The era of relying solely on deposits is quietly closing, making way for the opening chapter of professional wealth management. At a recent family gathering, a relative discussed new needs for financial planning: a five-year certificate of deposit from 2021 offered an interest rate above 4%, which could cover their child's extracurricular activity expenses. Now, upon inquiring about renewal, the rate has dropped to around 1.5%, significantly reducing the income. Finding a "safe and reasonably appreciating" way to manage funds has become a common goal for many households. According to Huatai Securities estimates, the total volume of time deposits with terms over one year maturing in 2026 will reach 50 trillion yuan, largely consisting of family savings deposited during the high-interest period of 2020-2021. Over the past decade, the five-year time deposit rate at major state-owned banks has fallen from over 5% to 1.3%, while certificate of deposit rates struggle to exceed 1.6%. This interest rate decline is a long-term trend amid economic transformation, suggesting that low rates may have become the new normal.

Currently, money market funds and cash management wealth management products are seeing persistently low yields. A-share market volatility has intensified, the risk-reward profile of stocks and bonds has returned to equilibrium, gold prices are experiencing increased volatility after a significant rally, and bank wealth management products offer modest returns with ongoing net asset value fluctuations. Consequently, a substantial amount of maturing capital is seeking more suitable allocation directions. Under the core objective of "safety as the foundation with reasonable appreciation," low-to-medium volatility "fixed-income plus" strategies and FOFs (Fund of Funds), which balance risk and return, are emerging as quality choices for household asset allocation due to their equilibrium between stability and return potential.

**Low-to-Medium Volatility "Fixed-Income Plus" Strategies: Seeking Steady Growth** In recent years, significant capital has been flowing into low-to-medium volatility products that include equity components. Wind data shows that by the end of 2025, the scale of fund products such as primary bond funds, secondary bond funds, bond-biased hybrid funds, and convertible bond funds had reached 2.74 trillion yuan, growing approximately 60% for the year and hitting a record high. Against this backdrop, leading fund companies like ICBC Credit Suisse are key participants in this trend.

Take the ICBC Shuangxi 6-Month Holding Bond Fund (Class A: 011091) as an example. This product is managed by He Xiuhong, Chief Fixed Income Investment Director at ICBC Credit Suisse's Fixed Income Department—a veteran with 18 years of securities industry experience and 14 years in investment management. She is skilled at flexibly adjusting duration based on macroeconomic analysis and adheres strictly to risk control底线 in credit bond allocation. The product highlights "appropriate allocation to both stocks and bonds, dual-engine driven," aiming to control volatility while moderately allocating to equity assets to enhance return potential, aligning with the core demand for "seeking progress amidst stability." Additionally, the product features a unique "holding period + fixed income" design, building a relatively stable income base with bond assets while using a six-month holding period rule to reduce the impact of frequent subscriptions and redemptions. This disciplined approach helps investors avoid short-term volatility interference. According to the fourth-quarter report, the fund's Class A achieved a return of 4.05% over the past year, outperforming its benchmark by approximately 1.2 percentage points. Its total scale reached 2.119 billion yuan by year-end, a substantial increase from 167 million yuan at the end of 2024.

Another fund managed by He Xiuhong, the ICBC Industrial Bond Fund (Class A: 000045), focuses on the industrial bond market. In an environment of shrinking credit bond supply and strong demand, the fund selects bonds issued by high-quality industrial entities and moderately allocates to quality blue-chip stocks across various sectors, seeking opportunities within certainty and aiming for low turnover and high-certainty equity enhancement. The fund's fourth-quarter report shows that as of the end of 2025, ICBC Industrial Bond A achieved a cumulative return of 109.51% since inception, generating over 50% in excess returns compared to its benchmark. It also recorded significant excess returns over the past six months, one year, and three years.

Another "long-distance runner" fund co-managed by He Xiuhong, the ICBC Seasonal Income Bond Fund A (164808), has also delivered strong performance. Since its transformation in February 2014, the fund has weathered multiple market cycles, demonstrating strong resistance to volatility and profit-generating capability. Performance data confirms its strength: the fourth-quarter report shows that as of the end of 2025, the fund's Class A achieved a cumulative return of 94.07% since its transformation on February 10, 2014, significantly outperforming its 61.67% benchmark. Its one-year return was 2.87%, beating the benchmark by 1.12 percentage points, and its five-year return ranking was relatively high among peers. Furthermore, Wind data indicates that as of the end of 2025, the fund's maximum drawdown over the past one, three, and five years was better than the peer average.

