Bank Of Shanghai(SH:601229) Zheng Quan Zhi Xing·2025-07-18 03:21Core Viewpoint - The report provides an overview of the performance and management of the Guangfa Jingfu Pure Bond Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and compliance with regulations [1][2][8]. Fund Product Overview - Fund Name: Guangfa Jingfu Pure Bond - Fund Code: 007778 - Fund Type: Contractual open-end fund - Total Fund Shares at End of Reporting Period: 1,437,858,026.03 shares - Investment Objective: To achieve investment returns that exceed the performance benchmark while ensuring long-term stable growth of fund assets [2][8]. - Investment Strategy: The fund employs a comprehensive analysis of macroeconomic conditions, interest rate trends, yield curve changes, and credit risk to construct and adjust its fixed-income securities portfolio [2][10]. Financial Indicators and Fund Performance - Reporting Period: April 1, 2025, to June 30, 2025 - Fund's Net Value Growth Rate: 0.97% - Performance Benchmark Return: 1.54% - 1-Year Government Bond Yield: Down 20 basis points to 1.34% - 10-Year Government Bond Yield: Down 15 basis points to 1.69% [10][11]. Investment Portfolio Report - Total Value of Bonds Held: 1,977,819,392.26 RMB, representing 99.99% of total assets - Policy Financial Bonds: 80,944,197.27 RMB, accounting for 5.37% of total assets [13][14]. Fund Management and Compliance - The fund management strictly adheres to the Securities Investment Fund Law and related regulations, ensuring legal and compliant operations throughout the reporting period [8][9]. - The investment decision-making process includes a rigorous investment candidate library and authorization system to maintain control over investment risks [9][10]. Changes in Fund Shares - Initial Fund Shares: 1,398,245,993.52 - Total Subscription Shares During Reporting Period: 39,612,033.45 - Total Redemption Shares During Reporting Period: 0.94 - Final Fund Shares: 1,437,858,026.03 [15][16]. Other Important Information - The fund experienced a situation where a single investor held over 20% of the shares, which may lead to specific risks affecting fund performance and liquidity [16][17].