Core Viewpoint - The report provides an overview of the performance and investment strategy of the Bosera Double Monthly Enjoy 60-Day Rolling Bond Fund for the second quarter of 2025, highlighting its focus on maximizing returns while managing risks in a favorable bond market environment [1][10]. Fund Overview - Fund Name: Bosera Double Monthly Enjoy 60-Day Rolling Bond Fund - Fund Manager: Bosera Fund Management Co., Ltd. - Fund Custodian: China Postal Savings Bank Co., Ltd. - Total Fund Shares at Period End: 3,671,367,885.46 shares [1][3]. Investment Objectives and Strategies - The fund aims to achieve returns exceeding its benchmark through a combination of top-down and bottom-up analysis, utilizing both qualitative and quantitative methods [2]. - Investment strategies include term structure strategy, credit strategy, swap strategy, spread strategy, and individual bond selection strategy, with a focus on maximizing credit premium while controlling interest rate risk [2]. Performance Metrics - The fund's performance is benchmarked against a composite index: 85% of the China Bond Composite Wealth Index (for maturities under one year) and 15% of the after-tax one-year fixed deposit rate [2]. - Net Value Growth Rates for the past periods: - Last 3 months: 0.57% - Last 6 months: 0.88% - Last year: 2.36% - Last 3 years: 9.71% [5]. Financial Indicators - As of June 30, 2025, the net value of Class A shares is 1.1339 CNY, and Class C shares is 1.1251 CNY [11]. - The fund's total assets include 94.30% in bonds, with no holdings in stocks or asset-backed securities [13]. Market Environment - The bond market experienced a downward trend in yields during the second quarter, influenced by external demand uncertainties and a shift in central bank policy towards stabilizing growth [10][11]. - The current market conditions are deemed favorable for bonds, with expectations of potential monetary easing measures such as reserve requirement ratio cuts and interest rate reductions [11]. Management Report - The fund management adheres to regulations and maintains a commitment to fair trading practices, ensuring no unfair trading or conflicts of interest occurred during the reporting period [10]. - The fund manager has not engaged in any transactions involving the fund's own capital during the reporting period [18].

Core Viewpoint - The report provides an overview of the Tianhong Xinyi 39-Month Regular Open Bond Fund, highlighting its investment strategy, performance metrics, and compliance with regulations [1][2][3]. Fund Overview - Fund Name: Tianhong Xinyi 39-Month Regular Open Bond Fund [3] - Fund Manager: Tianhong Fund Management Co., Ltd. [6] - Fund Trustee: Industrial Bank Co., Ltd. [6] - Total Fund Shares at Reporting Period End: 7,987,245,412.16 shares [3] - Investment Strategy: The fund adopts a strict buy-and-hold strategy, aiming for stable asset appreciation while controlling net value volatility [3]. Performance Metrics - Net Value Growth Rate for the past three months: 0.76% [8] - Net Value Growth Rate for the past six months: 1.41% [8] - Net Value Growth Rate for the past year: 2.91% [8] - Net Value Growth Rate since fund contract inception: 16.38% [8] Investment Composition - Total Value of Bonds Held: 15,015,091,759.87 RMB, accounting for 97.23% of total fund assets [12] - Value of Policy Financial Bonds: 6,821,641,371.69 RMB, representing 80.76% of net asset value [12] Compliance and Fair Trading - The fund operates in accordance with national laws and regulations, ensuring no violations of fund contract commitments [9] - Fair trading procedures are effectively implemented, with no reported incidents of unfair trading or profit transfer [10]

上银聚恒益一年定期开放债券型发起式证券投资基金 基金管理人:上银基金管理有限公司 基金托管人:上海浦东发展银行股份有限公司 报告送出日期:2025 年 07 月 21 日 上银聚恒益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。 基金托管人上海浦东发展银行股份有限公司根据本基金合同规定，于2025年07月18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 | 上银聚恒益一年定开债券发起式 | | | | | | | | --- | --- | --- | --- ...

