Core Insights - The overall fund issuance in July shows a recovery trend, with 115 new funds established and a total issuance exceeding 90 billion [1] Fund Performance - The issuance of stock and bond funds has increased, while the share of mixed products has declined [1] - The rise in fund issuance is attributed to the positive performance of the equity market and the introduction of innovative products like the Sci-Tech Bond ETF [1] Market Outlook - Industry experts believe that the market's risk appetite is likely to remain on an upward trajectory, indicating a favorable configuration for equity assets [1]

Group 1 - The convertible bond market continues to see rising valuations, with prices reaching new highs, supported by strong demand in the fixed income market and low positions in convertible bonds [5][8][19] - The absolute price median of convertible bonds has reached 128 yuan, indicating a significant increase in valuation levels [8][19] - The market sentiment is bolstered by various events, including the commencement of construction on the Yashan Hydropower Station and the AI conference, which have strengthened bullish expectations [8][11] Group 2 - From July 21 to July 25, the equity market experienced a continuous upward trend, with the Shanghai Composite Index rising by 1.67% and the ChiNext Index increasing by 2.67% [11] - The average daily trading volume increased significantly to 1.84 trillion yuan, indicating heightened market activity [11] - The trading volume of convertible bonds reached 80.674 billion yuan, with the China Convertible Bond Index rising by 2.14% [19][29] Group 3 - The report suggests that the systemic risk for convertible bonds remains low, with a strong expectation for performance until September [5][8] - The report recommends focusing on low-priced and equity-oriented individual bonds, as the difficulty in selecting bonds increases under the current price structure [5][19] - The report highlights that high-priced and mid-high rated convertible bonds performed well, while AAA-rated and large-cap bonds showed relative weakness [19]

