At a crossroads in the macroeconomic fog, investors are seeking well-balanced financial anchors.
Since mid-May, a global bond sell-off has been triggered by persistent geopolitical tensions, which are pushing up inflation expectations and tightening monetary policy forecasts worldwide. Long-term and medium-term government bond yields in major economies have broadly climbed, reaching new highs for the year, and in some cases, hitting levels not seen since the subprime mortgage crisis or even longer. For instance, the US 10-year Treasury yield has surpassed 4.6%, while the 30-year yield has reached its highest point since the financial crisis (source: CICC, as of May 22, 2026).
However, the domestic market's exposure to global liquidity is limited, showing an overall trend of "declining interest rates with structural volatility." China's monetary policy considers multiple dimensions, with fiscal expansion being relatively restrained. Corporate and household financing demand remains weak, interbank liquidity is ample, and the phenomena of asset scarcity and deposit migration continue to intensify.
Latest data from the National Bureau of Statistics shows that April's CPI rose 1.2% year-on-year, and PPI increased by 2.8%, both exceeding market expectations. However, this price recovery, driven by rising commodity prices in sectors like energy and chemicals, has not altered the weak state of corporate financing demand. Consequently, the interest rate center lacks a solid foundation for a significant rebound. Simultaneously, the annualized yields on deposits and money market funds have begun to fall below the 1% threshold.
While the domestic low-interest-rate environment persists, external factors like geopolitical uncertainty and limited energy supply recovery contribute to high volatility in the A-share market. Over the past three months, the Shanghai Composite Index has experienced a fluctuation range exceeding 10%, and the ChiNext Index has seen swings of over 30% (source: iFind, as of May 27, 2026).
Faced with the dual challenges of high equity volatility and low deposit returns, investors are actively searching for balanced allocation tools: the comprehensive fixed-income ecosystem formed by "fixed-income plus" funds and pure bond funds.
Navigating Market Limitations with 3.5 Trillion Flowing into "Fixed-Income Plus"
The core of fixed-income plus funds lies in their allocation framework of "using low-volatility assets as a foundation, enhanced by high-volatility assets." The "fixed-income" portion uses assets like bonds as ballast, aiming for relatively stable base returns. The "plus" component utilizes more elastic equity assets such as stocks and convertible bonds as a key source for long-term return enhancement; this is also the central factor determining the product's risk-return profile. Through balanced allocation and dynamic adjustments, these funds strive to find the optimal equilibrium between risk and reward.
Amid the resonance of low interest rates and high volatility, fixed-income plus funds are experiencing explosive growth. According to CICC statistics, by the end of the first quarter of 2026, there were 2,381 such products in the market, with total assets under management reaching 3.54 trillion yuan, surpassing the 3 trillion yuan mark. This represents year-on-year growth of 74% and quarter-on-quarter growth exceeding 30%. Among these, secondary bond funds have been the main driver of this scale expansion, with assets under management exceeding 2 trillion yuan, marking a 27% increase from the previous quarter.
Star Performers: ChinaAMC's 24 Five-Star Funds Shine in Fixed Income
Behind the influx of massive capital, meeting investors' increasingly diverse needs has become paramount. Fixed-income plus products have evolved beyond simple stock-bond combinations into a new era of refined and diversified strategies. As a pioneer in this field, China Asset Management Co., Ltd. (ChinaAMC) adheres to its founding principle of "customer-centricity" and a spirit of innovation that adapts to changing circumstances. Leveraging its core strengths in major asset allocation, fixed-income investment, equity research, and risk control systems, the firm has developed a comprehensive suite of fixed-income plus product strategies. This includes active equity strategies, quantitative enhancement, and convertible bond strategies, positioning it as a leader in the era of Fixed-Income Plus 3.0.
Endurance in the long run forges industry benchmarks, with impressive data confirming the depth of a major player. According to Guotai Haitong Securities' statistics on the performance of various companies over the past three years, as of the end of Q1 2026, ChinaAMC's fixed-income products achieved a cumulative net value growth rate of 11.50% over three years. This ranks 13th among 139 companies in the market and 3rd among 17 large-scale firms, fully demonstrating the hardcore strength and leading position of a top-tier asset manager. A total of 24 of its products have received Guotai Haitong Securities' three-year five-star rating, including 14 fixed-income plus funds and 10 pure bond funds.
