Various signs indicate that the volatility of the mid-to-large-cap broad-based indices, represented by the CSI 300 (the face index of A-shares), is indeed gradually decreasing, moving towards a slow bull market.
Since Chairman Wu officially took office on February 7, 2024, the performance comparison between the CSI 300 and the S&amp;P 500 is shown in the chart below—performance chart created by Claude Code.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ONqSFkcPtKYIdhQGduXeIeaDFqNrmewYLT211nem0yRIAAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ONqSFkcPtKYIdhQGduXeIeaDFqNrmewYLT211nem0yRIAAA/641"/>
From the comparison of interval returns, the CSI 300 index has 38.93%, while the S&amp;P 500 index has 35.69%, with the CSI 300 slightly ahead.
From the comparison of maximum drawdowns, the CSI 300 index has -15.66%, while the S&amp;P 500 index has -18.90%, with the CSI 300 slightly ahead.
In terms of annualized volatility, the CSI 300 index is at 18.43%, slightly higher than the S&amp;P 500's 16.35%.
It is also necessary to consider the amplification of volatility due to the 924 impulse market. If we look at daily volatility, the CSI 300 has already dropped to 1.16%, which is comparable to the S&amp;P 500's 1.03%.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Ody-caL2VdHqvZ4PcdLM_iGzlagojujKIcUYKx2ffCyTkAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Ody-caL2VdHqvZ4PcdLM_iGzlagojujKIcUYKx2ffCyTkAA/641"/>
Not only should it be a bull market, but it should also be a slow bull market.
On March 6, Chairman Wu stated at the economic theme press conference of the Fourth Session of the 14th National People's Congress that during the &#34;14th Five-Year Plan&#34; period, the construction of a market stabilization mechanism with Chinese characteristics will be improved, enriching the means and mechanisms for cross-cycle counter-cyclical adjustments, and enhancing the inherent stability of the market.
The current state of A-shares indeed cannot be separated from the counter-cyclical adjustments of the GJD.
A few days ago, while watching the repeated circuit breakers in the South Korean stock market, I was also thinking about how A-shares would react if the GJD had not made significant moves to cool down in January.
Yesterday's news reported that Samsung and SK Hynix will cancel over $14 billion in treasury stock to promote corporate governance reforms, which some friends in the fan group referred to as &#34;Han Te Gu.&#34;
The South Korean stock market and A-shares have always been representatives of high-volatility markets, and the investment difficulty in both markets is quite high.
The three major East Asian powers, Japan's stabilization fund and shareholder return enhancement, first explored a template with the Nikkei 225.
China has also been gradually accumulating experience in low-volatility slow bull markets in recent years.
Now South Korea is also starting to catch up.
The investability of the East Asian market is gradually strengthening.
Currently, in A-shares, the broad-based indices look at the GJD's attitude; small caps look at private equity quant, each finding their own big backer.
This is a good signal.
On the other hand, investors' emphasis on low volatility is increasingly evident, which is an undeniable fact.
This is reflected in the emergence of a group of staunch supporters for low-volatility dividend strategies.
It is also reflected in the pursuit of fixed income +.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OsSTrI4WG0oD_R9L1BUKGsc4nJh98r5DsLb4bou_jTDWcAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OsSTrI4WG0oD_R9L1BUKGsc4nJh98r5DsLb4bou_jTDWcAA/641"/>
<h1>The combination of equity fund managers with good performance and fixed income+ product forms has shown excellent results</h1>
Since 2025, many fixed income+ products have performed remarkably well, with the number of secondary bond funds exceeding 30 billion reaching 8.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OE1JIk8XSDtiPTwsrDjz3AciilPVUZJkeg45S-GaWqZ8kAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OE1JIk8XSDtiPTwsrDjz3AciilPVUZJkeg45S-GaWqZ8kAA/641"/>
In particular, Invesco Great Wall and Yongying have assigned high-performing equity fund managers Gao Nan, Zou Lihu, and Jiang Shan to manage the equity portion of fixed income+.
Jiang Shan manages Invesco Great Wall Intelligent Life, achieving a doubling of returns in 2025.
Gao Nan manages Yongying Ruixin, with a return of 92.3% in 2025.
Zou Lihu manages Invesco Great Wall Cycle Select, with a return of 67.52% in 2025.
Such explosive performance applied to fixed income+ naturally yields good results.
The products managed by them, such as Yongying Stable Enhancement, Invesco Great Wall Jing Sheng Shuang Xi, and Invesco Great Wall Jing Yi Feng Li, have performance since 2025 that is comparable to pure equity products, winning twice.
Of course, we are currently in a period of inflow, whether for active funds or fixed income+, the heavy positions of these fund managers have attracted continuous inflows of funds, making the rise relatively smooth.
If the trend reverses later, it is essential to prioritize profit-taking and stop-loss in the fixed income+ direction, especially since these products have a higher proportion of institutional investors, which differs from individual investors' tendency to buy more as prices drop. When they encounter adjustments, their actions are often more decisive.
