Core Insights - The article introduces Wang Xiao, a bond trading expert and fund manager at Xingkong Securities, highlighting his impressive annualized return of over 30% on flagship products, which is rare in the industry [1][10]. Background and Experience - Wang Xiao has 10 years of experience in the investment industry, with a strong academic background in finance at both undergraduate and graduate levels [3][4]. - His career began in a securities company's fixed income department, focusing on domestic RMB bonds before expanding into offshore Chinese bonds, which helped him develop a comprehensive trading capability across markets [5]. Investment Strategy - Wang Xiao's investment approach combines top-down macro policy analysis with bottom-up credit risk pricing, creating a dynamic balance framework [8]. - The team focuses on overseas Chinese credit bonds, analyzing macroeconomic policies, supply and demand dynamics, and adjusting fund positions and leverage accordingly [9]. Performance and Future Goals - The flagship product has achieved an annualized return of over 30%, with a future target of maintaining a 10%+ annual return while effectively controlling drawdowns [10][11]. - Wang Xiao emphasizes the importance of credit quality research and exploiting cross-market interest rate differentials to enhance returns [9][11]. Unique Value Proposition - The article discusses the unique advantages of offshore RMB assets, particularly their low volatility compared to USD assets, making them attractive during periods of heightened market uncertainty [13][14]. - Wang Xiao believes that offshore RMB bonds can effectively attract USD liquidity due to their risk-return profile and stable cash flows [14]. Conclusion - Wang Xiao's insights reflect a deep understanding of the bond market, emphasizing the need for continuous learning and adaptation to overseas market rules for sustainable growth [16].