Core Insights - The A-share market has shown significant recovery, with the Shanghai Composite Index rising from 3040.69 points to 4016.33 points in less than seven months, marking a nearly 1000-point increase [1][2] - The public fund industry has also experienced growth, with total assets reaching 36.74 trillion yuan by the end of Q3 2025, an increase of 2.35 trillion yuan from the previous quarter [2][4] - Tianhong Fund has reported impressive performance, with its non-monetary management scale surpassing 410 billion yuan and generating cumulative returns of over 370 billion yuan for more than 750 million investors [1][4] Industry Growth - The recovery of the A-share market has activated the investment value of equity assets, providing strong growth momentum for the public fund industry [2] - Non-monetary fund assets reached 22.08 trillion yuan by the end of Q3 2025, growing by 1.91 trillion yuan from the previous quarter [2][4] - ETFs and fixed-income plus products have become the main growth drivers for the public fund industry, with their combined growth accounting for approximately 63% of the increase in non-monetary assets [4] Tianhong Fund's Performance - Tianhong Fund's non-monetary management scale reached 410.2 billion yuan by the end of Q3 2025, marking a new high [4][5] - The fund's fixed-income products accounted for 191.9 billion yuan, with fixed-income plus products at 52.2 billion yuan, showcasing a diverse product matrix [5][7] - The ETF segment has also seen significant growth, with a total scale of 941.04 billion yuan, reflecting a year-to-date increase of over 43.9% [8] Investment Strategy and Innovation - Tianhong Fund has focused on a multi-faceted business strategy, catering to various investor needs and enhancing returns through diverse product offerings [5][11] - The fund has introduced innovative products, including credit bond ETFs and technology innovation bond ETFs, positioning itself as a leader in the ETF market [8] - The company has continuously upgraded its investment research system to enhance its capabilities in fixed-income and equity investments [11] Performance Metrics - Tianhong Fund's fixed-income funds have consistently ranked in the top 20% across various time frames, demonstrating strong long-term performance [9] - The fund's equity funds have also performed well, with rankings in the top quarter of the industry for three-year performance [9][10] - The company has maintained a large investor base across its various product lines, indicating strong market trust and engagement [10]

Core Insights - The A-share market has shown significant recovery, with the Shanghai Composite Index rising from 3040.69 points to 4016.33 points in less than seven months, marking a nearly 1000-point increase [3][4] - The public fund industry has also experienced growth, with total assets reaching 36.74 trillion yuan by the end of Q3 2025, an increase of 2.35 trillion yuan from the previous quarter [4][5] - Tianhong Fund has reported impressive performance, with non-monetary management scale exceeding 410 billion yuan and cumulative investor returns surpassing 370 billion yuan [3][5][8] Industry Trends - The recovery of the A-share market has activated the investment value of equity assets, providing strong growth momentum for the public fund industry [4][5] - The non-monetary scale of public funds reached 22.08 trillion yuan by the end of Q3 2025, growing by 1.91 trillion yuan from the previous quarter [4][5] - ETFs and "fixed income plus" products have become key growth drivers, with ETF assets reaching 3.71 trillion yuan and "fixed income plus" products at 2.5 trillion yuan by the end of Q3 2025 [7][8] Company Performance - Tianhong Fund's diverse business model has led to significant growth, with non-monetary management scale reaching 410.2 billion yuan and cumulative returns of 370.1 billion yuan for investors [8][10] - The fund's fixed income products have seen a 14.36% growth in management scale, while its ETF products have grown by over 43.9% this year [10][11] - Tianhong Fund's performance in fixed income and equity funds ranks well within the industry, showcasing strong management capabilities [12][14] Business Strategy - Tianhong Fund emphasizes a diversified product layout and a scientific investment research system, serving over 750 million investors [14][15] - The company is continuously upgrading its investment research capabilities, focusing on absolute returns and enhancing its product offerings to meet diverse investor needs [15]

Core Insights - The forum addressed the challenges of low interest rates and the investment dilemma faced by individuals, emphasizing the "fixed income +" strategy as a viable solution for wealth preservation and growth in a low-yield environment [1][3][10] Group 1: Forum Highlights - The forum featured three prominent guests who provided insights on asset allocation, macroeconomic trends, and practical investment strategies in the context of a low interest rate environment [2][3] - Key questions discussed included the future of deposit rates, the necessity of timing in "fixed income +", and how to select reliable investment products [3] Group 2: Key Perspectives from Guests - **熊园 (Xiong Yuan)**: Highlighted that China's economy grew by 5.3% in the first half of the year, with a target of 5% for the full year, but warned of downward pressure in the second half. He predicted that the 10-year government bond yield would fluctuate between 1.6% and 1.8% [5] - **姜晓丽 (Jiang Xiaoli)**: Discussed the operational logic behind successful "fixed income +" products, citing the 天弘永利债券 B fund, which has a cumulative return of 167.31% since its inception [6] - **望京博格 (Wangjing Boge)**: Provided practical advice for investors, emphasizing the importance of long-term holding and avoiding high-risk products. He noted a personal return of 70% in 2024 but reduced his position to 80% due to market volatility [8] Group 3: Investment Strategies - The forum underscored the importance of asset allocation, recommending a mix of "pure bonds + fixed income +" to create a stable base while allowing for some equity participation to balance risk and return [10] - For product selection, it was advised to prioritize funds with a history of stable performance, low drawdowns, and experienced fund managers, such as the 天弘永利债券 B fund, which has shown resilience even during market fluctuations [10]

Core Viewpoint - In the current low-interest-rate environment, Tianhong Yongli Bond has emerged as a robust investment option, showcasing strong resilience and potential for stable wealth growth over the years [1][3]. Group 1: Performance and Historical Data - Since its inception on April 18, 2008, Tianhong Yongli Bond B (420102) has achieved an average annualized return of 5.83% over 17 years, with a historical cumulative return of 167.31% [1]. - As of August 18, 2025, the fund's one-year return is 8.78%, five-year cumulative return is 27.67%, and ten-year cumulative return is 72.24%, ranking in the top 5 among similar products [4]. - The fund has a user base of approximately 176,000 and a total scale of 20.5 billion, making it a leader in the secondary bond market [1]. Group 2: Investment Strategy and Management - Tianhong Yongli Bond aims for absolute returns, employing a strategy of 80% pure bonds and 0-20% in stocks and convertible bonds, allowing for flexible asset allocation [3]. - The fund manager, Jiang Xiaoli, has been at the helm since August 2012, successfully navigating multiple market cycles and accurately predicting major turning points in the bond market [4][8]. - Jiang Xiaoli has received the Golden Bull Award ten times, with a comprehensive annualized return of 6% across the ten funds she manages, totaling 30.4 billion [8]. Group 3: Risk Management and Fees - The fund has demonstrated excellent risk management, with a maximum drawdown of only 1.74% in the past year, recovering within 54 days [11]. - The management fee is 0.7%, and the custody fee is 0.2%, with no sales service fee, making it suitable for investors seeking stable returns without frequent trading [11]. Group 4: Market Trends and Future Outlook - The market is at a critical turning point, with expectations of rising PPI and a potential shift from liquidity-driven to fundamentals-driven market conditions [12]. - The investment strategy focuses on high-quality companies with strong cash flow generation and cyclical stocks that meet long-term return requirements [12].