Core Insights - The "Fixed Income +" funds have become the main growth driver in the market, with a total scale of 2.7 trillion yuan as of the end of Q3 2023, reflecting a 26% quarter-on-quarter increase and surpassing previous highs from 2021 [1][9] - The market environment characterized by increased volatility and declining interest rates has led to a resurgence of "Fixed Income +" products as essential tools for asset allocation [1] - The launch of the Changcheng Fengze Bond Fund aims to provide investors with more quality and stable investment options [1] Fund Characteristics - "Fixed Income +" funds aim to balance returns and risks by constructing a stable base with fixed income assets while incorporating equity assets such as convertible bonds and stocks [2] - The fund manager, Zhang Lin, emphasizes the importance of clear product positioning and seeks optimal asset allocation and portfolio management solutions [2] - The Changcheng Fengze Bond Fund will allocate at least 80% of its assets to bonds, with 5%-20% in stocks and convertible bonds [3] Investment Strategy - The investment strategy includes building a bond base focusing on medium to short-duration interest rate bonds and high-grade corporate bonds to secure stable coupon income [3] - Convertible bonds will be selected based on high yield-to-maturity and low conversion premium, aiming to enhance returns while controlling drawdown risks [3] - The equity portion will focus on high-dividend, low-volatility stocks with strong financial health, selected based on market changes [3] Performance Metrics - The Changcheng Stable Yield Fund, managed by Zhang Lin, has shown a one-year return of 7.48%, significantly outperforming its benchmark of 4.27% [3] - The fund's Sharpe ratio of 2.31 indicates superior investment efficiency compared to the industry average of 1.34 [3] - The Changcheng Jiu Yue Fund has achieved a six-month return of 15.63% and a one-year return of 27.81%, far exceeding its benchmarks [3] Team and Support Structure - The Changcheng Fund's fixed income team operates with a systematic and integrated approach, enhancing trading efficiency through market behavior analysis and quantitative models [4][5] - The team has developed a diverse range of fixed income products, catering to different risk preferences and ensuring clear differentiation in product strategies [5][6] - The organization has established a matrix-style research team to facilitate efficient operations from individual security research to investment decision-making [6] Market Recognition - The Changcheng Fund's fixed income products have ranked in the top 20% of the market for one, two, and three-year returns as of September 30, 2025 [7] - The fund has received multiple five-star ratings for its management capabilities in fixed income investments [7]

Core Viewpoint - The fixed income funds continue to attract investors despite the recovery of the equity market, with non-monetary fixed income funds seeing significant growth in scale, contributing to the overall increase in public fund size [1] Group 1: Fund Performance - In Q2 of this year, non-monetary fixed income funds grew by over 860 billion yuan, becoming a major driver of public fund growth [1] - As of the end of Q2, the scale of non-monetary fixed income funds managed by Great Wall Fund reached 111.9 billion yuan, maintaining above the 100 billion yuan mark for three consecutive years [1] - Great Wall Fund's fixed income team has been recognized for its investment management capabilities, leading to strong performance across various fixed income products [1][2] Group 2: Product Differentiation - Great Wall Fund has developed a product matrix covering different risk-return characteristics, including low-volatility products, balanced risk-return products, and high-elasticity products [1] - The clear product positioning enhances the distinct "fixed income stability" of each product, allowing fund managers to set clear operational goals [2] Group 3: Specific Fund Highlights - Great Wall Short Bond and Great Wall Enhanced Income are examples of low-volatility products, with respective one-year volatility rates of 0.86% and 1.92%, while maintaining leading performance in their categories [2] - The Great Wall Stable Income fund aims for steady net value growth while controlling drawdown, ranking in the top 30% among ordinary bond funds [3] - The Great Wall Jiu Yue fund, a high-elasticity product, focuses on high-elasticity convertible bonds and has ranked in the top 10% among its peers [3] Group 4: Overall Market Position - Great Wall Fund's fixed income products have consistently delivered stable performance in a complex market environment, ranking in the top 20% for one, two, and three-year returns according to industry assessments [3]

Group 1 - The core viewpoint of the articles highlights the increasing attractiveness of fixed-income funds amid a volatile equity market, with a significant growth in non-monetary fixed-income fund sizes, exceeding 860 billion yuan in Q2 2023 [1][2] - Longcheng Fund's fixed-income team has shown strong performance, with non-monetary fixed-income fund sizes reaching 111.9 billion yuan by the end of Q2, maintaining over 100 billion yuan for three consecutive years [1][2] - The demand for fixed-income products is characterized by a "rigid" feature due to the ongoing low-interest-rate environment and the increasing wealth management awareness among investors [2][6] Group 2 - The issuance of bond funds in Q2 2023 reached 118.5 billion yuan, significantly surpassing the 94.6 billion yuan issued for equity funds, indicating a strong demand for stable investment options [2] - Longcheng Fund has developed a diversified product matrix to cater to different risk-return profiles, including low-volatility, balanced, and high-yield products [2][8] - The performance of Longcheng Fund's fixed-income products has been consistently strong, with rankings in the top 20% for one, two, and three-year returns across the market [6][8] Group 3 - Longcheng Fund's low-volatility products, such as Changcheng Short Bond and Changcheng Enhanced Income, have demonstrated leading performance in their respective categories, with low volatility rates of 0.86% and 1.92% [3][4] - The stable growth target of the moderate-risk products is exemplified by Changcheng Stable Income, which ranks in the top 30% among ordinary bond funds [4] - High-elasticity products like Changcheng Jiuyue aim for higher returns, with the fund's performance placing it in the top 10% of its category [5] Group 4 - The fixed-income investment landscape has shifted towards a more refined approach, emphasizing the importance of team collaboration and systematic support in fund management [6][7] - Longcheng Fund's research team has expanded its focus to include overseas markets and peer product research, enhancing the strategic and practical aspects of investment decision-making [7] - The clear product positioning and diverse product line of Longcheng Fund allow for effective risk management while capturing investment opportunities in both equity and bond markets [8]