Core Viewpoint - The recent appointment of a new fund manager at ICBC Credit Suisse reflects a strategic shift within the company, emphasizing a balance between experienced leadership and fresh talent in its bond investment team [2][3]. Group 1: Management Changes - Wang Shuo, a veteran in bond investment, is now joined by Qu Honghao, who has been with the company since 2019, to co-manage three funds totaling 8.6 billion yuan [2]. - The recent management changes, including the transition of senior executives, signify a deliberate effort to pass on experience while allowing new talent to emerge [3]. Group 2: Performance and Strategy - Wang Shuo manages over 364.8 billion yuan in assets, with multiple funds achieving positive returns, including a 37.60% return for ICBC Money A since 2013 [3]. - The strategy of "suspending large subscriptions while allowing redemptions" has been effective in balancing scale and returns [3]. - The solid performance of the bond funds, such as the ICBC Ruiheng 3-month open-end bond fund, which has returned 14.98% since its inception, highlights the effectiveness of the company's platform-based research system [5]. Group 3: Structural Changes and Future Outlook - The company is undergoing significant changes in its shareholder structure, with UBS acquiring a 20% stake from Credit Suisse, while ICBC retains an 80% controlling interest [5]. - The bond funds constitute 55.5% of the public offering segment, amounting to 230.34 billion yuan, serving as a stabilizing force against market fluctuations [5]. - The dual-track approach of promoting experienced veterans while integrating new talent is seen as a long-term strategy for sustainable growth in the asset management industry [6].

Core Viewpoint - Short-term bond funds, exemplified by ICBC Credit Suisse's "ICBC Enjoy Short-term Bond Fund," have gained attention from investors due to their stable returns and low volatility in the context of increasing demand for diversified asset allocation [1][2]. Group 1: Short-term Bond Fund Characteristics - Short-term bond funds invest in bonds with shorter durations, typically of higher credit ratings and good liquidity, making them suitable for risk-averse investors or those with short-term capital needs [1]. - As of June 9, 2025, the maximum drawdown of the Wind Short-term Pure Bond Fund Index was only -1.32%, with a recovery time of just 33 days, compared to -4.01% and 151 days for the medium to long-term pure bond index [1]. Group 2: Performance of ICBC Enjoy Short-term Bond Fund - The ICBC Enjoy Short-term Bond Fund has demonstrated strong performance across various time frames, outperforming its benchmark by 0.24% over the past six months and 0.35% over the past year, with net value growth of 1.18% and 2.35% respectively [2]. - Over longer periods, the fund's returns were 8.28% over three years, 14.54% over five years, and 19.88% since inception, consistently exceeding benchmark returns by 1.09%, 1.87%, and 2.78% respectively [2]. Group 3: Investment Strategy and Team Expertise - The fund's management team emphasizes risk control and has adjusted the portfolio by gradually reducing long-term interest rate bonds while managing duration exposure [2]. - ICBC Credit Suisse has built a comprehensive research and investment system, focusing on stable, value, and long-term investments, which has led to numerous awards for its fixed-income products since its establishment in 2005 [3][4].