Core Insights - The article emphasizes the stability and long-term performance of the fixed income team at ICBC Credit Suisse Asset Management, highlighting the rarity of fund managers who maintain consistent performance over a decade or more [1][5][13] Group 1: Investment Strategy - The fixed income investment approach is likened to a marathon, focusing on long-term rhythm and endurance rather than short-term speed [1] - The company has developed a mature system to continuously seek excess returns in a low-yield, high-volatility environment, emphasizing the importance of macroeconomic foresight and institutional behavior tracking [2][3] - Asset pricing dynamics are crucial for identifying investment opportunities, with the company considering various valuation indicators to inform its "fixed income+" product strategies [3] Group 2: Team and Talent - The fixed income team at ICBC Credit Suisse has grown to 46 members, with a structured growth path for team members to ensure the continuity of research capabilities [7] - The presence of experienced fund managers, such as Ouyang Kai and He Xiuhong, who have managed funds for over a decade, contributes to the company's stability and performance [6][5] Group 3: Product Offering - The company has established a comprehensive "fixed income super shelf" with a diverse range of products tailored to different investor needs, including short-term, medium-term, and various types of bond funds [8][10] - The "fixed income+" products are categorized into three tiers based on equity positions and risk-return characteristics, catering to different market cycles and investor risk appetites [9] Group 4: Historical Development - The development of ICBC Credit Suisse's fixed income business has been marked by significant milestones, including the launch of the first money market fund in 2006 and the establishment of a robust investment research framework [10][11] - The company has achieved substantial growth, with its fixed income business scale surpassing 670 billion yuan by 2024, reflecting a successful transition to high-quality development [12] Group 5: Future Outlook - The company aims to enhance its investment capabilities and continue innovating in product offerings, particularly in response to the evolving market environment and investor needs [13]

Core Viewpoint - The article emphasizes the stability and long-term performance of the fixed income investment team at ICBC Credit Suisse Fund, highlighting their ability to navigate various market cycles while maintaining consistent returns for investors [1][10]. Group 1: Investment Strategy and Market Environment - The demand for low-risk investment options is increasing, particularly in a low-interest-rate environment where bond yields have significantly decreased, prompting investors to seek more attractive returns from bond funds and "fixed income+" products [2][3]. - ICBC Credit Suisse Fund has developed a mature system to address the challenges of low yields and high volatility, focusing on macroeconomic research and tracking institutional investor behavior to manage risks effectively [2][3]. - The fund employs a detailed asset pricing strategy, considering various valuation indicators to optimize the allocation between equity and debt in their "fixed income+" products [3][4]. Group 2: Team and Management Structure - The fund boasts a team of experienced managers, with several having over ten years of management experience, which is rare in the industry where the average tenure is only five years [4][5]. - The fixed income research team has grown to 46 members, emphasizing collaboration and a structured growth path for team members to ensure the continuity of investment research capabilities [6][7]. Group 3: Product Offerings and Development - ICBC Credit Suisse Fund has established a comprehensive range of fixed income products, categorized into various types to meet diverse investor needs, including short-term, medium-term, and passive index bond funds [7][8]. - The fund's "fixed income+" products are designed to cater to different risk appetites and market conditions, with clear differentiation in equity exposure and risk-return characteristics [8][9]. Group 4: Historical Growth and Future Outlook - The fund's fixed income business has evolved significantly since its inception in 2006, achieving substantial growth and market leadership, with its bond fund scale surpassing 670 billion yuan by 2024 [9][10]. - The company aims to continue enhancing its investment capabilities and product innovation, focusing on supporting the real economy and promoting inclusive finance while maintaining stable performance for investors [10][11].