Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to offer good investment opportunities due to the ongoing "asset shortage" logic, supported by policy strength and expectations of social security and pension funds entering the market [4][5] - The issuance market remains active, with 11 REITs funds waiting to be listed, indicating a robust market environment [55] Market Overview - As of the 47th week of 2025, the CSI REITs (closing) index was 810.2, up 5.82% year-on-year but down 0.97% month-on-month; the CSI REITs total return index was 1041.16, up 11.84% year-on-year but down 0.89% month-on-month [4][15][19] - Year-to-date, the CSI REITs (closing) index has increased by 7.11%, while the CSI 300 index has risen by 29.8%, resulting in an excess return of -22.69% [15][19] Trading Activity - In the 47th week, the trading volume of the REITs market reached 557 million shares, a year-on-year increase of 13.21%, with a trading value of 2.375 billion yuan, up 23.89% year-on-year [4][26][30] - The turnover rate for the week was 2.21%, down 0.94 percentage points year-on-year [26][27] Sector Performance - Weekly performance for various REITs sectors showed declines: affordable housing -1.88%, environmental -0.70%, highway -1.21%, industrial park -0.89%, warehousing and logistics -1.09%, energy -1.87%, and consumer REITs -1.45% [36][49] - Monthly performance indicated that consumer REITs had a cumulative increase of 2.79% [36] Upcoming Listings - There are currently 11 REITs funds awaiting listing, with active applications indicating a vibrant issuance market [55]

图 一周摘要 图 图 一周市场 图 01 全球大类资产回顾 大类资产方面，全球股市与商品市场表现疲弱。 上周全球权益市场普遍下行，美国三大股指集体收跌，标普500跌1.95%、道指跌1.91%、纳指重挫 2.74%，亚洲市场亦承压，日经225跌3.48%，韩国综合指数跌3.95%，恒生指数以5.09%跌幅领跌全球主 要股指，仅印度SENSEX30微涨0.79%。 商品市场多数走低，焦煤暴跌8.16%成最大跌幅，原油跌3.41%，黄金微跌0.77%，铁矿石逆势上涨 1.42%。整体来看，市场受全球流动性收紧预期与工业需求疲软拖累，新兴市场情绪更趋脆弱，而焦煤 的暴跌或反映中国钢铁需求预期下修。 美联储12月降息预期大幅降温，政策分歧加剧，加上非美货币普遍疲软，美元指数整体呈温和上扬，收 于100.15附近。 图表1：全球大类资产收益表现 单位：% 市场概况 ：上周A股显著回调，主要宽基指数普遍下跌，其中北证50和万得微盘股指数跌幅居前，分别 下跌9.04%和7.8%，反映出小盘股和微盘股承受较大抛压。创业板指跌幅超6%，成长板块亦回调明显。 上证50、红利指数跌幅相对较小，分别下跌2.72%、2.93%。整体来 ...

Market Overview - The bond market experienced fluctuations during the week of November 3 to November 7, 2025, with the 1-year government bond yield rising by 2.19 basis points to 1.40%, the 10-year yield increasing by 1.88 basis points to 1.81%, and the 30-year yield up by 1.50 basis points to 2.16% [3][15] - The central bank announced a resumption of bond purchases amounting to 20 billion yuan in October, which fell short of market expectations, contributing to a slight decline in bond market sentiment amid a strong stock market [15] - The U.S. Treasury yields showed a downward trend, with the 1-year yield decreasing by 7 basis points to 3.63% and the 2-year yield down by 5 basis points to 3.55% [15] Public Fund Market Dynamics - The scale of bond ETFs surpassed 700 billion yuan, reaching 700.44 billion yuan as of October 31, 2025, marking a significant increase from less than 180 billion yuan at the beginning of the year [4][18] - Among the 53 bond ETFs in the market, 50 have surpassed 1 billion yuan in scale, with 30 exceeding 10 billion yuan [18] Fund Index Performance Tracking - The Money Market Enhanced Index rose by 0.03% last week, with a cumulative return of 4.27% since inception [19][20] - The Short-term Bond Fund Index increased by 0.02%, achieving a cumulative return of 4.45% since inception [20] - The Long-term Bond Fund Index saw a slight increase of 0.01%, with a cumulative return of 6.75% since inception [20] - The Low Volatility Fixed Income + Fund Index rose by 0.12%, with a cumulative return of 4.71% since inception [20] - The High Volatility Fixed Income + Fund Index increased by 0.24%, achieving a cumulative return of 8.17% since inception [20] - The Convertible Bond Fund Index rose by 0.46%, with a cumulative return of 23.51% since inception [20] - The QDII Bond Fund Index decreased by 0.17%, with a cumulative return of 10.27% since inception [20] - The REITs Fund Index fell by 1.21%, with a cumulative return of 31.61% since inception [20]