Report Industry Investment Rating - No industry investment rating information is provided in the document. Core Views - This week, the major market indices all increased. Among them, the CSI 500 led in terms of the increase in the valuation quantile of the price - earnings ratio index, and the STAR 50 led in terms of the increase in the valuation quantile of the price - to - book ratio index. In the industry aspect, 27 out of 31 Shenwan primary industries rose, with the top five gainers being building materials, coal, steel, non - ferrous metals, and building decoration; the declining industries were banking, communication, public utilities, and comprehensive [2]. - In the public fund market, the hot topics included the release of public fund market data by the Asset Management Association of China and the expansion of personal pension funds. In terms of performance, equity funds generally rose this week, with quantitative funds having the largest increase of 2.22%. Pure - bond funds ranged from a decline of 0.30% to an increase of 0.34%. Among FOF funds, pension - target FOF rose 0.60% with a positive - return ratio of 98.09%. Additionally, QDII funds rose an average of 1.10% with a positive - return ratio of 85.36% [3]. - In the ETF market, the overall capital inflow was 1.922 billion yuan this week, with the scale significantly decreasing compared to the previous period. Structurally, cross - border ETFs had the largest capital inflow of 10.322 billion yuan this week, while stock - type ETFs had a net outflow of 5.453 billion yuan. In terms of liquidity, the average daily trading volume of the overall ETF market reached 383.785 billion yuan, the average daily trading volume was 170.951 billion shares, and the average daily turnover rate was 10.33%. In terms of individual bonds, the inflow trend of STAR - bond - related ETFs continued this week. Among broad - based indices, the CSI A500 index had an outflow close to 8 billion yuan. From the perspective of industry themes, sectors such as Hong Kong non - banking and construction were favored by funds [4]. - This week, 23 new funds were issued, 10 fewer than last week; 36 new funds were established, 2 more than last week. The new funds raised a total of 27.661 billion yuan, 3.003 billion yuan less than last week [5]. Summary by Relevant Catalogs 1. This Week's Market Review 1.1 Domestic Market Situation - From July 21 to July 25, 2025, the major equity market indices continued to rise. The STAR 50 had the largest increase of 4.63%, and the CSI 500 also had an increase of over 3%. In the industry sector, 27 out of 31 Shenwan primary industries rose, with the top five gainers being building materials, coal, steel, non - ferrous metals, and building decoration; the declining industries were banking, communication, public utilities, and comprehensive. In the bond market, the ChinaBond Composite Full - Price Index fell 0.44%, and the ChinaBond Treasury Bond, Financial Bond, and Credit Bond Total Full - Price Indices fell between 0.23% and 0.61%. The CSI Convertible Bond Index rose 2.14%. In the commodity market, the Nanhua Commodity Index rose 2.73% [13]. 1.2 European, American, and Asia - Pacific Market Situation - This week, the major indices in European, American, and Asia - Pacific markets showed mixed performance. In the US stock market, the S&P 500 index rose 0.98%, the Dow Jones Industrial Average rose 1.30%, and the Nasdaq index rose 1.02%. In the European market, the French CAC40 rose 0.15%, and the German DAX fell 0.30%. In the Asia - Pacific market, the Hang Seng Index rose 2.27%, and the Nikkei 225 rose 4.11% [22]. 1.3 Market Valuation Situation - This week, the major market indices all increased. The CSI 500 led in terms of the increase in the valuation quantile of the price - earnings ratio index, and the STAR 50 led in terms of the increase in the valuation quantile of the price - to - book ratio index. In the industry aspect, the top five industries with the highest historical quantiles of the price - earnings ratio valuation of the Shenwan primary index this week were real estate, banking, automobiles, electronics, and steel. Among them, the price - earnings ratio valuation quantile of real estate had reached 98.6%, and attention should be paid to the potential correction risk in the future. The five industries with relatively low historical quantiles of the price - earnings ratio valuation this week were agriculture, forestry, animal husbandry, and fishery, non - banking finance, food and beverage, non - ferrous metals, and light manufacturing [25]. 2. Active Public Fund Situation - Market hot topics: On July 24, the Asset Management Association of China released public fund market data. As of the end of June 2025, there were 164 public fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public fund qualifications. These institutions managed a total net asset value of public funds of 34.39 trillion yuan. Personal pension funds had a significant expansion, with the CSI 500 index - enhanced funds from Guotai Haitong Asset Management, Bodao Fund, and Tianhong Fund, as well as the China Merchants CSI 300 index - enhanced fund, announcing the addition of Class Y fund shares only available for purchase with personal pension funds and revising legal documents such as the fund contract. So far, the number of index - enhanced fund products in personal pension funds has increased from 19 to 23, with underlying indices covering many options such as the SSE 50, CSI 300, CSI 500, CSI 800, and CSI Dividend [33]. - Market performance: This week, equity funds generally rose, with quantitative funds having the largest increase of 2.22%. Pure - bond funds ranged from a decline of 0.30% to an increase of 0.34%. Among FOF funds, pension - target FOF rose 0.60% with a positive - return ratio of 98.09%. Additionally, QDII funds rose an average of 1.10% with a positive - return ratio of 85.36% [33]. - Through the calculation of the industry positions of active equity funds, the industries with the largest increase in positions this week were building materials, coal, and building decoration; the industries with the largest decline were national defense and military industry, electronics, and biomedicine. The overall position of active equity funds on July 25, 2025, was 75.38%, a decrease of 3.14 percentage points compared to last week [3][41][43]. 3. ETF Fund Situation - This week, the overall capital inflow of the ETF market was 1.922 billion yuan, with the scale significantly decreasing compared to the previous period. Structurally, cross - border ETFs had the largest capital inflow of 10.322 billion yuan this week, while stock - type ETFs had a net outflow of 5.453 billion yuan. In terms of liquidity, the average daily trading volume of the overall ETF market reached 383.785 billion yuan, the average daily trading volume was 170.951 billion shares, and the average daily turnover rate was 10.33% [4][48]. - In terms of individual bonds, the inflow trend of STAR - bond - related ETFs continued this week. Among broad - based indices, the CSI A500 index had an outflow close to 8 billion yuan. From the perspective of industry themes, sectors such as Hong Kong non - banking and construction were favored by funds. ETF targets with relatively large net inflows included the CSI Hong Kong Securities Investment Theme, the CSI Hong Kong Stock Connect Non - Banking Financial Theme, and the CSI All - Share Building Materials Index; ETF targets with relatively large net outflows included the SSE STAR Market Composite, the SSE STAR 50 Component, and the ChiNext Index [4][49]. 4. Fund Issuance Statistics - This week, 23 new funds were issued in China, 10 fewer than last week. Among them, there were 6 actively managed equity - biased funds and 10 passive index funds. Among the 10 passive index funds, 8 were stock - type, mainly tracking indices such as the China Securities General Aviation Industry, the CSI All - Share Free Cash Flow, the CSI 800 Free Cash Flow, and the China Securities Robot Industry Index [55]. - This week, 36 new funds were established in China, 2 more than last week. The new funds raised a total of 27.661 billion yuan, 3.003 billion yuan less than last week. The largest - raising fund was the Huatai - PineBridge Stable - Benefit 6 - Month Holding Bond A managed by Li Wei and Gan Xinyu, with a raising scale of approximately 3.741 billion yuan [59].

