Core Viewpoint - The current market environment post-National Day indicates a shift in investment strategies, with a diminishing safety net from bond markets and increasing difficulty in equity markets, necessitating a focus on asset allocation and risk management [1] Bond Market Analysis - The risk-free returns in the bond market are being reshaped due to the onset of a Federal Reserve rate cut cycle and a simultaneous loosening of domestic interest rates, leading to lower yields on 10-year government bonds [1] - The reliance on high coupon rates for stable returns is becoming less viable, indicating a thinner safety cushion for pure bond assets [1] Equity Market Analysis - The investment difficulty in equity markets is rising, characterized by high volatility and rapid rotations, making it challenging to achieve returns by betting on a single sector [1] - The traditional stock-bond balancing effect is weakening, suggesting a need for diversified asset allocation strategies [1] Investment Product Overview - The upcoming 富国智悦稳健 90-day holding period mixed FOF (A class: 025509, C class: 025510) aims to address the current market challenges by combining high-quality pure bond funds with multi-asset allocations to enhance returns [1] - This FOF will be managed by experienced multi-asset fund manager Zhang Ziyan, with a focus on fostering rational investment habits through a 90-day holding period [1] Asset Allocation Strategy - The FOF employs a "core + satellite" strategy, using bonds as the core to stabilize the base while flexibly allocating a small portion to other assets for enhanced returns and risk diversification [5] - Potential allocations include: - Equities (5%-30%): To capture potential gains during economic recovery and market optimism, benefiting from the complementary risk characteristics of stocks and bonds [7] - Commodities (up to 10%): Primarily focusing on gold ETFs as a hedge against market uncertainties [7] - Overseas investments (up to 20%): Utilizing QDII funds to invest in global markets, thereby reducing reliance on a single economy and capturing unique industry advantages [7] Performance Metrics - The偏债混合型FOF index has shown a cumulative increase of 29.5% from January 2019 to June 2025, outperforming various other indices, indicating a favorable risk-return profile [1] - The FOF product is gaining traction among conservative investors, with its scale increasing from 26.6 billion to 51 billion in the first half of the year, reflecting a nearly 92% growth [7] Fund Manager Profile - Zhang Ziyan, the proposed fund manager, has 14 years of experience in the securities industry and 6 years in fund management, demonstrating a strong track record in asset allocation and fund selection [9] - His previous fund, 富国智浦稳进 12-month holding period FOF, has significantly outperformed its benchmark, showcasing his effective execution of a "stable foundation, moderate enhancement" strategy [9][12]

Core Insights - The bond market's risk-free returns are being reshaped due to the onset of the Federal Reserve's interest rate cut cycle and a simultaneous loosening of domestic interest rates, making traditional bond investments less attractive [1][2] - The equity market is experiencing increased investment difficulty characterized by high volatility and rapid rotations, making it challenging to rely solely on a single asset class for returns [3][4] Bond Market Analysis - The safety net provided by pure bond assets is diminishing, indicating a narrowing space for stable returns from high coupon rates [2] - The proposed investment strategy emphasizes a high allocation to fixed income assets, particularly short-duration, high-grade credit bonds, to mitigate volatility and manage interest rate risks effectively [5][6] Investment Strategy - The 富国智悦稳健90天持有期混合型FOF (A类: 025509, C类: 025510) is designed to address current market challenges by combining a solid fixed income foundation with diversified asset allocation to enhance returns [3][9] - The fund employs a "core + satellite" strategy, using bonds as the core to stabilize the portfolio while allocating a portion to equities and commodities for additional yield and risk diversification [9][10] Performance Metrics - The 万得偏债混合型FOF指数 has shown a cumulative increase of 29.5% from January 2019 to June 2025, outperforming various other indices, indicating a favorable risk-return profile for fixed income-focused strategies [5][11] Fund Management - The fund will be managed by Zhang Ziyan, a seasoned fund manager with 14 years of experience, who will focus on dynamic asset allocation and selecting top-performing sub-funds [12][18] - Historical performance of Zhang's other funds demonstrates a strong ability to navigate market fluctuations, with notable outperformance during periods of market stress [15][17]