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week (from November 3rd to November 7th, 2025), the bond market experienced volatile adjustments. The yields of 1-year, 10-year, and 30-year treasury bonds all increased. The central bank's bond purchase in October was less than expected, and the strong and volatile stock market led to a slight decline in bond market sentiment. The bond market may continue to fluctuate, and its short - term volatility direction may be affected by the stock market trend. The yields of US treasury bonds fluctuated downward, and the China Securities REITs Total Return Index declined. The scale of bond ETFs exceeded 70 billion yuan [3][10][11][12]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Pan - fixed - income Market Review and Observation - **Bond Market in China**: Last week, the bond market in China adjusted with fluctuations. The yields of 1 - year, 10 - year, and 30 - year treasury bonds rose by 2.19BP, 1.88BP, and 1.50BP respectively. The central bank's 20 billion yuan bond purchase in October was less than expected, and the strong stock market led to a slight decline in bond market sentiment. The bond market may continue to fluctuate, and its short - term direction may be affected by the stock market [3][10]. - **US Treasury Bonds**: Last week, the yields of US treasury bonds fluctuated downward. The 1 - year yield dropped 7BP to 3.63%, the 2 - year yield dropped 5BP to 3.55%, and the 10 - year yield remained flat at 4.11%. There were both negative and positive factors during the week [10]. - **REITs**: Last week, the China Securities REITs Total Return Index dropped 0.40% to 1041.51 points. The park and warehousing logistics sectors led the decline, while the consumption and data center sectors had relatively high gains. In the primary market, 3 new public REITs made progress last week [11]. 1.2. Public Fund Market Dynamics - The scale of bond ETFs exceeded 70 billion yuan. As of October 31, 2025, the scale of bond ETFs reached 70.0044 billion yuan. At the beginning of 2025, it was less than 18 billion yuan. Among the 53 bond ETFs in the market, 50 had a scale of over 1 billion yuan, and 30 had a scale of over 10 billion yuan [12]. 2. Pan - fixed - income Fund Index Performance Tracking 2.1. Currency Enhancement Index Tracking - **Currency Enhancement Strategy Index**: It aims at liquidity management, pursuing a curve that surpasses money market funds and rises smoothly. It mainly allocates money market funds and inter - bank certificate of deposit index funds. The performance comparison benchmark is the China Securities Money Fund Index [14]. 2.2. Pure Bond Index Tracking - **Short - term Bond Fund Preferred Index**: It aims at liquidity management, pursuing a smooth upward curve while controlling drawdowns. It mainly configures 5 funds with stable long - term returns, strict drawdown control, and significant absolute return capabilities. The performance comparison benchmark is 50% * Short - term Pure Bond Fund Index+50% * Ordinary Money Market Fund Index [17]. - **Medium - and Long - term Bond Fund Preferred Index**: It invests in medium - and long - term pure bond funds, pursuing stable returns while controlling drawdowns. It selects funds with both return and drawdown control capabilities, and adjusts the proportion of credit bond funds and interest - rate bond funds according to market conditions [19]. 2.3. Fixed - income + Index Tracking - **Low - volatility Fixed - income + Preferred Index**: The equity center is positioned at 10%. It selects 10 fixed - income + targets with an equity center within 15% in the past three years and recently. The performance comparison benchmark is 10% China Securities 800 Index+90% ChinaBond New Composite Full - price Index [20][23]. - **Medium - volatility Fixed - income + Preferred Index**: The equity center is positioned at 20%. It selects 5 fixed - income + targets with an equity center between 15% and 25% in the past three years and recently. The performance comparison benchmark is 20% China Securities 800 Index+80% ChinaBond New Composite Full - price Index [25]. - **High - volatility Fixed - income + Preferred Index**: The equity center is positioned at 30%. It selects 5 fixed - income + targets with an equity center between 25% and 35% in the past three years and recently. The performance comparison benchmark is 30% China Securities 800 Index+70% ChinaBond New Composite Full - price Index [27][28]. 2.4. Convertible Bond Fund Preferred Index - It selects bond - type funds with an average convertible bond investment proportion of at least 60% in the latest period and at least 80% in the past four quarters as the sample space. It constructs an evaluation system from multiple dimensions and selects 5 funds to form the index [29]. 2.5. QDII Bond Fund Preferred Index Tracking - The underlying assets of QDII bond funds are overseas bonds. It selects 6 funds with stable returns and good risk control according to credit and duration to form the index [32]. 2.6. REITs Fund Preferred Index Tracking - The underlying assets of REITs are mainly high - quality and stable infrastructure projects. It selects 10 funds with stable operation, reasonable valuation, and certain elasticity according to the underlying asset type to form the index [33].

