Core Viewpoint - The convertible bond market has shown resilience amid recent equity market fluctuations, with funds focusing on convertible bonds gaining traction for their dual characteristics of equity and debt [1] Group 1: Fund Performance - The Huian Jiaceng Bond Fund has received a three-year five-star rating from Galaxy Securities as of September 30, 2025, reflecting its strong performance [1] - As of September 30, 2025, the Huian Jiaceng Bond A fund achieved a one-year return of 18.00%, significantly outperforming its benchmark return of 0.57% by 17.43% [1] - The fund's three-year return was 16.91%, exceeding the benchmark of 4.76% by 12.15%, and its cumulative return since inception reached 27.70%, outperforming the benchmark of 8.59% by 19.11% [1] Group 2: Investment Strategy - The fund is managed by Zhang Jing, focusing on a bottom-up selection of convertible bonds, emphasizing a combination of safety margins and yield elasticity [2] - The strategy aims to capture excess returns by leveraging the unique characteristics of convertible bonds, which blend features of both stocks and bonds [2] - The fund manager highlights the importance of the bond floor in providing downside protection during market volatility while also capitalizing on equity-like returns during market upswings [2] Group 3: Market Outlook - The convertible bond market has been active, driven by strong equity market performance, with premium rates remaining high and valuations in the historical mid-high range [3] - The Huian Jiaceng Bond Fund continues to participate in equity market opportunities through convertible bonds, aiming to create protected upside returns [3] - Analysts expect the convertible bond market to show strong support due to robust demand, with limited downside potential following recent market adjustments [3]