Zheng Quan Zhi Xing·2025-07-17 10:27Core Viewpoint - The report provides an overview of the performance and management of the Jianxin Credit Enhanced Bond Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market conditions affecting the fund's performance [2][3][4]. Fund Product Overview - Fund Name: Jianxin Credit Enhanced Bond Fund - Fund Manager: Jianxin Fund Management Co., Ltd. - Fund Custodian: Bank of Communications Co., Ltd. - Total Fund Shares at Period End: 78,551,329.16 shares - Investment Objective: To achieve long-term stable appreciation of fund assets while maintaining liquidity and controlling risks [3][4]. Financial Indicators and Fund Performance - The fund's net value growth rates for different periods are as follows: - Last three months: 0.73% - Last six months: 0.91% - Last year: 2.47% - Last three years: 8.51% - Last five years: 25.99% [5][12]. - The fund's performance is benchmarked against the China Bond Total Index Yield [3]. Investment Strategy - The fund employs a top-down approach to determine the duration of the investment portfolio, combined with a bottom-up selection of individual bonds. It also participates in new stock issuances and additional stock subscriptions to enhance returns [3][4]. Market Conditions - The macroeconomic environment in Q2 2025 showed resilience despite external shocks, with a slight decline in manufacturing investment and a rebound in consumer spending. The CPI recorded a slight negative growth of -0.1% from January to May [9][10][11]. - The bond market experienced a downward trend in yields, with the 10-year government bond yield decreasing by 15 basis points to 1.69% [11][12]. Fund Management - The fund manager has adhered to regulations and internal controls to ensure fair treatment of investors and prevent conflicts of interest. The investment strategy has focused on maintaining a flexible bond duration and a higher allocation to convertible bonds [8][12].