As risk-free rates enter a prolonged downward trajectory, the source of investment returns is shifting from simple beta opportunities to deeper alpha generation. The core value of fixed income investing no longer lies in merely chasing short-term coupon yields, but in achieving the optimal balance between stability and growth through meticulous asset allocation, harnessing the patience to traverse market cycles and deliver sustainable long-term returns.
Through its platform-driven, systematic fixed income research capabilities and long-termist philosophy, ICBC Credit Suisse Asset Management is emerging as a representative example of this trend.
Anchoring Stability: Strategic Balance in Fixed Income
Against the backdrop of low interest rates and heightened market volatility, fixed income investments have become a cornerstone asset for weathering equity market fluctuations and navigating economic cycles. This strategy of achieving long-term success through balance is gaining increasing recognition in today's market environment.
From an industry perspective, fixed income assets have become a vital pillar supporting the high-quality development of the public fund sector. Data from the Asset Management Association of China shows that as of the end of June 2026, the total scale of public funds reached RMB 39.67 trillion, with bond funds accounting for RMB 12.11 trillion. Within this space, "fixed income plus" funds are emerging as a new growth engine. Wind data indicates that in the first half of 2026, newly established "fixed income plus" products reached RMB 138.42 billion, representing over 80% of all newly established fixed income funds, making them the primary driver of fixed income expansion. This marks a new phase where fixed income investing enhances value through the "plus" strategy.
The sustained popularity of fixed income assets reflects a broader shift in societal wealth and evolving retail investor demands. Over the past decade, Chinese household wealth has grown significantly, but with stricter real estate regulations, persistently declining bank deposit rates, and the dismantling of implicit guarantees, traditional wealth management channels have seen their yield space compress. After multiple rounds of equity market turbulence, investor risk preferences have shifted from aggressive growth to stability-first, with "certainty of returns" becoming a primary goal for most families. The risk-controlled, steady-return characteristics of fixed income assets precisely align with this demand shift.
As a leading asset manager with years of deep cultivation in fixed income, ICBC Credit Suisse has proactively positioned itself, building a comprehensive product matrix across all fixed income categories to meet investors' diverse needs for stable wealth management.
Patient Capital: Cultivating Core Strength Over the Long Term
In the investment world, fleeting performance is not uncommon; what is difficult is consistently generating returns across different market cycles. The ICBC Credit Suisse fixed income team exemplifies long-termism—not chasing short-term glory, but deeply researching "slow variables" such as macroeconomic trends, interest rate curves, and credit environments, running a "patience race" over medium-to-long-term horizons. This approach has yielded success across pure bonds, convertible bonds, "fixed income plus," and index products.
This commitment has received recognition from authoritative institutions. According to the latest ratings from Galaxy Securities, 18 fixed income funds under ICBC Credit Suisse have earned five-star ratings. Morningstar China data also shows that 10 fixed income funds have achieved five-star ratings.
Pure bonds serve as the ballast of fixed income investing. For example, the ICBC Zunyi Medium-Short Duration Bond A, managed by Gu Heng and Yin Kejia, ranks in the top ten in both Morningstar and Galaxy Securities' five-year rankings and has received five-year five-star ratings from both institutions. By adhering to a long-term philosophy, employing refined duration management, and conducting rigorous credit research, the fund preserves deterministic coupon income with minimal volatility, unlocking asset allocation value through the passage of time.
Convertible bonds are a key tool for "fixed income enhancement" strategies, and ICBC Credit Suisse has deep expertise and leading performance in this area. The ICBC Convertible Bond Preferred A, led by veteran fixed income manager Chen Han, demonstrates adept asset allocation across equities and bonds. As of June 30, 2026, the fund posted a one-year NAV growth rate of 23.51%, outperforming its benchmark return of 13.76% by 9.75 percentage points. Another standout product, the ICBC Convertible Bond Fund, managed by Huang Shiyuan, also shows exceptional performance.
In the "fixed income plus" and hybrid debt space, ICBC Credit Suisse showcases robust multi-strategy research capabilities. The ICBC Xin Deli Hybrid Fund, managed by Huang Yangli, has delivered impressive results. According to the latest periodic report, this product employs an active management strategy with convertible bond allocations, flexibly adjusting positions to capture growth opportunities in sectors like technology and consumer. As of June 30, 2026, the fund's one-year NAV growth rate was 39.85% (versus benchmark return of 8.82%), outperforming by 31.03 percentage points. Over three and five years, NAV growth reached 56.36% (benchmark 18.76%) and 46.95% (benchmark 15.87%), respectively, significantly beating the benchmark. Galaxy Securities data shows the product ranked 4/306 and 3/175 in its category over three and five years, respectively, as of June 30, 2026. With its multi-period excellence, the fund has earned dual "five-star" ratings from both Galaxy Securities and Morningstar for three and five years, underscoring solid investment capabilities.
