Report Summary Core Viewpoints - From August 11 - 15, 2025, the CSI 300 rose 2.37%, and the estimated stock position of active equity and partial - equity hybrid funds increased by 1.18% to 87.68% [3][7]. - The top 5 industries for active equity and partial - equity hybrid funds this week were Electronics (12.91%), Power Equipment (8.38%), Medicine and Biology (7.11%), Communication (6.95%), and Automobile (6.19%) [4][17]. - The top 3 industries for adding positions were Non - ferrous Metals (+0.78%), Communication (+0.73%), and Non - banking Finance (+0.37%); the top 3 industries for reducing positions were Food and Beverage (-0.43%), Electronics (-0.28%), and Banking (-0.25%) [4][17]. - The yield to maturity of the 10 - year China Development Bank bond rose 8bps this week. The median estimated duration of medium - and long - term pure bond funds increased by 0.19 to 3.79 years, at the 100.00% quantile in the past 5 years [4][20]. Summary by Directory Fund Stock Position Estimation - The overall estimated stock position of active equity and partial - equity hybrid funds has shown a volatile trend recently. This week, the position of active equity funds increased by 0.95% to 90.41%, and that of partial - equity hybrid funds increased by 1.24% to 87.06% [7]. - The overall increase or decrease in positions of active equity and partial - equity hybrid funds this week was mostly concentrated in [0%, 1%] (688 funds), followed by [-1%, 0%) (153 funds) [11]. - Funds with scales below 20 billion, 20 - 50 billion, 50 - 80 billion, and over 100 billion slightly increased positions this week, while funds of other scales slightly reduced positions [11]. - In terms of fund holding styles, the proportion of growth stocks in fund holdings is higher. Both value stocks and growth stocks were slightly added this week. The proportion of small - cap stocks in fund holdings is relatively high. Large - cap stocks and small - cap stocks were slightly added, while mid - cap stocks were slightly reduced [14]. Bond Fund Duration Estimation - The median estimated duration of medium - and long - term pure bond funds increased by 0.19 to 3.79 years, at the 100.00% quantile in the past 5 years. The average median duration in the past 4 weeks was 3.67 years. The duration divergence increased, and the estimated duration standard deviation rose by 0.28 to 2.02 years [4][20]. - The median duration of credit bond funds increased by 0.14 to 3.37 years, with 9% of funds being actively operated and 25% being conservatively operated; the median duration of interest - rate bond funds decreased by 0.12 to 4.88 years, with 40% of funds being actively operated and 8% being conservatively operated [4]. - The estimated duration of credit bond funds this week was concentrated in [3.5, 4) (127 funds), followed by [3, 3.5) (108 funds); the estimated duration of interest - rate bond funds was concentrated in [5,) (171 funds), followed by [4, 4.5) (49 funds) [27]. - Among credit bond funds, the proportion of funds with active duration operations (above the 80% quantile of their own duration in the past year) was 8.74%, and the proportion of funds with conservative duration operations (below the 20% quantile of their own duration in the past year) was 24.67%; among interest - rate bond funds, the proportion of funds with active duration operations was 40.49%, and the proportion of funds with conservative duration operations was 8.15% [28]. - The yield to maturity of the 1 - year China Development Bank bond rose 3bps this week. The median estimated duration of short - term pure bond funds remained unchanged at 1.20 years, at the 99.20% quantile in the past 5 years. The average median duration in the past 4 weeks was 1.20 years. The duration divergence decreased, and the estimated duration standard deviation decreased by 0.01 to 0.46 years [32]. - The estimated duration of passive policy - bank bond funds decreased by 0.06 to 3.80 years [32].

Group 1: Overall Market and Fund Position - The CSI 300 index rose 1.23% from August 4th to August 8th, 2025. The overall estimated stock position of active equity and partial - equity hybrid funds increased by 1.92% to 86.50%, but decreased by 1.72% compared to the quarterly report [3][7] - Active equity funds' estimated stock position increased by 0.78% to 89.47% this week, while partial - equity hybrid funds' position increased by 2.18% to 85.82% [7] Group 2: Active Equity and Partial - Equity Hybrid Fund Industry Allocation - The top 5 industries held by active equity and partial - equity hybrid funds this week are Electronics (13.20%), Power Equipment (8.27%), Medicine and Biology (7.19%), Automobile (6.25%), and Communication (6.21%) [4][17] - The top 3 industries with increased positions are National Defense and Military Industry (+0.45%), Media (+0.14%), and Machinery and Equipment (+0.11%); the top 3 industries with decreased positions are Electronics (-0.32%), Medicine and Biology (-0.18%), and Communication (-0.14%) [4][17] Group 3: Active Equity and Partial - Equity Hybrid Fund Characteristics - The number of active equity and partial - equity hybrid funds with a position change ranging from 0% to 1% this week is 634, followed by 182 funds with a change from - 1% to 0% [11] - Funds with scales below 20 billion, between 20 - 50 billion, 50 - 80 billion, and over 100 billion slightly increased their positions this week, while other scale funds slightly decreased their positions [11] - In terms of investment style, the proportion of growth stocks in fund holdings is relatively high. Both value and growth stocks had a slight increase in positions this week. The proportion of small - cap stocks in fund holdings is relatively high, with large - cap and small - cap stocks slightly increasing positions and mid - cap stocks slightly decreasing positions [14] Group 4: Bond Fund Duration - The yield to maturity of the 10 - year China Development Bank bond increased by 2bps this week. The median estimated duration of medium - and long - term pure bond funds decreased by 0.06 to 3.60 years, at the 99.20% quantile in the past 5 years. The average median duration in the past 4 weeks