Group 1 - The recent Central Political Bureau meeting has set a clear direction for economic work in the second half of the year, emphasizing the importance of enhancing the attractiveness and inclusiveness of the domestic capital market [1] - The new emphasis on "enhancing attractiveness" marks a significant elevation of the capital market's importance, which is expected to boost market sentiment and alleviate concerns regarding domestic and external demand declines [1] - China International Capital Corporation (CICC) believes that the meeting's positive signals will support a continued upward trend in the domestic equity market, while the bond market remains favorable due to expected loose monetary policy [1] Group 2 - The Huian Quality Selected Incremental Bond Fund is gaining attention as it allows for a minimum stock allocation of 5%, compared to traditional secondary bond funds which typically have a stock allocation of 0-20% [2] - The new fund has a 6-month construction period, allowing for flexible adjustments to the investment portfolio based on market conditions, which can help in accumulating quality assets [2] - The performance benchmark for the fund is based on a combination of high-quality credit bonds from central enterprises and dividend quality indices, emphasizing profitability and growth potential [2]

Group 1 - The recent Central Political Bureau meeting has clarified the direction and focus for economic work in the second half of the year, emphasizing the importance of enhancing the attractiveness and inclusiveness of the domestic capital market [1] - The new emphasis on "enhancing attractiveness" marks a significant elevation of the capital market's importance, which is expected to boost market sentiment and alleviate concerns regarding domestic and external demand [1] - The fixed income market is anticipated to remain favorable due to a likely continuation of loose monetary policy, with recent market adjustments presenting opportunities for investment [1] Group 2 - The Huian Quality Selected Incremental Bond Fund is gaining attention as it enters the issuance phase, with a minimum stock allocation of 5%, compared to traditional secondary bond funds that typically have a stock allocation of 0-20% [2] - The new fund has a 6-month construction period, allowing for flexible adjustments to the investment portfolio based on market conditions, which can help in accumulating quality assets [2] - The performance benchmark for the fund is based on a combination of high-quality credit bonds from central enterprises and a quality dividend index, emphasizing profitability and growth potential [2]

Group 1 - The equity market has recently reached new highs, with the Shanghai Composite Index surpassing 3600 points, leading to disturbances in the bond market due to the "stock-bond seesaw" effect [1] - The 10-year government bond yield has risen sharply to 1.73% as of July 25, marking a year-to-date high, driven by rising inflation expectations and changes in the funding environment [1] - Citic Securities attributes the recent bond market pullback to increased inflation expectations, high previous market congestion, and marginal changes in the funding environment [1] Group 2 - Huaxi Securities predicts that the bond market may have already passed its most challenging phase, with expectations of improved funding conditions supported by the central bank's actions [1] - The central bank's proactive measures, including a net injection of 100 billion yuan through MLF and a significant reverse repo operation, indicate a commitment to stabilizing the funding environment [1] - The bond market is expected to benefit from the central bank's continued support, particularly for mid-to-short-term and credit bonds [1] Group 3 - Huian Fund's research team notes that after significant redemptions, the central bank's large net injection has stabilized market sentiment, leading to cautious short-term expectations for interest rates [2] - Investors are advised to consider short-duration bond funds, which are less affected by interest rate fluctuations, as a preferred option for managing liquidity needs [2] - Specific funds, such as Huian Yongli 30-day holding period short bond fund and Huian Yongfu 90-day holding period medium-short bond fund, have consistently achieved positive returns since their inception [2] Group 4 - For investors looking to participate in equity markets while managing risk, the Huian Quality Selected Bond Fund, which focuses on high-quality central enterprise credit bonds and dividend-quality stocks, is recommended [3] - This fund has a unique performance benchmark designed to balance returns from quality credit bonds and stocks, aiming for stable growth [3] - The fund is currently available for subscription across major channels, appealing to investors seeking steady progress [3]

Core Viewpoint - The recent rise of the Shanghai Composite Index above 3600 points has led to increased interest from investors, prompting a consideration of the newly issued Huian Quality Selected Incremental Bond Fund as a balanced investment option [1][2]. Group 1: Fund Characteristics - The Huian Quality Selected Incremental Bond Fund is classified as a secondary bond fund with a minimum stock allocation of 5%, allowing for a blend of fixed income and equity investments [1][2]. - The fund's investment strategy includes a minimum of 80% in bonds and a stock allocation ranging from 5% to 20%, with at least 5% in domestic stocks [1][2]. Group 2: Historical Performance - Historical data shows that the Wande Mixed Bond Secondary Index has increased by 35.98% over the past ten years, with an annualized volatility of 4.19%, contrasting with the Shanghai and Shenzhen 300 Index's decline of 0.65% and volatility of 20.36% during the same period [2]. - The secondary bond fund index has demonstrated resilience during years when the Shanghai and Shenzhen 300 Index experienced negative returns [2]. Group 3: Investment Opportunities - The fund aims to capitalize on high-quality development themes, with a performance benchmark that combines the yield of the China Securities Selected Central Enterprise Quality Credit Bond Index (85%), the China Securities Dividend Quality Index (10%), and the after-tax bank demand deposit rate (5%) [3]. - The China Securities Selected Central Enterprise Quality Credit Bond Index focuses on high-quality central enterprise bonds, while the Dividend Quality Index selects companies with strong dividend payment histories and profitability [3]. Group 4: Management Strategy - The fund will be managed by Wang Zuozhou, who specializes in flexible duration trading strategies, forward hedging, and cross-market arbitrage [4]. - The investment approach emphasizes a balance between risk and return, targeting stable income through high-quality credit bonds and dividend-paying stocks [4].