Core Viewpoint - The report provides an overview of the performance and investment strategy of the Anxin Target Yield Bond Fund for the second quarter of 2025, highlighting its focus on achieving returns that exceed the benchmark of the 3-month Shanghai Interbank Offered Rate (Shibor3M) while maintaining strict risk control [2][3]. Fund Overview - Fund Name: Anxin Target Yield Bond Fund - Fund Manager: Anxin Fund Management Co., Ltd. - Fund Custodian: Agricultural Bank of China Co., Ltd. - Total Fund Shares at Period End: 5,823,112,437.68 shares [2]. Investment Strategy - The fund employs a macroeconomic research approach, focusing on monetary policy and interest rate studies to determine asset allocation among various bond types, including ordinary bonds, floating interest bonds, convertible bonds, and asset-backed securities [3]. - The investment strategy includes tracking bond issuance market conditions, analyzing spread changes, and assessing issuer characteristics and credit levels to actively participate in the primary bond market [3]. Performance Metrics - The fund's net asset value (NAV) growth rates for different periods are as follows: - Last three months: 1.11% - Last six months: 1.84% - Last year: 0.31% - Last three years: 14.84% [4][11]. - The fund's NAV at the end of the reporting period was 1.4401 CNY for Class A and 1.3952 CNY for Class C [11]. Financial Indicators - The fund's total assets allocated to bonds amounted to 7,705,266,232.91 CNY, representing 92.08% of the total fund assets [12]. - The fund's investment in policy financial bonds was 4,421,892,831.47 CNY, accounting for 53.29% of the fund's net asset value [17]. Share Changes - The total shares at the beginning of the reporting period were 3,594,122,167.91 for Class A and 1,570,223,188.01 for Class C. - During the reporting period, the total subscription for Class A was 849,606,552.06 shares, while the total redemption was 583,890,273.93 shares [16].

Core Viewpoint - The report outlines the performance and investment strategy of the Guangfa Juxin Bond Fund for the second quarter of 2025, highlighting its focus on risk control and pursuit of stable long-term returns through active management of bond and equity investments [1][7]. Fund Overview - Fund Name: Guangfa Juxin Bond Fund - Fund Code: 000118 - Total Fund Shares at Period End: 7,983,306,157.93 shares - Investment Objective: To achieve higher current income and long-term returns while maintaining asset liquidity and controlling risks [1][2]. Investment Strategy - The fund employs a top-down qualitative and quantitative analysis approach, assessing macroeconomic conditions, national policies, market liquidity, and valuation levels to determine the allocation between fixed income and equity assets [2]. - The performance benchmark is composed of 85% of the China Bond Total Index (full price), 10% of the CSI 300 Index, and 5% of the Renminbi-denominated Hang Seng Index [2]. Financial Performance - The fund's A-class share net value growth rate for the reporting period was 1.58%, while the C-class share net value growth rate was 1.48%. The benchmark return for the same period was 1.08% [10]. - Historical performance shows that over the past year, the fund achieved a net value growth rate of 8.72%, outperforming the benchmark by 2.94% [4]. Investment Portfolio - As of the end of the reporting period, the fund's asset allocation was as follows: 76.97% in bonds, 18.40% in common stocks, and 8.12% in Hong Kong stocks through the Stock Connect mechanism [9][12]. - The fund's bond holdings include a significant portion of policy financial bonds, valued at 625,106,424.67 RMB, representing 4.96% of the total fund assets [11]. Market Outlook - The bond market is expected to be influenced by liquidity and policy direction, with ongoing monetary easing anticipated to drive bond yields lower. However, significant declines in long-term rates may require additional driving factors [10].