Leading Long-Term Performance: Top-Tier Strength in the Fixed-Income Plus 3.0 Era
For fixed-income plus funds, the ability to navigate market cycles is the ultimate test. ChinaAMC has been deeply involved in this field for 18 years, accumulating substantial investment research expertise and team experience through multiple bull and bear markets.
Medium to long-term performance data shows that as of March 31, 2026, five of ChinaAMC's products consistently ranked in the top quartile of their peer groups over four time periods: the past 1, 2, 3, and 5 years. Standout performers exist across primary bond funds, secondary bond funds, and bond-leaning hybrid funds. Among them, ChinaAMC Dual Bond Enhanced Bond Fund, ChinaAMC Dingli Bond Fund, ChinaAMC Yongkang Tianfu Hybrid Fund, and ChinaAMC Pantai LOF have all received Galaxy Securities' dual five-star ratings for both three-year and five-year periods.
Data source: Fund periodic reports, rankings from Galaxy Securities, as of March 31, 2026. Historical data is for reference only and does not indicate future performance. Detailed risk warnings are provided at the end.
In the primary bond fund category, as a representative of high-sharpness products, ChinaAMC Dual Bond Enhanced Bond Fund (Class A) achieved net value growth rates of 12.45%, 28.49%, and 34.59% over the past 1, 3, and 5 years, respectively. Its excess returns over the past 1 and 3 years were 12.57% and 23.04%. Meanwhile, ChinaAMC Juli Bond Fund (Class A), focusing on low-to-medium volatility, employs precise high-elasticity security selection and timing within its equity framework. Its net value growth rates over the past 1, 3, and 5 years were 17.82%, 19.00%, and 25.91%, with excess returns of 15.12% and 10.90% over 1 and 3 years.
Among secondary bond funds, ChinaAMC Dingli Bond Fund (Class A) is a high-sharpness product combining AI-powered quantitative equity enhancement strategies. It effectively captures market dynamics through data dimensions, dynamically adapts models to market changes, and applies strict risk controls. Its net value grew by 16.87%, 24.64%, and 25.55% over the past 1, 3, and 5 years, with excess returns of 16.99% and 19.19% over 1 and 3 years.
In the bond-leaning hybrid fund category, ChinaAMC Yongkang Tianfu Hybrid Fund (Class A) serves as a tool for capturing high volatility elasticity. Its net value surged by 28.29%, 31.34%, and 44.82% over the past 1, 3, and 5 years, respectively, all ranking in the top 5 of its peer group, earning it the title of a true "long-term winner." Its excess returns over 1 and 3 years were both impressive at 26.19% and 24.64%. Concurrently, ChinaAMC Pantai LOF (Class A), which incorporates an equity strategy driven by large-cap stocks and private placements, achieved net value growth of 7.94%, 30.68%, and 53.33% over 1, 3, and 5 years. Its excess returns were 2.49% and 17.55% over 1 and 3 years, highlighting its long-term strength.
As a product specializing in convertible bond strategies within the lineup, ChinaAMC Convertible Bond Enhanced Bond Fund (Class A) combines the defensive attributes of bonds with the offensive attributes of stocks, showing notable elasticity. It is more suitable for investors with higher risk tolerance seeking high-elasticity returns. This fund's net value grew by 25.60% over the past year, with an excess return of 11.86%. It ranked 2nd in its peer group for both the 1-year and 2-year periods.
Solidifying the Foundation: ChinaAMC's Pure Bond Track Flourishes Across Multiple Segments
Simultaneously, behind the stellar performance of the fixed-income plus lineup, excellent pure bond strategies form the cornerstone of the comprehensive fixed-income ecosystem. Several of ChinaAMC's pure bond products shine across various sub-categories, reflecting the team's deep expertise in credit research, interest rate timing, and liquidity management. Five pure bond funds from ChinaAMC have received Galaxy Securities' dual five-star ratings for both three-year and five-year periods, while 11 have earned the three-year five-star rating. Among these, ChinaAMC Dinghang, ChinaAMC Dinglong, and ChinaAMC Dingnuo Three-Month Regular Open Bond Fund have all been awarded Guotai Haitong Securities' three-year five-star rating.
