Fund Overview - The fund is named "Ping An Zhongzhai-0-3 Year National Development Bank Bond ETF" and is managed by Ping An Fund Management Co., Ltd. [1] - The fund aims to closely track the underlying index, targeting an average tracking deviation of no more than 0.25% and an annualized tracking error of no more than 3% [1][2]. - The fund was established on September 1, 2022, and its shares are traded on the Shenzhen Stock Exchange [1]. Financial Performance - The fund achieved a realized income of CNY 15,116,613.31 and a profit of CNY 2,851,224.44 during the reporting period from January 1, 2025, to June 30, 2025 [2][3]. - The weighted average net value profit rate for the period was 0.21%, with a net asset value of CNY 1,008,139,154.66 at the end of the reporting period [2][3]. - The fund's share net value growth rate was 0.29%, while the cumulative net value growth rate since inception was 6.25% [2][3]. Investment Strategy - The fund employs a passive management strategy using representative stratified sampling to replicate the characteristics of the underlying index [1][6]. - The average daily tracking deviation during the reporting period was 0.02%, with an annualized tracking error of 0.33%, indicating effective tracking of the underlying index [6]. Market Conditions - The bond market faced challenges due to a conservative stance from the central bank regarding liquidity, with the 10-year government bond yield reaching 1.9% [7][8]. - The market is expected to remain volatile, with the 10-year government bond likely to experience fluctuations in the second half of the year [8]. Management and Governance - Ping An Fund Management Co., Ltd. has been managing the fund in compliance with relevant laws and regulations, ensuring the protection of investors' interests [5][9]. - The fund management team is composed of experienced professionals, with a focus on maintaining fair trading practices and transparency [5][6].

Core Viewpoint - The report provides an overview of the performance and management of the Guangfa Ju Li Bond Fund (LOF) for the first half of 2025, highlighting its investment strategy, financial performance, and market conditions affecting the fund [1][2][11]. Fund Overview - Fund Name: Guangfa Ju Li Bond Fund (LOF) - Fund Manager: Guangfa Fund Management Co., Ltd. - Fund Trustee: China Construction Bank Co., Ltd. - Total Fund Shares at Period End: 2,039,823,596.18 shares [2][3]. Financial Performance - For the period from January 1, 2025, to June 30, 2025, the A class fund achieved a net value growth rate of 0.94%, while the C class fund achieved a growth rate of 0.78% [12][13]. - The total realized income for the A class was 50,834,476.26 RMB, and for the C class, it was 19,436,829.65 RMB [3][4]. - The net asset value at the end of the reporting period for the A class was 2,151,951,869.99 RMB, and for the C class, it was 754,797,220.44 RMB [4][16]. Investment Strategy - The fund aims to provide stable returns above the performance benchmark by actively managing investments while controlling risks [2][11]. - The investment strategy includes analyzing macroeconomic trends, interest rate movements, and credit risks to determine asset allocation [2][12]. Market Conditions - The report notes a weakening domestic real estate market and low inflation, contributing to macroeconomic uncertainty [12][13]. - The central bank's monetary policy has shifted towards maintaining liquidity through measures such as MLF net injections and interest rate cuts [12][13]. Performance Comparison - The fund's performance is benchmarked against the China Bond Index, with the A class showing a cumulative net value growth rate of 140.10% and the C class at 23.56% since inception [3][4]. - The report indicates that the fund's performance has been affected by market conditions, with a notable recovery in the second quarter after a decline in the first quarter [12][13]. Compliance and Governance - The fund management adheres to relevant laws and regulations, ensuring compliance in its operations and investment decisions [11][15]. - The trustee has fulfilled its responsibilities in overseeing the fund's asset management and ensuring no harm to the interests of fund holders [15].

