Core Viewpoint - The article discusses the shift of household deposits into capital markets, particularly through "fixed income +" products, as traditional bank wealth management yields decline. The "fixed income +" products have seen significant growth, with a total scale surpassing 1.9 trillion yuan in the first half of the year, indicating a growing preference for stable investment options among investors [1]. Group 1: Product Strategy - The "fixed income +" products are designed to cater to stable and mature investors, focusing on providing stable cash flows and balancing risk and return. The team emphasizes maintaining stable risk-return characteristics across all products [3][5]. - Hai Fu Tong has developed a diverse product line that includes various types of bond funds and mixed-asset products, ensuring a range of options to meet different investment goals [4][5]. Group 2: Performance Metrics - Hai Fu Tong's products have shown positive returns, with specific funds like the "Hai Fu Tong Add Value One-Year Holding Period Bond" achieving consistent quarterly positive returns since its inception, highlighting the team's effective risk management [5]. - The article provides a detailed performance table of various "fixed income +" products, showcasing their returns over different time frames, indicating a strong performance relative to benchmarks [4]. Group 3: Investment Philosophy - The investment philosophy of Hai Fu Tong's "fixed income +" team focuses on maintaining a long-term perspective, avoiding short-term pressures that could lead to poor decision-making. The team believes in accumulating excess returns gradually over time [12][13]. - The team employs a "three highs" stock selection framework, focusing on high dividend yields, high pre-receivable growth rates, and high cash flow ratios to identify stable investment opportunities [10]. Group 4: Market Adaptation - The team dynamically adjusts asset allocation based on the changing Sharpe ratios of stocks and bonds, ensuring that the risk-return profile remains stable despite market fluctuations [5][9]. - Hai Fu Tong's approach to risk management involves exposing the portfolio to high "cost-performance" risks, allowing for better long-term sustainability of returns [7][9]. Group 5: Historical Context - Hai Fu Tong has over 20 years of experience in stable investment management, having managed significant institutional assets, which has contributed to its expertise in "fixed income +" strategies [16][17]. - The company has adapted to the low-interest-rate environment by enhancing its multi-asset and multi-strategy capabilities, moving away from reliance on traditional yield strategies [18].

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]