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]