Core Viewpoint - The report provides a comprehensive overview of the performance and management of the Guangfa Juyuan Bond Fund (LOF) for the first half of 2025, highlighting its investment strategy, financial performance, and compliance with regulations [1][10][12]. Fund Overview - Fund Name: Guangfa Juyuan Bond Fund (LOF) - Fund Manager: Guangfa Fund Management Co., Ltd. - Fund Custodian: Agricultural Bank of China Co., Ltd. - Total Fund Shares at Reporting Period End: 12,822,007,459.38 shares [2][4]. Investment Strategy - The fund primarily invests in fixed-income securities and does not engage in direct stock purchases or initial public offerings. The investment strategy involves comprehensive analysis of macroeconomic conditions, interest rate trends, and credit risks to optimize the bond portfolio [2][12]. Financial Performance - For the reporting period (January 1, 2025, to June 30, 2025): - Realized Income: - Class A: 63,388,704.71 CNY - Class B: 168,333,682.59 CNY - Class C: 8,174,702.29 CNY - Profit: - Class A: 20,800,429.93 CNY - Class B: 51,968,608.72 CNY - Class C: 530,390.56 CNY - Net Asset Value at Period End: - Class A: 4,503,643,502.30 CNY - Class B: 10,447,663,002.99 CNY - Class C: 455,766,105.57 CNY [4][12][16]. Performance Metrics - Net Value Growth Rate for the reporting period: - Class A: 0.59% - Class B: 0.59% - Class C: 0.39% - Cumulative Net Value Growth Rate: - Class A: 53.64% - Class B: 9.12% - Class C: 46.44% [5][12]. Market Conditions - The bond market experienced increased volatility in the first half of 2025, with short-term interest rates rising initially, followed by a correction in long-term rates. The market showed signs of recovery by the end of June, influenced by U.S. tariffs and central bank liquidity measures [11][12]. Compliance and Governance - The fund management strictly adheres to relevant laws and regulations, ensuring that all operations are compliant and that the interests of fund shareholders are protected. The investment decision-making process is supported by a robust internal control system [10][15].

Core Viewpoint - The 30-year government bond ETF from Bosera has shown a recent decline but has experienced significant inflows and strong performance metrics over the past year, indicating a robust interest from investors despite current market fluctuations [3][4]. Group 1: Performance Metrics - As of August 27, 2025, the 30-year government bond ETF from Bosera has achieved a net value increase of 7.84% over the past year, ranking 9th out of 422 index bond funds, placing it in the top 2.13% [4]. - The ETF has recorded a maximum monthly return of 5.35% since its inception, with the longest consecutive monthly gains being 4 months and a total increase of 10.58% during that period [4]. - The average monthly return during the months of increase is 2.09%, with a monthly profit percentage of 62.50% and a historical one-year profit probability of 100.00% [4]. Group 2: Fund Inflows and Trading Activity - The ETF has seen continuous net inflows over the past 8 days, with a peak single-day net inflow of 1.504 billion yuan, totaling 2.903 billion yuan in net inflows during this period, averaging 363 million yuan per day [4]. - The trading volume for the ETF has been active, with a turnover rate of 16.05% and a total transaction value of 2.992 billion yuan on the latest trading day [3]. Group 3: Market Conditions and Future Outlook - The bond market is expected to focus more on fundamental realities following a phase of emotional cooling, with a moderate growth and low inflation environment potentially supporting the overall trend [3]. - The central bank has conducted a 416.1 billion yuan reverse repurchase operation at an interest rate of 1.40%, indicating ongoing liquidity management in the market [3]. Group 4: Fund Characteristics - The 30-year government bond ETF has a management fee rate of 0.15% and a custody fee rate of 0.05%, with a tracking error of 0.054% over the past three months [5]. - The ETF closely tracks the Shanghai Stock Exchange 30-year government bond index, which reflects the overall performance of government bonds with a similar maturity [5].

过去三年 9.23% 0.03% 8.73% 0.03% 0.50% 0.00% 注：业绩比较基准=中证 0-4 年期地方政府债指数收益率。 收益率变动的比较 注：1、本基金基金合同于 2020 年 07 月 30 日生效。2、截至建仓期结束，本基金的各项投资比 例已达到基金合同中规定的各项比例。 注：无。 §4 管理人报告 鹏华基金管理有限公司成立于 1998 年 12 月 22 日，业务范围包括基金募集、基金销售、资产 管理及中国证监会许可的其他业务。截至本报告期末，公司股东由国信证券股份有限公司、意大 利欧利盛资本资产管理股份公司（Eurizon Capital SGR S.p.A.）、深圳市北融信投资发展有 第 8页 共 46页 限公司组成，公司性质为中外合资企业，公司注册资本 15,000 万元人民币。截至本报告期末，公 司管理资产总规模达到 12,513 亿元，359 只公募基金、12 只全国社保投资组合、8 只基本养老保 险投资组合。经过 20 余年投资管理基金，在基金投资、风险控制等方面积累了丰富经验。 任本基金的基金经理 （助理）期限 证券从 姓名 职务 说明 业年限 任职日期 离任日期 叶 ...

