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]

Core Viewpoint - The article discusses the evolution and achievements of ICBC Credit Suisse Asset Management (工银瑞信基金) over the past 20 years, highlighting its strengths in equity investment, fixed income management, and pension finance, while also addressing the challenges posed by industry transformation [2][3][13]. Equity Investment - Active equity investment remains a core competitive advantage for public funds, with ICBC Credit Suisse demonstrating significant performance in this area. The company launched its first product, the ICBC Core Value Mixed Fund, in August 2005, which has since achieved a cumulative return of 879.29% and an excess return of 560.06% over its benchmark [3]. - ICBC Credit Suisse has been recognized as a leading "active equity powerhouse," with its active equity products ranking first in excess returns over the past five and seven years among large equity companies [3]. Fixed Income Management - Fixed income investment is crucial for stabilizing fund assets and reducing investment risks. ICBC Credit Suisse's fixed income team has excelled in complex market conditions, with 33 of its funds ranking in the top 25% of their categories [5]. - The team consists of experienced investment managers and researchers who utilize diversified investment portfolios to optimize asset allocation and mitigate risks [5]. Pension Finance - With the aging population in China, pension finance has become increasingly important. ICBC Credit Suisse has prioritized pension business as a key long-term strategy, managing 263 corporate pension portfolios with assets totaling 299.7 billion yuan, ranking it among the top in the industry [7]. - The company has developed a series of target date and target risk funds to meet the diverse pension needs of different age groups, enhancing its offerings in the personal pension market [8]. Diversification and Global Expansion - ICBC Credit Suisse has actively explored overseas business and index investment, achieving notable performance in passive investment. Its products have been recognized for their strong performance in various categories, including the ICBC National Index Hong Kong Stock Connect Technology ETF [10]. - The company has established a comprehensive index product lineup, providing effective investment tools for investors to navigate different market conditions [10]. Support from Shareholders - The growth of bank-affiliated fund companies like ICBC Credit Suisse is supported by strong shareholder backing and a stable governance structure, which facilitates seamless strategic decision-making and resource allocation [12]. - The company's commitment to compliance and risk management has been a cornerstone of its operational strategy, ensuring high-quality development [12].