Investment Rating - The report does not provide a specific investment rating for the public REITs industry [1]. Core Insights - The REITs index experienced a decline of 0.40% this week, while the Shanghai and Shenzhen 300 index rose by 0.82% [19]. - The total market capitalization of the industry is approximately 217.1 billion yuan, with a circulating market value of about 110.9 billion yuan [1]. - The trading volume for the week was 25.9 billion yuan, reflecting a decrease of 6.3% compared to the previous week [7]. - The report highlights the correlation of REITs with various indices, showing a correlation of 0.16 with ten-year government bonds and 0.37 with the Shanghai and Shenzhen 300 index [21]. Summary by Sections Market Overview - The report notes significant events in the market, including the listing of the CITIC Construction Shenyang International Software Park REIT on November 6, which had a trading volume of 77.57 million yuan and a turnover rate of 23.74% [10][11]. - Other notable events include the holding of meetings by various REITs to discuss performance and future strategies [10]. Trading Performance - The report indicates that 32 REITs saw price increases, 2 remained stable, and 43 experienced declines, with an overall decrease of 0.40% in the REITs market [23]. - The largest gain was recorded by Huaxia Jinmao Commercial REIT, which increased by 4.42%, while the largest decline was by GF Chengdu Gaotou REIT, which fell by 9.44% [23]. Investment Recommendations - The report suggests that the overall economic stability remains unchanged, and REITs are expected to have strong allocation attributes in the long term. Investors are encouraged to pay attention to sector rotation and expansion opportunities [7].

Core Insights - The public fund sector is experiencing a significant increase in dividend distributions, with a total of 3,359 distributions amounting to 168.91 billion yuan, representing a year-on-year growth of 21.94% [1][2][5] Group 1: Dividend Distribution Overview - Bond funds remain the primary contributors to the dividend market, with 2,455 distributions totaling 119.99 billion yuan, accounting for 71.04% of total dividends and showing a year-on-year increase of 6.31% [2][6] - Equity funds, including stock and mixed funds, have seen dramatic increases in dividend amounts, with stock funds distributing 33.68 billion yuan (up 99.72%) and mixed funds 5.07 billion yuan (up 90.67%) [2][4] - QDII funds have shown the most remarkable growth, with a total dividend of 1.73 billion yuan, reflecting a staggering year-on-year increase of 491.56% [2][4] Group 2: Fund Company Strategies - A total of 138 public fund companies have implemented dividend distributions this year, with 113 companies exceeding 100 million yuan and 45 companies surpassing 1 billion yuan in total dividends [4][5] - Leading companies like E Fund and Huatai-PB have adopted different strategies, with E Fund distributing 12.25 billion yuan across 140 instances, while Huatai-PB achieved 10.77 billion yuan with fewer funds but higher individual payouts [5][6] - The trend indicates a shift towards more frequent and substantial dividends as a means to enhance investor confidence and loyalty, with companies increasingly using dividends as a branding and customer retention strategy [7]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The REITs market continued to decline in the first half of October 2025, with liquidity dropping to a historical low. The IDC sector rose slightly, while the consumer and rental housing sectors led the decline. The market showed a rotational style, and the turnover rate of individual bonds continued to fall [4]. - The valuation of REITs has fallen below the 50th percentile, and the dividend - spread relative to the dividend yield of the CSI Dividend Index has widened. The internal rate of return (IRR) of various assets has increased [4]. - The offline quotes of institutional investors have become more cautious, and the discount rate of the initial offering of REITs has decreased. The difference between the initial offering valuation and the secondary - market valuation has converged [4]. - The China Merchants Shekou Rental Housing REIT will have a large - scale restricted - share lifting, and the operating data of two REITs in Q3 2025 have declined [4]. - The expansion of China Resources Commercial REIT has been accepted, and the valuation of the expansion assets of China Resources Youchao REIT has been lowered by 4.6% [4]. 