclical sectors (42.30%) and technology (20.39%), reflecting the manager's growth-oriented strategy [19].

Core Viewpoint - The article discusses the recent fluctuations in the A-share market and the bond market, highlighting the "see-saw" effect between stocks and bonds, and suggests a balanced asset allocation strategy to mitigate risks and enhance returns [1][2]. Group 1: Market Performance - Since 2015, the performance of the stock index (CSI 300) and the bond index (CITIC All Bond) has shown significant fluctuations, with six periods of opposite performance noted [1]. - The annual performance data from 2015 to 2024 indicates that the bond index has outperformed the stock index in several years, with notable differences in percentage changes [1]. Group 2: Investment Strategy - Investors are advised against focusing solely on either stocks or bonds due to the cyclical nature of their performance, suggesting a mixed asset allocation approach [2][3]. - A proposed strategy involves primarily investing in bonds while allocating a smaller portion to stocks, which can help capture opportunities during stock market upswings while providing stability during downturns [2][3]. Group 3: Fund Performance - The article highlights the performance of mixed-asset funds, particularly those with a bond focus, which have shown better cumulative returns and lower volatility compared to the CSI 300 index over the past 20 years [3][4]. - Specific funds, such as the "Guofu Anyi Stable 6-Month Holding Period Mixed Fund," have demonstrated positive returns across various time frames, indicating effective risk management and performance consistency [6][7]. Group 4: Risk Management - The "Guofu Anyi Stable" fund has shown superior risk control metrics, including lower annualized volatility and maximum drawdown compared to its peers, suggesting a strong risk-adjusted performance [6][7]. - The fund's Sharpe and Calmar ratios also outperform the average of similar funds, indicating a favorable risk-return profile [6].