Core Viewpoint - The total net asset value of public funds in China reached a historical high of 34.39 trillion yuan as of June 30, 2025, with significant contributions from bond funds and a mixed performance in equity funds [1][3][4]. Fund Size Growth - As of June 30, 2025, there are 164 public fund management institutions in China, managing a total net asset value of 34.39 trillion yuan, marking a growth of 651.9 billion yuan from the end of May [3][4]. - The public bond fund size increased by 507.8 billion yuan in June, reaching 7.28 trillion yuan, with a year-to-date growth trend observed over four consecutive months [6][5]. Bond Fund Performance - Bond funds were the main contributors to the overall growth, with a monthly increase exceeding 500 billion yuan in June [5]. - The bond market is expected to remain bullish in the second half of the year, supported by favorable fundamentals and liquidity conditions, although there are concerns regarding high leverage and duration risks in a low volatility environment [8][7]. Equity Fund Performance - The A-share market showed positive performance in June, with the Shanghai Composite Index rising by 2.9%, leading to an increase in the size of equity funds [9]. - Stock funds and mixed funds saw increases of 148.3 billion yuan and 121.3 billion yuan, respectively, with growth rates of 3.24% and 3.4% [10]. New Fund Issuance - In June, 110 new equity funds were established, raising a total of 51.6 billion yuan, accounting for approximately 40% of the total new fund issuance [11]. - The outlook for the A-share market remains optimistic, driven by sectors such as AI, military, and innovative pharmaceuticals, alongside supportive domestic policies [11]. QDII Fund Growth - QDII funds experienced a growth of approximately 4.51%, reaching a total size of 683.7 billion yuan by the end of June, benefiting from strong inflows and favorable market conditions [12][13].

Core Viewpoint - The public fund market in China has reached a new historical high, with total assets exceeding 34 trillion yuan as of June 2025, reflecting a significant growth trend in various fund types [2][3]. Fund Market Overview - As of June 2025, the total scale of public funds in China reached 34.39 trillion yuan, marking a record high and an increase of over 650 billion yuan compared to the end of May, representing a month-on-month growth of 1.93% [3][4]. - The number of public fund management institutions in China stands at 164, including 149 fund management companies and 15 asset management institutions with public qualifications [3]. Fund Type Performance - The growth in public fund scale is primarily driven by equity funds (including stock and mixed funds) and bond funds [5]. - Equity funds saw a monthly scale increase of 2.7 billion yuan, reaching 8.42 trillion yuan, while mixed funds grew by 3.4% to 3.69 trillion yuan, marking their first increase after two months of decline [5]. - Bond funds experienced the highest subscription activity in June, with net subscriptions of 353.6 billion yuan, leading to a total scale of 7.29 trillion yuan, an increase of 507.9 billion yuan [5]. Fund Subscription Trends - Mixed funds and bond funds have shown significant net subscriptions, while stock funds have remained relatively stable [5][6]. - QDII funds also experienced growth, with a net increase of 0.78% in scale, reaching 683.8 billion yuan [6]. Fund Redemption Trends - Conversely, money market funds faced net redemptions in June, with a total of 164.6 billion yuan redeemed, resulting in a decrease in scale to 14.23 trillion yuan [7].

