Core Viewpoint - Huatai Fuhua has established itself as a leader in active equity investment, known for its strong stock-picking capabilities, and has successfully expanded into the fixed income plus (固收+) sector, achieving significant growth and scale [1] Group 1: Investment Strategy and Performance - The company emphasizes enhancing investor satisfaction by meeting the needs of medium to low-risk investors for stable yet non-boring returns, maintaining a consistent investment philosophy amid market fluctuations [1] - Huatai Fuhua's fixed income plus products have shown impressive performance over the past year, with various products achieving significant growth in share size, attracting both institutional and individual investors [1] - The company has developed a range of fixed income plus products with clear and stable styles, achieving notable returns while controlling drawdowns [2] Group 2: Research and Team Structure - Huatai Fuhua's investment philosophy is rooted in in-depth fundamental analysis, focusing on high-quality securities for long-term investment returns, which has become a core dependency for performance growth [3] - The company has established a vertically integrated research system, covering various industries and styles, fostering efficient collaboration among team members [4] - The culture of sharing within the company enhances collaboration between equity and fixed income teams, facilitating a rich exchange of ideas and insights [4] Group 3: Rule-Based Investment Approach - The company has increasingly emphasized a rule-based approach to create a multi-strategy product system centered around human resources, aligning investment personnel, strategies, products, and client needs [6] - Huatai Fuhua has developed a clear and stable multi-strategy product system by strictly defining and executing fund product benchmarks, ensuring a diverse range of fixed income plus products [8] - The investment team adheres to strict principles in portfolio construction, focusing on risk control and diversification to enhance risk-adjusted returns for investors [9] Group 4: Performance Metrics and Achievements - Specific products have demonstrated strong performance, such as the Huatai Fuhua Baoxin, which achieved a return of 5.49% against a benchmark of 4.24%, with a maximum drawdown of -1.01% [2] - The Huatai Fuhua Shiye Bond product recorded a return of 16.49%, closely aligning with its benchmark of 16.76%, showcasing the effectiveness of the company's investment strategies [2] - The company has implemented a dedicated research data science team to ensure that investment portfolios align with macro strategies, enhancing the overall investment process [10]

Core Viewpoint - The article emphasizes the proactive equity investment strategy of Huatai Fuhua, highlighting its early and rapid development in the fixed income plus (固收+) sector, aiming to meet the stable yet non-ordinary return demands of medium to low-risk investors [1][4]. Investment Performance - Huatai Fuhua's fixed income plus products have shown impressive performance over the past year, with various products achieving significant growth in share size and returns while maintaining strict control over drawdowns [1][2]. - Specific product performance includes: - Huatai Fuhua Baoxin: 5.49% return, benchmark 4.24%, max drawdown -1.01% - Huatai Fuhua Multi-Asset Income: 13.89% return, benchmark 4.28%, max drawdown -0.92% - Huatai Fuhua Industrial Bond: 16.49% return, benchmark 16.76%, max drawdown -3.29% [2]. Investment Philosophy - The company has established a consistent investment philosophy focused on in-depth fundamental analysis, selecting high-quality securities for long-term investment to achieve stable growth [4]. - The investment approach emphasizes bottom-up asset pricing capabilities rather than top-down macroeconomic judgments, fostering a culture of continuous learning and sharing among team members [5][6]. Research and Development System - Huatai Fuhua has developed a vertically integrated research and investment system, covering various industries and styles, which enhances collaboration and knowledge sharing among team members [5][6]. - The company promotes a culture of sharing, allowing for open discussions and exchanges of ideas across different teams, which is crucial for the proactive equity investment that empowers fixed income plus management [5][6]. Rule-Based Investment Strategy - The company has increasingly emphasized a rule-based approach to stabilize investment styles and make strategies more replicable, creating a multi-strategy product system centered around human resources [7][9]. - This rule-based approach includes strict adherence to asset allocation requirements and risk control measures, ensuring that investment strategies align with client needs [10][11]. Dynamic Monitoring and Evaluation - Huatai Fuhua has established a dedicated data science team to preemptively evaluate investment behaviors and ensure that the risk-return profile of investment portfolios aligns with macro strategies [12]. - The company has optimized its investment management processes, including withdrawal management and performance evaluation, to enhance overall investment effectiveness [12].

Core Viewpoint - The article emphasizes the importance of a systematic approach to achieve stable returns in a low-interest, high-volatility market environment, highlighting the need for diversified income sources and rigorous risk control [1][17]. Group 1: Investment Environment - Investors are experiencing unprecedented anxiety due to high risks in the stock market and unsatisfactory returns from financial products [1]. - The market demand has shifted, creating a new investment challenge: how to design financial products that capture excess returns while strictly controlling drawdowns [1]. Group 2: Performance of Investment Products - The article presents the performance of several products managed by Wu Jianghong's team, showcasing their ability to maintain low volatility and strong performance over time [2]. - Specific products mentioned include: - 汇添富保鑫: 近半年业绩 1.41%, 近一年业绩 3.51% [2] - 汇添富鑫享添利: 近半年业绩 2.80%, 近一年业绩 6.07% [2] - 汇添富双鑫添利: 近半年业绩 2.27%, 近一年业绩 5.65% [2] - 汇添富稳健盈和: 近半年业绩 2.57%, 近一年业绩 6.00% [2] - 汇添富实业债: 近半年业绩 4.45%, 近一年业绩 10.13% [2] Group 3: Investment Methodology - The team employs a specialized division of labor, allowing each member to focus on their area of expertise, which enhances the overall investment strategy [5][6]. - The investment approach includes pursuing a broader spectrum of alpha by diversifying income sources across various asset classes, including bonds and stocks [7]. - The team emphasizes strict control of drawdowns and risk exposure, aiming for consistent positive returns regardless of market complexity [8][9]. Group 4: Focus on Convertible Bonds - Wu Jianghong's expertise lies in convertible bonds, which are viewed as low-error-cost equity assets that provide both debt protection and equity-like flexibility [11]. - The team identifies three types of convertible bond opportunities: - Bonds with asymmetric risk-reward profiles [12]. - Undervalued bonds from high-quality companies [13]. - Bonds from cyclical growth industries [13]. Group 5: Expansion of Investment Capabilities - Wu Jianghong has expanded his investment capabilities beyond convertible bonds to include equity investments, focusing on undervalued assets across various sectors [15]. - The investment strategy emphasizes diversification not only by industry but also by factors, ensuring a balanced exposure to different market conditions [15]. Group 6: Systematic Approach to Stability - The article concludes that true "stable returns" stem from a comprehensive system that includes diversified income sources, a rigorous risk control framework, and deep asset knowledge [17].