恒生前海恒祥纯债债券A,恒生前海恒祥纯债债券C: 恒生前海恒祥纯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 Hengsheng Qianhai Hengxiang Pure Bond Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market conditions affecting the fund's performance [1][2][3]. Fund Overview - Fund Name: Hengsheng Qianhai Hengxiang Pure Bond Fund - Fund Manager: Hengsheng Qianhai Fund Management Co., Ltd. - Fund Custodian: Nanjing Bank Co., Ltd. - Total Fund Shares at Period End: 942,930,659.40 shares - Investment Objective: To achieve stable asset appreciation while strictly controlling investment risks and maintaining good liquidity [3][4]. Financial Indicators and Fund Performance - For the period from April 1, 2025, to June 30, 2025, the net value growth rate for Hengsheng Qianhai Hengxiang Pure Bond A was 0.90%, while for Hengsheng Qianhai Hengxiang Pure Bond C, it was 0.88% [15]. - The performance benchmark for the fund is the China Bond Index yield, which recorded a return of 1.95% during the same period [15]. Economic and Market Analysis - The economic growth rate for Q2 2025 is projected at approximately 5.2%, with retail sales showing strong performance due to promotional events [8]. - The real estate sector has shown signs of weakness, with second-hand housing prices declining for three consecutive months [9][10]. - The bond market experienced a favorable environment in Q2, with a loosening of monetary conditions and a positive performance in credit bonds [8][13]. Investment Strategy - The fund employs an active management strategy, focusing on macroeconomic analysis and credit selection to optimize bond portfolio duration and category allocation [3]. - The report indicates a balanced approach towards credit and interest rate bonds, with a focus on mid-term credit bonds for future performance [14]. Portfolio Composition - As of the report date, the fund's total assets were primarily invested in bonds, with 99.79% allocated to this asset class, specifically 78.90% in policy financial bonds [15][16].