Core Insights - The article emphasizes the stability and long-term performance of the fixed income team at ICBC Credit Suisse Asset Management, highlighting the rarity of fund managers who maintain consistent performance over a decade or more [1][5][13] Group 1: Investment Strategy - The fixed income investment approach is likened to a marathon, focusing on long-term rhythm and endurance rather than short-term speed [1] - The company has developed a mature system to continuously seek excess returns in a low-yield, high-volatility environment, emphasizing the importance of macroeconomic foresight and institutional behavior tracking [2][3] - Asset pricing dynamics are crucial for identifying investment opportunities, with the company considering various valuation indicators to inform its "fixed income+" product strategies [3] Group 2: Team and Talent - The fixed income team at ICBC Credit Suisse has grown to 46 members, with a structured growth path for team members to ensure the continuity of research capabilities [7] - The presence of experienced fund managers, such as Ouyang Kai and He Xiuhong, who have managed funds for over a decade, contributes to the company's stability and performance [6][5] Group 3: Product Offering - The company has established a comprehensive "fixed income super shelf" with a diverse range of products tailored to different investor needs, including short-term, medium-term, and various types of bond funds [8][10] - The "fixed income+" products are categorized into three tiers based on equity positions and risk-return characteristics, catering to different market cycles and investor risk appetites [9] Group 4: Historical Development - The development of ICBC Credit Suisse's fixed income business has been marked by significant milestones, including the launch of the first money market fund in 2006 and the establishment of a robust investment research framework [10][11] - The company has achieved substantial growth, with its fixed income business scale surpassing 670 billion yuan by 2024, reflecting a successful transition to high-quality development [12] Group 5: Future Outlook - The company aims to enhance its investment capabilities and continue innovating in product offerings, particularly in response to the evolving market environment and investor needs [13]

Core Viewpoint - The article emphasizes the stability and long-term performance of ICBC Credit Suisse Asset Management's fixed income team, highlighting their ability to navigate various market cycles while maintaining consistent returns for investors [1][10]. Group 1: Investment Strategy - The fixed income team at ICBC Credit Suisse has developed a mature system to address the challenges of low yields and high volatility, focusing on macroeconomic foresight and long-term research to guide investment decisions [2][3]. - The team employs a dual pricing system based on yield spreads to identify relative value opportunities and enhance returns through dynamic asset allocation [3][4]. - The firm has built a comprehensive "super shelf" of fixed income products, offering a wide range of options tailored to different investor needs and risk profiles [8][9]. Group 2: Team and Talent - The fixed income research team has grown to 46 members, with a structured mentorship program to ensure the transfer of knowledge and expertise among team members [7][12]. - The presence of experienced fund managers with over ten years of tenure is a significant asset, contributing to the firm's stability and performance [5][6]. Group 3: Market Position and Growth - ICBC Credit Suisse has established itself as a leader in the fixed income market, with its bond fund scale surpassing 670 billion yuan by 2024, reflecting a strong market presence [12][13]. - The firm has successfully launched innovative products, such as the Sci-Tech Bond ETF, which has gained significant market traction since its inception [12][13]. Group 4: Historical Development - The firm has a clear growth trajectory since its inception in 2006, marked by key milestones such as the launch of the first money market fund and the first short-term wealth management fund in China [10][11]. - The establishment of a robust research and management framework has enabled the firm to adapt to changing market conditions and investor demands effectively [11].

Core Viewpoint - The article emphasizes the stability and long-term performance of the fixed income investment team at ICBC Credit Suisse Fund, highlighting their ability to navigate various market cycles while maintaining consistent returns for investors [1][10]. Group 1: Investment Strategy and Market Environment - The demand for low-risk investment options is increasing, particularly in a low-interest-rate environment where bond yields have significantly decreased, prompting investors to seek more attractive returns from bond funds and "fixed income+" products [2][3]. - ICBC Credit Suisse Fund has developed a mature system to address the challenges of low yields and high volatility, focusing on macroeconomic research and tracking institutional investor behavior to manage risks effectively [2][3]. - The fund employs a detailed asset pricing strategy, considering various valuation indicators to optimize the allocation between equity and debt in their "fixed income+" products [3][4]. Group 2: Team and Management Structure - The fund boasts a team of experienced managers, with several having over ten years of management experience, which is rare in the industry where the average tenure is only five years [4][5]. - The fixed income research team has grown to 46 members, emphasizing collaboration and a structured growth path for team members to ensure the continuity of investment research capabilities [6][7]. Group 3: Product Offerings and Development - ICBC Credit Suisse Fund has established a comprehensive range of fixed income products, categorized into various types to meet diverse investor needs, including short-term, medium-term, and passive index bond funds [7][8]. - The fund's "fixed income+" products are designed to cater to different risk appetites and market conditions, with clear differentiation in equity exposure and risk-return characteristics [8][9]. Group 4: Historical Growth and Future Outlook - The fund's fixed income business has evolved significantly since its inception in 2006, achieving substantial growth and market leadership, with its bond fund scale surpassing 670 billion yuan by 2024 [9][10]. - The company aims to continue enhancing its investment capabilities and product innovation, focusing on supporting the real economy and promoting inclusive finance while maintaining stable performance for investors [10][11].

Core Insights - The importance of bond services for technology innovation companies has increased significantly, driven by the booming market and rising demand for allocation in this sector [1][2] - The Science and Technology Innovation Bond ETF (工银, code: 159116) has gained market attention since its launch, with active trading on its first day and significant inflows [1] - The ETF is designed as a tool for asset allocation, duration management, and liquidity management, offering advantages over traditional bond funds [1][2] Performance Metrics - As of September 24, the ETF recorded a trading volume of 6.815 billion yuan and a net inflow of 8.544 billion yuan, with a total circulation scale of 11.505 billion yuan [1] - The underlying index, 中证AAA科技创新公司债指数, has shown a cumulative return of 13.77% since its base date of June 30, 2022, with a maximum drawdown of -2.30% [2] - The ETF raised 2.972 billion yuan during its subscription period, and on its first trading day, it surpassed 10 billion yuan in scale, indicating strong market demand for technology innovation bonds [2] Investment Strategy - The ETF employs a rigorous dual credit screening mechanism, ensuring that all constituent bonds have an AAA rating, which provides a safety margin for investors [2] - The ETF's low management and custody fees of only 0.2% enhance its attractiveness for investors seeking efficient investment vehicles [1][2] - The ongoing support from technology finance policies positions the ETF as a crucial link between social capital and technological innovation [2]

Group 1 - The Core Point of the Article: The launch of the Science and Technology Innovation Bond ETF by ICBC is scheduled for September 12, 2025, with a fundraising cap of 3 billion yuan [1] - The fund will be managed by ICBC Credit Suisse Asset Management, with Wang Zhan and Yi Fan as fund managers [1] - The performance benchmark for the fund is the yield of the China Securities AAA Technology Innovation Company Bond Index [1]