Core Viewpoint - The article discusses the performance and strategies of various "fixed income +" fund managers at GF Fund, highlighting their unique investment styles and the overall growth of the "fixed income +" fund sector amid a fluctuating market environment [2][3][41]. Group 1: Market Overview - The Shanghai Composite Index has entered a phase of fluctuation after surpassing 4000 points, driven by the technology market [2]. - Interest rates have been declining throughout the year, with new household deposits in August decreasing by 600 billion yuan compared to the same period last year [3]. Group 2: Fund Performance - Over 94% of "fixed income +" funds have achieved positive returns this year, with the total market size exceeding 2.7 trillion yuan, a 26% increase from the previous quarter [3]. - GF Fund has 50 "fixed income +" products reaching new net asset value highs, with seven products showing a net value growth rate exceeding 10% this year, ranking in the top ten among over 100 fund companies [3][4]. Group 3: Fund Manager Profiles - Zhang Qian, with 24 years of experience, manages eight funds, achieving a total return of 187.26% since taking over the GF Ju Xin fund in July 2013, with an annualized return of 8.95% [5][6]. - Zeng Gang, another experienced manager, focuses on balanced and flexible asset allocation, achieving a 10% return in the GF Ji Yu fund this year [12][13]. - Zhang Xue emphasizes macro analysis and asset timing, managing five funds with a focus on high-growth sectors like gold and Hong Kong stocks [20][24]. - Liu Zhi Hui, with 13 years of experience, has maintained positive returns in the GF Ji Yuan fund since its inception, with a total return of 48.70% [27][28]. - Yao Qiu prioritizes safety and valuation, managing six funds with a focus on stable returns and risk control [31][35]. - Wu Di employs quantitative strategies in managing three "fixed income +" products, focusing on credit and interest rate bonds [36][38]. Group 4: Investment Strategies - The "fixed income +" products at GF Fund feature a diverse range of strategies, including low-risk options, stable income through bonds, and aggressive strategies using stocks and convertible bonds [4][5]. - Fund managers utilize a combination of qualitative and quantitative methods to optimize asset allocation and enhance returns, adapting to market conditions [39][42]. - The investment framework at GF Fund is supported by a robust research team and a collaborative environment, allowing fund managers to leverage shared insights and strategies [41][43].

Core Viewpoint - The "fixed income +" products have regained popularity in the context of a recovering equity market, with a total market size reaching 1.55 trillion yuan as of June 30, reflecting a 7.1% growth from the previous quarter [1] Group 1: Market Performance - The recognition of "fixed income +" funds is attributed to their strong performance this year, with some top-performing products returning over 5% year-to-date and over 10% in the past year [2] - The Guangfa Jiyu fund, managed by Zeng Gang, achieved a 6.70% return year-to-date, significantly outperforming its benchmark of -1.01% [2] - Over the past year, the fund's net value growth rate reached 13.10%, ranking in the top 10% among ordinary bond funds [2] Group 2: Investment Strategy - The investment strategy of "fixed income +" products focuses on balancing risk and return, with two main management approaches: selecting low-volatility assets and considering the overall proportion of risk assets [1][3] - Zeng Gang's management style is characterized by a "balanced and flexible" approach, dynamically adjusting positions based on market changes [2] - The Guangfa Jiyu fund has shown flexibility in its asset allocation, with significant adjustments in convertible bond holdings in response to market conditions [2] Group 3: Market Outlook - The bond market is expected to maintain a low interest rate and low yield environment, with limited short-term risks [3] - A-shares and Hong Kong stocks are anticipated to perform well in the second half of the year, supported by China's manufacturing advantages and potential improvements in competitive dynamics in certain industries [3] - The outlook suggests that competitive leading enterprises will enhance their investment value, with overall corporate profitability likely to rise amid the backdrop of U.S.-China competition [3]