Core Viewpoint - The departure of renowned fund manager Zhang Yifei from Anxin Fund marks a significant shift in the asset management landscape, as he transitions to the private equity sector seeking new challenges in his career [1][3]. Summary by Sections Departure Announcement - Zhang Yifei officially announced his resignation from all managed products at Anxin Fund as of July 15, 2023, confirming his intention to continue in the asset management industry [1][3]. Background and Performance - Zhang Yifei has over 11 years of experience in investment management, having previously held various roles in finance and asset management. His managed products had a total scale exceeding 32 billion yuan, accounting for over one-third of Anxin Fund's total assets of approximately 94.53 billion yuan [3][5]. - As of July 15, 2023, all nine products managed by Zhang Yifei reported positive returns, with six products achieving annualized returns exceeding 5%. The longest-managed product, Anxin Steady Growth A, recorded a return of 82.81% since May 25, 2015, with an annualized return of 6.12% [5]. Market Impact and Team Stability - Zhang Yifei's departure raised concerns about the stability of Anxin Fund's fixed income team. However, core team members he previously managed will remain at Anxin Fund to continue overseeing the products [3][5]. Successors - Following Zhang Yifei's exit, two core team members, Li Jun and Huang Wanshu, will take over the management of the products. Li Jun, with 20 years of experience and a history of collaboration with Zhang, will manage several key funds, while Huang Wanshu will oversee others, bringing her expertise in bond yield curve analysis [7][9].

Core Viewpoint - The bank convertible bond market is experiencing a significant contraction in supply, driven by strong performance in bank stocks, leading to a reduction in the total balance of bank convertible bonds from nearly 300 billion yuan at the peak in 2023 to approximately 150 billion yuan currently [1][2]. Group 1: Market Dynamics - The total balance of bank convertible bonds is expected to shrink by at least 100 billion yuan this year due to the early redemption of several bonds and the lack of new issuances [2][3]. - As of July 14, 2023, the market share of bank convertible bonds has decreased from a peak of approximately 38.97% to about 22.64% [2][7]. - The strong performance of bank stocks, with the bank sector index reaching a historical high, has triggered the early redemption of several convertible bonds [5][10]. Group 2: Institutional Response - Institutions are beginning to shift their asset allocation strategies in response to the rapid loss of quality assets in the bank convertible bond market, with some moving towards high-rated convertible bonds in non-bank financials and public utilities [1][11]. - The average allocation of convertible bonds in various asset management products has reached around 78%, indicating a sustained interest despite the market's contraction [9]. - Institutions are actively seeking alternative investment opportunities, focusing on high-rated, low-volatility convertible bonds as replacements for bank convertible bonds [12]. Group 3: Future Outlook - The ongoing contraction in the bank convertible bond market may lead to increased difficulty in selecting suitable bonds, prompting some investors to exit the market [10]. - The focus on non-bank financial and public utility sectors is expected to grow, as these sectors are perceived to have lower credit risk and potential benefits from improved equity risk preferences [12]. - The potential for a "Davis double" effect, where both stock price increases and valuation improvements occur, is seen as a favorable scenario for convertible bonds in the current market environment [10].