Data source: Fund periodic reports, as of March 31, 2026. Historical data is for reference only and does not indicate future performance. Detailed risk warnings are provided at the end.
In terms of performance, according to Galaxy Securities statistics as of March 31, 2026, six of ChinaAMC's pure bond funds (all Class A) ranked in the top 30% of their respective peer groups for net value growth over the past year. The product types span bond index funds, medium-to-long-term pure bond funds, short-term pure bond funds, and QDII pure bond funds, demonstrating success across multiple specialized segments.
Among them, four products are "long-term champions" that have weathered market cycles, with their net value growth rates consistently ranking at the forefront of their peers across multiple timeframes: the past 1, 2, 3, and 5 years. ChinaAMC Dinghang Bond Fund (Class A) has shown remarkable performance in the highly competitive medium-to-long-term pure bond fund arena. Its net value grew by 3.00%, 15.23%, and 25.7% over 1, 3, and 5 years, all placing it in the top 5% of its peer group. The QDII bond "twin stars," ChinaAMC Greater China Credit Selection A (RMB) and ChinaAMC Overseas Income A (RMB), have excelled in their niche. Their 1, 3, and 5-year net value growth rates were 0.98%/0.65%, 11.31%/17.64%, and 43.33%/20.22%, respectively, ranking between 1st and 7th among 24 similar products across these periods. Finally, ChinaAMC Dinghua One-Year Regular Open Bond Fund (Class A) ranked in the top 20% of its peers for performance over the past 1, 2, and 3 years, with net value growth rates of 2.48%, 7.53%, and 15.58% for these three periods.
In the turbulent capital markets, ChinaAMC is not only a keen captor of quality assets but also a steadfast guardian for the wealth of millions of households. In an era of low interest rates where volatility is constant, ChinaAMC's deep investment research moat and long-term endurance will continue to safeguard the steady advancement of national wealth.
Data source: Fund periodic reports, verified by custodians, as of March 31, 2026. Rankings and ratings from Galaxy Securities, Guotai Haitong Securities, as of March 31, 2026.
ChinaAMC Yongkang Tianfu Hybrid Fund (Class A) was established on February 1, 2018. Its full-year performance for the past five calendar years versus the benchmark is as follows: 20.15% /1.19% in 2021, -7.26%/-2.75% in 2022, -2.38%/0.04% in 2023, 4.49%/6.69% in 2024, 28.48%/1.24% in 2025. Since inception, the return is 80.88% versus a benchmark return of 0.53%, as of December 31, 2025. The performance benchmark is: CSI 300 Index Return * 15% + ChinaBond Composite Index Return * 85%. Data from fund annual reports, verified by custodians.
ChinaAMC Dingli Bond Fund (Class A) was established on November 18, 2016. Its full-year performance for the past five calendar years versus the benchmark is as follows: 6.39%/2.10% in 2021, -8.55%/0.51% in 2022, 1.42%/2.06% in 2023, 6.83%/4.98% in 2024, 15.02%/-1.59% in 2025. Since inception, the return is 95.31% versus a benchmark return of 8.91%, as of December 31, 2025. The performance benchmark is the ChinaBond Composite Index. Data from fund annual reports, verified by custodians.
ChinaAMC Dual Bond Enhanced Bond Fund (Class A) was established on March 14, 2013. Its full-year performance for the past five calendar years versus the benchmark is as follows: 9.21%/2.10% in 2021, -7.25%/0.51% in 2022, 1.44%/2.06% in 2023, 12.09%/4.98% in 2024, 18.37%/-1.59% in 2025. Since inception, the return is 167.88% versus a benchmark return of 15.78%, as of December 31, 2025. The performance benchmark is the ChinaBond Composite Index. Data from fund annual reports, verified by custodians.
ChinaAMC Convertible Bond Enhanced Bond Fund (Class A) was established on September 27, 2016. Its full-year performance for the past five calendar years versus the benchmark is as follows: 10.94%/18.48% in 2021, -23.15%/-10.02% in 2022, -6.25%/-0.47% in 2023, 4.32%/6.08% in 2024, 34.38%/5.94% in 2025. Since inception, the return is 77.17% versus a benchmark return of 67.61%, as of December 31, 2025. The performance benchmark is the CSI Convertible Bond Index. Data from fund annual reports, verified by custodians.
