Core Viewpoint - The market is experiencing increased volatility as the Shanghai Composite Index hovers around 4000 points, leading investors to consider "fixed income +" funds like the Changcheng Fengze Bond Fund as a stable investment option [1][3]. Group 1: Fund Characteristics - The Changcheng Fengze Bond Fund is a typical secondary bond fund that aims for a balanced approach between equity and fixed income, targeting small wins to accumulate larger gains over time [1]. - As of September 30, the annualized Sharpe ratio of the secondary bond fund index over the past 20 years is 1.31, significantly higher than the 0.42 of the CSI 300 Index and 0.99 of the China Bond Total Wealth Index, indicating a favorable risk-return profile [1]. Group 2: Fund Management - Zhang Zhen, the proposed fund manager, has extensive experience in multi-asset allocation, managing various types of bond funds since 2017, and possesses rich research experience in macro rates, credit bonds, convertible bonds, and equities [1][2]. - The Changcheng Stable Yield Fund, managed by Zhang Zhen, focuses on low-volatility strategies, maintaining a balanced allocation between fixed income and equity, with stock and convertible bond assets generally not exceeding 32% of net asset value [2]. Group 3: Performance Metrics - As of September 30, the Changcheng Stable Yield Bond Fund A achieved a one-year return of 7.48%, significantly outperforming its benchmark return of 4.27%, with a one-year annualized volatility of 2.43%, which is lower than the 4.47% volatility of similar secondary bond funds [2]. - The fund's performance is supported by a cross-departmental collaboration team that focuses on macro rates, credit bonds, and convertible bonds, ensuring efficient management and actionable strategy recommendations [2]. Group 4: Market Context - The current market environment, characterized by increased volatility and rapid sector rotation, presents opportunities for fixed income fund managers to enhance returns, making the Changcheng Fengze Bond Fund a potentially ideal choice for investors seeking stability amid market fluctuations [3].

Group 1 - The article discusses the increasing market volatility as the Shanghai Composite Index surpasses 4000 points, suggesting that investors who are cautious yet do not want to miss out on opportunities should consider "fixed income plus" funds represented by secondary bond funds [1] - Secondary bond funds aim for a "dual investment" strategy, allocating at least 80% of their assets to the bond market for stability while investing up to 20% in equities and convertible bonds for growth potential [2][4] - Historical performance data shows that from 2015 to 2024, the mixed bond secondary index has been relatively stable, with 7 out of 10 years showing gains, and only minor declines in 2016, 2022, and 2023, which were significantly less than the declines in the CSI 800 index [4][5] Group 2 - The Changcheng Fengze Bond Fund is highlighted as a typical secondary bond fund suitable for investors seeking stable asset allocation [8] - Zhang Lin, the proposed fund manager, has extensive experience in multi-asset allocation and has managed various types of bond funds since 2017, focusing on macro rates, credit bonds, convertible bonds, and equities [9] - The fund's strategy emphasizes low volatility, with a historical asset allocation that keeps stock and convertible bond investments below 32% of net assets, ensuring a stable income base [11][19] Group 3 - The article emphasizes the importance of a strong research team behind secondary bond funds, with Changcheng Fund establishing a cross-departmental collaboration for comprehensive research and strategy development [20] - The fund's research team focuses on various strategies for convertible bonds, adapting to market conditions and ensuring actionable investment strategies [20] - Recent performance data indicates that Changcheng Fund's fixed income products rank in the top 20% for returns over the past one, two, and three years, reflecting the effectiveness of their investment strategies [21]