Core Viewpoint - The "fixed income +" strategy remains a vital choice for institutional and individual investors seeking stable returns, despite the challenges posed by a declining risk-free rate and a changing market environment [1][2]. Group 1: Market Environment - As of Q4 2025, the bond market has transitioned from a strong performance to a low yield environment, with money market product yields dropping below 1% [2]. - The A-share market has shown strong performance, with the Shanghai Composite Index and Shenzhen Component Index increasing by over 15% and 25% respectively year-to-date as of October 20 [2]. - Over 95% of "fixed income +" funds have achieved positive returns, with some convertible bond funds yielding over 38% [2]. Group 2: Investment Strategy - The "fixed income +" strategy is evolving towards multi-asset and multi-strategy approaches to balance risk and return in a low absolute return environment [2]. - The upcoming event on October 22 aims to explore the practical logic and innovative directions of the "fixed income +" strategy through discussions among experienced fund managers [1][3]. Group 3: Fund Manager Insights - Fund managers participating in the event include seasoned professionals with extensive experience in asset allocation and market timing, emphasizing the importance of equity asset allocation in performance [3][4]. - Discussions will cover topics such as achieving better returns in low volatility environments and the significance of credit strategies and yield enhancement [4][5]. Group 4: Future Outlook - The "Fund Manager 100" series aims to provide diverse strategy references for investors navigating complex markets, with future discussions planned around different asset classes [5].

Core Viewpoint - The recovery of the stock and convertible bond markets has led to strong performance in rights-embedded bond funds, with a shift in investor focus towards funds that can capture equity investment opportunities [1] Group 1: Performance of Rights-Embedded Bond Funds - As of August 29, 1740 rights-embedded bond funds reported positive returns over the past year, with a positive return rate of 99.5% [1] - 36% of these funds (totaling 628) achieved returns exceeding 10% in the last year [1] - Convertible bond theme funds have outperformed, benefiting from a strong convertible bond market in the first eight months of the year [1] Group 2: Fund Company Performance - The top ten fund companies with the most products yielding over 10% in the past year are all established firms with mature research and investment systems [1] - The leading fund companies by the number of products with returns over 10% include: - GF Fund: 27 products - Fuguo Fund: 26 products - Southern Fund: 21 products - Guoshou Anbao Fund: 21 products - China Merchants Fund: 20 products [2] Group 3: Specific Fund Analysis - GF Fund has two products with returns exceeding 20% in the past year, managed by veteran fund manager Zeng Gang, with returns of 21.93% and 20.51% respectively [3] - The two high-performing products maintain a slightly lower duration and leverage ratios of 125% and 115% [4] - GF Hengyang One-Year Holding Fund primarily enhances returns through stocks, with a stock-to-convertible bond ratio of 2:1, while GF Jiyu Bond Fund focuses on convertible bonds, with a 29.80% allocation to convertible bonds [4] Group 4: Market Outlook - Zeng Gang anticipates a steady recovery in domestic economic momentum, with further improvements expected in the second half of the year [5] - The bond market is expected to be influenced by changes in prices, liquidity, and external conditions, with a potential for a downward trend in interest rates [5] - The stock market has shown significant growth, with strong earnings trends in advanced manufacturing, TMT, military, and pharmaceuticals, indicating robust fundamental support [5]