3. Summary According to the Directory 3.1 Market Continues to Decline with Structural Differentiation, and Liquidity Drops to a Historical Low - **Market Performance**: In the first half of October 2025, affected by external shocks, the CSI 300 fell 0.74%. Due to risk - aversion sentiment, funds flowed into safe assets, causing the CSI Dividend Index to rise 2.91% and commodities to rise 3.83%. The yield of the 10 - year Treasury bond declined, and the bond index showed a warming trend. The CSI REITs Index fell 0.93%, similar to the decline in September [14]. - **Sector Performance**: Only the IDC sector rose (0.10%) in the first half of October, while the consumer (-1.48%) and rental housing (-1.26%) sectors led the decline. The decline of the industrial park and public utilities sectors narrowed compared to September, while the decline of other sectors widened [18]. - **Turnover Rate**: Since September, the trading volume of the Shanghai and Shenzhen REITs markets has decreased. In the first half of October, the average daily turnover rate was 0.29%, reaching a historical low but showing a recovery trend after the holiday. The IDC, warehousing and logistics, and rental housing sectors had relatively high average daily turnover rates, while the consumer sector showed a trend of declining trading volume and price [26]. - **Dividend and Valuation**: As of October 15, 2025, the dividend yield of equity - type REITs was 3.94%. The spread relative to the 10 - year Treasury bond yield was 2.10% (at the 42nd percentile), and the spread relative to the CSI Dividend Index was - 0.52% (at the 70th percentile). The dividend yields of rental housing and public utilities were the only ones below the historical 50th percentile. The valuations of both equity - type and concession - type REITs have fallen below the historical 50th percentile [32]. - **IRR**: The latest IRR of equity - type REITs was 4.1% (at the 56th percentile), and that of concession - type REITs was 3.6% (at the 28th percentile). The IRR of various assets has increased, and the IRR of industrial parks, warehousing and logistics, and IDC has reached above the 50th percentile [39]. 3.2 Offline Institutional Quotes Tend to be Cautious, and the Discount Rate of REITs Initial Offering Declines - **Initial Offerings**: In the first half of October 2025, China Huarong CCB Shenyang International Software Park REIT and China Huarong CCB China Overseas Commercial REIT were issued offline, with issuance scales of 1098 million yuan and 1584 million yuan respectively. As of October 15, 2025, there were 75 listed REITs in Shanghai and Shenzhen, with a total market value of 219.1 billion yuan [43]. - **Subscription Funds**: The issuance scales of the two recent REITs were relatively small, and the average offline top - up subscription funds were 282 million yuan. The offline top - up subscription funds for China Huarong CCB China Overseas Commercial REIT were 333 million yuan, and those for China Huarong CCB Shenyang International Software Park REIT were 231 million yuan [46]. - **Subscription Multiples**: The subscription periods of the two REITs overlapped. China Huarong CCB China Overseas Commercial REIT had a record - high offline effective subscription multiple of 320.47 times, with over 1000 products participating in the offline inquiry. China Huarong CCB Shenyang International Software Park REIT had an offline effective subscription multiple of 83.31 times, with relatively low subscription enthusiasm [51]. - **Quoting Attitudes**: The trend of top - price quoting to "secure participation" has cooled down. 84% and 61% of the products of China Huarong CCB China Overseas Commercial REIT and China Huarong CCB Shenyang International Software Park REIT quoted at the upper limit of the inquiry price respectively. The latter had a record - high concession margin [52]. - **Valuation Difference**: The difference between the initial offering valuation and the secondary - market valuation has converged. The predicted dividend yields of China Huarong CCB Shenyang International Software Park REIT and China Huarong CCB China Overseas Commercial REIT in 2026 were 5.24% and 4.21% respectively, with differences of 0.45 pcts and 0.32 pcts compared to comparable REITs [62]. - **Subscription Rate and Listing Performance**: Affected by the lower offline quotes, the participation rates of the two REITs have declined. The offline winning rate of China Huarong CCB Shenyang International Software Park REIT reached 1.2%. The increase in the listing price of REITs has narrowed, and in September, the average increase on the first listing day and the cumulative increase in the first four trading days of newly - listed REITs decreased [66][73]. - **Subscription Yield**: Excluding extreme values, from January to September 2025, the absolute returns of 50 million yuan and 100 million yuan of funds participating in the offline subscription of REITs were 1.7484 million yuan and 3.4967 million yuan respectively, corresponding to an offline yield of 3.50% [74]. 