金鹰持久增利LOF: 金鹰持久增利债券型证券投资基金(LOF)2025年中期报告

Fund Overview - The fund is named Jin Ying Persistent Growth Bond Fund (LOF), managed by Jin Ying Fund Management Co., Ltd. and custodied by China Postal Savings Bank [1][15] - The fund was established on March 9, 2012, and transformed into a listed open-end fund (LOF) on March 9, 2015 [15] - The total number of fund shares at the end of the reporting period was 543,783,169.59 shares [1] Financial Performance - The fund achieved a realized income of C share: 3,316,287.54 RMB and E share: 11,440,872.14 RMB during the reporting period [2] - The net asset value (NAV) for C share at the end of the reporting period was 1.3667 RMB, with a net value growth of 1.76%, while E share had an NAV of 1.4793 RMB and a growth of 1.94% [7] - The cumulative net value growth rate for C share was 51.88% and for E share was 44.57% [2] Investment Strategy - The fund aims to achieve returns exceeding its performance benchmark, which is 95% of the China Bond Composite Index (Wealth) growth rate plus 5% of the CSI 300 Index growth rate [1][3] - The investment strategy involves a balanced allocation among bond, equity, and money market assets, considering domestic and international economic conditions [1] Market Outlook - The fund's management anticipates a potential soft landing for the U.S. economy due to the "Big and Beautiful Act," with strong expectations for interest rate cuts [8] - In the domestic market, manufacturing investment is expected to benefit from subsidy policies, while infrastructure investment may become a significant variable [8] - The fund is focusing on sectors such as technology, healthcare, and new consumption trends, while also monitoring the convertible bond market for opportunities [7][8] Management and Compliance - The fund management strictly adheres to the regulations set by the China Securities Regulatory Commission and maintains a fair trading system [5][6] - The fund's management team consists of experienced professionals with diverse investment styles, ensuring a stable investment approach [4]