The era of relying solely on bank deposits is gradually ending, making way for a new chapter of professional wealth management. At family gatherings, discussions about financial planning now often include a common concern: five-year certificates of deposit purchased in 2021 offered rates above 4%, generating enough interest to cover children's extracurricular activities, but renewal rates today have dropped to around 1.5%, significantly reducing returns. Finding a "safe and reasonably profitable" way to manage funds has become a shared goal for many households.
According to Huatai Securities estimates, time deposits with maturities over one year due in 2026 will total 50 trillion yuan, much of which consists of household savings deposited during the high-interest period of 2020–2021. Over the past decade, the five-year time deposit rates at major state-owned banks have fallen from over 5% to just 1.3%, while certificate of deposit rates struggle to exceed 1.6%. Declining interest rates are a long-term trend amid economic transformation, and low rates may have become the new normal.
Currently, yields on money market funds and cash management products continue to decline, A-share market volatility has intensified, the risk-reward balance between stocks and bonds has normalized, gold prices have surged but with increased fluctuations, and bank wealth management products offer modest returns with ongoing net value volatility. Many maturing funds are now seeking more suitable investment avenues. With "stability as the foundation and reasonable growth" as the core objective, low-to-medium volatility "fixed-income plus" strategies and FOFs (fund of funds), which balance risk and return, are emerging as attractive options for household asset allocation.
Low-to-Medium Volatility "Fixed-Income Plus" Strategies Seek Steady Growth In recent years, more capital has been flowing into low-to-medium volatility products that include equity exposure. Wind data shows that by the end of 2025, the scale of fund products such as primary bond funds, secondary bond funds, hybrid bond-focused funds, and convertible bond funds had reached 2.74 trillion yuan, growing about 60% for the year and hitting a record high. Leading fund companies like ICBC Credit Suisse are key players in this trend.
Take ICBC Shuangxi 6-Month Holding Bond (Class A: 011091) as an example. This product is managed by He Xiuhong, Chief Fixed-Income Investment Director at ICBC Credit Suisse—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 in credit bond allocation. The product emphasizes a "balanced stock-bond, dual-engine drive" approach, moderately allocating to equities while controlling volatility to enhance return potential, aligning with the core need for "steady growth." It also features a "holding period + fixed-income" design, using bond assets to build a stable return base and a six-month holding rule to reduce the impact of frequent trading, using discipline to counter emotional decision-making and help investors avoid short-term volatility. According to fourth-quarter reports, the fund's Class A achieved a one-year return of 4.05%, outperforming its benchmark by about 1.2 percentage points, with total assets under management reaching 2.119 billion yuan by year-end, a significant increase from 167 million yuan at the end of 2024.
ICBC Industrial Bond (Class A: 000045), which focuses on the industrial bond market, is also managed by He Xiuhong. 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 blue-chip stocks across sectors, seeking opportunities with low turnover and high certainty to enhance returns. The fund's fourth-quarter report shows that as of the end of 2025, ICBC Industrial Bond A had achieved a cumulative return of 109.51% since inception, exceeding its benchmark by over 50%. It also delivered significant excess returns over the past six months, one year, and three years.
Another strong performer co-managed by He Xiuhong is ICBC Seasonal Income Bond A (164808). Since its transformation in February 2014, the fund has weathered multiple market cycles, demonstrating strong resilience and return generation. Performance data confirms its strength: as of the end of 2025, the Class A share had returned 94.07% since 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 ranked relatively high among peers. Wind data also shows that as of the end of 2025, the fund's maximum drawdown over one, three, and five years was better than the category average.
This performance reflects the ICBC Credit Suisse fixed-income team's clear understanding and forward-looking grasp of macroeconomic trends. Led by Chief Fixed-Income Investment Director He Xiuhong, the team notes that some investors prefer products with dividend mechanisms to meet daily cash flow needs, while others prioritize long-term returns with low volatility. Accordingly, the low-to-medium volatility "fixed-income plus" products she manages employ varied strategies to precisely meet different needs. Overall, from pure bond foundations to equity-enhanced options, ICBC Credit Suisse's "fixed-income plus" product matrix, with its differentiated positioning and solid performance, acts like a "wealth ark" tailored for diverse requirements, offering multiple choices for maturing time deposit funds.
