Core Viewpoint - The A-share market experienced a new round of growth in Q3 2025, with the Shanghai Composite Index rising by 12.73% and the CSI 300 by 17.90%, while the ChiNext Index and STAR Market 50 surged by approximately 50% [1] Group 1: Market Performance - The overall performance of "fixed income +" products has been outstanding, with the Wind Mixed Bond Secondary Index up by 5.19% and the Wind Mixed Bond Fund Index up by 6.29% year-to-date as of September 30, 2025 [1] - The rapid growth of fund shares and scale managed by Teng Yue, with a total increase of over 11 billion shares and more than 15 billion yuan in scale for her five "fixed income +" products in Q3 [1][2] Group 2: Fund Performance - Teng Yue's management of "fixed income +" products has yielded significant returns, with the following performances as of September 30, 2025: - 招商安本增利 A up 13.61% with an excess return of 11.38% - 招商民安增益 A up 11.84% with an excess return of 11.58% - 招商安泽稳利 9-month holding A up 11.35% with an excess return of 7.36% [2] - The performance of other "fixed income +" products also showed strong results, with 招商信用增强 A up 6.07% and 招商金鸿 A up 4.68% [2] Group 3: Fund Ratings - The outstanding performance of the funds has been recognized by rating agencies, with multiple products receiving five-star ratings from various institutions [3] Group 4: Manager's Capabilities - Teng Yue's ability to enhance returns is supported by her dual-manager approach, actively adjusting positions in response to market trends [4] - Her expertise in timing asset allocation has allowed her to capitalize on market opportunities effectively, such as increasing stock positions during favorable conditions [4] - Teng Yue's investment philosophy includes a balanced industry allocation and a focus on high-quality companies with favorable valuations and growth potential [5][6] Group 5: Future Outlook - The outlook for the market remains positive, with a focus on high-quality companies in technology, manufacturing, and consumer sectors, as well as an increase in investment in midstream manufacturing industries as the economy recovers [7]