The investment scope of the Fund is financial instruments with good liquidity, including all kinds of bonds (government bonds, central bank bills, financial bonds, corporate bonds, publicly issued subordinated bonds, local government bonds, medium-term bills, short-term financing bonds, ultra-short-term financing bonds, the pure debt part of convertible bonds that can be traded separately, etc. ), asset-backed securities, bond repurchase, treasury bonds futures, bank deposits, interbank deposit certificates and currencies. The Fund does not invest in stocks and other assets, nor does it invest in convertible bonds (except the pure debt part of convertible bonds that can be traded separately) or convertible bonds.

The term "short-term bonds" as mentioned in the Fund refers to bond assets with a residual term or resale term of no more than 397 days (inclusive), including government bonds, central bank bills, financial bonds, corporate bonds, publicly issued subordinated bonds, local government bonds, medium-term bills, short-term financing bonds, ultra-short-term financing bonds and the pure debt part of convertible bonds that can be traded separately. If the future laws, regulations or regulatory agencies allow the Fund to invest in other varieties, the fund manager can include them in the investment scope after performing appropriate procedures.

investment strategy

The Fund will give full play to the research advantages of fund managers, combine standardized macro-research, rigorous analysis of individual stocks and bonds with proactive investment style, dynamically adjust the allocation ratio of large-scale assets on the basis of analyzing and judging macroeconomic operation and financial market operation trends, and determine the bond portfolio duration and bond category allocation from top to bottom; On the basis of rigorous and in-depth fundamental analysis and credit analysis, considering the liquidity, supply and demand, risk and yield level of various bonds, 20 bonds were selected from bottom to top.

Asset allocation strategy

The Fund will analyze and compare the income and risk characteristics of different securities sub-markets and different financial instruments through the research and prediction of important factors that may affect the securities market, such as macroeconomics and national policies, combined with the investment clock theory, and using quantitative tools such as multi-factor models developed by the company, actively seek various possible arbitrage and value growth opportunities, and determine the allocation ratio of fund assets among interest rate bonds, credit bonds and money market instruments.

Investment strategy of interest rate varieties The Fund's investment in interest rate varieties such as government bonds and central bank bills is based on the analysis and prediction of domestic and international economic trends, using quantitative methods to analyze and predict the changing trend of interest rate term structure and the changes of supply and demand in the bond market, deeply analyzing the benefits and risks of interest rate varieties, and adjusting the average duration of bond portfolios. After determining the average duration of the investment portfolio, the Fund analyzes the term structure of bonds, selects the appropriate allocation strategy of the term structure by using statistical and quantitative analysis techniques, and decides the investment varieties on the premise of reasonably controlling risks and considering the liquidity of the investment portfolio.