Core Viewpoint - The report provides an overview of the performance and management of the Changcheng Stable Income Bond Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market conditions during the reporting period [1][3]. Fund Overview - Fund Name: Changcheng Stable Income Bond Fund - Fund Manager: Changcheng Fund Management Co., Ltd. - Fund Custodian: Industrial and Commercial Bank of China Limited - Total Fund Shares at Reporting Period End: 293,816,189.68 shares [2]. - Investment Objective: To achieve long-term stable returns through active management of fixed income and equity assets while controlling risks [2]. - Investment Strategy: Utilizes a top-down analysis approach, considering macroeconomic factors, monetary and fiscal policies, and market conditions to dynamically adjust asset allocation [2]. - Performance Benchmark: 90% of the return from the China Bond Composite Wealth Index and 10% from the CSI 300 Index [2]. Financial Indicators - Fund A Net Value Growth Rate for the past three months: 1.42%, six months: 1.97%, one year: 7.05%, three years: 4.42%, five years: 7.06%, since inception: 40.42% [5]. - Fund C Net Value Growth Rate for the past three months: 1.32%, six months: 1.78%, one year: 6.64%, three years: 3.20%, five years: 4.96% [5]. - Total realized income for Fund A includes interest income, investment income, and other income after deducting relevant expenses [3]. Investment Portfolio - As of the reporting period, the fund's asset allocation was 93.43% in bonds and 2.97% in stocks [12]. - The fund's investment in policy financial bonds amounted to 39,880,832.05 yuan, representing 9.93% of the net asset value [13]. - The fund's investment strategy includes maintaining a minimum of 80% in bond assets and a maximum of 20% in equity assets [7]. Market Conditions - The bond market experienced fluctuations, with a general bullish trend during the second quarter of 2025, influenced by global economic events and domestic monetary policy adjustments [10][11]. - The report notes a significant drop in domestic interest rates, with the 10-year government bond yield decreasing by approximately 9 basis points [10]. - The market showed signs of recovery towards the end of June, with expectations of renewed central bank bond purchases [10].

Group 1 - The core point of the article indicates that Japan purchased foreign bonds amounting to 1,656.8 billion yen in the week ending July 4, a decrease from the previous value of 182.8 billion yen [1] Group 2 - The current foreign bond purchase reflects a significant drop compared to the prior week, suggesting a potential shift in investment strategy or market conditions [1]

Fund Overview - The fund is named "Hui'an Quality Selection Enhanced Bond Investment Fund" and is a bond-type open-ended fund [11] - The fund is managed by Hui'an Fund Management Co., Ltd. and the custodian is CITIC Bank [11][49] Fund Raising Details - The fund's subscription period is from July 21, 2025, to August 1, 2025, with a maximum subscription amount of 6 billion RMB [5][21] - The minimum subscription amount for each fund share is 1.00 RMB [11][27] - The fund will not accept subscriptions from financial institutions' proprietary accounts, except for the manager's own funds [19] Subscription Categories - The fund offers two classes of shares: Class A and Class C, with different fee structures [3][12] - Class A shares charge subscription fees, while Class C shares do not charge subscription fees but deduct service fees from the fund's assets [3][12] Subscription Limits - Individual investors can subscribe up to 10 million RMB per day, with no cumulative limit during the fundraising period [2][19] - If a single investor's cumulative subscription reaches or exceeds 50% of the total fund shares, the fund manager may impose restrictions on further subscriptions [4][24] Performance Benchmark - The fund's performance benchmark is composed of 85% of the yield of the China Securities Index Quality Credit Bond Index, 10% of the yield of the China Securities Dividend Quality Index, and 5% of the after-tax bank demand deposit rate [9][10] Fund Management and Operations - The fund operates as a contractual open-ended fund with no fixed duration [11] - The fund management company reserves the right to adjust the fundraising arrangements based on various factors [6]

