Core Viewpoint - The continuous decline in interest rates in China has led to a surge in the popularity of "fixed income+" products, which combine bond investments for stability with equity investments for enhanced returns, attracting significant capital inflow [1] Group 1: Market Context - The 10-year government bond yield in China has fallen below 2.0%, prompting major banks to withdraw 5-year fixed deposit products, making high-yield, low-risk assets increasingly scarce [1] - As of November 25, 2025, the scale of "fixed income+" products has exceeded 2.45 trillion yuan, an increase of over 761.9 billion yuan since the beginning of the year, representing a growth rate of nearly 45% [1] Group 2: Product Features - The newly launched Fuguo Stable Dual-View Bond Fund is designed as a low-volatility "fixed income+" product, with at least 80% of its assets in bonds to ensure a safety net, primarily focusing on high-grade credit bonds [2] - The fund allows for a flexible allocation of up to 20% in equity markets, including stocks, convertible bonds, and other equity-linked assets to enhance return potential while controlling drawdown [2] - The fund can invest up to 50% of its equity assets in Hong Kong stocks and up to 10% in other funds, optimizing the risk-return profile through professional management tools [2] Group 3: Management Expertise - The fund is managed by Zhu Chenjie, who has 12 years of experience in the securities industry and 8 years in investment management, demonstrating a diverse skill set in managing various types of funds [3] - Zhu's investment style emphasizes stability and asset structure rebalancing, aiming to enhance returns while minimizing drawdowns, as evidenced by the performance of the funds he manages [3] - The Fuguo Stable Dual-View Fund's predecessor, Fuguo Stable Dual-Sync A, achieved a net value growth rate of 5.05% over the past year, outperforming its benchmark by a significant margin [3] Group 4: Research and Risk Management - Fuguo Fund has established a comprehensive research system covering macro interest rates, credit strategies, and convertible bond strategies, ensuring robust risk management in fixed income investments [4] - The company has been recognized for its fixed income investment capabilities, winning the "Three-Year Fixed Income Investment Star Fund Company" award in June 2023 [4]