FOFs Offer Convenient and Suitable Options This year, FOF issuance has been booming. Wind data indicates that as of March 20, 2026, new FOF issuance reached 65.125 billion yuan. The allocation value of FOFs is quickly being recognized and accepted. For ordinary investors, FOFs provide professional fund selection by expert teams, offering a hassle-free and efficient option post time deposit maturity.
Among the top FOF institutions with assets exceeding 6 billion yuan by the end of 2025, four public fund companies, including ICBC Credit Suisse, saw annual scale growth exceeding 100%, with fourth-quarter growth surpassing 60%. Using a filter of over 10% returns from 2022 to 2025, eight ICBC Credit Suisse funds qualified, the most in the industry, with ICBC Value Stable 6-Month Holding FOF (Class A: 013300) as a core representative.
This fund, co-managed by FOF Investment Department General Manager Zhao Zhiyuan and fund manager Xu Xinyuan, targets medium-risk "fixed-income plus" strategies with a 25% cap on risk assets. It employs a "strategic + tactical" two-layer allocation framework: strategically, it builds a diversified hedge portfolio with stocks and bonds as the core, supplemented by low-correlation assets like commodities, to strictly control drawdowns; tactically, it uses quantitative models for dynamic adjustments and selects funds with sustained excess return potential. Fourth-quarter reports show a one-year return of 7.27%, outperforming the benchmark by 4.63%, with good drawdown control. Its six-month holding period design fits the "steady growth" needs of time deposit funds.
For investors with lower risk tolerance or shorter investment horizons, ICBC Zhiyuan Allocation 3-Month Holding FOF (Class A: 008144) offers a flexible alternative. Managed by fund manager Zhou Yin, who has 12 years of securities experience and 9 years in investment management, this low-risk product uses bond funds as its base and diversifies across stocks, bonds, commodities, and QDIIs to pursue capital preservation and growth while严格控制波动. The three-month holding period reduces frequent trading disruptions and provides stable management conditions, suitable for short-term transitional needs of low-to-medium risk capital.
Another product managed by Zhou Yin, ICBC Robust Pension One-Year Holding A (009335), focuses on long-term allocation scenarios. With its steady asset allocation strategy, it can meet long-term配置需求 after time deposits mature, particularly suitable for retirement planning.
From short-term flexibility to long-term pension strategies, ICBC Credit Suisse's FOF product line, with its differentiated positioning and solid performance, acts like a "wealth highway" from the present to the future—smooth and efficient—offering diverse options for maturing time deposit funds.
Investment Research and Risk Management Form the Foundation Long-term stability stems from ICBC Credit Suisse's full-chain professional support covering "investment research—risk control—products." The firm has established a three-tier "macro-meso-micro" research system, combining top-down and bottom-up strategies to help fund managers dynamically adjust duration and asset allocation, calmly navigating market volatility. On risk control, ICBC Credit Suisse has a dedicated credit research team with internal rating standards stricter than external ones, building a comprehensive risk management system covering multiple risk types. It严格控制波动 through duration management and diversification, always prioritizing capital safety. At the product level, supported by this system, ICBC Credit Suisse has constructed a matrix of products with various strategies, accurately matching the differentiated needs of investors with different 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 investment, becoming a承接者 for maturing time deposit funds.
Conclusion: The reallocation of 50 trillion yuan marks a profound shift in Chinese household wealth management from "single dependence" to "diversified balance," a "century-long migration" concerning future wealth. The era when deposits easily outpaced inflation is over; professionalism, discipline, and long-termism are now the core codes for wealth preservation and growth.
For ordinary investors, rather than frequently timing the market amid noise, it is wiser to use professional systematic tools for a smooth wealth transition. "Fixed-income plus" and FOF product lines covering short, medium, and long terms with clear risk gradients, pursuing predictable moderate returns under strict drawdown control,正好契合 the core need for "steady growth" of maturing time deposit funds.
As a seasoned investor noted, "True wealth security isn't about explosive account growth, but knowing how your money is being managed." In this era of declining interest rates and normalized volatility, perhaps the smartest "relocation" method is to entrust funds to managers who respect risk, honor cycles, and deliver on promises with professionalism and time—ICBC Credit Suisse is one such practitioner.
