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].

Group 1 - The fund is managed by Anxin Fund Management Co., Ltd. and is a bond-type securities investment fund (LOF) [1][2] - The fund aims to achieve stable investment returns that exceed the benchmark while taking on moderate credit risk [1][3] - As of June 30, 2025, the total number of fund shares is approximately 918.43 million [1][2] Group 2 - The fund's investment strategy includes credit strategies, interest rate strategies, and convertible bond investment strategies, among others [1][3] - The performance benchmark for the fund is the China Bond Composite Index [1][3] - The fund's risk-return characteristics indicate that it has a long-term average risk level and expected returns lower than equity funds but higher than money market funds [1][3] Group 3 - The fund's net asset value (NAV) for different classes as of June 30, 2025, includes: - Class C: 1.0538 RMB, with a growth rate of 0.66% - Class D: 1.0551 RMB, with a growth rate of 0.70% - Class E: 1.1068 RMB, with a growth rate of 0.55% [1][13] - The fund's performance over the past year shows a return of 1.73% for Class D and 1.51% for Class F, compared to the benchmark's return of -0.14% [1][13] Group 4 - The fund manager has been managing 99 open-end funds as of the report date, indicating a diverse portfolio [4][5] - The fund management company was established in December 2011 and has a registered capital of 506.25 million RMB [4][5] - The fund management team includes experienced professionals with extensive backgrounds in asset management and investment [7][8]

Fund Overview - The fund is named "Rongtong Tongfu Bond Fund (LOF)" and is managed by Rongtong Fund Management Co., Ltd. with China Industrial and Commercial Bank as the custodian [1][2] - The fund aims for long-term stable appreciation of assets primarily through bond investments while strictly controlling risks [1][2] - The fund's total shares at the end of the reporting period were 625,739,333.07 [1] Financial Performance - The fund achieved a realized income of approximately 12.78 million RMB for Class A, 0.88 million RMB for Class C, and 1.67 million RMB for Class D during the reporting period [2] - The net asset value (NAV) for Class A was 1.0714 RMB, Class C was 1.1789 RMB, and Class D was 1.2930 RMB at the end of the reporting period [5] - The cumulative NAV growth rate for Class A was 47.11%, Class C was 43.26%, and Class D was 9.13% [2] Investment Strategy - The fund adopted a top-down approach for dynamic asset allocation, adjusting the proportion of major financial assets based on macroeconomic conditions and market trends [1][5] - The strategy included increasing long-term bond allocations in late March while maintaining a focus on coupon strategies [5][6] - The fund manager emphasized absolute returns while controlling drawdowns, achieving the expected results for the first half of the year [5] Market Outlook - The overall economic performance is stable and improving, with expectations for fiscal policies and measures to stimulate domestic demand to be gradually introduced [6] - The bond market is expected to remain within a range, with potential support from the economic fundamentals, while the equity market is driven by liquidity and risk appetite [6][7] - The fund manager anticipates that the core opportunities will remain in the equity market, focusing on structural opportunities rather than broad index movements [6][7] Fund Management - The fund management strictly adhered to the principles of fair treatment and compliance with relevant laws and regulations during the reporting period [4][9] - The fund's valuation processes were conducted in accordance with established guidelines, ensuring accuracy and minimizing valuation discrepancies [7][8] - The fund's performance and financial indicators were verified by the custodian, confirming their authenticity and completeness [9]

Fund Overview - The fund is named "Rongtong Four Seasons Enhanced Bond Fund (LOF)" and is managed by Rongtong Fund Management Co., Ltd. with China Industrial and Commercial Bank as the custodian [1][2] - The fund aims for long-term stable appreciation of assets while strictly controlling investment risks [2][8] - The fund's total shares at the end of the reporting period were 307,150,610.40 shares, with a listing date of April 6, 2012 [2][3] Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the fund achieved realized income of CNY 3,598,046.16 for Class A and CNY 1,897,495.26 for Class C [2] - The net asset value (NAV) at the end of the period was CNY 244,689,003.00 for Class A and CNY 101,611,440.01 for Class C [2] - The net value growth rate for Class A was 1.07%, while Class C recorded a growth rate of 0.92% [2][5] Investment Strategy and Market Conditions - The fund's investment strategy involves adjusting and optimizing the asset allocation of fixed-income financial instruments based on macroeconomic research [2][8] - During the first quarter of 2025, bond yields generally rose, with the 10-year government bond yield dropping below 1.6% at the beginning of January but later experiencing upward pressure due to tightening regulations and liquidity [5][8] - In the second quarter, bond yields generally declined, with the 10-year government bond yield falling to around 1.6% in early April [5][8] Management and Governance - The fund management strictly adheres to relevant laws and regulations, ensuring fair treatment of all investment portfolios [4][10] - The fund manager has a comprehensive qualification for managing public funds, including various types of investment funds [4][10] - The fund's valuation process is managed by a committee that includes various departments to ensure accuracy and compliance [9][10] Profit Distribution - The fund implemented its first profit distribution on July 10, 2025, distributing CNY 0.1100 per 10 shares for Class A and CNY 0.0900 for Class C [9][10]

Core Viewpoint - The article discusses the increasing challenges and opportunities for bond investors in the context of heightened global financial market volatility expected in 2025, emphasizing the importance of timely information and effective tools for investment decisions [1]. Group 1: Standards for Bond Market Tools - A professional bond market tool must meet five key standards: comprehensive market data coverage, real-time alert capabilities, deep analysis and strategy conversion, intelligent tool ecosystem, and cross-market perspective [2]. - Comprehensive data coverage includes all varieties of bonds across interbank, exchange, and overseas markets [2]. - Real-time alert capabilities are crucial for timely responses to policy changes, rating adjustments, and default warnings [2]. Group 2: Comparison of Mainstream Bond News Apps - Five leading bond news applications were evaluated, each with distinct features: - Wind offers extensive global bond data but is costly for individual users and less friendly for beginners [3]. - iFinD excels in intelligent bond strategy recommendations but has delayed updates for interbank data [3]. - Eastmoney provides free basic bond market data but lacks advanced analysis tools [3]. - Zhitoong excels in capturing sudden market events but has limited analytical capabilities [3]. Group 3: Advantages of Sina Finance - Sina Finance APP leads with a comprehensive score of 91.6, showcasing four core advantages: - Extensive market coverage across 40+ markets, including detailed analysis of various bond types [5]. - Speedy alert system capable of notifying users within 3 seconds of significant market changes [6]. - A three-tier analysis system that integrates news, deep insights, and actionable strategies [7]. - User-friendly features that democratize access to institutional-level tools [8]. Group 4: AI Empowerment in Bond Market Analysis - The introduction of the "Xina AI Assistant" marks a new era in financial information interpretation, capable of summarizing lengthy reports and identifying risk and opportunity points [9]. - The AI can automatically generate trading strategies based on market conditions, enhancing decision-making capabilities for investors [9][10]. Group 5: Tailored Solutions for Different Investor Needs - Investors are encouraged to select tools based on their specific needs, with various combinations suggested for different user profiles [11][12][13][14]. - The article highlights the importance of efficient information processing and decision-making in the face of increasing market volatility [14].