Core Viewpoint - The equity market continues to show a rebound trend from the "9.24" rally, while the fixed income market experiences fluctuations in a historically low-risk interest rate environment. Overall, various fund indices have yielded positive results in the first half of 2025 [1]. Equity Market - In the second half of 2025, the equity market is expected to face downward pressure but is supported by a stable economic fundamental. The introduction of further reforms in the Sci-Tech Innovation Board by the CSRC in June is anticipated to maintain market activity, although external complexities and domestic demand pressures may lead to a primarily fluctuating stock market with an upward central tendency [5]. - Key sectors to focus on include dividends, pharmaceuticals, military industry, and AI applications [5]. Fund Manager Insights - Fund Manager Yang Jiannan highlights the promising outlook for the pharmaceutical sector driven by innovative drugs, with domestic companies increasingly entering global markets through licensing agreements [6]. - Fund Manager Chen Bo emphasizes the rapid development of new productive forces, including AI and high-end manufacturing, and the rising penetration of spiritual consumption products [7]. - Fund Manager Lu Yang notes that large-cap indices have rebounded to median valuations, and investment strategies will focus on bottom-up stock selection based on industry competition and company performance [8]. Fixed Income Market - The fixed income market is characterized by a pragmatic approach, with limited expectations for significant interest rate cuts in the second half of the year. The central bank is expected to prioritize the stability of the banking system's liabilities and optimize policies based on macro-prudential principles [9]. - The market is likely to see a focus on short-term rates and credit products, with convertible bonds standing out due to their dual advantages in a resilient stock market [9]. Fund Manager Insights - Fund Manager Cai Weifeng reports a mixed strategy in the bond market, achieving moderate net value growth despite a challenging environment [10]. - Fund Manager Chen Fangfei observes that the bond market experienced fluctuations, with the central bank's actions providing some support, while maintaining a high duration strategy [12]. - Fund Manager Xu Jia notes that external risks have influenced bond market trends, with a focus on internal economic conditions as the market stabilizes [14].

Group 1 - The report indicates that the convertible bond market is currently experiencing high valuations in the short term, but remains optimistic for the medium term [8][6] - The report highlights that the equity market has risen for four consecutive weeks, leading to a significant increase in convertible bonds, although the extent of this rise has slightly exceeded expectations [8][5] - The report notes that the current market focus is on the financial and technology sectors, with a positive outlook for these areas despite potential short-term corrections [8][5] Group 2 - The report provides a review of the convertible bond market, stating that the bonds continue to follow the upward trend of equities, with significant trading volume reaching 70.669 billion [14][12] - It mentions that the China Securities Convertible Bond Index increased by 0.67%, and the parity center rose by 2.1% to 104.2 yuan, while the conversion premium rate decreased by 0.2% to 22.8% [14][15] - The report emphasizes that high-priced, low-rated, and small-cap convertible bonds have outperformed, while high-rated bonds have shown relative weakness [14][12]

Core Insights - The article discusses the performance and investment strategies of Liu Yanchun, a fund manager overseeing several large-scale funds, particularly focusing on the second quarter of 2025 and the challenges faced by his flagship fund, Invesco Great Wall Emerging Growth A [1][5]. Fund Performance - Liu Yanchun manages six funds with a total scale of 36.43 billion yuan, but all have shown poor performance, with year-to-date returns mostly negative and rankings in the bottom 10%-5% of their categories [1][2]. - The flagship fund, Invesco Great Wall Emerging Growth A, has declined by 2.35% year-to-date and 5.46% in the second quarter, ranking at the bottom among its peers [1][2]. - Over the past two years, the fund has experienced a drop of over 19%, with specific declines of 20.11% for Invesco Great Wall Dingyi Mixed A and 19.31% for Invesco Great Wall Performance Growth Mixed A [1][2]. Investment Strategy - The fund's top ten holdings remain unchanged, focusing on leading companies in consumption and healthcare, including Haida Group, Kweichow Moutai, and Mindray Medical [3]. - Despite maintaining these positions, the fund has reduced its stakes in several key holdings, including Haida Group and Kweichow Moutai, indicating a cautious approach amid market volatility [3]. Economic Outlook - Liu Yanchun highlights the uneven resilience of the Chinese economy, with strong manufacturing and export performance but pressure on prices, leading to a "price for volume" scenario [5][6]. - The real estate sector continues to be a significant drag on investment, which remains in double-digit negative growth, compounded by cautious local government actions [6]. - There is an expectation of a shift in policy focus towards long-term transformation and high-quality development, with a warning about potential impacts from overseas monetary easing on China's export structure and capital market liquidity [7]. Market Sentiment - Despite ongoing challenges such as weak domestic demand and prolonged low prices, there is a growing confidence in the prospects for economic transformation, with expectations that the real estate sector's negative impact will diminish over time [7][8]. - The fund manager expresses a commitment to the equity market, particularly favoring high-quality companies that may experience valuation compression in the short term, emphasizing the importance of a company's competitive edge and management capabilities for long-term value [8].

