1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The product is positioned as a low - risk "fixed - income +" FOF, aiming for absolute returns with a target drawdown of less than 2%. It focuses on global asset allocation, using a combination of quantitative and qualitative methods for fund selection, and tactically over - allocates risk assets in 2025 [2]. - The product has a scientific investment strategy, diversifying assets to reduce volatility. The simulated portfolio formed by the current asset allocation center has achieved good performance since 2007, with an annualized return of 5.16% and an annualized volatility of 2.40% [2]. - The fund manager has rich experience and a complete methodology for asset allocation and fund selection, and currently manages 6 products with a total scale of 976 million yuan [3]. 3. Summary by Relevant Catalogs 3.1 Product Introduction 3.1.1 Product Overview - The product is the ICBC Credit Suisse Zhiyuan Dynamic Allocation Three - Month Holding Period Hybrid Fund of Funds (FOF), established on November 19, 2019. It is a low - risk "fixed - income +" FOF with a current risk asset investment ratio center of 12%, aiming for capital preservation and appreciation under controllable risks [5]. - The investment range includes various financial instruments, and the investment ratio of public offering funds (including public offering REITs) in the fund assets is not less than 80%, with 10% - 40% invested in stocks, stock - type funds, and hybrid funds [6]. 3.1.2 Strategy Introduction - The strategy focuses on multi - asset allocation to reduce drawdown and aims for absolute returns. It sets the risk center at 12% and introduces various low - correlation assets to disperse risks. The target drawdown is set within 2%, and it conducts tactical over - or under - allocation of assets and industries [8]. - In selecting underlying funds, it uses a "quantitative + qualitative" approach, classifying funds into different sub - categories and then conducting quantitative optimization and on - site due diligence [8]. 3.1.3 Performance - Since its establishment, the fund's return is 13.81%, with an annualized volatility of 3.42% and a maximum drawdown rate of 8.78%. After the strategy improvement this year, the maximum drawdown rate is only 1.00%, and the annualized volatility is 2.08% [11]. 3.2 Investment Highlights 3.2.1 Steady Appreciation - The product aims to control drawdown and reduces portfolio risk through multi - asset allocation. It maintains an allocation center of 88% stable assets + 12% risk assets and tactically adjusts the risk asset ratio within the 10% - 15% range [13]. - The simulated portfolio based on the current asset allocation center has shown stable performance since 2007, with an annualized return of 5.16%, an annualized volatility of 2.40%, and a return - to - volatility ratio of over 2.1 [17]. 3.2.2 Fund Selection - The ICBC Credit Suisse FOF team has rich experience in quantitative fund selection and fund manager research. It has a scientific fund classification system and uses a "quantitative + qualitative" and "active + passive" approach for fund selection [21][22][25]. - The team prefers fund managers with longer management years and can obtain Alpha returns through multi - dimensional optimization of active funds and participate in industry theme investment opportunities through passive funds [25]. 3.3 Position Analysis 3.3.1 Asset Allocation - Since 2025, the product has tactically over - allocated risk assets, with the overall risk asset ratio at around 15%, over - allocating A - shares, Hong Kong stocks, and gold assets and under - allocating foreign stocks relative to the center [30]. 3.3.2 Fixed - Income Allocation - The product has recently increased the allocation of high - quality medium - and long - term pure - bond funds and passive index - bond funds, while reducing the allocation of first - tier hybrid bond funds, aiming to capture both Alpha and Beta opportunities in the bond market [31]. 3.3.3 Equity Allocation - Since the end of 2024, the product has tactically over - allocated Hong Kong stocks, with the current allocation ratio of Hong Kong stocks to A - shares being approximately 3:7. It has also actively participated in industry theme investment opportunities through ETFs [39]. - In A - share industries, it shows obvious industry rotation characteristics, currently over - allocating transportation, banks, non - ferrous metals, etc. relative to the CSI 800 index. In terms of style, it has a certain rotation characteristic, mainly over - allocating non - linear market - value style and slightly favoring value - style stocks [44][46]. 3.3.4 Individual Fund Selection - The product's overall position is relatively concentrated, with the top ten funds accounting for nearly 80% of the position. It has significant excess returns in fixed - income fund selection, especially in fixed - income + and pure - bond funds [49][55]. 3.4 Fund Manager Introduction - The fund manager, Zhou Yin, has 13 years of securities industry experience and 10 years of investment management experience. He joined ICBC Credit Suisse in 2014 and currently manages 6 products with a total scale of 976 million yuan [56].