Core Viewpoint - The article emphasizes the importance of early and comprehensive investment in fixed income products, highlighting that only five fund companies have successfully established a complete product line in this area over the past decade [1][2]. Group 1: Fund Management and Strategy - Fund companies that planned and established a complete product line ten years ago demonstrate strong research and investment team capabilities, as well as foresight in niche category layouts [2]. - Some products have been managed by the same fund manager for the past ten years, indicating stability in the talent pool of companies like E Fund and GF Fund [2]. - The naming conventions of funds a decade ago were straightforward, often reflecting the company's name combined with "pure bond" or "dual bond," showcasing the foundational products of these companies [2]. Group 2: Product Performance and Management - GF Fund has several long-standing pure bond funds and rights-based bond funds, with the earliest rights-based fund, GF Enhanced Bond, established in 2008, now having 17 years of operational experience [3]. - Notable products managed by the same fund manager for the last decade include GF Ju Xin, GF Ju Li LOF, and GF Dual Bond Enhanced, with significant cumulative returns of 181.10%, 144.59%, and 76.46% respectively [4]. - The "Ju" series of products has been designed to cater to diverse investor needs, with five of the seven products achieving annualized returns exceeding 5% since inception [5]. Group 3: Risk and Return Profiles - GF Ju Yuan, a pure bond product, has maintained positive returns for ten consecutive years since its inception in 2013, with an annual return of 7.28% in 2024 and a maximum drawdown of only 0.74% [7]. - GF Ju Tai, another rights-based bond fund, has also achieved positive returns in all natural years since its current manager took over in 2021, with a three-year net value return of 11.80% [8][10]. - GF Ju Cai Credit Bond, categorized as a medium volatility product, has shown a three-year annualized return of 5.50% under the management of Wu Di, who has a strong background in convertible bonds [11]. Group 4: Long-term Growth and Stability - The "Ju" series has evolved from initial investments to a robust product line, reflecting GF Fund's proactive strategy, professional depth, and talent cultivation [13]. - The series includes stable products like GF Ju Yuan and GF Ju Tai, as well as high-performing products like GF Ju Xin, showcasing a balanced approach to risk and return [13]. - The fixed income team at GF Fund has built an integrated system of investment, research, and trading, ensuring the sustainable growth of their product offerings [14].

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].