Core Viewpoint - The report provides an overview of the performance and strategy of the Hua Fu Convertible Bond Fund for the second quarter of 2025, highlighting its investment focus on convertible bonds and the market conditions affecting its performance [2][10]. Fund Product Overview - Fund Name: Hua Fu Convertible Bond Fund - Fund Manager: Hua Fu Fund Management Co., Ltd. - Fund Custodian: China Construction Bank Co., Ltd. - Total Fund Shares at Period End: 269,345,409.32 shares - Investment Objective: To achieve long-term stable appreciation of fund assets through active investment in convertible bonds while strictly controlling risks [3][4]. Financial Indicators and Fund Performance - For the period from April 1, 2025, to June 30, 2025, the net value growth rate for Hua Fu Convertible Bond A was 4.77%, while for Hua Fu Convertible Bond C, it was 4.69%. The benchmark return for the same period was 2.79% [12]. - The fund's performance over the past three months showed a net value growth rate of 4.77% for A shares and 4.69% for C shares, outperforming the benchmark [5][12]. Investment Strategy and Market Conditions - The fund's investment strategy focuses on identifying high-quality convertible bonds with favorable risk-return profiles, emphasizing a cautious approach to high-volatility assets [10][11]. - The macroeconomic environment in Q2 2025 showed resilience, with manufacturing PMI rising to 49.7% in June, indicating a recovery in market sentiment [9][10]. - The convertible bond market demonstrated its advantageous option-like characteristics, with the China Convertible Bond Index rising by 3.77% during the quarter [10]. Investment Portfolio Report - At the end of the reporting period, the fund held 94.76% of its total assets in bonds, with no investments in stocks or asset-backed securities [13]. - The fund's top ten securities included issuers that had faced regulatory scrutiny in the past year, but the investment decisions complied with legal and contractual requirements [14]. Fund Share Changes - The total shares for Hua Fu Convertible Bond A at the beginning of the period were 97,258,939.59, with total subscriptions of 108,364,057.23 and redemptions of 10,775,565.63, resulting in a total of 194,847,431.19 shares at the end of the period [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Guanghe Convertible Bonds (127110.SZ) started online subscription on July 9, 2025, with a total issuance scale of 4.9 billion yuan. After deducting issuance fees, the net proceeds will be used for the construction of Units 5 and 6 of the Guangdong Lufeng Nuclear Power Plant [4]. - The current bond - floor valuation is 98.62 yuan, and the YTM is 1.66%. The conversion parity is 101.36 yuan, and the parity premium rate is - 1.34%. The convertible bond terms are standard, and the dilution rate of the total share capital is 2.58% [4]. - It is expected that the listing price of Guanghe Convertible Bonds on the first day will be between 126.83 and 140.94 yuan, and the subscription success rate is expected to be 0.0140%. It is recommended to actively subscribe [4]. - China General Nuclear Power Corporation (CGN) is a large - scale central clean - energy enterprise controlled by the SASAC. Since 2019, its revenue and net profit attributable to the parent company have shown stable growth. Its sales revenue mainly comes from power sales, and its sales net profit margin and gross profit margin remain stable and are significantly higher than the industry average [4]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Basic Information - **Issuance and Subscription Schedule**: The issuance and subscription of Guanghe Convertible Bonds are scheduled from July 7 to July 15, 2025, including steps such as publishing prospectuses, online roadshows, original shareholder priority subscription, and online subscription [10]. - **Basic Terms**: The convertible bond has a code of 127110.SZ, a total issuance scale of 4.9 billion yuan, a term of 6 years, and a subject/issue rating of AAA/AAA. The initial conversion price is 3.67 yuan per share, and the conversion period is from January 15, 2026, to July 8, 2031 [11]. - **Use of Raised Funds**: The raised funds of 490 million yuan will be used for the construction of Units 5 and 6 of the Guangdong Lufeng Nuclear Power Plant [12]. - **Bond and Stock Indicators**: The pure bond value is 98.62 yuan, the pure bond premium rate is 1.40%, the pure bond YTM is 1.66%, the conversion parity is 101.36 yuan, and the parity premium rate is - 1.34% [13]. 3.2 Investment Subscription Suggestions - **Expected Listing Price**: Based on comparable targets and empirical results, considering the good bond - floor protection, high rating, and large scale of Guanghe Convertible Bonds, it is expected that the conversion premium rate on the first - day of listing will be around 32%, and the corresponding listing price will be between 126.83 and 140.94 yuan [16][17]. - **Expected Subscription Success Rate**: It is expected that the original shareholder priority subscription ratio will be 77.34%, and the online subscription success rate will be 0.0140% [19]. 3.3 Analysis of the Underlying Stock's Fundamentals 3.3.1 Financial Data Analysis - **Revenue and Profit Growth**: Since 2019, CGN's revenue has shown a steady growth trend, with a compound growth rate of 7.35% from 2019 to 2024. In 2024, its revenue reached 86.804 billion yuan, a year - on - year increase of 5.16%. The net profit attributable to the parent company also showed stable growth, with a compound growth rate of 2.70% from 2019 to 2024. In 2024, it reached 10.814 billion yuan, a year - on - year increase of 0.83% [4][21]. - **Revenue Composition**: The company's revenue mainly comes from power sales, accounting for 70.16%, 75.73%, and 75.96% of the total revenue in the past three years, respectively, and the power sales revenue has shown an overall upward trend [4][22]. - **Profitability and Cost**: From 2019 to 2024, the company's sales net profit margin and gross profit margin remained stable and were significantly higher than the industry average. The sales expense ratio remained stable, while the financial expense ratio and management expense ratio gradually decreased [4][29]. 