Core Viewpoint - The report outlines the performance and investment strategy of the Penghua Dynamic Growth Mixed Securities Investment Fund (LOF) for the first half of 2025, highlighting its focus on high-growth, undervalued stocks while managing risks through dynamic asset allocation between stocks and bonds [1][2][3]. Fund Overview - Fund Name: Penghua Dynamic Growth Mixed Securities Investment Fund (LOF) - Fund Manager: Penghua Fund Management Co., Ltd. - Fund Custodian: Agricultural Bank of China Co., Ltd. - Total Fund Shares at Period End: 1,284,776,120.21 shares - Fund Net Asset Value at Period End: 1,157,612,350.62 RMB - Fund Share Net Value at Period End: 0.901 RMB [1][3][4]. Investment Strategy - The fund employs a combination of top-down and bottom-up investment strategies, focusing on strategic asset allocation and dynamic adjustments based on market conditions [3][4]. - The investment strategy emphasizes selecting stocks with high growth potential and sustainable profitability, particularly those that are undervalued relative to their growth prospects [3][4][5]. - The fund utilizes a quantitative model for dynamic asset allocation, adjusting the proportion of stocks and bonds based on market conditions [2][3][4]. Financial Performance - Realized income for the period was -34,075,181.59 RMB, while the profit for the period was 102,032,146.76 RMB - The weighted average net value profit rate for the period was 9.13%, and the fund share net value growth rate was 9.48% [1][3][4]. - Cumulative net value growth rate since inception is 263.25% [1][3][4]. Market Analysis - The report indicates that the A-share market is currently in a reasonable valuation range, with overall risk premiums returning to historical averages, suggesting potential for future growth [14][15]. - The fund's portfolio is primarily focused on sectors such as pharmaceuticals and electronics, which have shown significant performance [15][16]. - The outlook for the second half of 2025 anticipates continued market volatility, with a focus on structural opportunities within the market [16][17]. Risk Management - The fund aims to mitigate systemic risks associated with stock investments by adjusting the allocation between stocks and bonds based on market conditions [8][9]. - The fund employs various investment strategies, including duration strategies and relative value exploration, to ensure the safety and liquidity of the bond portfolio [8][9]. Management and Compliance - The fund management adheres to strict compliance with relevant laws and regulations, ensuring fair treatment of all investment portfolios [13][19]. - The custodian, Agricultural Bank of China, confirms that the fund management has operated within legal frameworks and has not engaged in any actions detrimental to the interests of fund shareholders [19].

Fund Overview - The fund is named Penghua Fengrun Bond Fund (LOF) and is managed by Penghua Fund Management Co., Ltd. with China Construction Bank as the custodian [3][4] - The fund aims to create higher current returns for its holders while strictly controlling investment risks [3] - The fund's total shares at the end of the reporting period were 186,987,350.59 shares [3] Investment Strategy - The fund employs an active investment strategy to identify various potential value growth opportunities, aiming to achieve returns that exceed benchmarks [3] - Asset allocation strategies involve dynamic adjustments between bonds, stocks, and cash based on macroeconomic analysis and interest rate trends [3] - The fund utilizes various strategies for bond investments, including duration strategy, yield curve strategy, and spread strategy, to enhance total returns while ensuring long-term capital safety [3][4] Financial Performance - The fund's realized income for the reporting period was 3,208,069.78 RMB, with a weighted average net profit margin of 1.04% [6] - The net asset value at the end of the reporting period was 208,830,332.52 RMB, with a net asset value per share of 1.1168 RMB [6][19] - The cumulative net value growth rate since the fund's inception is 97.51% [6] Market Context - The bond market experienced adjustments in the first quarter due to high funding rates and a lack of interest rate cuts, while the second quarter saw a recovery with a more abundant liquidity environment [13] - The fund primarily invested in medium to high-rated credit bonds and engaged in tactical operations with interest rate bonds during the reporting period [13][14] - The macroeconomic outlook suggests a stable economic environment with limited risks of significant downturns, supported by proactive domestic policies [14] Management and Governance - Penghua Fund Management Co., Ltd. has been operational since December 22, 1998, managing a total asset scale of 1,251.3 billion RMB across various funds [8] - The fund management team has extensive experience in investment management and risk control, ensuring compliance with relevant regulations and fund contracts [12]

鹏华丰泽债券型证券投资基金(LOF) 基金管理人：鹏华基金管理有限公司 基金托管人：中国邮政储蓄银行股份有限公司 送出日期：2025 年 8 月 28 日 鹏华丰泽债券(LOF)2025 年中期报告 基金管理人的董事会、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的法律责任。本中期报告已经三分之二以 上独立董事签字同意，并由董事长签发。 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 08 月 27 日复核 了本报告中的财务指标、净值表现、利润分配情况、财务会计报告、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 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 01 月 01 日起至 2025 年 06 月 30 日止。 第 2页 共 54页 鹏华丰泽债券(LOF)2025 年中期报告 第 3 ...