This performance reflects the ICBC Credit Suisse fixed income team's clear understanding and forward-looking grasp of macroeconomic trends. Represented by Chief Fixed Income Investment Director He Xiuhong, the team observes that some investors prefer products with dividend mechanisms to meet daily cash flow needs alongside investing, while others prioritize long-term returns on a low-volatility foundation. Therefore, the low-to-medium volatility "fixed-income plus" products she leads are tailored in strategy and operation to precisely meet these different needs. Overall, from pure bond foundations to equity-enhanced strategies, ICBC Credit Suisse's "fixed-income plus" product matrix, with its differentiated positioning and solid performance, acts like a "wealth ark" customized for various capital needs, offering diverse allocation options for maturing time deposit funds.

**FOFs: A Convenient and Suitable Option** FOF issuance has been booming this year. Wind data shows that as of March 20, 2026, the scale of newly issued FOFs reached 65.125 billion yuan. The allocation value of FOFs is rapidly becoming recognized and accepted. For ordinary investors, FOFs offer a hassle-free and efficient option as professional teams "select the funds," making them a suitable choice after time deposits mature. Among the top FOF institutions with scales exceeding 6 billion yuan by the end of 2025, four public offering firms, including ICBC Credit Suisse, saw their full-year scale grow by over 100%, with fourth-quarter growth exceeding 60%. Using a screening criterion of over 10% returns from 2022 to 2025, eight funds under ICBC Credit Suisse qualified, the highest number in the industry. The ICBC Value Stable 6-Month Holding FOF (Class A: 013300) is a core representative.

This fund is jointly managed by FOF Investment Department General Manager Zhao Zhiyuan and Fund Manager Xu Xinyuan. Positioned as a medium-risk "fixed-income plus" product with a 25% cap on risk assets, it employs a "strategic + tactical" two-layer allocation framework: at the strategic level, it focuses on stocks and bonds, supplemented by low-correlation assets like commodities to build a diversified hedging portfolio and strictly control drawdowns; at the tactical level, it uses quantitative models for dynamic adjustments and selects funds with sustained excess return capability. Fourth-quarter report data shows the fund achieved a one-year return of 7.27%, outperforming its benchmark by 4.63%, with good drawdown control. Its six-month holding period design aligns with the "seeking progress amidst stability" need of maturing time deposit funds.

For investors with even lower risk tolerance and shorter fund usage cycles, the ICBC Zhiyuan Allocation 3-Month Holding FOF (Class A: 008144) offers a flexible option. Managed by Fund Manager Zhou Yin, who has 12 years of securities industry experience and 9 years in investment management, the product is positioned as low-risk. It uses bond funds as its base and diversifies across stocks, bonds, commodities, QDIIs, and other multi-asset classes to pursue capital preservation and appreciation under strict volatility control. The three-month holding period reduces interference from frequent trading and provides stable operational space for the fund manager, suitable for short-term transition needs of low-to-medium risk capital.

Another product managed by Zhou Yin, the ICBC Robust Pension One-Year Holding Fund A (009335), focuses on long-term allocation scenarios. With its steady asset allocation strategy, this product can meet long-term allocation needs after time deposits mature, making it particularly suitable for long-term planning such as pension funds. From short-term flexible allocation to long-term pension planning, ICBC Credit Suisse's FOF product line, with its differentiated positioning and solid performance, charts a "wealth highway" from the present to the future—smooth and efficient—offering diverse allocation choices for maturing time deposit funds.

**Investment Research and Risk Control as the Foundation** The long-term stability of these products stems from ICBC Credit Suisse's full-chain professional support covering "investment research—risk control—product." On the investment research front, ICBC Credit Suisse has built a three-layer "macro-meso-micro" research system, integrating "top-down + bottom-up" strategies to support fund managers in dynamically adjusting duration and asset allocation, calmly navigating market fluctuations. On the risk control front, the company employs a dedicated credit research team with internal rating standards stricter than external ones, establishing a comprehensive risk control system covering multiple risk types. It strictly controls volatility through duration management and diversified investments, always prioritizing capital safety. At the product level, supported by this system, ICBC Credit Suisse has built a product matrix covering multiple strategy types, accurately matching the differentiated allocation needs of investors with various risk preferences.

From the investment research system to risk control mechanisms and the product matrix, ICBC Credit Suisse replaces reliance on individual managers with a "platform-based, team-oriented, integrated, multi-strategy" system, using institutional certainty to counter market uncertainty. Like a steady and reliable "wealth steward," it silently safeguards every unit of capital, positioning itself as a recipient for maturing time deposit funds.