3.3 Shekou Rental Housing REIT to Have a Large - Scale Restricted - Share Lifting, and the Operating Data of Two REITs in Q3 Decline - **Dividend and Operating Data**: Three REITs announced dividend plans, and the operating data of two REITs in Q3 2025 declined. The average daily natural traffic volume of E Fund Shenzhen Expressway REIT in Q3 2025 decreased by 20.43% year - on - year, and the power generation, on - grid electricity, and settlement electricity of CITIC Construction Investment State Power Investment New Energy REIT decreased by 24.66%, 24.85%, and 25.90% respectively [77][79]. - **Restricted - Share Lifting**: China Merchants Shekou Rental Housing REIT will lift restrictions on 48% of its total shares on October 23, 2025. After the lifting, the tradable shares will account for 75% of the total shares. The public offering of China Huarong CCB Shenyang International Software Park REIT and China Huarong CCB China Overseas Commercial REIT ended ahead of schedule, and Guotai Junan Dongjiu New Economy REIT held a general meeting of fund unit holders for its expansion project [84]. 3.4 China Resources Commercial REIT Expansion Accepted, and the Valuation of China Resources Youchao REIT Expansion Assets Lowered - **Queuing Projects**: In the first half of October 2025, the expansion of China Resources Commercial REIT was accepted, and China Resources Youchao REIT announced the feedback response materials for its expansion. As of October 15, 2025, there were 9 initial offering projects in the queue, and China AMC Anbo Warehousing and Logistics REIT has been registered [89]. - **Asset Valuation**: The latest assessment value of the expansion assets of China Resources Youchao REIT was 989 million yuan, a decrease of 4.6% compared to the application draft. The expansion of China Resources Commercial REIT was accepted, and the assessment value of its new assets was 2.444 billion yuan [93]. - **Valuation Pressure in the Under - Review Projects**: The assessment value of the expansion assets of China Resources Youchao REIT has a relatively large downward pressure among similar assets. The rental housing of the Youchao Maqiao project has high occupancy and relatively low rent [94]. - **Tendering and Potential Projects**: In late September and the first half of October 2025, Lanzhou High - tech Investment (Holding) Group Co., Ltd. publicly tendered for a financial advisor for the issuance of a public REIT for the Lanzhou National Biomedical Industry Base Innovation Park [99].

Group 1 - The public fund issuance market has been active since September, with 122 funds launched from September 1 to September 16, a 45.24% increase compared to 84 funds in the same period in August [1] - The average subscription days for new funds in September decreased by nearly 30% compared to 17.42 days in August, with some popular products selling out in one day [1] - Notable funds that achieved "one-day fundraising" include Huashang Hong Kong Stock Connect Value Return Mixed Fund, which reached its 1 billion yuan cap on the first day of issuance [1] Group 2 - A total of 60 public fund institutions launched new funds in September, with top institutions like Fuguo Fund and Guotai Fund each offering 6 products [2] - Equity funds continue to dominate the market, with 80 equity funds launched in September, accounting for 65.57% of total issuances, reflecting a 21.21% increase from 66 funds in August [2] - Passive index funds have become the mainstream in equity funds, with 41 out of 59 stock funds being passive index funds, representing over 90% of the total [2] Group 3 - The explosive growth of index funds indicates market recognition of low-cost and transparent investment tools, with both passive and enhanced index funds serving as core tools for investors [3] - Bond fund issuance also saw significant growth, with 33 bond funds launched in September, a 153.85% increase from 13 in August, becoming another important growth point in the new issuance market [3] - Additionally, 7 FOFs (funds of funds) were launched in September, up from 4 in August, along with 1 REIT and 1 QDII fund, further enriching asset allocation options for investors [3]