Data Notes: 1. Fund ranking data from Galaxy Securities, as of December 31, 2025. ICBC Seasonal Income Bond's specific five-year return ranking was 65/186, peer category refers to Bond Funds—Ordinary Bond Funds—Ordinary Bond Funds (Investable in Convertible Bonds) (Class A). 2. Various fund performance data from fund periodic reports, as of December 31, 2025.
ICBC Seasonal Income Bond A was established on February 10, 2011. He Xiuhong has managed it since February 10, 2011; Huang Yangli since 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; benchmark returns were 4.22%, 2.59%, 4.36%, 4.34%, and 1.75%.
ICBC Shuangxi 6-Month Holding Bond A was established on June 11, 2021. He Xiuhong has managed it since June 11, 2021; Duan Wei since October 21, 2025. Annual net value growth rates for 2021-2025 were 2.37%, -3.04%, 1.58%, 7.82%, and 4.05%; benchmark returns were 1.47%, 1.63%, 3.12%, 8.79%, and 2.72%.
ICBC Industrial Bond A was established on March 29, 2013. He Xiuhong has managed it since March 29, 2013; Gu Qingchun since December 25, 2023; Zhang Weisheng since May 22, 2025. Annual net value growth rates for 2021-2025 were 4.92%, -2.74%, 0.65%, 6.62%, and 6.07%; benchmark returns were 3.75%, 3.75%, 3.75%, 3.75%, and 3.75%. Past 6-month, 1-year, and 3-year net value growth rates were 4.80%, 6.07%, and 13.83%; benchmark returns were 1.89%, 3.75%, and 11.25%.
ICBC Value Stable 6-Month Holding Mixed FOF A was established on November 9, 2021. Jiang Hua'an managed it from November 9, 2021; Xu Xinyuan from December 1, 2021; Zhao Zhiyuan from April 1, 2025. Annual net value growth rates for 2022-2025 were -1.34%, -1.72%, 4.95%, and 7.27%; benchmark returns were 0.71%, 3.23%, 8.30%, and 2.64%.
Fee Information: ICBC Seasonal Income Bond A fees: Management fee 0.3% p.a., custody fee 0.1% p.a. Subscription fee: For amount M, if M < 1 million yuan, fee 0.6%; 1 million ≤ M < 3 million, 0.4%; 3 million ≤ M < 5 million, 0.2%; M ≥ 5 million, 1,000 yuan flat. Purchase fee: M < 1 million, 0.8%; 1 million ≤ M < 3 million, 0.5%; 3 million ≤ M < 5 million, 0.3%; M ≥ 5 million, 1,000 yuan flat. Redemption fee (over-the-counter): <7 days, 1.50%; 7 days≤ period <30 days, 0.75%; 30 days≤ period <365 days, 0.10%; 1 year≤ period <2 years, 0.05%; period ≥2 years, 0.00%. Redemption fee (on-exchange): <7 days, 1.50%; period ≥7 days, 0.10%. Class A does not charge a sales service fee.
ICBC Shuangxi 6-Month Holding A fees: Management fee 0.6% p.a., custody fee 0.1% p.a., 6-month minimum holding period, no redemption fee. Subscription fee: M < 1 million, 0.40%; 1 million ≤ M < 5 million, 0.20%; M ≥ 5 million, 1,000 yuan flat. Purchase fee: M < 1 million, 0.50%; 1 million ≤ M < 5 million, 0.30%; M ≥ 5 million, 1,000 yuan flat. Class A does not charge a sales service fee.
ICBC Industrial Bond A fees: Management fee 0.6% p.a., custody fee 0.2% p.a. Subscription fee (general investors): M < 1 million, 0.6%; 1 million ≤ M < 3 million, 0.4%; 3 million ≤ M < 5 million, 0.2%; M ≥ 5 million, 1,000 yuan flat. Purchase fee (general): M < 1 million, 0.8%; 1 million ≤ M < 3 million, 0.5%; 3 million ≤ M < 5 million, 0.3%; M ≥ 5 million, 1,000 yuan flat. Redemption fee: <7 days, 1.50%; 7 days≤ period <30 days, 0.75%; 30 days≤ period <365 days, 0.10%; 1 year≤ period <2 years, 0.05%; period ≥2 years, 0.00%. Class A does not charge a sales service fee.