Market Overview and Analysis - The primary market saw the issuance of government bonds, local bonds, and policy financial bonds amounting to 280.1 billion, 72.1 billion, and 161.0 billion respectively, with net financing of 199.9 billion, 21.6 billion, and 155.0 billion [1] - Non-financial credit bonds had a total issuance of 208.2 billion, with a net financing amount of 84.3 billion [1] - One new convertible bond was issued, expected to raise 0.7 billion [1] Secondary Market Review - Interest rates declined last week, influenced by factors such as the lowest funding rates of the year, the return of wealth management funds, reduced government bond issuance, and the stock-bond relationship [2] Liquidity Tracking - The net withdrawal through Open Market Operations (OMO) was 1.4 trillion, but fiscal spending supplemented liquidity, leading to a noticeable easing of funds at the beginning of the month [3] - Anonymous funds dropped to 1.3%, and one-year government stock certificates fell below 1.6% [3] Policy and Fundamentals - The Central Financial Committee emphasized the need for lawful governance of enterprises to curb low-price disorderly competition [4] - The manufacturing PMI for June recorded at 49.7, surpassing expectations and previous values [4] Overseas Market - The U.S. Congress passed the "Great Beauty" tax reduction bill, and non-farm employment numbers for June exceeded expectations [5] - The S&P 500 rose by 1.7% over the week, while the 10-year U.S. Treasury yield increased by 6 basis points [5] Equity Market - The A-share market saw most broad-based indices rise, driven by strong bank sector performance and favorable news in the innovation drug sector [6] - The Wind All A index increased by 1.22%, the CSI 300 rose by 1.54%, and the ChiNext surged by 1.50% [6] - Daily average trading volume decreased to 1.44 trillion, with a weekly average trading volume drop of 130.2 billion [6] - As of July 3, 2025, the total financing balance for All A reached 1,846.38 billion, an increase of 19.847 billion compared to June 26, marking nine consecutive trading days of net growth [6] Bond Market Strategy Outlook - The government bond supply pressure remains high in Q3, and the overall liquidity is expected to remain loose to support government bond issuance and stabilize growth [7] - Economic growth risks are increasing due to weakened export demand, a downturn in the real estate cycle, and reduced support from new policies [7] - Current bond investments have a high probability of success, but the potential for returns depends on the realization of fundamental expectations [7] - Convertible bonds face supply-demand contradictions, with liquidity remaining relatively loose, but the convertible bond index has reached new highs, indicating a need for careful selection of underlying assets [7]

日前，公募基金市场迎来重磅新品，首批10只科创债ETF获批。科创债自2021年试点以来，发行不断提 速，正处于快速扩容阶段。截至目前，交易所市场共有科创债1273只，余额超1.3万亿元。 如此快速发展的科创债市场蕴含着怎样的投资机遇？首批科创债ETF的推出有何深远意义？本期《投资 热点说》邀请到鹏华基金现金投资部基金经理张羊城、王中兴，深度解析全市场首批科创债ETF的创新 机遇与挑战。 访谈金句 张羊城：我们建议投资者在配置时关注以下几点：第一，要理解这类ETF的风险收益特征。第二，要关 注成交价格与净值的关系。第三，保持中长期视角。 王中兴：科创债ETF的推出为投资者提供了兼具稳健收益与政策红利的资产配置新选择，既能作为组合 的信用底仓，也可在特定市场环境下发挥收益增强作用。 张羊城：科创债ETF的管理既要"像指数基金一样精确"，也要"像信用债基金一样谨慎"，还要"像ETF产 品一样高效"，需要我们在投研、风控、交易、运营四个层面都高度协同。 在指数成分券的筛选上，核心筛选标准在于"科创属性"：指数编制规则的核心是定义"科技创新公司 债"。这通常依据交易所发布的科创债指引，对发行人所属行业（如高新技术、战略 ...

Group 1 - The company bond ETF (511030) has seen a net value increase of 13.28% over the past five years, with the latest price at 106.09 yuan as of July 2, 2025 [1] - The company bond ETF has reached a new high in scale at 21.826 billion yuan, with a net inflow of 9.48 billion yuan over the last five trading days, averaging 1.90 billion yuan per day [1] - The national debt ETF for 5 to 10 years (511020) has increased by 0.05%, with a five-year net value increase of 20.35% [1] Group 2 - On July 1, the secondary trading of interest rate bonds showed significant buying from rural commercial banks (+56.3 billion yuan), while other banks and brokerages showed net selling [2] - The central bank is expected to maintain a loose monetary policy in July, with limited adjustment risks for interest rate bonds, indicating a narrow fluctuation range [2] - The three main members of the Ping An Fund bond ETF include the company bond ETF (511030), national development bond ETF (159651), and national debt ETF for 5 to 10 years (511020), covering various bond types to assist investors in navigating the bond market cycle [2]

