Core Viewpoint - The report provides an overview of the performance and strategy of the交银施罗德信用添利债券证券投资基金 (LOF) for the second quarter of 2025, highlighting its investment objectives, strategies, and financial performance during the reporting period [1][2][3]. Fund Product Overview - The fund is named交银信用添利债券 (LOF) and operates as a listed open-ended fund since January 28, 2014, with a total fund share of 670,656,640.54 units at the end of the reporting period [2][4]. - The fund aims for long-term stable growth of assets by actively taking on moderate credit risk while controlling credit, interest rate, and liquidity risks [2]. Investment Strategy - The fund combines fundamental research, rigorous credit analysis, and proactive investment style to dynamically adjust asset allocation based on macroeconomic conditions and market trends [3]. - The performance benchmark is set at 80% of the 中债企业债总全价指数收益率 and 20% of the 中债国债总全价指数收益率 [3]. Financial Performance - The fund's net value growth rates for various periods are as follows: 0.94% for the past three months, 1.41% for the past year, and 8.36% for the past three years [5]. - The fund's performance is compared against its benchmark, showing a slight underperformance in certain periods [5]. Investment Portfolio - As of the reporting period, the fund's total assets include 839,939,330.96 RMB in bonds, representing 99.83% of the total assets [14]. - The fund holds a significant portion of policy financial bonds, amounting to 71,249,123.28 RMB, which constitutes 9.54% of the net asset value [14]. Market Outlook - The report anticipates that domestic and international economic conditions will significantly influence the bond market in the third quarter of 2025, with expectations of moderate economic slowdown due to increased tariffs and trade tensions [12]. - The fund plans to maintain a neutral to high duration level in its portfolio and actively participate in long-term interest rate bond trading [13].

融通通福债券型证券投资基金(LOF) 基金管理人：融通基金管理有限公司 基金托管人：中国工商银行股份有限公司 报告送出日期：2025 年 7 月 18 日 融通通福债券型证券投资基金(LOF)2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告中所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国工商银行股份有限公司根据本基金合同规定，于 2025 年 7 月 16 日复核了本 报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈 述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书。 本报告中财务资料未经审计。 | | | §2 基金产品概况 基金简称 融通通福债券(LOF) 基金主代码 161626 基金运作方式 上市契约型开放式(LOF) 基金合同生效日 2016 年 12 月 13 日 报告期末基金份额总额 625,739,333. ...

Group 1 - The fund aims to achieve investment returns higher than the performance benchmark through proactive management while maintaining asset liquidity and strict risk control [2][4] - The fund's investment strategy involves a top-down approach analyzing macroeconomic fundamentals, liquidity levels, and market valuations to dynamically adjust the investment proportions among stocks, bonds, and cash [2][4] - The fund's performance benchmark is composed of 85% of the China Bond Composite Index yield and 15% of the CSI 300 Index yield, indicating a risk-return profile higher than money market funds but lower than mixed and equity funds [2][4] Group 2 - As of the end of the reporting period, the total fund shares amounted to 263,278,748.74, with a net asset value of 1.1453 CNY for Fund A and 1.1429 CNY for Fund C [2][10] - The fund's net value growth rates for the past three months were 1.12% for Fund A and 1.05% for Fund C, both outperforming the benchmark return of 1.07% [10] - The fund's asset allocation primarily consisted of 87.49% in bonds and 12.37% in asset-backed securities, with no holdings in domestic stocks at the end of the reporting period [11][12] Group 3 - The bond market during the reporting period was influenced by factors such as weak economic recovery, institutional allocation behavior, and liquidity easing, leading to a decline in bond yields across the board [8] - The fund's investment focus was on 1-3 year interest rate bonds and commercial paper, supplemented by a certain amount of 7-10 year interest rate bonds, with flexible use of leverage based on market conditions [8][12] - The fund management adhered to legal regulations and internal policies to ensure compliance and protect the interests of fund shareholders [7][8]

永赢汇利六个月定期开放债券型证券投资基金 2025 年第 2 季度报告 永赢汇利六个月定期开放债券型证券投资基金 基金管理人：永 赢 基 金管理有限公司 基金托管人：江苏银行股份有限公司 报告送出日期：2025 年 07 月 17 日 永赢汇利六个月定期开放债券型证券投资基金 2025 年第 2 季度 报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并对其内 容的真实性、准确性和完整性承担个别及连带责任。 基金托管人江苏银行股份有限公司根据本基金合同规定，于 2025 年 07 月 15 日复核了本报告中的 财 务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本基金的招 募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 §2 基金产品概况 | 基金简称 | 永赢汇利六个月定开债 ...

