低利率时代“稳中求进”，华夏 6 个月持有期债券开辟闲钱理财新航道

Core Viewpoint - The A-share market is characterized by multiple driving forces, with sectors like computing power, innovative pharmaceuticals, and cyclical industries alternating in performance, reflecting a complex macroeconomic environment influenced by unprecedented structural shocks [1] Market Environment - Global central banks are adopting loose monetary policies due to inflation and economic growth pressures, while China's potential economic growth is slowing as it transitions to a high-quality development model [2] - As of July 21, 2025, the yield on China's 10-year government bonds has decreased to 1.68%, highlighting the unique appeal of the bond market as a safe haven [2] - The A-share market continues to exhibit structural trends amid index fluctuations, with an increase in market risk appetite driven by profit-making effects [2] Investment Strategy - The secondary bond fund, as a representative of "fixed income +", aims to balance risk and return by investing at least 80% of its assets in bonds for stable coupon income while flexibly participating in the stock market with up to 20% of its assets [2][4] - The mixed bond secondary fund index has shown a five-year annualized return of 3.3%, significantly outperforming major indices like the CSI 300 and CSI 500, which had returns of -0.14% and 0.99% respectively [2][4] Fund Characteristics - The 华夏 6-month holding period bond fund (A Class: 024296 / C Class: 024297) is designed to invest primarily in high-grade fixed income assets with low credit risk and good liquidity, while also diversifying across different bond types [4] - The fund has a six-month holding period to minimize short-term volatility interference and encourage long-term investment, which helps in managing redemption pressure effectively [4][5] Management and Performance - The fund manager, Wu Fan, has over eight years of experience in securities and more than two years in public fund management, focusing on top-down asset allocation and macro strategy research [5] - The fund's representative product, 华夏希望债券 A, achieved a one-year net value growth rate of 5.29%, outperforming its benchmark [5] Future Outlook - In the context of low interest rates and increased market volatility, the "fixed income enhancement" strategy remains a core tool for investors to achieve their investment goals [6][7] - The current environment suggests that the bond market's profit-making effect has weakened compared to the previous year, while the equity market is expected to see increased activity and diverse investment opportunities [6][7]