广发景明中短债债券型证券投资基金2025年第2季度报告

Core Viewpoint - The report provides an overview of the performance and management of the Guangfa Jingming Short-Duration Bond Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market outlook. Fund Overview - Fund Name: Guangfa Jingming Short-Duration Bond Fund - Fund Manager: Guangfa Fund Management Co., Ltd. - Fund Custodian: Industrial and Commercial Bank of China - Fund Inception Date: November 29, 2018 - Total Fund Shares at Period End: 13,044,739,117.82 shares - Investment Objective: To achieve long-term stable appreciation of fund assets while strictly controlling risks and maintaining liquidity [1][2]. Financial Indicators and Fund Performance - A Class Fund Share Profit: 0.0082 - C Class Fund Share Profit: 0.0072 - E Class Fund Share Profit: 0.0076 [2]. - Net Value Growth Rate for A Class: 0.80% - Net Value Growth Rate for C Class: 0.70% - Net Value Growth Rate for E Class: 0.80% - Benchmark Yield Rate: 0.72% [9]. Investment Strategy - The fund employs a strategy that includes comprehensive analysis of domestic and international macroeconomic conditions, interest rate trends, yield curve changes, and credit risk variations to construct and adjust its fixed-income securities portfolio [1][3]. - The fund actively participated in the credit spread recovery market, focusing on high absolute yield medium-short duration credit bonds and interbank certificates of deposit [8][9]. Market Outlook - The bond market is expected to continue a volatile trend with a focus on liability and policy guidance. - The central bank's monetary easing is anticipated to be a key driver in the bond market, with underlying economic dynamics and inflation levels needing further recovery [8][9]. Investment Composition - Total Assets in Bonds: 15,102,435,548.84 RMB, accounting for 99.39% of total assets. - No holdings in domestic stocks or asset-backed securities at the end of the reporting period [10][12]. Compliance and Management - The fund management adheres to relevant laws and regulations, ensuring compliance and protecting the interests of fund shareholders. - The investment decision-making process includes strict internal controls and fair trading principles [6][7].