难 得的 是， 受去年全球贸易摩擦 、 美国货币政策等因素影响， 市场一度遭遇波动，但汇添富凭借 规则化的运作和资产驱动力的分散配置，将最大回撤控制在小范围内，表现出较高的收益性价比 。 其中 ，汇添富鑫享添利 六个月持有A 过去一年 净值 上涨 5.35%（业绩基准2.52%），但 区间最 大回撤 仅-0.73% ； 汇添富添添乐双鑫A净值 上涨5.94 %（ 业绩 基准 2.56 %），最大撤回 仅-0.9 7 %；汇添富保鑫A 净值 上涨 4 . 75 %（ 业绩 基准 0.39% ），最大回撤仅-1.01% ； 汇添富稳健增益一年持有A净值上涨5.55%（业绩基准2.57%），最大回撤-1.32%，为中低风险偏 好投资者创造了良好的投资体验 。 数据来源：过去一年指202 5/ 1 / 1-2025 /12/31， 业绩 经托管行复核，业绩基准、最大回撤来自汇添富，排名数据 来自银河证券基金评价中心，汇添富添福吉祥A 、汇添富民安增益A、汇添富稳健添益一年持有期 的同类基金指普通偏债 型基金(股票上限不高于30%)(A类)，具体排名分别是：10/313、25/313、32/313；汇添富盈润的同类基金 ...

Core Viewpoint - The company has successfully leveraged its expertise in equity investment to enhance its performance in mixed equity and bond products, achieving significant recognition in the market through structured investment strategies and risk control measures [1][2][3] Performance Highlights - The company's high-wave product, Huatai Fuhua Industrial Bond A, achieved a net value increase of 18.21% over the past three years, ranking 2nd among 217 similar products [2] - The medium-wave product, Huatai Fuhua Stable Earnings, saw a net value increase of 11.05% over three years, placing it in the top 10% of its category [2] - The low-wave product, Huatai Fuhua Stable Return Bond A, recorded a net value increase of 8.64% in the past year, ranking in the top 20% of similar products [2] Growth in Scale - The company experienced organic growth in its mixed equity and bond products, with the total share of Huatai Fuhua Xinxiang Six-Month Holding increasing by over ten times in the second quarter [3] - The competitive landscape in the public fund industry necessitates unique strategies based on the company's strengths to establish long-term competitiveness [3] Team Structure and Investment Strategy - The company has restructured its stable income investment team into five specialized groups, each focusing on different aspects of investment management to enhance performance [4][5][6] - The investment strategy emphasizes a systematic approach, incorporating rules-based investment processes to ensure clarity in risk-return profiles and effective drawdown control [6][7] Risk Management and Performance Evaluation - The company has implemented a comprehensive drawdown management mechanism, including early warning systems and defined responsibilities to optimize risk management [6][7] - Performance evaluation is tailored to different product types, assigning varying weights to absolute returns, maximum drawdowns, and relative performance metrics [7]

Core Viewpoint - The "fixed income +" category has regained popularity in the market, with over 90% of funds achieving positive returns this year, and the highest performance nearing 30% [1][2]. Performance Summary - As of July 22, over 90% of "fixed income +" funds (including mixed bond funds and secondary bond funds) have achieved positive returns, with an average net value growth rate of 3.50% and 15 funds exceeding 15% growth [3]. - Many "fixed income +" funds saw significant increases in their share volumes in Q2, with over 70 funds doubling their shares. The Qianhai Kaiyuan Dingrui Fund's shares increased by over 63 times, while several other funds saw increases between 10 to 35 times [3]. Market Outlook - Industry experts express optimism for the second half of the year, focusing on sectors such as technology growth, manufacturing, pharmaceuticals, and consumer goods [1][4]. - The expectation of continued loose monetary policy suggests favorable investment opportunities in the bond market [1][7]. Investment Strategy - "Fixed income +" funds have reduced their equity positions while increasing allocations to bonds and cash assets, with a slight decrease in convertible bond positions [3][5]. - Fund managers are optimistic about maintaining high positions and balanced layouts, focusing on globally competitive Chinese companies in key sectors [6]. - Specific strategies include maintaining low equity positions with a focus on dividends, large-cap, and undervalued stocks, while adopting a "low price + double low" strategy for convertible bonds [7].