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]