东方恒瑞短债债券型证券投资基金 基金管理人：东方基金管理股份有限公司 基金托管人：中国邮政储蓄银行股份有限公司 报告送出日期：2025 年 7 月 21 日 东方恒瑞短债债券 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。 基金托管人中国邮政储蓄银行股份有限公司根据本基金合同规定，于 2025 年 7 月 18 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。 | 日止。 | | --- | | 本报告期自 2025 年 4 月 1 日起至 6 月 30 | | §2 | 基金产品概况 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | ...

上银政策性金融债债券型证券投资基金 基金管理人:上银基金管理有限公司 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 | 上银政策性金融债债券 | | | | | | | | | | | | 007492 基金主代码 | | | | | | | | | | | | | 基金运作方式 契约型开放式 | | | | | | | | | | | | | 基金合同生效日 2019 年 12 月 | | | 19 | 日 | | | | | | | | | 11,142,552,808.66 报告期末基金份额总额 份 | | | | | | | | | | | ...

Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. Core Views of the Report - The Sci - tech Innovation Bonds have witnessed a booming trading volume due to the significant increase in the scale of Sci - tech Innovation Bond ETFs. However, they are currently "overbought", and their ETF component bonds have low cost - performance. It is recommended to focus on the spread opportunities of non - component bonds and non - Sci - tech Innovation Bonds compared to Sci - tech Innovation Bond ETF component bonds. [1][2][15] - In the volatile market, holding 4 - 5 - year large - bank capital bonds may be a more flexible choice. Short - duration credit enhancement can consider 3 - year AA perpetual bonds and 2 - year AA - bank capital bonds. [3][5] Summary According to the Directory 1. Urban Investment Bonds: Single - month Net Financing May Turn Positive, and High - grade Bonds Prevail in the Sci - tech Innovation Bond Market - Urban investment bond net financing has increased, and single - month net financing may turn positive. From July 1 - 20, 2025, the issuance was 271.5 billion yuan, the maturity was 239.2 billion yuan, and the net financing was 32.3 billion yuan, but it decreased by 62.1 billion yuan year - on - year. [24] - In the primary market, the issuance enthusiasm remains high, and the proportion of full - scale multiples above 3 times remains at 60%. Many municipal platforms have refreshed the issuance term length, and the issuance interest rates of all terms are at historical lows. [24] - In the secondary market, the yields of urban investment bonds generally declined, and the credit spreads mostly narrowed. High - grade 3 - year and low - grade 10 - year bonds performed better. Sci - tech urban investment bonds performed prominently, with an average low - valuation of nearly 5bp. [27][30] 2. Industrial Bonds: Both Issuance and Trading Have Reduced Duration - In July, the issuance and net financing scale of industrial bonds increased year - on - year. From July 1 - 20, 2025, the issuance was 507.1 billion yuan, and the net financing was 225.2 billion yuan. The net financing scale of the food and beverage, public utilities, and non - banking finance industries was relatively large. [31] - The proportion of long - term issuance over 5 years decreased significantly, and the issuance interest rates of all terms declined. In terms of trading, the buying sentiment recovered, the trading duration decreased slightly, and the proportion of high - grade trading decreased slightly. [31][33] 3. Bank Capital Bonds: Yields Declined Across the Board, and Trading Sentiment Warmed Up - From July 14 - 18, 2025, the yields of bank capital bonds declined across the board, and the spreads mostly narrowed. 2 - 3 - year bank capital bonds and low - grade perpetual bonds performed better, while 4 - 5 - year large - bank capital bonds performed weakly. [19][36] - In terms of trading, the trading sentiment of bank capital bonds warmed up. The secondary capital bond trading extended the duration, while the perpetual bond trading slightly reduced the duration. The trading sentiment of city commercial banks also warmed up significantly, with the secondary capital bond trading extending the duration and spreading to low - grade bonds. [39] - Regarding TLAC bonds, the 10 - year TLAC bonds are more cost - effective than secondary capital bonds at present. [42]

