Core Viewpoint - The investment outlook for 2026 emphasizes structural opportunities in the market, particularly in the "fixed income +" sector, which is expected to face more opportunities than challenges under supportive policies [1][2]. Group 1: Macroeconomic Outlook - The core drivers of China's economic growth in 2026 are expected to be diverse, primarily supported by consumption growth and stable investment [2]. - Continued expansionary fiscal policies and moderate monetary policies are anticipated to reinforce economic stability and growth [2]. - Potential risks to the macroeconomic environment include external trade relations and pressures in the real estate market [2]. Group 2: Investment Opportunities in "Fixed Income +" - The "fixed income +" sector is viewed as having more opportunities than challenges, with a focus on differentiated investment strategies [3]. - Emphasis on equity assets (including convertible bonds) is expected to outperform traditional bonds, with strategies to enhance returns through market timing and asset selection [3]. - Key sectors for investment include finance, construction, materials, chemicals, and renewable energy, which are expected to offer good investment value in 2026 [3]. Group 3: Product Offerings and Strategies - The company has developed a comprehensive product line catering to various risk preferences, including low-risk and growth-oriented investment solutions [5][6]. - Specific products highlighted include low-volatility options like Penghua Fengze and Penghua Yongsheng, as well as mid-volatility products like Penghua Shuangzhai Baoli [5]. - The focus on quantitative strategies aims to balance equity and bond allocations dynamically, with products designed for long-term growth and stability [6]. Group 4: Market Dynamics and Professional Management - In a volatile market environment, "fixed income +" products are positioned as a quality choice for balancing risk and return [5]. - The professional management team is expected to leverage their expertise to navigate market fluctuations and optimize investment outcomes for clients [6]. - The commitment to continuous development in niche areas and enhanced product offerings is aimed at supporting investors in the evolving investment landscape of 2026 [6].

Core Insights - The public fund market has shown significant structural growth in 2023, with "fixed income +" products driving this expansion, reflecting strong investor demand for stable returns and moderate risk [1] - As of November 24, 2023, the total scale of "fixed income +" funds reached 2.57 trillion yuan, a growth of over 40% since the beginning of the year [1] Group 1: Product Characteristics - "Fixed income +" products are strictly categorized to control drawdown risks, with three main types: low volatility, medium-low volatility, and quantitative strategies [2] - Low volatility products aim for a maximum drawdown of no more than 2%, while medium-low volatility products target a drawdown of 3%-4% [2] Group 2: Performance and Growth - The performance of "fixed income +" products is positively correlated with their scale, attracting more funds to high-performing products [3] - For example, the Penghua Industrial Bond has maintained a positive net value growth rate for 11 consecutive years, with a year-to-date growth rate of 4.93% as of November 30, 2025, and a cumulative return of 103.82% since inception [3] Group 3: Management Strategies - The management team, led by Zhu Song, employs dynamic asset allocation and multiple strategies to enhance returns while controlling risks [4] - The Penghua Dual Bond product adjusted its stock holdings from approximately 19% in the first two quarters to around 17% in the third quarter, demonstrating proactive management based on market conditions [4] Group 4: Market Outlook - The "fixed income +" products are expected to continue thriving in 2026 due to favorable market conditions, including optimistic stock market expectations and strong demand for stable products [4] - The combination of stable characteristics and potential for enhanced returns positions "fixed income +" products as a core focus for public fund market expansion [4]