Core Viewpoint - The article discusses the investment strategies and philosophies of the multi-asset investment team at Yinhua Fund, led by Yu Lei, emphasizing a systematic and collaborative approach to asset allocation that aims for long-term stable growth rather than short-term gains [1][5]. Investment Philosophy - Yu Lei believes that the purpose of investment is to pursue long-term stable appreciation rather than short-term visibility, providing continuous solutions that match clients' risk-return needs [1][5]. - The investment philosophy is shaped by Yu Lei's extensive experience in managing pension funds, focusing on absolute returns while being sensitive to losses [5][6]. Platform Ecosystem - The multi-asset investment team has developed a platform ecosystem that integrates collective wisdom, systematic processes, and intelligent tools to offer predictable and replicable asset allocation solutions [1][6]. - The team operates under a culture of collaboration and knowledge sharing, ensuring smooth internal communication and a strong collective capability [6][9]. Performance Metrics - The team has implemented a multi-layered drawdown management system, which is reflected in the performance of their "fixed income plus" product, Yinhua Shenghong Bond, achieving a net value growth of 6.81% since Yu Lei's tenure, significantly outperforming the benchmark [6][8]. Market Outlook - Yu Lei maintains a calm perspective on the current market, believing that significant investment opportunities may arise in A-shares and Hong Kong stocks in 2024 and 2025, driven by valuation recovery [9][10]. - The team is cautious about the bond market, noting that while the economic environment remains supportive, the potential for further yield declines is limited [10]. Asset Allocation Strategy - The team employs a three-dimensional scanning framework for asset allocation, continuously comparing the cost-effectiveness of different assets [8]. - Yu Lei emphasizes the importance of balanced industry allocation and controlling deviations from benchmarks to minimize risks [8][9]. Risk Management - The investment team has established a rigorous risk control system, with different drawdown limits for various "fixed income plus" products, reinforcing a bottom-line thinking among fund managers [9].

Core Viewpoint - The article emphasizes the importance of a systematic and collaborative investment approach led by Yu Lei at Yinhua Fund, focusing on long-term stable growth rather than short-term gains [1][2]. Group 1: Investment Philosophy - Yu Lei's investment philosophy is shaped by her extensive experience in managing corporate pensions, emphasizing absolute returns while being sensitive to losses [2]. - The investment strategy aims to maximize long-term returns while controlling drawdowns, reflecting a disciplined approach to risk management [2][4]. Group 2: Platform Ecosystem - The multi-asset investment team at Yinhua Fund operates within a dynamic platform ecosystem that fosters collaboration and knowledge sharing among team members [3]. - This ecosystem is designed to provide diverse investment solutions, ensuring that clients benefit from a comprehensive research and investment team rather than relying on a single fund manager [3][6]. Group 3: Product Offering - The newly launched fund, Yinhua Sheng'an Six-Month Holding Mixed Fund, is positioned as a "fixed income plus" product aimed at investors seeking stable returns [1]. - The team has successfully managed the Yinhua Shenghong Bond Fund, achieving a net value growth of 6.81% since Yu Lei's tenure, significantly outperforming the benchmark by 5.53 percentage points [3]. Group 4: Risk Management - The team employs a multi-layered drawdown management strategy, focusing on a "fund-weighted return" approach to enhance investor experience [5][6]. - Investment decisions are made with a strict adherence to risk control, ensuring that any significant holdings have manageable downside risks [5][6]. Group 5: Market Outlook - Yu Lei maintains a cautious yet optimistic view on the A-share and Hong Kong markets, anticipating significant investment opportunities in 2024 and 2025 driven by valuation recovery [6][7]. - The team is particularly bullish on technology stocks and sectors like consumption and cyclical industries, while adopting a cautious stance on the bond market due to high valuations [6][7].

Core Viewpoint - The article discusses the investment strategies and philosophies of the multi-asset investment team at Yinhua Fund, led by Yu Lei, emphasizing a systematic and collaborative approach to asset allocation that aims for long-term stable growth rather than short-term gains [1][2]. Group 1: Investment Philosophy - The investment philosophy focuses on long-term value maximization while controlling drawdowns, shaped by Yu Lei's extensive experience in pension fund management [1][3]. - The team aims to provide a comprehensive solution that aligns with clients' risk-return needs, leveraging a platform that integrates collective wisdom and systematic processes [1][2]. Group 2: Platform Ecosystem - Yinhua Fund's multi-asset team has developed a dynamic "platform ecosystem" that fosters collaboration and knowledge sharing among team members, enhancing their investment capabilities [2][3]. - The team emphasizes a culture of sharing and collaboration, ensuring that strategies and knowledge flow smoothly within the team to create a strong collective force [2][3]. Group 3: Performance and Strategy - The performance of the "Fixed Income Plus" product, Yinhua Shenghong Bond, shows a net value increase of 6.81% since Yu Lei's tenure, significantly outperforming the benchmark by 5.53 percentage points [2][3]. - The team employs a multi-layered drawdown management strategy and dynamic asset allocation, focusing on the "fund-weighted return" to enhance investor experience [3][4]. Group 4: Market Outlook - The team maintains a cautious yet optimistic view on the A-share and Hong Kong markets, anticipating significant investment opportunities in 2024 and 2025, driven by valuation recovery [4][5]. - In the bond market, the team views the current environment as favorable but acknowledges limited room for further yield declines, adopting a cautious stance on convertible bonds due to high valuations [5].