The ICBC Tianfu Bond A has received "dual five-star" ratings from Galaxy Securities for both three and five years, thanks to its superior drawdown control and opportunity capture. The ICBC Juan Hybrid A ranks in the top three of its category in Morningstar's three-year rankings and has earned three-year five-star ratings from both Morningstar and Galaxy, while the ICBC Juxiang Hybrid A has also received three-year five-star ratings from both institutions. Another benchmark product, the ICBC Yin Heli Hybrid Fund, not only ranks in the top ten across Galaxy's three, five, and seven-year categories and Morningstar's five-year category but has also secured Galaxy's three and five-year "dual five-star" ratings alongside Morningstar's five-year five-star rating—ample evidence of ICBC Credit Suisse's deep expertise in asset allocation, refined operations, and multi-strategy coordination.
Meanwhile, the ICBC Bloomberg China Development Bank Bond 1-3 Year Index A, a bond index fund that has garnered significant attention, stands out as one of the few index short-duration bond funds to receive "dual five-star" ratings from Morningstar for both three and five years, reflecting its long-term stable performance.
The emergence of outstanding products across different time horizons is a direct reflection of the ICBC Credit Suisse fixed income research team's long-term tracking and deep analysis of slow variables such as macroeconomic rhythms, interest rate curve changes, and credit environment evolution—translating insights into sustained excess returns.
Building the Foundation: Systematic Empowerment for Sustainable Advantage
Over the years, the ICBC Credit Suisse fixed income team has consistently ranked in the industry's first tier through its long-termist practices. The robust performance is underpinned by a "platform-based, team-driven, integrated, multi-strategy" research and investment system—the core engine enabling the firm to master market slow variables and achieve long-term success.
Efficient, collaborative teamwork is the cornerstone of ICBC Credit Suisse's deep engagement with slow variables. Fixed income investing is far from a solo act by fund managers; it is a collective art requiring close coordination among research, investment, and trading. The firm has assembled specialized teams covering macro, credit, and convertible bonds, ensuring that macro judgments, credit discoveries, and niche opportunities are quickly and accurately transmitted to the investment side, forming a virtuous cycle where research drives investment and investment feeds back into research.
More importantly, the platform model breaks down resource barriers. By integrating research resources across equities and fixed income and establishing capability centers, the firm enables cross-departmental sharing and reuse of research outputs, converting insights into modular resources applicable across fixed income and "fixed income plus" strategies. This significantly enhances research efficiency and strategy reusability.
Additionally, a well-structured talent pipeline with experienced veterans mentoring emerging talent serves as the lifeblood of ICBC Credit Suisse's long-termist practice. Veterans like Ouyang Kai and Gu Heng lead the charge, while seasoned fund managers including Zhao Jian, Wang Shuo, and Chen Han, having weathered multiple market cycles, act as the stabilizing anchors of the fixed income team. Meanwhile, new-generation talent such as Gu Qingchun, Huang Yangli, and Yin Kejia are rising through the ranks, nurtured by the platform culture. This mentorship model not only ensures the effective transmission of investment philosophies and methodologies but also sparks new strategic vitality through intellectual exchange.
Disciplined, process-driven risk control is the lifeline that protects ICBC Credit Suisse's long-term certainty. From credit rating entry and portfolio construction to concentration limits and dynamic risk monitoring, stringent systems and protocols are in place. In credit risk prevention specifically, the firm has built a comprehensive risk management framework with "9+X" core risk indicators, strengthened "three lines of defense" coordination, and leveraged intelligent risk platforms and technology to enhance risk identification and mitigation capabilities while strictly adhering to compliance standards. This reverence for and institutional control over risk slow variables is the fundamental guarantee behind ICBC Credit Suisse's ability to consistently deliver smooth NAV curves.
In the asset management industry's march toward high-quality, value-creating development, the ICBC Credit Suisse fixed income team continues to demonstrate unwavering dedication and collaborative wisdom, adhering to long-termist principles and keeping long-term value at the forefront. Looking ahead, the team will embrace a more open mindset and refined capabilities, staying attuned to the times and aligned with investors, creating greater value returns while striking the balance between stability and growth—standing as steadfast guardians of long-term value.
