Core Insights - The "Fund Manager 100" series of high-end interviews, co-hosted by 21st Century Business Herald and Dianshi Investment, will officially launch on October 22 in Shanghai, focusing on the long-term viability of the "Fixed Income +" strategy [2][12] - The event aims to create a professional and high-quality communication platform, emphasizing the performance of fund managers and their products [2][3] Group 1: Event Overview - The first event will feature discussions on asset allocation strategies, stock-bond mixed strategies, and achieving low-volatility returns [3] - Notable fund managers from various firms, including Anxin Fund, GF Fund, and others, will participate in roundtable discussions to share practical insights on "Fixed Income +" investments [3][5] Group 2: Fund Performance Highlights - Anxin Stable Growth A, managed by Li Jun, has achieved positive returns every year since its inception in 2015, with a total scale of 10.371 billion [4] - GF Fund's GF Jiyu A, managed by Zeng Gang, has a year-to-date return of 9.37% and is highly favored by institutional investors, with over 98% institutional holding [4][5] - The newly established mixed bond fund, Zhao Shang An Ning A, has been co-managed by experienced managers with over 12 years in the industry [5] Group 3: Professional Engagement - The event is expected to attract a diverse audience from the asset management industry, including investment managers, researchers, and product experts from various sectors [10][11] - The focus will be on fostering deep exchanges of ideas and experiences among participants, enhancing the overall quality of discussions [11]

Core Insights - In 2025, the "fixed income +" fund products have shown significant yield elasticity driven by the recovery of equity markets, with core indices reflecting substantial increases in performance [1][2] - The leading management teams, particularly the Penghua fixed income team, have demonstrated outstanding performance through active management, achieving notable net value growth rates in their "fixed income +" products [1][4] Group 1: Performance Metrics - As of September 30, 2025, key indices for "fixed income +" funds have recorded impressive gains: WIND Mixed Bond Type Level 1 Index at 2.38%, Level 2 Index at 5.83%, Mixed Bond Fund Index at 7.27%, and Convertible Bond Fund Index at 23.44% [1] - Penghua's fixed income team has 13 "fixed income +" products with net value growth rates exceeding 5% for the year, and 5 products surpassing 10% [1][4] - Specific products like Penghua Convertible Bond A (000297), Penghua Double Bond Plus A (000143), and Penghua Jingxin Teli A (019602) achieved net value growth rates of over 33%, 17%, and 10% respectively [1] Group 2: Fund Size and Market Trends - The overall scale of "fixed income +" funds has rebounded, with a 6.1% quarter-on-quarter increase in Q2 2025, totaling 2,178 funds and a combined scale of 2.16 trillion yuan, surpassing the end of 2023 levels [2] - Factors contributing to the growth of "fixed income +" funds include low interest rates prompting investors to seek yield-enhancing alternatives, improved asset allocation strategies by fund companies, and a more rational understanding of these funds by investors [2] Group 3: Product Strategies - Penghua's fixed income team employs a strategy of "strategy labeling and style segmentation," offering a diverse range of products across various risk-return profiles, including ultra-low, low, medium, and high volatility [3] - Low and medium-low volatility "fixed income +" products are preferred by conservative investors, focusing on stable asset appreciation [4] - Medium volatility products incorporate equity positions to balance risk and return, capitalizing on sectors like technology and manufacturing for enhanced yields [5] Group 4: High Volatility Products - High volatility "fixed income +" products typically have a higher equity asset allocation, targeting investors with greater risk tolerance [6] - Penghua Convertible Bond A (000297) exemplifies this approach, with a significant allocation to convertible bonds and a notable net value growth rate of 33.03% as of September 30, 2025 [6] - Overall, the "fixed income +" funds have effectively seized opportunities amidst market fluctuations, validating their asset allocation value and yield elasticity [6]

Core Viewpoint - The recent strong performance of the Shanghai Composite Index, particularly driven by the technology sector, presents investment opportunities, but direct stock investment in this volatile sector is challenging for ordinary investors. Therefore, "fixed income +" products focusing on technology are recommended to capture market gains while controlling volatility [1]. Group 1: Investment Strategy - Chen Daye, a fund manager at Penghua Fund, emphasizes the importance of managing volatility while investing in technology growth through "fixed income +" products, which provide a differentiated path for investors [1]. - The strategy involves a focus on "technology + manufacturing growth," with a meticulous approach to managing drawdowns and balancing risk and return [2]. Group 2: Product Performance - The two main "fixed income +" products managed by Chen Daye, Penghua Anyi A and Penghua Jingxin Tianli A, have both achieved new net asset value highs in 2025, with annual net value growth rates of 8.55% and 9.10%, respectively [3]. - The maximum drawdown for Penghua Jingxin Tianli since inception is 2.03%, while Penghua Anyi has a maximum drawdown of approximately 2.2%, indicating effective volatility management [3]. Group 3: Market Outlook - The current low interest rate environment and supportive policies create a favorable backdrop for the technology sector, with a positive outlook for investments in AI and semiconductors [4]. - Domestic advancements in AI are accelerating, with significant investments from major tech companies, suggesting a potential for further market pricing adjustments in the future [4][5].