银河天盈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 investment strategy of the Galaxy Tianying Medium and Short-term Bond Fund for the second quarter of 2025, highlighting its focus on medium and short-term bonds while aiming to exceed benchmark returns through careful risk management and liquidity maintenance [1]. Fund Product Overview - Fund Name: Galaxy Tianying Medium and Short-term Bond Fund - Fund Code: 007635 - Fund Type: Contractual open-end fund - Effective Date: October 31, 2019 - Total Fund Shares at Period End: 125,455,782.58 shares - Investment Objective: To primarily invest in medium and short-term bonds, striving for returns that exceed the performance benchmark while strictly controlling risks and maintaining good liquidity [1][2]. - Investment Strategy: Focus on medium and short-term bonds, utilizing qualitative and quantitative analysis of economic cycles, monetary policy, and bond supply-demand dynamics to identify undervalued securities and investment opportunities [1][2]. - Performance Benchmark: 80% of the China Bond Total Wealth (1-3 years) Index return + 20% of the one-year fixed deposit rate (after tax) [1]. Key Financial Indicators and Fund Net Value Performance - For the period from April 1, 2025, to June 30, 2025, the net value growth rates for the sub-funds were as follows: - Galaxy Tianying Medium and Short-term Bond A: 1.51% (Benchmark: 0.64%) - Galaxy Tianying Medium and Short-term Bond C: 1.44% (Benchmark: 0.64%) - Galaxy Tianying Medium and Short-term Bond E: 1.46% (Benchmark: 0.64%) [3][4][6]. - The fund's performance over various time frames indicates consistent returns, with a one-year growth rate of 2.87% for A shares and 2.49% for C shares [3][4]. Investment Portfolio Report - The fund's total assets were primarily allocated to bonds, with 95.36% of the total assets invested in this category, and no stocks held at the end of the reporting period [7][8]. - The fund's investment in policy financial bonds amounted to 40,636,986.23 yuan, representing 27.45% of the net asset value [7]. Fund Share Changes - The total shares for each sub-fund at the beginning and end of the reporting period were as follows: - A: Started with 42,869,016.90 shares, ended with 60,451,340.57 shares - C: Started with 11,090,462.83 shares, ended with 27,639,816.66 shares - E: Started with 64,894,642.91 shares, ended with 37,364,625.35 shares [8].