Core Viewpoint - The investment strategy emphasizes risk control while pursuing stable returns for investors, particularly in fixed income products [1][4]. Group 1: Investment Philosophy - The primary goal is to provide relatively stable returns for investors with a low to medium risk appetite, ensuring a strong focus on risk management [1]. - The investment approach combines macro perspectives with trading strategies, focusing on a core position in pure bonds to provide beta returns, while using interest rate fluctuations and convertible bonds to enhance alpha returns [4][5]. Group 2: Investment Strategy and Performance - The investment manager, Song Qianqian, has a background as a trader, which has ingrained a strong risk awareness and liquidity management skills [2]. - The performance of the managed products shows a high success rate, with 12 out of 14 quarters achieving positive returns, resulting in a quarterly success rate of 86% [1][3]. - The strategy involves dynamic adjustments based on market conditions, focusing on the relative value of assets, such as credit spreads and yield curves [5]. Group 3: Product Management - The managed products include a variety of fixed income funds, such as short-term and medium-term bond funds, with a focus on different risk profiles [1][2]. - The pure bond fund, favored by fund of funds (FOF), has a market value held by 42 FOFs amounting to 613 million yuan [3]. - The investment team employs a comprehensive research approach for convertible bonds, ensuring strict credit quality control and providing a curated pool for flexible allocation [6].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - Guangfa Fund's Song Qianqian constructs a "value allocation + flexible trading" dual - wheel drive model, forming a unique and stable enhanced investment style. Her products show three characteristics: short - term debt benchmark, credit - bond flagship, and "fixed - income +" with stable return [4][59]. Group 3: Summary According to the Catalog 1. Guangfa Fund Song Qianqian: "Value Allocation + Flexible Trading", Creating a Unique and Stable Enhanced Style - **1.1 Fund Manager Basic Information** - Song Qianqian is an MBA with 13.8 years of securities experience and about 9 years of investment management experience. She is the general manager of the bond investment department of Guangfa Fund, independently managing various types of funds such as short - term debt funds, medium - and long - term debt funds, etc. Her managed products have outstanding return - risk characteristics, with low maximum drawdown and competitive annualized returns [4][8]. - **1.2 Investment Framework: Alpha Capture Strategy in the Cyclical Migration of the Credit - Bond Ecosystem** - Song Qianqian has a trading background, which makes her good at finding trading opportunities. Her credit - bond trading strategy includes four aspects: four - dimension selection of trading targets, seizing convexity trading opportunities of credit bonds, closely monitoring bond liquidity, and establishing stop - profit and stop - loss rules. She also uses leverage strategies to accumulate safety cushions [12][18]. 2. Guangfa Jingming Medium - and Short - Term Debt: Focusing on Medium - and Short - Duration Credit - Bond Strategy - The fund focuses on medium - and short - duration credit - bond strategies. During the management period, the annualized return rate reached 2.95%, and the historical maximum drawdown was strictly controlled within - 0.90%. It mainly invests in credit bonds, with a focus on short - term financing and medium - term notes. It has a flexible duration strategy and maintains a medium - to - high leverage operation. The coupon income is the core source of income, and trading can enhance returns [4][19][29]. 3. Guangfa Pure Debt: The Flagship Product in the Medium - and Long - Duration Credit - Bond Track - Since Song Qianqian took over the fund in 2020, as of April 24, 2025, the cumulative net value growth rate of the fund reached 22.43%, achieving a 5.85% excess return compared to the medium - and long - term pure - debt fund index. It mainly invests in credit bonds, with a relatively conservative duration management and a relatively high leverage level. The coupon income is the main source of income, and the band - trading income contribution is obvious [34][43][44]. 4. Guangfa Anying: The New Generation of "Fixed - Income +" with Stable Return Curve - Song Qianqian has expanded her ability circle to manage "fixed - income +" products. Guangfa Anying participates in the equity market with a 5.02% equity position, but its net value trend is very stable. It adopts the investment strategy of "extending duration + dividend stocks + precise timing", with heavy positions in financial and cyclical stocks [48][51][55]. 5. Summary - In the current market environment, Song Qianqian constructs a "value allocation + flexible trading" model, forming a stable enhanced investment style. Her product matrix has three characteristics: short - term debt benchmark, credit - bond flagship, and "fixed - income +" with stable return [59].