ChinaAMC Pantai Hybrid Fund (LOF) (Class A) was established on December 26, 2016. Its full-year performance for the past five calendar years versus the benchmark is as follows: 13.05%/1.67% in 2021, 0.16%/-4.30% in 2022, 9.58%/-0.83% in 2023, 11.13%/10.51% in 2024, 10.20%/5.94% in 2025. Since inception, the return is 81.05% versus a benchmark return of 38.68%, as of December 31, 2025. The performance benchmark is: CSI 300 Index Return * 30% + SSE Government Bond Index Return * 70%. Data from fund annual reports, verified by custodians.
ChinaAMC Juli Bond Fund (Class A) was established on March 19, 2013. Its full-year performance for the past five calendar years versus the benchmark is as follows: 11.76%/2.70% in 2021, -4.56%/2.70% in 2022, -1.30%/2.70% in 2023, 1.76%/2.70% in 2024, 21.16%/2.70% in 2025. Since inception, the return is 114.06% versus a benchmark return of 37.80%, as of December 31, 2025. The performance benchmark is: One-year time deposit after-tax interest rate + 1.2%. Data from fund annual reports, verified by custodians.
ChinaAMC Dinghang Bond Fund (Class A) was established on July 3, 2020. Its full-year performance for the past five calendar years versus the benchmark is as follows: 6.00%/2.10% in 2021, 3.10%/0.51% in 2022, 6.97%/2.06% in 2023, 5.87%/4.98% in 2024, 1.99%/-1.59% in 2025. Since inception, the return is 27.99% versus a benchmark return of 7.25%, as of December 31, 2025. The performance benchmark is the ChinaBond Composite Index Return. Data from fund annual reports, verified by custodians.
ChinaAMC Dinglong Bond Fund (Class A) was established on February 16, 2017. Its full-year performance for the past five calendar years versus the benchmark is as follows: 3.95%/2.10% in 2021, 3.33%/0.51% in 2022, 5.19%/2.06% in 2023, 5.68%/4.98% in 2024, 0.92%/-1.59% in 2025. Since inception, the return is 30.85% versus a benchmark return of 12.01%, as of December 31, 2025. The performance benchmark is the ChinaBond Composite Index Return. Data from fund annual reports, verified by custodians.
ChinaAMC Dingnuo Three-Month Regular Open Bond Fund (Class A) was established on October 13, 2017. Its full-year performance for the past five calendar years versus the benchmark is as follows: 3.87%/2.10% in 2021, 2.10%/0.51% in 2022, 3.91%/2.06% in 2023, 5.95%/4.98% in 2024, 1.38%/-1.59% in 2025. Since inception, the return is 25.56% versus a benchmark return of 13.47%, as of December 31, 2025. The performance benchmark is the ChinaBond Composite Index Return. Data from fund annual reports, verified by custodians.
ChinaAMC Greater China Credit Bond (QDII) (Class A) (RMB) was established on July 27, 2016. Its full-year performance for the past five calendar years versus the benchmark is as follows: 6.32%/-3.00% in 2021, 15.67%/-0.79% in 2022, -0.28%/3.74% in 2023, 11.55%/6.70% in 2024, 3.17%/1.64% in 2025. Since inception, the return is 51.02% versus a benchmark return of 18.23%, as of December 31, 2025. The performance benchmark is: 50% * ChinaBond Composite Index + 50% * Bloomberg Asia Ex-Japan USD Credit China Index. Data from fund annual reports, verified by custodians.
ChinaAMC Overseas Income Fund (Class A) (RMB) was established on December 7, 2012. Its full-year performance for the past five calendar years versus the benchmark is as follows: -0.23%/2.75% in 2021, -0.08%/2.75% in 2022, 5.93%/2.75% in 2023, 9.57%/2.75% in 2024, 5.24%/2.75% in 2025. Since inception, the return is 76.49% versus a benchmark return of 39.63%, as of December 31, 2025. The performance benchmark is the after-tax interest rate of a three-year RMB time deposit for the corresponding period. Data from fund annual reports, verified by custodians.
