Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The fund manager Zhang Chuan of PuYin AnSheng Fund adopts a "Risk Management + Asset Allocation" investment strategy, aiming for "indexing traditional investments and systematizing active investments" to build a diversified asset allocation strategy that meets market trends. With an absolute - return orientation, the strategy focuses on tracking the performance benchmark and maintaining product positioning, offering a clear and transparent investment portfolio [2][17]. - The FOF products managed by Zhang Chuan have characteristics such as a good balance between risk and return, quick recovery from drawdowns, and a high - quality holding experience. The performance benchmarks of these products have moderate risk and return, and the products themselves show stronger returns on this basis [2][21]. - The portfolio structure of the representative funds combines diversified equilibrium with flexible allocation. The equity part is highly diversified, and the bond part uses a combination of active selection and passive flexible allocation to build a FOF product with advantages in sub - assets [2][30]. Summary According to the Directory 1. PuYin AnSheng Zhang Chuan: Creating a New Idea for FOF Investment from an Asset Allocation Perspective 1.1 Fund Manager's Basic Information - Zhang Chuan holds a master's degree in mathematics from Xi'an Jiaotong University, with 13 years of research experience in the securities and finance industry, including 6 years in financial engineering research and 7 years in asset allocation and FOF/MOM investment management. He currently manages three products with a total scale of 1.305 billion yuan [2][5]. 1.2 Performance Characteristics of the Products Managed by the Fund Manager - The risk - return performance of the wealth management product managed by Zhang Chuan from 2023/1/3 to 2024/8/31 was stronger than the average of comparable fixed - income + products, with relatively strong risk control [7]. - After applying the new strategy in February 2025, the net value of the products was ahead of the comparable benchmark, and the cumulative return of Yihe from 25/2/28 to 25/9/19 reached 4.95%, with an outstanding excess return [11]. 1.3 Fund Manager's Investment Framework - The investment framework consists of "risk management" and "asset allocation". Risk management emphasizes "weak - side thinking", focusing on controlling risks rather than predicting returns. Asset allocation involves diversified allocation based on risk control, without extreme operations on specific sectors or styles, and emphasizes tracking the benchmark [2][17]. 2. Return - Risk Characteristics - The performance benchmarks of Yihe and Jiahe have characteristics of moderate risk, moderate return, and quick recovery from drawdowns. The products show stronger returns on this basis, with an annualized tracking error similar to passive index products and significant excess returns [21][26]. - In April 2025, during market fluctuations, multi - asset allocation helped the products quickly recover their net values. The performance of the two products is consistent with the fund manager's investment concept, and the performance characteristics are sustainable [26][27]. 3. Portfolio Structure of Representative Funds 3.1 Equity Investment - The equity investment of the products is highly diversified, including multi - regional equity assets such as overseas and domestic index funds. There are also a small number of active equity positions to diversify income sources from an alpha perspective [32][33]. - The static equity fund portfolio simulation shows that the products' multi - asset allocation is successful, with a fast recovery speed during market fluctuations and relatively superior equity returns [36]. 3.2 Bond Investment - The bond investment strategy emphasizes identifying funds and managers to select alpha - generating funds, mainly in active pure - bond funds. Based on different risk settings, the products flexibly adjust the allocation ratio of other bond assets, especially bond index funds [38]. - The two products pay attention to the balanced allocation of bond types, with a relatively balanced allocation of credit bonds and interest - rate bonds to prevent excessive risk exposure [42].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The report focuses on Pu Yin An Sheng's fund manager Zhang Chuan, who has 13 years of securities and finance industry research experience, including 7 years in asset allocation and FOF/MOM investment management. His investment strategy combines "risk management + asset allocation", aiming for "indexing traditional investments and systematizing active investments" to provide clear - benchmarked and transparent investment portfolios [4][9]. - The products managed by Zhang Chuan, such as Pu Yin An Sheng Yi He and Jia He, show characteristics of both return - cost ratio and quick recovery from drawdowns, offering a high - quality holding experience. The investment framework is highly consistent with the product performance, and the product performance