Data Notes: 1. Specific sales fee rates for all products mentioned apply per the fund manager's official website and prevailing fund legal documents and sales agency rules. 2. Ratings from Morningstar, as of June 30, 2026. ICBC Xin Deli Hybrid, ICBC Bloomberg CDB 1-3 Year Index A, ICBC Dual Bond Enhanced (LOF), and ICBC Credit Pure Bond A received five-star ratings for both three and five years. ICBC Juxiang Hybrid A, ICBC Juan Hybrid A, and ICBC Zhaorui One-Year Holding Hybrid A received three-year five-star ratings. ICBC Pure Bond A, ICBC Yin Heli Hybrid, and ICBC Zunyi Medium-Short Duration Bond A received five-year five-star ratings. 3. Ratings from Galaxy Securities, as of June 30, 2026. ICBC Yin Heli Hybrid, ICBC Xin Deli Hybrid, ICBC Credit Pure Bond (Class A), ICBC Pure Bond Periodic Open, ICBC Credit Pure Bond One-Year Periodic Open (Class A), ICBC Tianfu Bond (Class A), ICBC Dual Bond Enhanced (LOF), and ICBC Target Return One-Year Periodic Open (Class A) received five-star ratings for both three and five years. ICBC Ningrui Six-Month Holding Hybrid (Class A), ICBC Zhaorui One-Year Holding Hybrid (Class A), ICBC Jufeng Hybrid (Class A), ICBC Juan Hybrid (Class A), ICBC Juxiang Hybrid (Class A), ICBC Ruiheng Three-Month Periodic Open Bond (Class A), and ICBC Ruiying Eighteen-Month Periodic Open Bond received three-year five-star ratings. ICBC Pure Bond (Class A), ICBC Zunyi Medium-Short Duration Bond (Class A), and ICBC Tianli Bond (Class A) received five-year five-star ratings. 4. Rankings from Morningstar, as of June 30, 2026. ICBC Zunyi Medium-Short Duration Bond A ranked 10/373 in the short-duration bond category over five years; ICBC Juan Hybrid A ranked 3/212 in the Shanghai-Hong Kong-Shenzhen conservative hybrid category over three years; ICBC Yin Heli Hybrid ranked 10/66 in the standard hybrid category over five years. 5. Rankings from Galaxy Securities, as of June 30, 2026. ICBC Zunyi Medium-Short Duration Bond (Class A) ranked 3/72 in the medium-short pure bond fund category (Class A) over five years; ICBC Yin Heli Hybrid ranked 7/306, 5/175, and 6/63 in the general partial-debt fund category (equity cap not exceeding 30%) (Class A) over three, five, and seven years, respectively; ICBC Xin Deli ranked 4/306 and 3/175 in the same category over three and five years. 6. ICBC Xin Deli Hybrid was established on March 23, 2017. Huang Yangli has managed it since October 20, 2023. The fund's NAV growth rates for 2021-2025, one year, three years, and five years are 2.80%, -3.20%, -7.09%, 9.45%, 22.96%, 39.85%, 56.36%, and 46.95%, respectively, versus benchmark returns of 2.25%, -4.50%, -0.17%, 10.21%, 5.75%, 8.82%, 18.76%, and 15.87%. Data from fund periodic reports; annual data from annual reports; one, three, and five-year data as of June 30, 2026. 7. ICBC Convertible Bond Preferred A was established on July 2, 2018. Chen Han has managed it since January 13, 2023. The fund's NAV growth rates for 2021-2025 and one year are 22.79%, -25.53%, -12.78%, 5.65%, 21.23%, and 23.51%, respectively, versus benchmark returns of 14.39%, -9.98%, -1.27%, 6.69%, 16.83%, and 13.76%. Data from fund periodic reports; annual data from annual reports; one-year data as of June 30, 2026.
Risk Disclosure: Views are for reference only, time-sensitive, and do not constitute investment advice or return commitments, nor do they represent future specific allocation directions. The fund manager manages fund assets with due diligence, honesty, and prudence but does not guarantee fund profitability or minimum returns. Past performance does not predict future results, and performance of other funds managed by the fund manager does not guarantee fund performance. ICBC Zunyi Medium-Short Duration Bond A, ICBC Convertible Bond Fund, ICBC Tianfu Bond A, and ICBC Convertible Bond Preferred A are bond funds with long-term average risk and expected returns lower than equity and hybrid funds but higher than money market funds. ICBC Bloomberg CDB 1-3 Year Index A is a bond index fund with expected risk and returns lower than equity and hybrid funds but higher than money market funds. As an index fund, it primarily uses sampling replication to track the underlying index, bearing risk-return characteristics similar to the index and its represented securities market. ICBC Juan Hybrid A, ICBC Juxiang Hybrid A, ICBC Yin Heli Hybrid, and ICBC Xin Deli Hybrid are hybrid funds with expected returns and risk levels lower than equity funds but higher than bond and money market funds. If funds invest in Hong Kong Stock Connect stocks, they also bear specific risks arising from differences in investment environment, targets, market systems, and trading rules. Funds carry risks; investors should carefully read the Fund Contract, Prospectus, Fund Product Summary, and updates before investing, and choose products suited to their risk tolerance after fully understanding product details, fee structures, sales channel charges, and sales agency suitability opinions. Fund investment requires caution.