ICBC(SH:601398) Zheng Quan Zhi Xing·2025-07-12 02:32Core Viewpoint - The report provides an overview of the performance and management of the Changcheng Stable Income Bond Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market conditions during the reporting period [1][3]. Fund Overview - Fund Name: Changcheng Stable Income Bond Fund - Fund Manager: Changcheng Fund Management Co., Ltd. - Fund Custodian: Industrial and Commercial Bank of China Limited - Total Fund Shares at Reporting Period End: 293,816,189.68 shares [2]. - Investment Objective: To achieve long-term stable returns through active management of fixed income and equity assets while controlling risks [2]. - Investment Strategy: Utilizes a top-down analysis approach, considering macroeconomic factors, monetary and fiscal policies, and market conditions to dynamically adjust asset allocation [2]. - Performance Benchmark: 90% of the return from the China Bond Composite Wealth Index and 10% from the CSI 300 Index [2]. Financial Indicators - Fund A Net Value Growth Rate for the past three months: 1.42%, six months: 1.97%, one year: 7.05%, three years: 4.42%, five years: 7.06%, since inception: 40.42% [5]. - Fund C Net Value Growth Rate for the past three months: 1.32%, six months: 1.78%, one year: 6.64%, three years: 3.20%, five years: 4.96% [5]. - Total realized income for Fund A includes interest income, investment income, and other income after deducting relevant expenses [3]. Investment Portfolio - As of the reporting period, the fund's asset allocation was 93.43% in bonds and 2.97% in stocks [12]. - The fund's investment in policy financial bonds amounted to 39,880,832.05 yuan, representing 9.93% of the net asset value [13]. - The fund's investment strategy includes maintaining a minimum of 80% in bond assets and a maximum of 20% in equity assets [7]. Market Conditions - The bond market experienced fluctuations, with a general bullish trend during the second quarter of 2025, influenced by global economic events and domestic monetary policy adjustments [10][11]. - The report notes a significant drop in domestic interest rates, with the 10-year government bond yield decreasing by approximately 9 basis points [10]. - The market showed signs of recovery towards the end of June, with expectations of renewed central bank bond purchases [10].