Fund Overview - The fund is named Hongde Yuxiang Bond Fund, managed by Hongde Fund Management Co., Ltd., and custodied by Industrial and Commercial Bank of China [1][2] - The fund aims to achieve investment returns that exceed its performance benchmark through various investment strategies, including asset allocation, fixed income, equity investment, and treasury futures [2][3] Financial Performance - As of the end of the reporting period, the total fund shares amounted to 41,705,064.28 [1] - The net value of Hongde Yuxiang Bond A was 1.2467 RMB, with a net value growth rate of 1.33% during the reporting period, while the benchmark return was 1.12% [9] - The net value of Hongde Yuxiang Bond C was 1.2097 RMB, with a net value growth rate of 1.25% during the reporting period, also against a benchmark return of 1.12% [9] Investment Strategy - The fund employs a dynamic asset allocation strategy based on comprehensive analysis of macroeconomic conditions, market interest rates, and credit risks [2][3] - Fixed income investments utilize various strategies such as duration strategy, yield curve strategy, and individual bond selection [2] - The fund's performance benchmark is composed of 90% of the China Bond Composite Price Index and 10% of the CSI 300 Index [2] Market Conditions - In the second quarter, the bond market experienced a downward trend, with the ten-year treasury yield dropping from 1.81% to 1.63% [7] - The convertible bond market continued to rise, with the Wind Convertible Bond Equal-weighted Index increasing by 4.58% [7] - The equity market saw a slight increase, with the CSI 300 Index rising by 1.25% [7] Fund Management - The fund is managed by experienced professionals, including Zhao Duanduan and Liu Fengfei, who have extensive backgrounds in fixed income investment [5] - The fund management adheres to legal regulations and maintains a commitment to fair trading practices [6] Investment Composition - As of the reporting period, the fund's asset allocation included 87.20% in bonds and 12.15% in stocks [10] - The fund's investments are diversified across various sectors, with significant allocations in finance and manufacturing [10][11]

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].

Group 1 - The fund aims to achieve long-term stable appreciation of assets through optimized allocation of different asset classes while strictly controlling risks and maintaining asset liquidity [2][3] - The investment strategy includes asset allocation, bond investment, stock investment, asset-backed securities investment, and treasury futures investment, with a focus on macroeconomic factors, valuation, and liquidity [3][4] - The fund's performance benchmark is set as 90% of the China Bond New Comprehensive Wealth Index return plus 5% of the CSI 300 Index return and 5% of the Hong Kong dollar-denominated Hang Seng Index return [3] Group 2 - As of the end of the reporting period, the total fund shares amounted to 418,231,445.63 shares [4] - The fund's A class share net value growth rate for the reporting period was 1.61%, while the C class share net value growth rate was 1.57%, compared to a benchmark return of 1.80% [14] - The fund's investment portfolio primarily consists of bonds (81.64%), with a smaller portion in stocks (14.07%) [15] Group 3 - The fund's investment in Hong Kong stocks is subject to specific risks related to the Hong Kong stock market, including price volatility and exchange rate risks [5] - The fund management adheres to strict compliance with relevant laws and regulations, ensuring the protection of investors' interests [11][12] - The fund's investment decision-making process includes a rigorous internal control system and a fair trading principle to prevent unfair trading practices [12][13]

本基金 刘万锋 基金经 - 15 理 招商双债增强债券型证券投资基金 (LOF)2025 年第 2 季度报告 基金管理人：招商基金管理有限公司 基金托管人：中国农业银行股份有限公司 送出日期：2025 年 7 月 18 日 招商双债增强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。 基金托管人中国农业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 招商双债增强（LOF） 场内简称 招商双债 LOF 基金主代 ...

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].