By exploring investment opportunities in the process of economic development and structural transformation, the Fund strives to obtain sustained and stable investment excess returns. In terms of asset allocation, the Fund determines the allocation ratio of the main assets of the Fund according to domestic and international macro-economy, policy environment, market operation trend and other factors. In the investment of equity assets, the "top-down" method is adopted to select stocks in industries with high correlation with policy regulation, economic development and deepening reform; At the same time, combined with the "bottom-up" method, the stocks of listed companies are selected as the investment direction. In the aspect of bond investment, the bond varieties with coupon advantage are selected as the main bond investment targets. Finally, on the basis of comprehensive consideration of the risk-return characteristics of the portfolio, the Fund completed the construction of the portfolio. (1) Asset allocation strategy: In terms of asset allocation, analyze and judge the expected returns and risks of money market, bond market and stock market, and determine and dynamically adjust the allocation ratio of large-scale assets such as stocks, bonds and cash according to domestic and international macroeconomic operation, policy environment, domestic stock market valuation, domestic bond market yield term structure, price index change trend, financial market operation trend and economic cycle. (2) Stock investment strategy 1. Industry allocation strategy In terms of industry allocation, the Fund will adopt a "top-down" industry allocation method, and screen industries through in-depth research on domestic and international macroeconomic trends, economic structure adjustment direction, national economic and industrial policy orientation and economic cycle adjustment, and adopt a method combining the concept of value with the concept of growth. 2. Individual stock investment strategy The Fund combines qualitative and quantitative analysis, and mainly adopts a top-down stock selection strategy. According to the agreed investment scope, the Fund selects stocks with good fundamentals for investment on the basis of quality evaluation analysis, risk factor analysis and valuation analysis of listed companies, and strives to achieve long-term stable appreciation of fund assets under the premise of effectively controlling risks. (III) Bond Investment Strategy 1, Interest Rate Variety Investment Strategy 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 in 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 accordingly. 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. 2. Credit Variety Investment Strategy and Credit Risk Management The Fund adopts top-down and bottom-up investment strategies for credit varieties such as financial bonds, corporate bonds, corporate bonds, medium-term notes and short-term financing bills. Top-down investment strategy refers to the fund's quantitative analysis of credit risk premium, liquidity risk premium, tax premium and other factors of credit products on the basis of combination duration allocation strategy and term structure allocation strategy to judge the spread trend and its benefits and risks. Bottom-up investment strategy means that the Fund uses industry research methods and enterprise financial analysis methods to analyze and measure the credit risk of bond issuers, and selects better varieties with matching risks and returns for allocation. Specifically: (1) according to the macroeconomic environment and the development of various industries, determine the priority allocation order of various industries; (2) Studying the fundamental information of bond issuers, such as industry development trends, industry policies, company background, profitability, competitive position, governance structure, special event risks, etc., and analyzing the long-term business risks of enterprises; (3) Using the credit evaluation system to comprehensively evaluate the issuer's asset liquidity, profitability, solvency and cash flow level, and measure the issuer's financial risk; (4) Using historical data, market price, asset quality and other information to determine the credit risk level of bonds. (5) Synthesize the analysis results of all aspects of the issuer, determine a reasonable level of credit spread, and make use of the relative imbalance of the market to choose high premium varieties for investment. 3. SME Private Debt Investment Strategy The Fund will first invest in enterprises whose main business is concentrated in growth industries, with short transition period and bright prospects, prudently invest in industries with strong periodicity or susceptible to policy factors, and prudently invest in enterprises with low industry thresholds and fierce competition; Secondly, from the personal level, investors with sound financial system and complete and true financial information focus on those enterprises that are in the leading position in their respective sub-sectors or are going public, carefully consider the strength of the guarantor, and pay attention to the recovery rate after the subject defaults. 4. Investment strategy of asset-backed securities The Fund will deeply analyze the fundamental factors such as market interest rate, issuance terms, composition and quality, prepayment rate, risk compensation income and market liquidity of asset-backed securities, estimate the risk of default and prepayment of assets, simulate the cash flow process of debt service income of asset-backed securities according to the income structure arrangement of asset securitization, use quantitative pricing models such as Monte Carlo method to value asset-backed securities, and combine the market characteristics of asset-backed securities, the Fund will strictly control the overall investment scale of asset-backed securities. 5. Investment strategy of short-term corporate bonds of securities companies The Fund will screen the varieties of short-term corporate bonds of optional securities companies according to internal credit analysis methods, and strictly control the investment ratio of short-term corporate bonds of a single securities company. In addition, due to the poor overall liquidity of short-term corporate bonds of securities companies, the Fund will analyze and monitor the liquidity of short-term corporate bonds of securities companies to be invested or invested, and try to choose varieties with relatively good liquidity for investment to ensure the liquidity of the Fund. (IV) Warrant investment strategy The Fund will calculate the warrant value by studying the fundamentals of the underlying securities and combining the warrant pricing model. The warrant operation of the fund will invest in this product according to the characteristics of high leverage, limited loss and flexibility of the warrant and the needs of the fund. The main strategies considered are: limited investment, trend investment, optimized portfolio strategy, price difference strategy, two-way warrant strategy and so on. (V) Investment Strategy of Depositary Receipts The Fund's investment strategy for Depositary Receipts shall be implemented with reference to the above-mentioned investment strategy for domestically listed stocks.