3.3.2 Company Highlights - **Scale and Market Position**: As of the end of June 2024, the total installed capacity of operating and under - construction nuclear power units managed by CGN was 43.814 million kilowatts, accounting for 43.48% of the national total, ranking first in China and second in the world. It has significant scale advantages and strong competitiveness [37]. - **Technical and Experience Advantages**: CGN has accumulated rich experience in nuclear power plant construction and operation management. It has a national engineering technology center, a national key laboratory, and five national energy R & D platforms, leading in the development and application of new nuclear energy technologies [37].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The balance of bank convertible bonds may shrink by approximately 10 billion yuan this year, and by the end of 2025, it may be around 9 billion yuan. If other commercial banks can follow the example of state - owned banks' low - PB private placements, there may be a possibility of supplementary supply of bank convertible bonds [3][4]. - The replacement bottom - position varieties should have the characteristics of high rating, low volatility, and high capital capacity. It is recommended to pay attention to AAA - rated convertible bonds in non - banking finance and general public utilities for low - volatility and high - rating, and photovoltaic equipment and pig - breeding convertible bonds for large capital capacity [3][40]. - For photovoltaic equipment convertible bonds, it is recommended to screen leading individual bonds and leave room for rating downgrades. When the convertible bond price is low, gradually build a position [2][22]. Summary by Relevant Catalogs 1. The balance of bank convertible bonds may shrink by about 10 billion yuan this year - As of June 30, 2025, there were 10 bank convertible bonds in the market, with a balance of 13.49 billion yuan, a decrease of 7 bonds and 11.1 billion yuan compared with the end of 2023. If the relevant convertible bonds are all delisted, the balance of bank convertible bonds will further shrink by 10.13 billion yuan to 8.98 billion yuan by the end of 2025 compared with the end of 2024 [4]. - The shrinkage of bank convertible bond scale may be irreversible in the short term. It is necessary to observe the progress of bank capital replenishment. Currently, the policy supports state - owned large - scale banks to replenish core tier - one capital. This year, the private placement prices of four state - owned big banks were lower than 1 - time PB, about 0.7 - time PB. There are bank convertible bonds totaling 2.9 billion yuan that have been announced but not issued, and the current PB multiples of the underlying stocks are between 0.5 - 0.7 times [4]. 2. The replacement bottom - position varieties should have three characteristics: high rating, low volatility, and high capital capacity - Before 2024, bank convertible bonds mainly served as bottom - position allocation varieties, with limited contribution to returns. Since 2024, due to the strengthening of the dividend style, bank convertible bonds have advantages in both returns and volatility. After bank convertible bonds exit the market, investors may return to the pre - 2024 investment model, and the difficulty of participation has increased. Some investors may leave the convertible bond market [13]. - The replacement bottom - position varieties should have high rating, low volatility, and high capital capacity. Configuration is the primary function, and individual bond elastic returns are a by - product [13]. 3. Low - volatility and high - rating: AAA - rated convertible bonds in non - banking finance and general public utilities - As of June 30, there were 4 non - banking finance convertible bonds, with 3 AAA - rated ones having a total scale of 1.46 billion yuan. They belong to the same large - finance industry as bank convertible bonds, with low risks of underlying stock delisting and credit default. After a sharp rise, it is not recommended to chase the high. When the convertible bond price returns to around 110 - 115 yuan, it may be a good bottom - position allocation buying point [17]. - The so - called "general public utilities" include public utilities and transportation. There are 3 AAA - rated convertible bonds in this sector, with a balance of 1 billion yuan. The advantage is a long remaining term, and the disadvantage is a relatively high current convertible bond price and insufficient defense against underlying stock decline [18][20]. 4. Large capital capacity: Photovoltaic equipment and pig - breeding convertible bonds - Photovoltaic equipment and pig - breeding are both strong - cycle industries. The current balance of photovoltaic equipment convertible bonds is 6.08 billion yuan, and the balance of pig - breeding convertible bonds is 2.72 billion yuan. The photovoltaic equipment sector's net profit turned negative in 2024, and the pig - breeding sector may have passed the most difficult period, but the pig price has been falling since August 2024 [21]. - The advantages of photovoltaic equipment convertible bonds are low prices and high capital accommodation. It is recommended to screen leading individual bonds and leave room for rating downgrades. The advantage of pig - breeding convertible bonds is mainly large capital capacity, and it is necessary to pay attention to the marginal changes in the pig price [22].