Core Viewpoint - The market is experiencing significant divergence between bulls and bears, leading to accelerated sector rotation. Institutions suggest that investors should adopt diversified allocations to build risk barriers and focus on quality targets with a disciplined mindset and long-term perspective [1][2]. Group 1: Fund Launch and Strategy - The Yin Hua Sheng An Six-Month Holding Mixed Fund (Class A: 025993, Class C: 025994) will be launched on December 1, providing a new tool for investors to diversify in response to market volatility [1]. - The fund will invest 10%-30% of its assets in equity assets, convertible bonds (including separated trading convertible bonds), and exchangeable bonds, with at least 10% in domestic stocks and a maximum of 50% in Hong Kong Stock Connect stocks [1]. Group 2: Fund Management and Performance - The proposed fund manager, Yu Lei, has nearly 20 years of experience in pension management and is currently the Deputy General Manager of Yin Hua Fund, focusing on pension and multi-asset investment management [1]. - The Yin Hua Sheng Hong Bond Fund, a representative product in the "fixed income +" sector, has shown superior historical returns and risk control, with a net value growth of 8.92% over the past year compared to a benchmark of 3.53%, resulting in an excess return of 5.39% [2]. Group 3: Market Context and Performance Comparison - The Yin Hua Sheng An Six-Month Holding Mixed Fund is positioned to help investors navigate a volatile market, leveraging historical performance data that shows mixed bond funds outperforming in high-volatility environments [2]. - As of November 19, the Wande Hybrid Bond Fund Index has achieved a cumulative increase of 400.94% since its inception, with a maximum drawdown of only -22.09%, significantly better than the Shanghai and Shenzhen 300 Index, which has a cumulative increase of 280.11% and a maximum drawdown of -72.30% [2].

Core Viewpoint - The Shanghai Composite Index has surpassed the key level of 3600 points for the first time this year, indicating a rise in equity asset investment enthusiasm, but the continuous increase raises concerns about potential overvaluation [1] Group 1: "Fixed Income +" Strategy - "Fixed Income +" consists of two parts: a solid foundation of fixed income assets and an additional allocation to equities and convertible bonds to seek higher returns [3] - The strategy can be categorized into three types based on equity allocation: - Low-volatility "Fixed Income +": Equity allocation under 10%, focusing on controlling drawdowns and volatility [4] - Medium-volatility "Fixed Income +": Equity allocation between 5%-20%, balancing risk and return [5] - High-volatility "Fixed Income +": Equity allocation between 20%-30%, aiming for higher returns with increased volatility [5] - For low-risk investors or those inexperienced in equity investments, starting with "Fixed Income +" may align better with their risk tolerance, offering a stable return from fixed income and potential upside from equity exposure [5] Group 2: Selection of "Fixed Income +" Products - Investors should consider their risk preferences alongside the product positioning, historical performance, investment strategies, and volatility characteristics when selecting "Fixed Income +" products [7] - Example: Yinhua Fund has established a series of "Fixed Income +" products with varying strategies to meet diverse investor needs, such as: - Yinhua Enhanced Income Bond: - Equity allocation: 17.09% in stocks and 23.33% in convertible bonds - Performance: 9.46% growth over the past year, with a cumulative return of 131.64% since inception, ranking in the top 12% of its category [7] - Yinhua Vision Bond: - Equity allocation: 15.28% in stocks and 11.70% in convertible bonds - Performance: 7.50% growth over the past year, ranking in the top quarter of its category [7] Group 3: Investment Focus and Strategies - The investment strategy emphasizes a scientific multi-strategy management framework to achieve a favorable risk-return ratio, focusing on growth-oriented stocks and balanced convertible bonds [10] - The fund manager indicates a positive outlook for equity assets in the third quarter, focusing on sectors with improving fundamentals, stable dividend expectations, and industries with potential future profitability trends [11][12]