Core Viewpoint - The article introduces new features of the Ding series investment advisory portfolios, including a capped annual advisory fee and the implementation of an automatic profit-taking function [2][6][13]. Group 1: Advisory Fee Changes - Starting in 2026, the advisory fees for multiple Ding series portfolios will be combined and capped at 360 yuan per year, regardless of the number of portfolios held [2][4]. - The original fee rates for various portfolios remain unchanged, but the annual fee will be capped at 360 yuan during the promotional period from January 1, 2026, to December 31, 2026 [4][5]. - The more portfolios held, the greater the advisory fee discount, allowing for better asset allocation and cost savings for investors [2][4]. Group 2: Fund Subscription Management - As of January 12, 2026, the subscription for the Active Selection and Index Enhancement portfolios has been completely closed to prevent investors from chasing prices during market upswings [5][9]. - This decision is based on the observation that subscription volumes for stock funds reached a high point prior to the closure, indicating a potential market bubble [5][9]. - The company prioritizes investor interests over sales volume, ensuring that investment strategies remain disciplined and focused on value [5][16]. Group 3: Automatic Profit-Taking Function - The newly launched automatic profit-taking feature allows for easier management of investments, automatically adjusting portfolios based on market conditions [13][16]. - The function includes two methods: automatic rebalancing when certain assets are overvalued and automatic conversion to bond funds when the overall market is overvalued [13][16]. - This feature aims to enhance investor experience by minimizing the need for manual intervention and ensuring timely profit-taking opportunities [13][16].

Group 1 - The article discusses asset allocation strategies, emphasizing the importance of diversification in investment portfolios, suggesting that no single asset type should exceed 20% of total stock assets [2] - It recommends a combination of high-risk, high-return assets and stable income-generating assets, using the "100 minus age" rule for asset allocation [2] - The article highlights the use of target risk strategies, which involve maintaining a fixed ratio of stock to bond assets and periodically rebalancing the portfolio [4] Group 2 - Target risk strategies can include classic ratios such as 50:50, 40:60, 30:70, and 20:80, but may require investors to develop a clear understanding of their risk tolerance over time [4] - The target lifecycle strategy is presented as simpler compared to the target risk strategy, as it may be easier for investors to implement without needing to assess their risk preferences constantly [4]

Group 1 - The core viewpoint of the article emphasizes the characteristics and advantages of "fixed income +" products, which leverage the negative correlation between stocks and bonds to reduce volatility risk and achieve better long-term returns [2][3][4]. Group 2 - Characteristic 1: Negative correlation between stocks and bonds, where stock market surges typically lead to underperformance in bond funds, and vice versa [3]. - Characteristic 2: The short-term performance of "fixed income +" products is more influenced by the stock component due to the larger fluctuations in stock prices compared to bonds [4][5]. - Characteristic 3: The decline in deposit interest rates enhances the appeal of "fixed income +" products, as traditional deposits offer low returns, with one-year fixed deposit rates dropping below 1% as of May 2025 [6]. Group 3 - The influx of funds into "fixed income +" products is expected as a significant portion of maturing funds from previous loans will not remain in deposits or enter the stock market, thus driving growth in this category [8].