If considering reducing equity positions in these larger-scale products, investors should pay attention to potential fluctuations ahead.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OsSTrI4WG0oD_R9L1BUKGsc4nJh98r5DsLb4bou_jTDWcAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OsSTrI4WG0oD_R9L1BUKGsc4nJh98r5DsLb4bou_jTDWcAA/641"/>
<h1>Secondary bond funds with good performance and manageable drawdowns</h1>
Therefore, for fixed income+ varieties, besides returns, I am more concerned about drawdowns.
Low-volatility fixed income+ with a low proportion of equity assets has low volatility and lower returns. So, are there fixed income+ products that have good returns but also manage drawdowns well since 2025?
A few days ago, the article mentioned Harvest Stable Yi Bond.
Both fund managers took office last year, and the overall management style of the product has changed significantly from before.
Since 2025, the return has been 16%, but the maximum drawdown is only 1.27%. Among many products with yields exceeding 15%, this drawdown level is the best.
How did they achieve this?
I noticed that in the third quarter of last year, during the main bull market, the fund managers significantly increased the proportion of stocks, particularly focusing on technology and non-ferrous metals, seizing this opportunity very well.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O-eKGdvnviI_HiN6Kj-4q-_D2d5dDTQcbd3s8uB9kF2O0AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O-eKGdvnviI_HiN6Kj-4q-_D2d5dDTQcbd3s8uB9kF2O0AA/641"/>
Considering that the current scale of Harvest Stable Income is not large, there is still plenty of room for similar positioning operations.
Not only Harvest Stable Income, but there are also several secondary bond funds with returns over 10% and drawdowns within 2% since 2025.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OOpoFP0IRBv_fN5GTV85yqtcPy6ufCOa8z_pzVy5Va0uoAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OOpoFP0IRBv_fN5GTV85yqtcPy6ufCOa8z_pzVy5Va0uoAA/641"/>
Hua Tian Fu Multi-Asset Income and Hua Tian Fu Dual Benefit Bond have shown impressive performance in both returns and scale in 2025. As we mentioned in our review &#34;Quarterly Report Released, Competition Intensifies...&#34;, the annual scale growth was second only to Invesco Great Wall.
In &#34;Behind the Significant Growth: What Has Hua Tian Fu Fixed Income+ Done?&#34;, we also broke down Hua Tian Fu's product strategy positioning.
Hua Tian Fu Multi-Asset Income is positioned as an actively growing product, while Hua Tian Fu Dual Benefit is more balanced and stable.
One concern for institutional investors buying Fixed Income+ is the uncertainty about the underlying equity proportion and stock holdings, making it difficult to allocate positions. If the equity center and investment style can be stabilized, it will be easier to gain attention.
Additionally, Morgan Dual Bond Enhanced Income, China Merchants Anqing Bond, and Bank of Communications Enhanced Income have also performed well.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OsSTrI4WG0oD_R9L1BUKGsc4nJh98r5DsLb4bou_jTDWcAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OsSTrI4WG0oD_R9L1BUKGsc4nJh98r5DsLb4bou_jTDWcAA/641"/>
<h1>In Conclusion</h1>
It can be said that in a low-interest-rate environment, the development of equity-linked products has the right timing, location, and people.
First, in the past, when interest rates were high, non-standard assets were quite stable. No one was interested in equity funds with a dividend yield of 4%-5% or an annualized return of 4%-5%.
But now it's different; interest rates are already low, and regulatory standards for wealth management performance benchmarks are gradually tightening. Investors must either accept mediocre performance or shift towards reasonably volatile equity-linked products.
Second, regulators need a slow bull market in A-shares, and one feasible method is through reasonably volatile debt-oriented FOFs and Fixed Income+ entering the market, which can control volatility better than an all-in equity mix.
Third, the long adjustment from 2021 to 2024 has indeed changed some investors.
People are increasingly interested in dividends, diversified allocations, and equity-linked fixed income products.
In the comments section of a previous article by Min Gong, I saw readers commenting that they would choose E Fund Enhanced Return for Fixed Income+, and similar comments, including but not limited to E Fund Yu Hui Fixed Opening and E Fund Yu Xiang Return, have also appeared in my backend messages.
These products with long performance curves and good risk-return profiles truly have a loyal group of investors.
As everyone views the market more rationally, a slow bull market in A-shares can gradually become possible

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The volatility of the CSI 300 Index has gradually decreased, showing a trend similar to that of the S&P 500. Since Chairman Wu took office on February 7, 2024, the range return of the CSI 300 has been 38.93%, slightly higher than the S&P 500's 35.69%. In terms of annualized volatility, the CSI 300 stands at 18.43%, slightly above the S&P 500's 16.35%. The stability of the market is influenced by GJD's counter-cyclical adjustments, and investors' attention to low-volatility strategies is also on the rise

The volatility of the CSI 300 has begun to rival that of the S&P 500