Core Viewpoint - The "fixed income +" strategy has emerged as a safe haven for funds in a volatile market, driven by investor demand for stable returns and trust in fund managers' capabilities [1] Group 1: Market Outlook - The potential return rate in the equity market is viewed optimistically for at least the next two to three years [1] - The current market shows strong characteristics, with opportunities for rotation in undervalued sectors that have long-term growth potential [4] - The valuation of many quality leading companies has dropped to a price-to-earnings ratio of 15-20 times, indicating significant potential for price appreciation if market confidence returns [4] Group 2: Investment Strategy - The fund manager has successfully captured beta trends in the market, particularly by increasing exposure to Hong Kong stocks and convertible bonds at opportune moments [2] - A balanced and diversified portfolio is maintained, with no single industry exceeding 10% of the total allocation, and a focus on stocks with high return on equity (ROE) and stable growth [2] - In fixed income investments, the strategy emphasizes the unity of safety, yield, and liquidity, primarily focusing on high-grade credit bonds with a short to medium duration [3] Group 3: Fund Performance - The fund managed by the company has achieved positive returns for three consecutive years since its inception in the second half of 2021 [2] - The recent quarterly reports indicate a systematic increase in equity positions while significantly reducing convertible bond allocations, reflecting the manager's market expectations [4] Group 4: Defensive Positioning - The current bond portfolio has a lower duration compared to the previous year, indicating a defensive stance in response to low absolute yields and tight credit spreads [5]

Core Viewpoint - The "fixed income +" strategy has become a safe haven for funds in a volatile market, driven by investors' urgent demand for stable returns and trust in fund managers' investment capabilities [1] Group 1: Market Outlook - The potential return rate of the equity market is viewed optimistically for at least the next two to three years [1] - The current market shows strong characteristics, with opportunities for rotation in undervalued sectors that have long-term growth potential [4] - The valuation of many quality leading companies has dropped to 15-20 times earnings, indicating significant potential for price appreciation if market confidence is restored [4] Group 2: Investment Strategy - The fund manager emphasizes a balanced approach in asset allocation, maintaining a single industry exposure of no more than 10% and diversifying stock selections [2] - In equity investments, safety is prioritized, focusing on reasonable valuations, sound financial data, and avoiding companies with negative news [2] - The strategy involves increasing equity positions while reducing convertible bond holdings, reflecting a proactive adjustment to market conditions [4] Group 3: Fixed Income Investment - The focus in fixed income investments is on the unity of safety, yield, and liquidity, primarily investing in high-grade credit bonds with a preference for medium to short durations [3] - The current bond portfolio has a lower duration compared to the previous year, indicating a defensive posture in response to low absolute yield levels [5]

Core Viewpoint - The "fixed income +" strategy has emerged as a safe haven for funds in a volatile market, driven by investor demand for stable returns and trust in fund managers' capabilities [1] Group 1: Market Insights - The current equity market has a high potential return rate, with a positive outlook for at least the next two to three years [1] - The market has strong characteristics, with opportunities for rotation in sectors that have reasonable valuations and long-term growth potential [4] - The core assets in the A-share market have become more attractive, with many leading companies' price-to-earnings ratios falling to 15-20 times, indicating significant potential for price appreciation if market confidence returns [4] Group 2: Investment Strategy - The investment strategy emphasizes a balanced approach, maintaining a diversified portfolio across various sectors while focusing on safety and return elasticity [4] - In equity investments, safety is prioritized, with a focus on reasonable valuations, stable financial data, and avoidance of companies with negative news [2] - In fixed income investments, the strategy focuses on high-grade credit bonds with a preference for medium to short durations, while strictly controlling credit risk [3] Group 3: Fund Performance - The fund managed by Jiang Yong, Hai Fu Tong Tian He Yield, raised over 1.2 billion yuan in its initial offering, reflecting strong investor demand for stable returns [1] - The fund has successfully captured beta trends in the market, achieving positive returns for three consecutive years since its inception in the second half of 2021 [1][2] - Jiang Yong's management has led to a systematic increase in equity positions while significantly reducing convertible bond holdings, indicating a strategic adjustment based on market predictions [3]

Core Insights - Investors in 2025 face a dilemma with one-year fixed deposit rates falling below 1%, making it increasingly difficult to achieve stable returns, while global policy uncertainties and high equity market volatility cause cautiousness among low to medium risk investors [1] - The "fixed income +" strategy has re-emerged as a viable option for investors seeking both stability and enhanced returns, utilizing bond assets as a safety net while selectively incorporating stocks and convertible bonds [1][2] - The Hai Fu Tong Yue Xiang One-Year Holding Mixed Fund (Class A: 019752, Class C: 019753) primarily invests in bonds, with equity and convertible bond allocations between 10%-30%, achieving a one-year return of 5.11% and a maximum drawdown of only -1.88% as of Q1 2025 [1][2] Investment Strategy - Hai Fu Tong Fund has a strong focus on the pension sector, integrating stable investment demands and experience into the "fixed income +" operational framework, aiming to provide products that balance long-term returns with stability [2] - The fund adopts a pension investment management model, adjusting equity positions based on market conditions and expected returns, supported by the company's pension research resources [2][3] - The fund's risk-return characteristics have become clear after one and a half years of operation, with Class A shares achieving a return of 6.45% since inception and outperforming peers in various risk-return metrics [2][3] Performance Metrics - As of Q1 2025, the Hai Fu Tong Yue Xiang One-Year Holding Mixed Fund (Class A) has an annualized volatility of 2.46%, a maximum drawdown of -1.88%, and a Sharpe ratio of 1.47, ranking favorably among peers [3] - The fund manager, Jiang Yong, has a strong track record, with his managed funds achieving returns of 22.41% and 14.90% over the past three years, placing them in the top 2% and 7% of their categories [3][4] - The fund emphasizes a balanced investment approach, focusing on high-grade credit bonds and undervalued, high-dividend stocks while maintaining strict risk management practices [4] Market Context - In the current low-interest and high-volatility environment, the "fixed income +" product, which emphasizes risk budgeting and long-term performance, presents a compelling solution for investors seeking stable returns without significant fluctuations [5] - The fund's one-year holding period aligns well with the investment needs of those looking for stability and liquidity management, making it a suitable option for conservative investors [4][5]