Core Viewpoint - Current 10-year Chinese government bond yields have fallen below 2%, leading to a new normal of "low interest rates, low spreads, and high volatility" in bond investments. In this context, rule-based investing may be a key path to overcoming yield challenges [1] Group 1: Systematic Investment Approach - Rule-based investing transforms active research capabilities into replicable strategy systems, establishing certainty in chaotic markets [1] - In bond investments, systematic decision-making can reduce subjective interference and enhance scientific and precise investment practices, including systematic asset allocation and disciplined decision-making [1] Group 2: Systematic Asset Allocation - The investment strategy distinguishes between allocation and trading positions, with allocation positions focusing on long-term trends and avoiding major losses, while trading positions are more flexible and can capitalize on short-term market adjustments [2] Group 3: Risk Control - In a low-interest environment, controlling drawdowns is crucial. Rule-based investing sets clear risk control indicators to maintain stability amid market fluctuations [3] - The strategy emphasizes diversification in credit bond holdings to mitigate individual credit risks and liquidity risks [3] Group 4: Disciplined Decision-Making - Rule-based investing minimizes emotional influences on investment decisions through systematic processes, allowing for dynamic adjustments based on win rates and odds [4] - The approach encourages proactive engagement in the market, even in unfavorable conditions, to avoid inaction and loss of momentum [4] Group 5: Quantitative Decision Support - Quantitative methods are employed to construct sentiment indicators, helping to align with market trends and investor behavior [5] Group 6: Strategic Advantage - A scientifically adaptable rule-based system is believed to help investors navigate low-interest cycles and prepare for more complex market environments in the future [6]

南方润元纯债债券型证券投资基金 基金管理人：南方基金管理股份有限公司 基金托管人：中国建设银行股份有限公司 送出日期：2025 年 7 月 21 日 南方润元纯债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。 基金托管人中国建设银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 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 4 月 1 日起至 6 月 30 日止。 §2 基金产品概况 | 基金简称 | 南方润元纯债债券 | | | --- | --- | --- | | 基金主代码 | 202108 | | | 前端交易代码 | 20 ...

Core Viewpoint - The report provides an overview of the performance and management of the Ping An Shuangying Tianyi Bond Fund for the second quarter of 2025, highlighting its investment strategies, financial indicators, and market conditions affecting the fund's performance [1][2][4]. Fund Product Overview - Fund Name: Ping An Shuangying Tianyi Bond Fund - Fund Code: 016447 - Fund Type: Contractual open-end fund - Effective Date: December 5, 2022 - Total Fund Shares at Period End: 356,310,759.64 shares - Investment Objective: Long-term stable appreciation of fund assets while strictly controlling risks and maintaining good liquidity [2][3]. Financial Indicators and Fund Performance - Fund A Net Asset Value (NAV) at Period End: 1.1000 CNY, with a net value growth rate of 0.79% against a benchmark return of 1.82% for the same period [6]. - Fund C NAV at Period End: 1.0887 CNY, with a net value growth rate of 0.69% against a benchmark return of 1.82% [6]. - Fund E NAV at Period End: 1.0971 CNY, with a net value growth rate of 0.72% [6]. Management Report - Fund Manager: Chen Haoyu, with 9 years of experience in the securities industry, has been managing the fund since January 2025 [4]. - The fund management strictly adheres to relevant laws and regulations, ensuring compliance and protecting the interests of fund shareholders [4][5]. Market Conditions - The economic environment in the first half of 2025 was stable, with macro policies remaining accommodative, including fiscal and monetary easing [4]. - The bond market experienced a downward trend in yields, with various types of bonds showing significant declines in yields during the second quarter [5]. - The equity and convertible bond markets saw volatility in April, but recovery was noted as risk appetite improved following joint statements on tariffs [5]. Investment Portfolio Report - The fund's total assets are primarily allocated to bonds, with 86.44% of the total assets invested in this category [7]. - The fund did not hold any domestic stocks or asset-backed securities at the end of the reporting period [7][8].

银河睿嘉纯债债券型证券投资基金 基金管理人：银河基金管理有限公司 基金托管人：交通银行股份有限公司 报告送出日期：2025 年 7 月 18 日 银河睿嘉纯债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。 报告期末下属分级基金的份额总额 1,435,709.22 份 5,863,810.65 份 §3 主要财务指标和基金净值表现 单位：人民币元 报告期（2025 年 4 月 1 日-2025 年 6 月 30 日） 主要财务指标 基金托管人交通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 ...