Core Viewpoint - Hai Futong Fund has announced the effective contract of the Hai Futong Qihuo Income Bond Fund, with a total net subscription amount of approximately 12.63 billion yuan during the fundraising period [1][2]. Group 1: Fund Details - Fund Name: Hai Futong Qihuo Income Bond Fund [2] - Fund Abbreviation: Hai Futong Qihuo Income Bond [2] - Fund Main Code: 024115 [2] - Fund Operation Type: Contractual open-end [2] - Fund Contract Effective Date: July 17, 2025 [2] - Fund Manager: Hai Futong Fund Management Co., Ltd. [2] - Fund Custodian: Shanghai Pudong Development Bank Co., Ltd. [2] Group 2: Fundraising Information - Fundraising Period: From July 1, 2025, to July 15, 2025 [3] - Total Valid Subscription Accounts: 3,529 [3] - Total Net Subscription Amount: 12,629,171,110.98 yuan [3] - Interest Generated During Fundraising: 380,283.56 yuan [1][3] - Total Fund Shares: 1,263,297,394.54 shares [1][3] Group 3: Fund Manager Background - Fund Manager: Jiang Yong, with previous experience as a senior analyst at Guotai Junan Futures Co., Ltd. and joined Hai Futong Fund in June 2017 [1].

Core Viewpoint - The "fixed income +" strategy has gained consensus in the market this year, driven by the continuous decline in risk-free interest rates and the emergence of structural opportunities in the equity market [1] Group 1: Investment Strategy - The "fixed income +" strategy maintains continuous growth in scale due to its unique risk-return balance, which meets the needs of most investors [2] - This strategy combines stocks and bonds, with equity assets not exceeding 30%, aiming for stable returns while controlling volatility [2] - The focus is on sustainable, steady medium to long-term returns rather than short-term performance spikes [2] Group 2: Company Practices - Hai Fu Tong has positioned itself in the "fixed income +" space, emphasizing a stable approach before seeking higher returns [3] - The company has established a "Mixed Asset Investment Department" to manage various products, including secondary bond funds and mixed funds, catering to diverse investor needs [3] Group 3: Product Performance - Hai Fu Tong's public "fixed income +" products have gained recognition, with notable growth in scale for specific funds, such as an increase of 736 million yuan and 552 million yuan for two funds this year [4] - The Hai Fu Tong Yuexiang one-year holding mixed fund has achieved a return of 7.58% since its inception, with consistent positive quarterly returns [5][6] Group 4: Management Expertise - The success of these products is attributed to the experienced fund manager Jiang Yong, who has over 13 years in the securities industry and has managed various types of investment products [5][7] - Jiang Yong prioritizes risk control in asset allocation, aiming to provide a positive long-term holding experience for investors [7] Group 5: Market Positioning - The "fixed income +" strategy is viewed as a systematic asset allocation philosophy, focusing on risk control while exploring yield potential [7] - Hai Fu Tong's mixed funds have ranked in the top 2% and 5% of their category over the past three years, reflecting strong mid to long-term performance [7]

Core Viewpoint - The "fixed income +" strategy has become a significant consensus in the market this year, driven by the continuous decline in risk-free interest rates and the emergence of structural opportunities in the equity market [2]. Investment Strategy - The growth of "fixed income +" products is primarily due to their unique risk-return balance, which meets the needs of most investors. These products limit equity assets to no more than 30%, combining stocks and bonds to achieve a refined asset allocation while controlling risks, aiming for stable returns over the medium to long term [4]. - "Fixed income +" funds are designed to pursue both yield enhancement and risk control, focusing on sustainable and steady medium to long-term returns rather than short-term performance spikes [4]. Market Trends - The "fixed income +" sector has become a competitive area for major asset management institutions, with a deepening understanding of the relationship between risk and return. Various institutions have developed distinctive operational models in product design, investment strategies, and portfolio management [6]. - The stable style of "fixed income +" and bond-mixed funds has become a key focus for Hai Fu Tong Fund, which leverages its advantages in asset allocation to enhance investor experience [6]. Product Performance - Hai Fu Tong Fund's public "fixed income +" products have gained recognition from investors, with notable growth in scale for products like Hai Fu Tong Yue Xiang One-Year Holding Mixed Fund and Hai Fu Tong Tian Li Yield One-Year Holding Bond Fund, which saw increases of 736 million yuan and 552 million yuan respectively [7]. - The Hai Fu Tong Yue Xiang One-Year Holding Mixed Fund, established in December 2023, achieved a return of 7.58% since inception, with consistent positive quarterly returns and a total of 58 new highs, providing a good investment experience for various investors [10]. Management Expertise - The success of these products is attributed to the experienced fund manager Jiang Yong, who has over 13 years in the securities industry and has managed various types of products, focusing on risk control and long-term value growth [11]. - Jiang Yong employs high-grade credit bonds as the foundational strategy, strictly controlling credit risk, while using interest rate bonds as auxiliary investment targets. The equity portion is selected based on "margin of safety" and "potential return elasticity" to enhance overall portfolio returns [11]. Conclusion - The "fixed income +" strategy is viewed as a systematic asset allocation philosophy, aiming to control risks within acceptable limits while exploring return potential. This "steady progress" approach is seen as key for investors seeking long-term wealth accumulation [11].