截至7月18日，汇添富国企创新增长股票A近三个月复权单位净值增长率为5.45%，位于同类可比基金141/167；近半年复权单位净值增长率为0.70%，位于同 类可比基金155/167；近一年复权单位净值增长率为-1.92%，位于同类可比基金160/166；近三年复权单位净值增长率为-25.73%，位于同类可比基金 133/159。 AI基金汇添富国企创新增长股票A（001490）披露2025年二季报，第二季度基金利润324.88万元，加权平均基金份额本期利润0.013元。报告期内，基金净值 增长率为0.97%，截至二季度末，基金规模为3.76亿元。 该基金属于标准股票型基金。截至7月18日，单位净值为1.588元。基金经理是蔡志文，目前管理6只基金。其中，截至7月18日，汇添富品牌力一年持有混合 A近一年复权单位净值增长率最高，达15.4%；汇添富国企创新增长股票A最低，为-1.92%。 基金管理人在二季报中表示，我们对中国经济中长期的韧性有坚定信心，我们预计接下来宏观经济将逐步企稳改善。A 股和港股市场的整体估值处在历史较 低水平，在利率不断下降的背景下优质权益资产的吸引力仍在持续上升，因此我们继续看好权益 ...

Core Viewpoint - The report provides an overview of the performance and management of the Ping An Dual Bond Benefit Bond Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market conditions affecting the fund's performance [3][8]. Fund Product Overview - Fund Name: Ping An Dual Bond Benefit Bond Fund - Fund Code: 005750 - Fund Type: Contractual open-end fund - Effective Date: June 4, 2018 - Total Fund Shares at Period End: 1,241,782,856.49 shares - Investment Objective: To achieve long-term stable appreciation of fund assets through active investment in convertible bonds and credit bonds while strictly controlling risks [3][8]. - Investment Strategy: Focus on economic trends, leading indicators, and the impact of fiscal and monetary policies on macroeconomic operations and investment environments [3][8]. - Performance Benchmark: 50% of the China Securities Convertible Bond Index Return + 50% of the China Securities Comprehensive Bond Index Return [3][8]. Key Financial Indicators and Fund Net Value Performance - The report period is from April 1, 2025, to June 30, 2025 [4]. - Net Value Growth Rates for Different Classes: - Class A: 1.59% (Benchmark: 2.80%) - Class C: 1.49% (Benchmark: 2.80%) - Class E: 1.54% (Benchmark: 2.80%) [6][10]. - Total Fund Shares at the Beginning of the Period: 946,732,444.93 shares - Total Subscription Shares During the Period: 188,100,563.92 shares - Total Redemption Shares During the Period: 45,889,754.63 shares - Total Fund Shares at the End of the Period: 1,088,943,254.22 shares [13]. Management Report - The fund manager, Ping An Fund Management Co., Ltd., adhered to relevant laws and regulations, ensuring compliance and the protection of investors' interests during the report period [8]. - The fund maintained a high level of leverage and duration in its bond portion, participating in long-term interest rates to gain capital gains [9]. - The convertible bond portion gradually realized some positions during market uptrends while increasing the allocation of large-cap bonds [9][10]. Investment Portfolio Report - The fund's total assets primarily consist of bonds, with a 99.59% allocation to bonds and no holdings in stocks or asset-backed securities at the end of the report period [11][12]. - The fund's investment strategy aligns with its contractual agreements, and it has completed its initial investment phase [11].