Group 1 - The price of Huicheng Convertible Bond has surpassed 2000 yuan, becoming the second convertible bond in history to do so, driven by the strong performance of its underlying stock, Huicheng Environmental [1][2] - Huicheng Environmental specializes in hazardous waste disposal services in the petrochemical industry and has seen its stock price rise over 4% recently, contributing to a nearly 12% increase in the convertible bond price [2] - The company's revenue for 2024 is projected to be 1.149 billion yuan, a year-on-year increase of 7.33%, while its net profit is expected to decline by 69.25% to 43 million yuan due to increased competition and rising operational costs [2][3] Group 2 - Despite the decline in performance, several brokerages remain optimistic about Huicheng Environmental's growth prospects, particularly with the launch of a new project aimed at reducing carbon emissions [4] - The company is also expanding its operations with new production facilities in Jiangxi Province, which are expected to provide additional growth opportunities [4] - The recent surge in Huicheng Convertible Bond prices has raised concerns about speculative trading, as the bond's latest conversion premium exceeds 30% and its small circulation makes it susceptible to concentrated speculation [5][6]

Core Viewpoint - Convertible bonds have gained increasing attention from investors in the capital market due to their unique characteristics, providing alternative investment options [1]. Group 1: Definition of Convertible Bonds - Convertible bonds, or "convertible corporate bonds," are a special type of bond issued by listed companies, granting bondholders the right to convert the bonds into common stock under specific conditions [3]. Group 2: Characteristics of Convertible Bonds - Convertible bonds combine features of both bonds and stocks, offering a unique appeal to investors [4]. Group 3: Investment Advantages of Convertible Bonds - Convertible bonds provide a balanced investment strategy, allowing investors to benefit from both fixed income and potential capital appreciation [5]. - They offer a safety net due to their bond-like characteristics, ensuring investors can redeem their principal and interest at maturity [6]. - The conversion mechanism allows investors to convert bonds into stocks when the company's stock price rises above the conversion price, enabling capital gains [6]. - Investors have the flexibility to choose between holding the bond for fixed income or converting to stock for potential higher returns [6]. Group 4: Key Considerations for Investing in Convertible Bonds - The conversion price directly impacts the profitability of converting bonds into stocks; if the stock price is below the conversion price, conversion may lead to losses [6]. - Redemption clauses allow the issuing company to redeem bonds under certain conditions, which may affect investor returns if not managed properly [6]. - Put options provide a safety mechanism for investors, allowing them to sell the bonds back to the issuer if the stock price falls significantly below the conversion price [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Libo Convertible Bond (111023.SH) started online subscription on July 3, 2025, with a total issuance scale of 750 million yuan. After deducting issuance fees, the net proceeds will be used for the large - scale industrial module manufacturing project of Nantong Libote Heavy Industry Co., Ltd. [3] - The current bond floor valuation is 99.26 yuan, and the YTM is 2.23%. The conversion parity is 100.4 yuan, and the parity premium rate is - 0.41%. The bond terms are average, and the total share capital dilution rate is 12.09%. [3] - It is expected that the listing price of Libo Convertible Bond on the first day will be between 128.57 and 142.73 yuan, and the winning rate is expected to be 0.0028%. It is recommended to actively subscribe. [3] - Jiangsu Libote Co., Ltd. is one of the few domestic enterprises with the ability to design