永赢欣益纯债一年定期开放债券型发起式证券投资基金 2025 年第 2 季度报告 永赢欣益纯债一年定期开放债券型发起式证券投资基金 基金管理人：永 赢 基 金管理有限公司 基金托管人：兴业银行股份有限公司 报告送出日期：2025 年 07 月 17 日 永赢欣益纯债一年定期开放债券型发起式证券投资基金 2025 年第 2 季 度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并对其内 容的真实性、准确性和完整性承担个别及连带责任。 基金托管人兴业银行股份有限公司根据本基金合同规定，于 2025 年 07 月 15 日复核了本报告中的 财 务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本基金的招 募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 | §2 | 基金产品概况 | | ...

Core Viewpoint - The report provides an overview of the performance and management of the Yongying Anyue 60-Day Holding Period Short-Duration Bond Fund for the second quarter of 2025, highlighting its investment strategies, financial metrics, and compliance with regulations [1][7]. Fund Product Overview - Fund Name: Yongying Anyue 60-Day Holding Period Short-Duration Bond Fund - Fund Code: 016191 - Total Fund Shares at Reporting Period End: 1,909,987,696.92 shares - Investment Strategy: Focus on macroeconomic trends, interest rate movements, and bond market yields while employing various investment strategies to control risks and achieve asset appreciation [2][3]. Financial Performance - Fund A Net Value Growth Rate (Last 3 Months): 0.68%, Last 6 Months: 0.97%, Last Year: 2.28% [4] - Fund C Net Value Growth Rate (Last 3 Months): 0.64%, Last 6 Months: 0.88%, Last Year: 2.08% [4][10]. - Performance Benchmark: 90% of the China Bond Comprehensive Price Index (1-3 years) and 10% of the one-year fixed deposit rate (after tax) [2]. Investment Portfolio - Total Bond Investment: 2,374,557,857.47 RMB, accounting for 99.79% of total fund assets [11]. - No investments in stocks, asset-backed securities, or precious metals during the reporting period [12][13]. Management and Compliance - The fund management adheres to strict compliance with the Securities Investment Fund Law and maintains a disciplined investment research and decision-making process [7][8]. - No significant violations of fair trading practices were reported during the period [8]. Market Environment - The macroeconomic environment in China remained stable, with industrial production showing resilience and infrastructure investment at high levels [9]. - Bond market yields generally declined, influenced by monetary policy and external factors such as US-China tariff negotiations [9].

Core Viewpoint - The report provides an overview of the performance and investment strategy of the Yongying Xincheng Mixed Securities Investment Fund for the second quarter of 2025, highlighting its focus on stable asset appreciation while managing risks effectively [1][2]. Fund Product Overview - Fund Name: Yongying Xincheng Mixed Securities Investment Fund - Fund Manager: Yongying Fund Management Co., Ltd. - Fund Custodian: Huaxia Bank Co., Ltd. - Total Fund Shares at Period End: 173,529,451.42 shares [2]. - Investment Objective: Long-term stable appreciation of net asset value [2]. - Investment Strategies: Includes major asset allocation strategies, stock investment strategies, convertible bond investment strategies, and futures investment strategies [2]. Financial Indicators and Fund Performance - As of the end of the reporting period, the net asset value of Yongying Xincheng Mixed A was 1.0466 RMB, with a net value growth rate of 1.05% against a benchmark return of 1.33% [10]. - The net asset value of Yongying Xincheng Mixed C was 1.0408 RMB, with a net value growth rate of 1.19% against a benchmark return of 1.33% [11]. - The fund's performance over the past three months showed a net value growth rate of 1.05% for Class A, 1.05% for Class C, and 1.19% for Class E [10][11]. Investment Portfolio Report - The fund's total assets included 192,186,502.32 RMB in bonds, representing 93.21% of total assets, with no stocks held at the end of the reporting period [12]. - The portfolio included 126,227,020.55 RMB in policy financial bonds, accounting for 69.70% of the fund's net assets [12]. Management Report - The fund management adhered to a strict fair trading system, ensuring equitable treatment of all investment portfolios without significant violations [9]. - The management team consists of experienced professionals, including Liu Xingyu with 11 years of experience and Yuan Xu with 15 years of experience in the securities industry [6][7].

