Group 1 - The importance of diversified asset allocation strategies is increasing in the current low interest rate and high market volatility environment, with "fixed income +" funds becoming mainstream [1] - As of the end of Q1 2025, there are 1,459 "fixed income +" funds with a total scale of 1.46 trillion yuan, representing an 11.36% increase from the end of Q4 2024 [1] - The "fixed income +" fund managed by Changcheng Fund, Changcheng Jili, aims for a dynamic balance of major asset classes to pursue optimal risk-return solutions, with a clear product positioning [1][2] Group 2 - Since its establishment on September 22, 2023, Changcheng Jili A has shown stable characteristics across market cycles, achieving a cumulative return of 6.47% as of the end of Q1 2025, outperforming the secondary bond fund index [2] - The fund's strong performance is attributed to the professional management of its manager, Ma Qiang, who has 13 years of experience in the securities industry and over 9 years in public fund management [2] - Ma Qiang aims to create a product with low volatility, small drawdowns, and long-term growth characteristics, focusing on risk prevention in the fixed income portion and diversifying sources of returns [3] Group 3 - In the fixed income segment, Ma Qiang emphasizes the importance of high-grade credit bonds and adjusts the portfolio duration based on market interest rates, prioritizing risk prevention [3] - In the equity enhancement segment, the strategy involves selecting relatively low-priced convertible bonds and high-quality stocks in high-growth industries, with a focus on diversification across sectors, individual stocks, and investment styles [3] - The current market environment suggests that value and dividend assets may offer higher certainty from both profitability and valuation perspectives [3]

Group 1 - The core viewpoint of the article highlights the significant growth of "fixed income +" funds, which increased by over 100 billion yuan in the first quarter, reflecting a more than 5% quarter-on-quarter growth [1] - Longcheng Fund's Ma Qiang attributes the increase in "fixed income +" products to a recovery in market risk appetite since last year's "924" market event, which has stimulated investor demand for equity assets despite notable volatility in the equity market [1] - The first quarter saw a divergence in global markets, with U.S. stocks declining while A-shares and Hong Kong stocks rose, indicating significant internal differentiation within the A-share market, particularly with technology leading gains and cyclical and dividend stocks declining [1] Group 2 - The bond market also experienced increased volatility, with a relatively tight balance in the funding environment during the first quarter, while the stock market's recovery in risk appetite led to a general rise in yields across various maturities and types [1] - In response to market conditions, Ma Qiang implemented flexible asset allocation strategies for the "fixed income +" products, focusing on high-grade, medium-short duration bonds, and adjusting stock holdings based on market changes, primarily favoring dividend and low-position consumption stocks in A-shares while increasing some Hong Kong stock positions [1] - The overall stock position was maintained below the central level, aiming for absolute returns while controlling drawdowns [1]