**Conclusion: A Shift Towards Diversified Equilibrium** The reallocation of 50 trillion yuan in funds marks a profound transformation in Chinese household wealth management from "single dependency" to "diversified equilibrium," a "century-long migration" concerning the future of wealth. The era of easily outpacing inflation with deposits is over; professionalism, discipline, and long-termism are now the core codes for wealth preservation and appreciation. For ordinary investors, rather than frequently timing the market amid noise, it is wiser to utilize professional, systematic tools for a stable wealth transition. "Fixed-income plus" and FOF product lines covering short, medium, and long terms with clear risk gradients, which pursue predictable, moderate returns under strict drawdown control,恰好契合 the core demand of maturing time deposit funds for "seeking progress amidst stability."

As a seasoned investor remarked, "True wealth security isn't about explosive account growth, but knowing how your money is being treated." In this era of declining interest rates and normalized volatility, perhaps the smartest way to "relocate" funds is to entrust them to managers who understand risk reverence, respect market cycles, and are committed to delivering on their promises with professionalism and time—ICBC Credit Suisse is one such practitioner.

**Data Notes:** 1. Fund ranking data is from Galaxy Securities, as of December 31, 2025. ICBC Seasonal Income Bond Fund's specific five-year return ranking was 65/186; its peer group refers to Bond Funds - Ordinary Bond Funds - Ordinary Bond Funds (Can Invest in Convertible Bonds) (Class A). 2. Various fund performance data is from fund periodic reports, as of December 31, 2025. The ICBC Seasonal Income Bond Fund A was established on February 10, 2011. He Xiuhong has been its manager since February 10, 2011; Huang Yangli joined as a manager on December 24, 2024. The fund's annual net value growth rates for 2021-2025 were 7.01%, 1.08%, 3.17%, 5.36%, and 2.87%, respectively. Its benchmark returns for the same periods were 4.22%, 2.59%, 4.36%, 4.34%, and 1.75%. The ICBC Shuangxi 6-Month Holding Bond Fund A was established on June 11, 2021. He Xiuhong has been its manager since June 11, 2021; Duan Wei joined as a manager on October 21, 2025. Its annual net value growth rates for 2021-2025 were 2.37%, -3.04%, 1.58%, 7.82%, and 4.05%, respectively. Its benchmark returns for the same periods were 1.47%, 1.63%, 3.12%, 8.79%, and 2.72%. The ICBC Industrial Bond Fund A was established on March 29, 2013. He Xiuhong has been its manager since March 29, 2013; Gu Qingchun joined as a manager on December 25, 2023; Zhang Weisheng joined as a manager on May 22, 2025. The fund's annual net value growth rates for 2021-2025 were 4.92%, -2.74%, 0.65%, 6.62%, and 6.07%, respectively. Its benchmark return was 3.75% for each year. Its net value growth rates for the past 6 months, 1 year, and 3 years were 4.80%, 6.07%, and 13.83%, respectively, compared to benchmark returns of 1.89%, 3.75%, and 11.25%. The ICBC Value Stable 6-Month Holding Mixed FOF A was established on November 9, 2021. Jiang Hua'an was its manager from November 9, 2021; Xu Xinyuan joined as a manager on December 1, 2021; Zhao Zhiyuan joined as a manager on April 1, 2025. The fund's annual net value growth rates for 2022-2025 were -1.34%, -1.72%, 4.95%, and 7.27%, respectively. Its benchmark returns for the same periods were 0.71%, 3.23%, 8.30%, and 2.64%.

**Fee Information:** Fee structures for the mentioned funds are detailed in their respective prospectuses and apply based on investment amount and holding period. Key fees typically include management fees, custody fees, and subscription/redemption fees that vary by transaction size. Several funds feature holding period designs that waive redemption fees after a specified minimum holding period. Investors should consult the latest fund documents for specific, current fee schedules.

**Risk Disclosure:** Fund managers manage fund assets diligently, honestly, and prudently but do not guarantee profits or minimum returns. Past performance does not indicate future results, and the performance of other funds managed by the same company does not guarantee this fund's performance. Bond funds like ICBC Seasonal Income Bond, ICBC Shuangxi 6-Month, and ICBC Industrial Bond carry lower expected risk and return levels than stock or hybrid funds but higher than money market funds. Specific risks vary by fund based on their investment scope, such as exposure to corporate bonds, convertible bonds, or secondary market stocks. FOFs like ICBC Value Stable 6-Month Holding FOF, ICBC Zhiyuan Allocation 3-Month Holding, and ICBC Robust Pension One-Year Holding A are mixed fund-of-funds with expected risk/return levels between stock funds and bond funds. They carry risks associated with their underlying holdings, including market, liquidity, and, if applicable, foreign exchange and Hong Kong market risks. Funds with holding periods restrict redemptions until the period ends. Investors should carefully read the fund's Contract, Prospectus, and Product Summary to understand the product, fee structure, and risks, and invest according to their risk tolerance.