Core Viewpoint - The departure of Jiang Xiaoli from Tianhong Fund marks a significant transition in the investment management landscape, highlighting her dedication to prudent financial management and the trust she built with clients over her 16-year career [3][10][13]. Group 1: Jiang Xiaoli's Career and Achievements - Jiang Xiaoli has been with Tianhong Fund for 16 years, managing over 35 billion yuan in assets and has been recognized with multiple awards, including seven Golden Bull Awards, establishing her as a leading figure in the fixed income sector [3][11]. - Under her management, the Tianhong Yongli Bond B fund achieved a cumulative return of 167.12% over nearly 18 years, significantly outperforming its benchmark by 60.85 percentage points [11]. - Jiang's investment philosophy emphasized "steady financial management," focusing on safeguarding clients' investments and fostering trust [2][9]. Group 2: Industry Context and Trends - The trend of fund manager departures has become increasingly common, with 484 fund managers leaving the industry since the beginning of 2025, reflecting a departure rate of 11.76% [6][13]. - Tianhong Fund has implemented a multi-manager model for its "fixed income+" business to address concerns regarding product management continuity following Jiang's departure [5][12]. - The industry is witnessing a shift towards more collaborative management structures, as evidenced by the appointment of award-winning manager Du Guang to co-manage the Tianhong Yongli Bond fund [5][13].

Core Viewpoint - The departure of Jiang Xiaoli from Tianhong Fund highlights the increasing trend of fund manager turnover in the industry, driven by personal choices and market adjustments [2][5]. Group 1: Jiang Xiaoli's Departure - Jiang Xiaoli announced her resignation from Tianhong Fund due to personal reasons, specifically the desire for rest and family time after years of high-intensity work [2]. - With over 16 years of experience in the securities industry and more than 13 years in fund management, Jiang has been a key figure at Tianhong Fund since 2009, rising from a researcher to the director of the fixed income + system [4]. - Under her management, the total scale of funds she participated in reached 35.024 billion yuan, with a strong investment style and macro judgment, achieving positive returns in 11 out of 13 years since August 2012 [4]. Group 2: Fund Management Transition - The fund manager turnover rate has increased, with 484 fund managers leaving the market in the past year, resulting in a turnover rate of 11.76%, higher than the previous years [5]. - Notable departures include managers from various funds, indicating a trend of adjustments in response to market conditions and personal career planning [5]. - Tianhong Fund reassured investors that the successors are experienced managers who have worked together for years, and the investment strategy will remain consistent, supported by a robust research team [4][5].

Core Viewpoint - Tianhong Yongli Bond Fund announced its fourth dividend distribution for the year 2025, with specific details regarding the dividend amounts and distribution dates [1]. Summary by Categories Dividend Distribution Details - The dividend distribution base date is October 10, 2025, with the following dividend amounts per 10 units: - Tianhong Yongli Bond A (Code: 420002) has a dividend of 0.18 yuan [1] - Tianhong Yongli Credit Bond B (Code: 420102) has a dividend of 0.19 yuan [1] - Tianhong Yongli Quality Bond C (Code: 009610) has a dividend of 0.16 yuan [1] - Tianhong Yongli Credit Bond E (Code: 002794) has a dividend of 0.17 yuan [1] Key Dates - The equity registration date for dividend eligibility is October 27, 2025, and the cash dividend payment date is October 28, 2025 [1]. - Investors opting for dividend reinvestment will have their dividends converted into fund shares based on the net asset value after the ex-dividend date, with shares credited to their accounts on October 28, 2025 [1]. Tax and Fees - The fund's dividend distribution is exempt from income tax as per relevant laws and regulations [1]. - There are no dividend distribution fees, and investors choosing the reinvestment option will not incur subscription fees for the newly acquired fund shares [1].

Core Viewpoint - The forum titled "Low Interest Rate Era, How to Invest with Fixed Income+" aims to address investment strategies in a low interest rate environment, focusing on asset allocation and product selection [1][2]. Group 1: Forum Highlights - The forum will feature three prominent guests who will discuss macroeconomic trends, asset allocation strategies, and practical tips for selecting fixed income products [1][2]. - Key topics include the future direction of major asset classes, analysis of star "fixed income+" products like Tianhong Yongli, and essential advice for individual investors on selecting and holding fixed income products [2][3]. Group 2: Guest Speakers - Jiang Xiaoli, Director of Tianhong's Fixed Income Business, will present on major asset allocation directions for the coming year, highlighting the Tianhong Yongli Bond Fund's historical performance, which has achieved a cumulative return of 167.31% since its inception [1][2]. - Xiong Yuan, Chief Economist at Guosheng Securities, will provide insights on domestic macroeconomic trends, deposit rate forecasts, and alternative investment strategies [2]. - Wangjing Boge, a seasoned investor, will discuss the outlook for the equity market in 2024-2025 and strategies for ordinary investors regarding fixed income allocations [2][3]. Group 3: Forum Details - The forum is scheduled for September 9, from 1:30 PM to 3:00 PM, and will be accessible online via the Tianhong Fund's Weibo live stream [2][4]. - The event will include a Q&A session addressing 19 core questions from investors, allowing for direct interaction with the speakers [3].

Core Viewpoint - The low interest rate environment has led to "financial anxiety" among investors, making it challenging to achieve stable wealth growth. However, Tianhong Yongli Bond has emerged as a quality choice for investors seeking stable returns in this context [1]. Group 1: Fund Overview - Tianhong Yongli Bond B (420102) was established on April 18, 2008, and has developed a mature operational system over 17 years, earning a five-star rating from Haitong, making it a model in the fixed income + sector [2]. - The fund aims for absolute returns with a clear strategy, maintaining 80% in pure bonds and allowing 0-20% in stocks and convertible bonds, which helps in seizing investment opportunities based on macro trends and micro market changes [2]. Group 2: Performance Metrics - Since its inception, Tianhong Yongli Bond B has achieved a cumulative return of 167.31% and an average annualized return of 5.83%, with a fund size of 20.5 billion and nearly 1.76 million holders, ranking first in user numbers among secondary bond funds [3]. - 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%, consistently ranking in the top 5 among similar products [5]. Group 3: Management and Risk Control - The fund's success is attributed to its star fund manager, Jiang Xiaoli, who has managed the fund since August 2012 and has a deep understanding of fixed income investments, having accurately predicted market turning points multiple times [6]. - Jiang Xiaoli has won the Golden Bull Award ten times and currently manages a total of 30.4 billion across ten funds, with a comprehensive annualized return of 6% [6]. - Tianhong Yongli Bond B has demonstrated excellent risk management, with a maximum drawdown of 1.74% over the past year, recovering within 54 days, making it suitable for conservative investors seeking stable long-term returns [6]. Group 4: Fee Structure - The fund has a management fee of 0.7% and a custody fee of 0.2%, with no sales service fee, resulting in a low overall fee structure, appealing to investors looking for steady returns without frequent trading [7].