ICBC Value Stable 6-Month Holding FOF (Class A: 013300) fees: Management fee 0.6% p.a., custody fee 0.15% p.a. Subscription fee (general): M < 1 million, 0.6%; 1 million ≤ M < 5 million, 0.4%; M ≥ 5 million, 1,000 yuan flat. Purchase fee (general): M < 1 million, 0.8%; 1 million ≤ M < 5 million, 0.5%; M ≥ 5 million, 1,000 yuan flat. General investors have a 6-month minimum holding period per share. No redemption fee. Class A does not charge a sales service fee.
ICBC Zhiyuan Allocation 3-Month Holding FOF (Class A: 008144) fees: Management fee 0.5% p.a., custody fee 0.2% p.a. Subscription fee: M < 1 million, 0.8%; 1 million ≤ M < 5 million, 0.6%; M ≥ 5 million, 1,000 yuan flat. Purchase fee: M < 1 million, 1.0%; 1 million ≤ M < 5 million, 0.8%; M ≥ 5 million, 1,000 yuan flat. Redemption fee: period <180 days, 0.50%; period ≥180 days, 0.00%. Class A does not charge a sales service fee.
ICBC Robust Pension One-Year Holding A (009335) fees: Management fee 0.6% p.a., custody fee 0.15% p.a. Subscription fee: M < 1 million, 0.6%; 1 million ≤ M < 3 million, 0.4%; 3 million ≤ M < 5 million, 0.2%; M ≥ 5 million, 1,000 yuan flat. Purchase fee: M < 1 million, 0.8%; 1 million ≤ M < 3 million, 0.5%; 3 million ≤ M < 5 million, 0.3%; M ≥ 5 million, 1,000 yuan flat. Redemption fee: period ≥1 year, 0.00%; general investors pay no redemption fee. Class A does not charge a sales service fee.
Risk Disclosure: Fund managers manage fund assets with diligence, honesty, and prudence but do not guarantee profits or minimum returns. Past performance does not indicate future results; other funds' performance does not assure this fund's results. ICBC Seasonal Income Bond, ICBC Shuangxi 6-Month, and ICBC Industrial Bond are bond funds, with expected returns and risks lower than stock and hybrid funds but higher than money market funds. Specifically: ICBC Seasonal Income Bond mainly invests in corporate bonds, enterprise bonds, short-term financing bills, commercial bank financial bonds and subordinated debt, enterprise asset-backed securities, convertible bonds (including separate tradable convertible bonds), etc., with higher long-term average risk and expected return than ordinary bond funds; ICBC Industrial Bond can allocate to secondary market stocks, so expected returns and risks are higher than bond funds without secondary stock exposure. ICBC Shuangxi 6-Month Holding Bond has a 6-month minimum holding period per share, during which redemption is not allowed. ICBC Value Stable 6-Month Holding Mixed FOF, ICBC Zhiyuan Allocation 3-Month Holding, and ICBC Robust Pension One-Year Holding A are hybrid FOFs, with expected returns and risks lower than stock funds and stock FOFs but higher than bond funds, bond FOFs, money market funds, and money FOFs. ICBC Value Stable 6-Month Holding Mixed FOF has a 6-month minimum holding period per share; ICBC Zhiyuan Allocation 3-Month Holding has a 3-month minimum holding period; ICBC Robust Pension One-Year Holding A has a 12-month minimum holding period. Investors can only redeem after the minimum holding period expires, facing inability to redeem during that period. If a product invests in overseas securities, besides general risks like market volatility similar to domestic funds, it also faces specific risks such as exchange rate risk. Funds investing in Hong Kong Connect target stocks bear特有风险 due to differences in investment environment, targets, market systems, and trading rules. Funds carry risks; investors should read the "Fund Contract," "Prospectus," "Fund Product Summary," and updates carefully, understand fees, sales charges, and seek suitability advice before investing according to risk tolerance. Fund investment involves risk.