银河睿鑫债券: 银河睿鑫纯债债券型证券投资基金2025年第2季度报告

Core Viewpoint - The report outlines the performance and investment strategies of the Galaxy Ruixin Pure Bond Fund for the second quarter of 2025, emphasizing its focus on stable returns through active management and risk control [1][2]. Fund Overview - Fund Name: Galaxy Ruixin Bond Fund - Fund Code: 007406 - Fund Type: Contractual open-end fund - Effective Date: December 26, 2019 - Total Fund Shares at Period End: 2,992,725.48 shares - Investment Objective: To provide long-term stable returns while maintaining liquidity and controlling risks [1]. Investment Strategy - The fund employs a top-down approach for dynamic asset allocation, focusing on active management in bond investments [2]. - Key strategies include: - Duration Deviation Strategy: Adjusting the portfolio duration based on interest rate expectations to maximize returns [2]. - Yield Curve Strategy: Selecting bond combinations based on anticipated changes in the yield curve [3][4]. - Category Allocation Strategy: Adjusting investment proportions based on credit risk cycles and yield spreads between different bond types [5]. Financial Indicators and Fund Performance - The fund's net asset value at the end of the reporting period was 1.0510 RMB per share, with a net value growth rate of 0.17% over the past three months [16]. - Performance comparison against the benchmark (China Bond Composite Full Price Index) shows: - Last three months: 0.17% vs. 1.06% - Last six months: 2.77% vs. -0.14% - Last year: 5.16% vs. 2.36% - Last three years: 9.32% vs. 7.13% - Last five years: 14.43% vs. 8.86% [8]. Asset Allocation - As of the end of the reporting period, the fund's total assets were primarily allocated to bonds, amounting to 2,711,899.97 RMB, representing 85.19% of total assets [17]. - The fund did not hold any stocks or asset-backed securities during the reporting period [17]. Fund Management - The fund manager, Galaxy Fund Management Co., Ltd., has committed to managing the fund with integrity and diligence, aiming for asset preservation and appreciation [12]. - The fund manager has not utilized proprietary funds for investment in this fund during the reporting period [18]. Market Environment - The report indicates a stable domestic economic performance in Q2 2025, with GDP expected to exceed 5%, despite external uncertainties due to trade tensions [14]. - The bond market experienced a favorable environment with declining yields following tariff announcements and subsequent monetary policy adjustments [15].