Fund Overview - The fund is named Penghua Fengli Bond Securities Investment Fund (LOF) and is managed by Penghua Fund Management Co., Ltd. with a custodian by China Merchants Bank Co., Ltd. [1] - The fund was established on April 23, 2013, and its shares were listed on the Shenzhen Stock Exchange on May 24, 2016 [1][2]. - As of June 30, 2025, the total number of fund shares is 6,256,085,953.87 [1]. Investment Strategy - The fund aims to achieve returns that exceed the performance benchmark through active investment management while effectively controlling risks and maintaining appropriate liquidity [1][2]. - The investment strategy includes duration strategy, credit spread strategy, yield curve strategy, and bond selection strategy [2]. - The fund will dynamically adjust its asset allocation based on macroeconomic analysis and trends in interest rates and credit spreads [2]. Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the fund's realized income was 94,542,790.27 RMB, with a weighted average profit rate of 3.04% [3][4]. - The net value growth rates for different classes of shares are as follows: A class at 3.22%, C class at 3.01%, D class at 3.21%, and E class at 2.98% [10][11]. - The cumulative net value growth since the fund's inception is 84.67% for A class, 11.34% for C class, 17.34% for D class, and 6.38% for E class [3][4]. Asset Allocation - The fund primarily holds medium to high-rated credit bonds and convertible bonds, with a focus on adjusting the duration of the bond portfolio based on market conditions [10]. - As of the end of the reporting period, the fund's total assets amounted to 7,932,274,068.55 RMB, with significant investments in trading financial assets [15]. Management and Governance - Penghua Fund Management Co., Ltd. has been managing assets totaling 1,251.3 billion RMB across 359 public funds and various investment portfolios [10]. - The fund management team includes experienced professionals with extensive backgrounds in fixed income and investment management [10][12].

Core Viewpoint - The report provides an overview of the performance and strategies of the Penghua Fenghe Bond Fund (LOF) for the first half of 2025, highlighting its investment strategies, financial performance, and market conditions affecting the fund's operations [1][7]. Fund Overview - Fund Name: Penghua Fenghe Bond Fund (LOF) - Fund Manager: Penghua Fund Management Co., Ltd. - Fund Custodian: China Merchants Bank Co., Ltd. - Fund Operation Type: Listed Open-Ended Fund (LOF) - Fund Contract Effective Date: November 5, 2015 - Total Fund Shares at Period End: 21,261,729.38 shares [1][2]. Investment Objectives and Strategies - The fund aims to achieve returns exceeding its performance benchmark through strict risk control and active investment strategies [1]. - Asset allocation strategy involves analyzing macroeconomic conditions and adjusting the proportion of major asset classes dynamically [2]. - Bond investment strategies include duration management, yield curve strategies, and selection of undervalued bonds to maximize portfolio returns [2][7]. Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the A class share net value growth rate was 1.40%, C class was 1.21%, and E class was 1.31%, all outperforming the benchmark growth rate of 1.05% [8]. - The fund's total profit for the period was 291,991.19 RMB, with realized income of -294,867.05 RMB for A class shares [3][8]. Market Conditions - The bond yield environment was characterized by a flattening trend, with low absolute yields impacting overall returns [7]. - The equity market experienced volatility, with technology stocks initially performing well before a downturn in April [7]. - The fund maintained a concentrated position in financial, consumer, public utility, and low price-to-book ratio cyclical sectors [7]. Management and Compliance - The fund management adhered to legal regulations and internal policies, ensuring fair treatment of different investment portfolios [6][7]. - No abnormal trading behaviors or violations occurred during the reporting period, maintaining compliance with fund management standards [7]. Fund Manager Information - The fund manager, Penghua Fund Management Co., Ltd., has a history of over 20 years in investment management, with a total asset management scale of 1,251.3 billion RMB as of the report date [6][7].