Core Insights - 2025 is expected to be a significant year for "fixed income +" with continuous growth in performance and scale, providing tangible benefits to holders through limited product drawdowns and absolute returns [1] Group 1: Performance Highlights - As of September 30, several "fixed income +" products from China Merchants Fund have achieved record high returns over the past year, including: - China Merchants Anben Zengli Bond A with a return of 17.27% - China Merchants Min'an Zengyi Bond A with a return of 13.45% - China Merchants Anze Wenli 9-month Bond with a return of 12.98% - China Merchants Ruitai 1-year Mixed A with a return of 10.80% - China Merchants Ruize 1-year Mixed A with a return of 9.59% - China Merchants Credit Enhanced Bond A with a return of 8.18% - China Merchants Ruixiang 1-year Mixed A with a return of 10.79% - China Merchants Ruile 6-month Mixed A with a return of 9.77% - China Merchants Anyi Stable Bond A with a return of 5.07% [1] Group 2: Product Development - The evolution of "fixed income +" at China Merchants Fund began with stock-bond allocation strategies, starting with the launch of the China Merchants Ruiqing Mixed Fund in 2016 and the China Merchants Ruiwen Fund in 2019, which adopted a "fixed income +" model [2] - The "Rui series" is recognized as an early entrant in risk budget management within the industry, focusing on active risk budget management to cater to different risk preferences of clients [2] Group 3: Team and Strategy - China Merchants Fund employs a diverse approach to cater to varying risk preferences, with high-wave products like China Merchants Anben Zengli and China Merchants Min'an Zengyi targeting higher yield elasticity, achieving over 10% returns this year [3] - Low-wave products, represented by China Merchants Anhe and China Merchants Ankang, utilize quantitative strategies focusing on low volatility and high dividend factors to align with the risk preferences of individual investors [3] Group 4: Research and Culture - The diversification of "fixed income +" necessitates a comprehensive and refined approach to research, extending beyond traditional stock-bond allocations to include macroeconomic analysis, industry research, and quantitative strategies [4] - An open research culture at China Merchants Fund fosters collaboration across departments, enhancing the potential for innovation and continuous improvement in "fixed income +" management [5]

Core Viewpoint - The A-share market has been rising steadily in the second half of the year, with the Shanghai Composite Index surpassing 3,800 points and trading volume exceeding 3 trillion yuan, indicating potential opportunities for equity asset allocation [1] Group 1: Fund Launch and Management - The招商均衡优选混合型证券投资基金 (Fund Code: 024027) officially launched on September 2, aiming for long-term net value growth by capturing investment opportunities during the economic recovery [1] - The fund's proposed manager, 吴潇, has nearly 12 years of investment research experience and over 8 years in product investment management, currently serving as the Director of Multi-Asset Investment Management at 招商基金 [2][3] Group 2: Investment Strategy - 吴潇 emphasizes managing portfolio volatility, focusing on balancing market, industry, style, and individual stock volatility to achieve smoother overall portfolio performance and better risk-adjusted returns [2][3] - The investment framework includes pricing and dynamic rebalancing, assessing asset pricing based on macroeconomic, policy, and geopolitical factors over a 3-5 year horizon [3] Group 3: Market Outlook and Investment Opportunities - The economic outlook is positive, with supportive policies and a resilient GDP expected in the first half of 2025, leading to a favorable environment for equity asset allocation [4] - Key investment opportunities identified include: - **Dividend Stocks**: Long-term performance is expected to improve due to increasing demand for wealth allocation [4] - **Technology**: Growth in global computing power and AI applications presents significant investment opportunities [5] - **Consumer Sector**: Valuations are at historical lows, with new consumption trends emerging [5] - **Pharmaceuticals**: Supportive policies for healthcare and rapid growth in innovative drugs highlight investment potential in this sector [5]