Core Viewpoint - The A-share market is witnessing new highs, leading to increased interest in multi-asset allocation, particularly in bonds as a long-term investment option that can withstand market cycles [1] Group 1: Bond Market Insights - The recent correction in the bond market has improved the valuation attractiveness, presenting a potential opportunity for investment [1] - Galaxy Leading Bond A (519669) has achieved positive returns for nearly 12 consecutive years, with an annualized return exceeding its performance benchmark, highlighting its long-term investment value [1] - The fund's asset allocation strategy is diversified, including government bonds, financial bonds, corporate bonds, medium-term notes, and convertible bonds, balancing risk and return through macro analysis and individual bond selection [1] Group 2: Convertible Bonds Strategy - The unique value of the convertible bond market lies in its dual characteristics: it can exhibit equity-like behavior in a rising stock market and provide bond-like returns during market fluctuations [1] - The fund manager employs a quantitative model to select convertible bonds, ensuring quality and reasonable valuation while maintaining liquidity in the pure bond portion [2] - A four-tier defense system is established for risk control, including overall risk exposure management, cross-market risk awareness, internal diversification within the convertible bond portfolio, and adherence to disciplined investment processes [2]