Core Insights - The number of new public funds launched in the first half of September reached 119, a year-on-year increase of 41.67% compared to 84 in the same period last year [1] - The average subscription period for these new funds was 12.76 days, a decrease of nearly 5 days from 17.42 days in the previous month [1] Fund Types Overview - Among the 119 new funds, 77 were equity funds, accounting for 64.71% of the total, showing a year-on-year increase of 16.67% from 66 funds in August [2][3] - In the equity fund category, 57 were stock funds, making up 74.03% of equity funds, while 20 were mixed equity funds, accounting for 25.97% [3] - Passive index funds and enhanced index funds were particularly popular, with 40 and 13 funds respectively, representing 70.18% and 22.81% of stock funds [3] Bond and Other Fund Types - The bond fund segment also saw significant activity, with 31 bond funds launched, a year-on-year increase of 138.46% from 13 in August [3] - Additionally, 6 FOF funds, 1 REIT, and 1 QDII fund were launched, with FOF fund issuance showing a 50% increase compared to 4 in August [3] Fund Issuance by Companies - The 119 new funds were issued by 59 public fund institutions, with notable contributions from 富国基金 and 国泰基金, each launching 6 new funds [4] - The trend indicates that leading public fund institutions continue to dominate the new fund issuance market, reflecting a "stronger getting stronger" effect [4] Market Conditions and Investor Sentiment - The increase in fund issuance and the shortening of subscription periods are attributed to a positive market outlook, with the A-share market performing strongly and the Shanghai Composite Index stabilizing above 3800 points [4][5] - Enhanced performance of equity funds has boosted investor confidence, leading to a greater willingness to invest through public funds [5] - Changing wealth management perspectives among residents and increased policy support have also contributed to the active public fund issuance market [5]

Market Overview - The bond market experienced continuous adjustments from September 8 to September 12, 2025, with the 1-year government bond yield rising by 0.41 basis points to 1.40%, the 10-year yield increasing by 4.1 basis points to 1.86%, and the 30-year yield up by 7.15 basis points to 2.18% [3][14] - The initial part of the week saw a rise in yields due to pessimistic sentiment in the bond fund market following the release of new regulations on public fund fees by the China Securities Regulatory Commission on September 5, 2025 [3][14] - The latter part of the week showed signs of stabilization in the bond market as the liquidity situation improved marginally [3][14] Public Fund Market Dynamics - On September 12, 2025, the National Development and Reform Commission issued a notice to enhance the regular application and recommendation process for infrastructure REITs, aiming to expand the market and optimize the application process [3][18] Fund Index Performance Tracking - The Money Market Enhanced Index rose by 0.03% last week, with a cumulative return of 4.05% since inception [4][20] - The Short-term Bond Fund Index fell by 0.01%, with a cumulative return of 4.18% since inception [5][20] - The Medium to Long-term Bond Fund Index decreased by 0.20%, with a cumulative return of 6.10% since inception [6][20] - The Low Volatility Fixed Income + Fund Index remained unchanged, with a cumulative return of 3.83% since inception [7][20] - The Medium Volatility Fixed Income + Fund Index increased by 0.22%, with a cumulative return of 5.09% since inception [8][20] - The High Volatility Fixed Income + Fund Index rose by 0.46%, with a cumulative return of 6.88% since inception [9][20] - The Convertible Bond Fund Index increased by 1.23%, with a cumulative return of 20.88% since inception [10][20] - The QDII Bond Fund Index rose by 0.66%, with a cumulative return of 10.01% since inception [11][20] - The REITs Fund Index fell by 1.02%, with a cumulative return of 36.19% since inception [11][20] Index Classifications - The Money Market Enhanced Index focuses on liquidity management and aims to outperform money market funds [21] - The Short-term Bond Fund Index emphasizes liquidity management while ensuring drawdown control [22] - The Medium to Long-term Bond Fund Index seeks stable returns while controlling drawdowns [25] - The Low Volatility Fixed Income + Index targets a 10% equity center and selects funds with a low risk-return profile [28] - The Medium Volatility Fixed Income + Index targets a 20% equity center and selects funds with moderate risk-return profiles [30] - The High Volatility Fixed Income + Index targets a 30% equity center and selects funds with higher risk-return profiles [31] - The QDII Bond Fund Index focuses on overseas bonds and includes a mix of investment-grade and high-yield products [36] - The REITs Fund Index selects funds based on stable cash flows from quality infrastructure projects [37]