Core Viewpoint - The approval of the first batch of 10 Science and Technology Innovation Bond ETFs marks a significant development in the bond ETF market, which has seen rapid growth in 2023, surpassing 380 billion yuan in total scale, with over 60% of net inflows in the ETF market attributed to bond ETFs [1][6][9]. Group 1: Approval and Launch of Science and Technology Innovation Bond ETFs - The first batch of 10 Science and Technology Innovation Bond ETFs has been officially approved, with a swift approval process of only half a month from the submission of materials [1][3]. - The fund managers of these ETFs have announced that the issuance will start on July 7, with a maximum fundraising scale of 3 billion yuan for each product [4]. - The ETFs will track various indices, including the China Securities AAA Technology Innovation Company Bond Index and the Shanghai Stock Exchange AAA Technology Innovation Company Bond Index [3][4]. Group 2: Growth of Bond ETFs - The total scale of bond ETFs has rapidly exceeded 380 billion yuan, with a significant year-on-year growth of 146.03% as of the end of the first quarter of 2023 [6][9]. - As of July 2, the bond ETF market consists of 29 products, and if the new Science and Technology Innovation Bond ETFs are successfully launched, the total will increase to 39 [6]. - The average annual return of bond ETFs has been stable, with 15 out of 29 products achieving returns exceeding 1% this year [9]. Group 3: Market Dynamics and Investor Sentiment - The growth of bond ETFs is driven by several factors, including their trading advantages, increased demand for safe-haven assets, and policy support [8]. - The bond ETF market has become a new focus for investors, with net inflows accounting for over 60% of total ETF net inflows this year [9]. - The Science and Technology Innovation Bond ETFs are expected to provide investors with convenient tools for allocating high-quality technology innovation company bonds [5][10].

Core Viewpoint - The article emphasizes the importance of understanding risks associated with stock investments, highlighting that while stocks may offer higher long-term returns compared to gold and bonds, they also come with significant risks that investors often overlook [2][3]. Group 1: Stock Market Returns and Risks - Over the past 20 years, the annualized return of the CSI 300 index was 7.91%, but it experienced a maximum drawdown of 72.3%. In comparison, the NASDAQ 100 had an annualized return of 14.34% with a maximum drawdown of 53.71% [4]. - The volatility of global stock markets is significant, and while the CSI 300 may show strong gains in certain years, it is often followed by substantial corrections and risks [5]. - Many investors lack the capacity to endure large fluctuations in stock prices, leading them to sell at a loss before recovering from downturns [7]. Group 2: Performance Comparison with Bonds and Gold - In the past decade, gold achieved an annualized return of 13.03%, while the CSI 300 had an annualized return of -1.8%. Over the last three years, the annualized return of Chinese bonds was 4.93%, significantly outperforming the CSI 300's -3.63% [8]. - Stock returns are tied to corporate earnings, which can be adversely affected by economic downturns, industry changes, and policy shifts. During such times, bonds and commodities may perform better due to their low correlation with stocks [8]. Group 3: Investor Behavior and Market Realities - The actual returns for investors differ from theoretical stock market returns, largely due to individual investor behavior. Many investors mistakenly believe they can easily buy low and sell high, which is often an illusion created by hindsight [9]. - Historical trends indicate that only 20% of investors possess the necessary knowledge and strategies to achieve long-term profits, while 80% do not, leading to negative returns [10]. Group 4: Investment Strategy and Asset Allocation - A balanced investment strategy that includes stocks, bonds, and commodities can enhance risk-adjusted returns. For example, a portfolio consisting of 60% stocks, 30% bonds, and 10% gold showed a cumulative return of over 100% in the past seven years, with a maximum drawdown of only 7.67% [10][12]. - The proposed investment allocation includes 60% in equity funds, 30% in bond funds, and 10% in commodity funds, which can effectively reduce overall portfolio volatility and improve long-term performance [12][14].

Group 1 - The net purchase of foreign bonds by Japan for the week ending June 27 was 182.8 billion yen, a significant decrease from the previous value of 615.5 billion yen [1]

Core Viewpoint - The first batch of 10 Science and Technology Innovation Bond ETFs has received approval and will soon be available for sale, indicating strong market interest in these new financial products [1][3][4]. Group 1: Product Overview - The first batch of Science and Technology Innovation Bond ETFs includes products from major public fund companies such as Huaxia, Fuguo, and E Fund, among others [1][3]. - These ETFs were approved in less than half a month after being submitted, highlighting the regulatory support for innovative financial products [1][3]. - The ETFs track different indices, including the China Securities AAA Technology Innovation Company Bond Index and the Shanghai Securities AAA Technology Innovation Company Bond Index, which will affect the range of underlying securities [3]. Group 2: Market Context - There is a high level of interest from institutional investors in Science and Technology Innovation Bond ETFs, reflecting a demand for investment in this sector [4]. - Since May, there has been a series of supportive measures for technology innovation, which has positively impacted the bond market, with a total issuance of approximately 756.5 billion yuan in Science and Technology Innovation Bonds in the first five months of the year, a 76.4% increase year-on-year [6]. Group 3: Future Outlook - The introduction of Science and Technology Innovation Bond ETFs is expected to channel more funds into technology innovation, supporting R&D, project construction, and mergers and acquisitions [6]. - The liquidity and trading activity of Science and Technology Innovation Bonds are expected to improve, with ongoing policy support likely leading to continued issuance and expansion of indices [7]. - The bond market is anticipated to experience a downward trend in interest rates, creating favorable conditions for mid-to-high-grade credit bonds [7].