and manufacture large - scale industrial modules. Since 2019, the company's revenue and net profit attributable to the parent have shown a steady growth trend. The company's revenue mainly comes from engineering services and industrial module design and manufacturing, and the product structure proportion has been optimized year by year. [3] 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - **Issuance and Subscription Schedule**: The issuance and subscription of Libo Convertible Bond follow a series of schedules from July 1 to July 9, 2025, including announcements, roadshows, priority allotment, lottery draws, and payment confirmations. [9] - **Basic Terms**: The convertible bond has a code of 111023.SH, a term of 6 years from July 3, 2025, to July 2, 2031, a face value of 100 yuan, and a coupon rate ranging from 0.10% to 2.00% from the first to the sixth year. The initial conversion price is 12.14 yuan/share, and the conversion period is from January 9, 2026, to July 2, 2031. The terms for downward revision, redemption, and repurchase are also specified. [10] - **Use of Raised Funds**: The 750 million yuan of raised funds will be used for the large - scale industrial module manufacturing project of Nantong Libote Heavy Industry Co., Ltd. [11] - **Bond and Equity Indicators**: The pure bond value is 99.26 yuan, the pure bond premium rate is 0.74%, the conversion parity is 100.41 yuan, and the parity premium rate is - 0.41%. The pure bond YTM is 2.23%. [11] 3.2. Investment Subscription Suggestion - **Estimated Listing Price**: Based on comparable targets and empirical results, considering the good bond floor protection, rating, and scale attractiveness of Libo Convertible Bond, it is estimated that the conversion premium rate on the first - day of listing will be around 35%, and the corresponding listing price will be between 128.57 and 142.73 yuan. [14][15] - **Estimated Winning Rate**: It is estimated that the original shareholder priority allotment ratio is 70.72%, and the winning rate for online investors is 0.0028%. [18] 3.3. Analysis of the Underlying Stock's Fundamental Aspects 3.3.1. Financial Data Analysis - **Revenue and Profit Growth**: Since 2019, the company's revenue has been growing steadily, with a compound growth rate of 23.02% from 2019 - 2024. In 2024, the revenue reached 3.493 billion yuan, a year - on - year increase of 88.39%. The net profit attributable to the parent has also been rising year by year, with a compound growth rate of 17.48% from 2019 - 2024. In 2024, it reached 240 million yuan, a year - on - year increase of 38.73%. [21] - **Revenue Structure**: The company's revenue mainly comes from engineering services and industrial module design and manufacturing. From 2022 - 2024, the proportion of engineering service revenue in the main business revenue was 77.02%, 84.51%, and 79.03% respectively, and the proportion of industrial module design and manufacturing business revenue was 22.54%, 15.26%, and 20.73% respectively. [23] - **Profitability and Cost Ratios**: The company's sales net profit margin and gross profit margin reached a peak in 2022 and then declined year by year. The sales expense ratio is basically the same as the industry average, and the financial expense ratio and management expense ratio have remained stable in recent years. [25] 3.3.2. Company Highlights - **Technical and Manufacturing Capabilities**: The company is one of the few domestic enterprises with the ability to design and manufacture large - scale industrial modules. It has accumulated a lot of design technology and experience, and has leading module manufacturing technology and a large - scale production base. [29] - **Business Qualifications**: The company has necessary qualifications for international and domestic business. In the international market, it has certifications such as "ASME U" and "ASME S". In the domestic market, it has relevant design and manufacturing qualifications for pressure pipes and pressure vessels. [30]