characteristics are sustainable [24][34]. - The holding structure of the representative funds features a combination of diversified equilibrium and flexible allocation. The equity investment is highly diversified, and the bond investment combines active selection and passive flexible allocation to build a relatively balanced bond portfolio [38][40][46]. Summary by Directory 1. Pu Yin An Sheng Zhang Chuan: Creating a New FOF Investment Approach from an Asset Allocation Perspective 1.1 Fund Manager's Basic Information: A FOF Manager with Seven Years of Asset Allocation Experience - Zhang Chuan holds a master's degree in mathematics from Xi'an Jiaotong University, with 13 years of securities and finance industry research experience. He currently manages three products with a total scale of 1.305 billion yuan [4][9]. 1.2 Performance Characteristics of the Products Managed by the Fund Manager - When Zhang Chuan managed the 2021 China Merchants Bank Wealth Management Zhaozhi Hongrui Balanced Allocation Daily Open No. 3 product, its risk - return performance was stronger than the average of comparable fixed - income + products from 2023/1/3 to 2024/8/31, especially in risk control [11]. - After taking over public - offering FOFs, Zhang Chuan combined his asset allocation ideas with "indexing and systematizing" investments. After the product strategy adjustment on 2025/2/28, the net value of the products was ahead of the comparable benchmarks, with outstanding excess returns. For example, from 2025/2/28 to 2025/9/19, the cumulative return of Yi He reached 4.95%, while the comparable index return was 1.00% [16]. 1.3 Fund Manager's Investment Framework: FOF Investment under "Risk Management + Asset Allocation" - The investment framework consists of "risk management" and "asset allocation". Risk management emphasizes "weak - side thinking", focusing on risk control rather than return prediction. Asset allocation involves diversified allocation based on risk anchoring, avoiding extreme operations and emphasizing benchmark tracking [22]. - The fund manager has made comprehensive strategic changes to the two managed products, aiming for absolute returns and a good holding experience in the medium - to - long term and anchoring the strategic benchmark in the short - to - medium term, while not focusing on relative peer rankings [22]. 2. Return - Risk Characteristics: High Holding Experience with Both Return - Cost Ratio and Quick Drawdown Recovery - After the strategy and benchmark adjustment, Pu Yin An Sheng Yi He and Jia He products show characteristics consistent with the early layout. The performance benchmark of Yi He has an 18% equity position, and Jia He has a 10% equity position [24][27]. - Jia He maintains a moderate maximum drawdown (within 1% since adjustment), with obvious return performance. The performance benchmark has the characteristics of moderate risk and return, and the product has a strong tracking ability and an excess return of 1.00% [27]. - Yi He's performance is more affected by market fluctuations due to its higher equity position. However, multi - asset allocation can effectively disperse risks, and it has a short drawdown recovery time. Since the adjustment, the annualized tracking error is 1.38%, and there is an excess return of 1.42% [28][33]. 3. Holding Structure of Representative Funds: Building a FOF Portfolio with Dominant Sub - Assets through Diversified Equilibrium and Flexible Allocation 3.1 Equity Investment: Overseas Multi - Asset Diversified Allocation and Flexible Allocation of Domestic Equity Indexes - The equity investment of the products is highly diversified, actively investing in domestic broad - based indexes and overseas multiple assets such as Hong Kong stocks and foreign indexes. The two products have common characteristics in multi - regional equity asset allocation, reflecting the importance of multi - asset allocation [40]. - The two funds also have a small amount of active equity positions (about 1% each), which are mainly invested in a few products to diversify return sources from an alpha perspective [41]. - The static equity fund holding simulation shows that the performance characteristics of the equity simulation portfolio are consistent with the funds, indicating the success of multi - asset allocation [44]. 3.2 Bond Investment: Active Selection + Passive Flexibility to Build a Relatively Balanced Bond Portfolio - The bond investment strategy emphasizes a model for identifying funds and fund managers, with a focus on selecting alpha - generating funds, mainly reflected in the bond fund segment. The manager makes similar key allocations in some heavy - position active pure - bond funds and flexibly adjusts the allocation ratio of other bond assets based on different risk settings [46]. - The two funds pay attention to the balanced allocation of bond types. The heavy - position active pure - bond products are mainly credit bonds with some interest - rate bonds, and most passive bond funds are mainly allocated to interest - rate bonds, presenting a relatively balanced bond - type allocation [51].