Group 1 - The report highlights that in 2025, the public quantitative strategies for the CSI 300, CSI 500, and CSI 1000 indices showed varying levels of excess returns, with the CSI 1000 enhanced products achieving the highest average excess return of 9.3% for the year [3][21] - The public quantitative CSI 300 enhanced products recorded an average excess return of 2.5% for 2025, with a quarterly excess return of 1.6% in Q4 [3][13] - The public quantitative CSI 500 enhanced products had an average excess return of 2.1% for 2025, with a quarterly excess return of 1.0% in Q4 [3][16] Group 2 - The report indicates that public quantitative dividend strategies achieved an average excess return of 4.2% in 2025, with top-performing products including Hai Fu Tong Dividend Preferred A and Guang Fa High Dividend Preferred A [4][29] - Public quantitative fixed income plus products had an average cumulative return of 4.9% in 2025, with leading products such as Fu Guo Xing Li Enhanced A and Fu Guo Feng Li Enhanced A [4][33] Group 3 - Private quantitative strategies for the CSI 300, CSI 500, and CSI 1000 indices outperformed public strategies, with the CSI 1000 enhanced products achieving an excess return of 15.1% for 2025 [5][40] - The private quantitative CSI 300 enhanced products recorded an excess return of 8.6% for the year, significantly higher than the public counterpart [5][37] - The private quantitative CSI 500 enhanced products achieved an excess return of 10.4% for 2025, again outperforming public strategies [5][38]

Core Insights - The recent market sentiment has improved, leading to increased investor interest in A-shares and "fixed income +" products due to declining bank deposit rates [1] - Taiping Fund launched a new "fixed income +" product, Taiping Jiayu Bond, managed by fund managers Han Cong and Zhang Ziquan, who have previously collaborated on public fund products [1][2] Investment Strategy - The equity portion of Taiping Jiayu Bond will focus on a quantitative enhancement strategy centered around the CSI A500 index, which offers better stock selection breadth and industry representation compared to the CSI 300 [2] - The fund aims for absolute returns, with Han Cong managing the fixed income part, emphasizing credit safety and liquidity management while maintaining a high credit quality bond portfolio [3] Performance Metrics - As of August 21, the jointly managed Taiping Jiayu Bond has shown strong performance, with returns exceeding 11% since inception and another product managed by Zhang Ziquan achieving over 25% returns this year [2][4] - The collaboration between Han Cong and Zhang Ziquan has resulted in consistent top-tier performance in their previous products, with a focus on shared goals in asset allocation [4] Market Outlook - Both fund managers maintain an optimistic outlook on the A-share market, citing healthy market conditions and increasing retail investor participation [5] - Despite challenges in the bond market, Han Cong believes there are significant capital gain opportunities, especially with potential interest rate declines driven by external factors [5][6] Product Design - The Taiping Jiayu Bond emphasizes "sharpness" and "flexibility," utilizing an open-ended structure with a core focus on quantitative enhancement for equities and enhanced yield flexibility for fixed income [6]

Core Viewpoint - The recent market sentiment has improved, leading to increased investor interest in A-shares and "fixed income +" products due to declining bank deposit rates [1] Group 1: Product Overview - Taiping Fund launched a "fixed income +" product called Taiping Jiayu Bond on September 1, managed by fund managers Han Cong and Zhang Ziquan, who have previously collaborated on public fund products [1] - The product is a mixed secondary bond fund, with a focus on absolute returns [2] Group 2: Investment Strategy - The equity portion of Taiping Jiayu Bond will primarily utilize a quantitative enhancement strategy centered around the CSI A500 index, which offers better stock selection breadth compared to the CSI 300 [2] - The index has a low annualized volatility, making it a stable benchmark for the "fixed income +" product [2] - The quantitative strategy employs multi-factor alpha models, risk control models, and trading cost models to capture investment opportunities [2] Group 3: Fixed Income Management - The fixed income investments are managed by Han Cong, who emphasizes credit safety and liquidity management, focusing on high credit quality bonds [3] - Han Cong's investment philosophy is rooted in insurance fund management, aiming for positive annual returns while strictly controlling maximum drawdown [3] Group 4: Collaborative Management - Data shows that the jointly managed Taiping Jiayu Bond has ranked in the top half of its category over various time frames, indicating stable net value growth [4] - The collaboration between Han Cong and Zhang Ziquan has lasted over eight years, with a shared goal of maximizing product returns [4] Group 5: Market Outlook - Both fund managers are optimistic about the A-share market, noting that the current market is healthy with increasing retail investor participation and supportive policies [5] - In the bond market, Han Cong acknowledges challenges due to low interest rates but sees potential for capital gains, especially with external factors like Fed rate cuts [6] - The product design emphasizes "sharpness" and "flexibility," aiming to provide a competitive investment tool in the current market environment [6]

Core Insights - The recent market sentiment has improved, leading to increased investor interest in A-shares and "fixed income +" products due to declining bank deposit rates [1] - Taiping Fund launched a new "fixed income +" product, Taiping Jiayu Bond, managed by fund managers Han Cong and Zhang Ziquan, who have previously collaborated on public fund products [1][3] Product Overview - Taiping Jiayu Bond is a mixed secondary bond fund focusing on absolute returns, with a quantitative enhancement strategy primarily based on the CSI A500 index [1][2] - The fund aims to control volatility in the equity portion while pursuing stable enhancements, leveraging the CSI A500's broad industry representation [1][2] Performance Metrics - The Taiping CSI A500 Index Enhancement product, managed by Zhang Ziquan, has achieved over 11% return since its inception by August 21, while another product, Taiping CSI 1000 Index Enhancement A, has exceeded 25% return this year, outperforming its benchmark by approximately 4 percentage points [2] - The collaborative management of Taiping Jiayu Bond has resulted in strong performance metrics, with returns ranking in the top half of its category over various time frames [3] Investment Strategies - The equity portion employs a multi-factor alpha model and risk control model to identify mispricing opportunities, while the fixed income portion focuses on high credit quality bonds and liquidity management [2][4] - Han Cong emphasizes a flexible approach to bond investments, aiming for positive annual returns and strict control of maximum drawdown [2][4] Market Outlook - Both fund managers express optimism about the A-share market, citing healthy market conditions and increasing retail investor participation [3][4] - Despite challenges in the bond market, Han Cong believes there are significant capital gain opportunities, particularly with potential interest rate declines [4]