Group 1 - The core viewpoint of the articles highlights the emergence of structural opportunities in the A-share market, with a notable rise above 3800 points for the first time in ten years, indicating an increase in the value of equity assets [1] - The "fixed income +" strategy is gaining traction as a long-term asset allocation approach, adapting dynamically to environmental changes and enhancing the focus on equity assets amid a controllable short-term economic downturn risk [1][2] - Investors are increasingly prioritizing certainty in their investment decisions, leading to a preference for low-volatility "fixed income +" strategies that balance risk and return [2] Group 2 - The ICBC Four Seasons Income Bond Fund, established in February 2011, employs a "pure bond + convertible bond" investment strategy, with at least 80% of its assets in fixed income and a maximum of 20% in equity [3] - As of June 30, 2025, the fund achieved a one-year return of 4.15%, surpassing its benchmark return of 2.87%, and has a cumulative return of 91.53% since its transformation in 2014, significantly exceeding the benchmark's 60.59% [3][8] - The fund manager, He Xiuhong, has 18 years of experience in the securities industry and has maintained a consistent focus on macroeconomic judgment and asset allocation opportunities, contributing to the fund's strong performance [4][5] Group 3 - The fund's strategy includes a focus on high liquidity and controllable credit risk by investing in state-owned and joint-stock bank subordinated bonds, aiming to build a stable foundation for the portfolio [4] - The fund has maintained positive returns for 12 consecutive years since its inception, demonstrating its ability to navigate through market cycles [4] - The fund's asset allocation has shifted towards financial bonds, increasing from 14.25% in 2019 to 59.07% by the second quarter of 2025, enhancing stability and flexibility in response to market fluctuations [5] Group 4 - The fund's convertible bond investments are diversified, with a focus on low-priced and low-premium individual bonds, and as of June 30, 2025, it held 60 convertible bond securities concentrated in banking, power equipment, electronics, and basic chemicals [6] - The ICBC Industrial Bond Fund, managed by the same team, also reflects a stable investment style, with a stock allocation of 12.38% and a return of 1.21% in the first half of 2025 [6][9] - The "fixed income +" product line from ICBC Credit Suisse Fund covers low, medium, and high volatility categories, catering to diverse investor needs in uncertain markets [7]