Group 1 - The fund aims to achieve investment returns that exceed the performance benchmark while controlling investment portfolio risks [2][4] - The fund's total shares at the end of the reporting period amounted to 989,808,979.18 shares [2] - The fund's investment strategy includes macroeconomic research, interest rate trends, and credit strategies, focusing on bonds rated AA or above [2][4] Group 2 - The fund's performance benchmark is the China Bond Composite Index (full price) yield [2] - The fund is classified as a bond fund, which is considered a medium-low risk investment, with expected returns higher than money market funds but lower than mixed and equity funds [2] - The fund's net asset value for the A share class at the end of the reporting period was 1.0482 yuan, with a net value growth rate of 1.01% during the period [9][10] Group 3 - The fund's investment portfolio is primarily composed of bonds, accounting for 99.97% of total assets, with a total bond value of 1,400,624,533.69 yuan [10] - The fund did not hold any stocks, asset-backed securities, or other financial instruments during the reporting period [10][11] - The fund's management adhered to legal regulations and internal policies, ensuring no actions harmed the interests of fund shareholders [6][11] Group 4 - The macroeconomic environment in the second quarter showed stable overall economic performance, with industrial production remaining resilient and infrastructure investment at a high level [7][8] - The credit environment improved, with a general decrease in funding costs and enhanced credit bond allocation [9] - The fund maintained a high leverage ratio to improve static returns amid a gradually loosening funding environment [9]

Core Insights - The launch of the Science and Technology Innovation Bond ETF (科创债ETF) by Huaxia (551550) marks a significant development in the financial market, with the first batch of 10 ETFs raising nearly 30 billion yuan in a single day, contributing to a total bond ETF market size exceeding 420 billion yuan, a historical high [1][7] - The Science and Technology Innovation Bond (科创债) serves as a financial tool specifically designed to support technology innovation enterprises, with funds primarily directed towards sectors such as semiconductors, artificial intelligence, and renewable energy [2][6] - The underlying index for the Huaxia Science and Technology Innovation Bond ETF tracks the China Securities AAA Technology Innovation Company Bond Index, which includes high-rated bonds, indicating a strong credit quality and investment potential [2][3] Fund Characteristics - The ETF offers low investment thresholds, T+0 trading flexibility, and a low fee rate of 0.2% per year, making it an accessible investment tool for retail investors [1][2] - The ETF's structure aggregates hundreds of high-quality technology innovation bonds, creating a standardized investment vehicle that reflects the performance of the underlying index [3] - The rapid growth of the Science and Technology Innovation Bond market, with a total outstanding size of 2.45 trillion yuan as of May 2025, represents a 40% increase year-on-year, highlighting its role as a key driver in the credit bond market [5][6] Market Context - The issuance of the first batch of Science and Technology Innovation Bond ETFs was accelerated by supportive monetary policies and the inclusion of credit risk mitigation tools, reflecting a broader trend of financial systems adapting to support technological self-reliance [6][8] - The performance of the underlying index, with returns of 5.41% and 6.02% for the 2023-2024 period, indicates a positive outlook for investors in this segment [9] - The ETF's launch is seen as a strategic move to enhance the depth and breadth of the bond market while integrating policy support and the growth potential of technology enterprises [8]

Core Viewpoint - Japan's foreign bond purchases for the week ending July 11 amounted to 759.3 billion yen, a decrease from the previously revised figure of 1,659.1 billion yen [1] Group 1 - The current week's foreign bond purchases are significantly lower compared to the previous week's revised value [1] - The prior value was adjusted from 1,656.8 billion yen to 1,659.1 billion yen, indicating a slight increase in the previous data [1]