ChinaAMC Dinghua One-Year Regular Open Bond Fund (Class A) was established on March 9, 2021. Its full-year performance for the past five calendar years versus the benchmark is as follows: 4.10%/2.10% in 2021, 2.74%/0.51% in 2022, 6.06%/2.06% in 2023, 7.82%/4.98% in 2024, 1.20%/-1.59% in 2025. Since inception, the return is 23.77% versus a benchmark return of 8.20%, as of December 31, 2025. The performance benchmark is the ChinaBond Composite Index Return. Data from fund annual reports, verified by custodians.
Risk Warnings:
1. The above funds are bond funds and hybrid funds. The specific risk rating results are subject to those provided by the fund manager and sales agencies.
2. Before investing, investors should carefully read the fund's legal documents such as the Fund Contract, Prospectus, and Product Key Facts Statement to fully understand the fund's risk-return characteristics and product features. Based on factors such as investment objectives, time horizon, experience, and financial situation, investors should fully consider their own risk tolerance. After understanding the product and sales suitability opinions, make rational and prudent investment decisions and bear investment risks independently.
Specific Risk Warnings:
ChinaAMC Yongkang Tianfu Hybrid Fund, ChinaAMC Dingli Bond Fund, ChinaAMC Convertible Bond Enhanced Bond Fund, and ChinaAMC Pantai Hybrid Fund (LOF) may invest in depositary receipts. The fund's net asset value may be affected by fluctuations in the price of the underlying overseas securities of these depositary receipts. Risks associated with the underlying overseas securities may directly or indirectly become risks of the fund.
ChinaAMC Dingnuo Three-Month Regular Open Bond Fund targets specific institutional investors. Due to the relatively large subscription and redemption amounts from institutional investors, this may lead to certain impact costs, causing fluctuations in the fund's net asset value. If a specific institutional investor redeems a high proportion, it may lead to risks of large-scale redemptions or fund liquidation. A single investor or multiple investors acting in concert may hold 50% or more of the fund's units. This fund is not sold to individual investors.
ChinaAMC Greater China Credit Bond (QDII) and ChinaAMC Overseas Income Fund (QDII) primarily invest in financial instruments denominated in various foreign currencies in global markets. Exchange rate fluctuations between foreign currencies and RMB may affect the value of the fund's assets, exposing the fund to potential risks. Global investments are subject to various factors including the macroeconomic conditions, monetary policy, fiscal policy, industrial policy, trading rules, settlement, custody, and other operational risks in different countries/regions. Fluctuations and changes in these factors may expose the fund's assets to potential risks. Additionally, the costs of global investment and the volatility of global markets may be higher than those of domestic markets, presenting certain market risks.
ChinaAMC Dinghua One-Year Regular Open Bond Fund targets specific institutional investors. Due to the relatively large subscription and redemption amounts from institutional investors, this may lead to certain impact costs, causing fluctuations in the fund's net asset value. If a specific institutional investor redeems a high proportion, it may lead to risks of large-scale redemptions or fund liquidation. This fund operates in a closed manner during its closed periods, with regular openings between closed periods. During the closed period, the fund does not handle subscriptions or redemptions (except for dividend reinvestment). During each closed period, fund unit holders face the risk of being unable to redeem their units. If a unit holder misses an open period and fails to redeem, their units can only be redeemed during the next open period. A single investor or multiple investors acting in concert may hold 50% or more of the fund's units. This fund is not publicly sold to individual investors.
3. The fund manager reminds investors of the "buyer beware" principle of fund investment. After making an investment decision, investors are responsible for any investment risks arising from the fund's operational status, fluctuations in the listed trading price of fund units, and changes in the fund's net asset value.
4. The China Securities Regulatory Commission's registration of this fund does not indicate a substantive judgment or guarantee of its investment value, market prospects, or returns, nor does it indicate that investing in this fund is risk-free.
5. This product is issued and managed by China Asset Management Co., Ltd. Sales agencies do not assume responsibility for the product's investment, payment, or risk management.
6. The views in this material are for reference only and do not constitute any substantive advice, commitment, or legal document for investors. The market involves risks, and investment requires caution.
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