was 3.57 years. The duration divergence decreased, with the estimated duration standard deviation decreasing by 0.15 to 1.74 years. The median duration of short - term pure bond funds increased by 0.18 to 1.21 years [4][20] - The median duration of credit bond funds increased by 0.08 to 3.23 years, with 7% of funds being actively managed and 24% being conservatively managed. The median duration of interest - rate bond funds increased by 0.15 to 5.00 years, with 48% of funds being actively managed and 7% being conservatively managed [4] - The median estimated duration of credit bond funds increased by 0.08 to 3.23 years, at the 100.00% quantile in the past 5 years. The average median duration in the past 4 weeks was 3.10 years, and the duration divergence increased, with the estimated duration standard deviation increasing by 0.03 to 1.46 years. The median estimated duration of interest - rate bond funds increased by 0.15 to 5.00 years, at the 98.10% quantile in the past 5 years. The average median duration in the past 4 weeks was 4.93 years, and the duration divergence increased, with the estimated duration standard deviation increasing by 0.06 to 2.03 years [22] - The estimated duration of credit bond funds this week is concentrated in the range of [3, 3.5) (150 funds), followed by [3.5, 4) (124 funds). The estimated duration of interest - rate bond funds is concentrated in the range of [5, +∞) (184 funds), followed by [4, 4.5) (43 funds) [26] - Among credit bond funds, 7.06% of funds had an actively managed duration (above the 80% quantile of their own duration in the past year), and 24.04% had a conservatively managed duration (below the 20% quantile of their own duration in the past year). Among interest - rate bond funds, 47.83% of funds had an actively managed duration, and 7.34% had a conservatively managed duration [27] - The yield to maturity of the 1 - year China Development Bank bond remained unchanged this week. The median estimated duration of short - term pure bond funds increased by 0.18 to 1.21 years, at the 94.80% quantile in the past 5 years. The average median duration in the past 4 weeks was 1.02 years. The duration divergence decreased, with the estimated duration standard deviation remaining unchanged at 0.48 years. The estimated duration of passive policy - bank bond funds decreased by 0.01 to 3.86 years [32]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Measuring the duration of bond funds helps investors assess risks and estimate risk - return characteristics, including annualized returns and net - value changes during interest - rate fluctuations. In a volatile interest - rate market, long - duration bond funds face greater price - fluctuation risks, while short - duration ones are more stable [2][16]. - Over the past three years, the overall duration of funds has been on an upward trend. In a low - interest - rate environment, fund managers have increased allocations to long - duration interest - rate bonds to lock in higher returns. There is a significant negative correlation between duration changes and the 10 - year Treasury yield [4]. 3. Summary by Relevant Catalogs 3.1. Duration Essence Re - cognition - Duration is an approximate indicator of a bond's sensitivity to interest - rate changes, representing the approximate percentage change in value for a 100 - basis - point interest - rate change, which determines interest - rate risk exposure. It can also be seen as a measure of time, quantifying the sensitivity of bond prices to interest - rate changes by calculating the weighted cash - flow recovery time [1][13]. - Modified duration is the approximate percentage change in bond price for a 100 - basis - point yield change under the assumption of constant expected cash flows [1][13]. 3.2. Bond Fund Duration Calculation Methods - The three mainstream methods for calculating bond fund duration are the top - holding weighted method, the interest - rate sensitivity method, and the asset - portfolio method. In high - frequency calculation scenarios, the asset - portfolio method is the most mainstream and has the best comprehensive performance [16][17]. 3.3. Bond Fund Duration Estimation Steps 3.3.1. Sample Selection - Select mid - long - term and short - term pure - bond funds according to the Wind fund classification standard, excluding funds with less than 1 - year data, amortized - cost - valuation funds, and non - original funds. The observation period is from early 2017 to the present [18][19][20]. 3.3.2. Duration Calculation - Based on top - holdings: Calculate the weighted - average duration using the top five heavy - holding bonds in the fund report, but this method may have large deviations [22][23]. - Based on interest - rate sensitivity: Derive the fund's duration from the interest - rate risk analysis in the fund report, but the data frequency is low [24]. - Asset - portfolio method: Use factor - return regression to estimate the duration of pure - bond funds. Set non - negative constraints and a coefficient - sum constraint to ensure the rationality of the results [28][29][30]. 3.3.3. Model Selection - The least absolute deviation regression (LAD) is chosen as the core regression method for daily duration estimation of bond funds to ensure the robustness and interpretability of the model output [39]. 3.3.4. Factor Processing - Select a factor system covering interest - rate and credit - bond index factors. Use the variance inflation factor (VIF) analysis to screen factors and remove variables with significant multicollinearity [40][42]. 3.4. Bond Fund Duration Calculation and Tracking 3.4.1. Pure - Bond Fund Duration Calculation - The calculated duration is generally consistent with the reported duration. From 2017 to 2025, the average and median durations of pure - bond funds were relatively stable, while the maximum duration increased significantly. The median duration of pure - bond funds and the 10 - year Treasury yield were mostly negatively correlated [45][48][50]. 3.4.2. Mid - Long - Term vs. Short - Term Bond Fund Duration Calculation - The durations of mid - long - term and short - term pure - bond funds generally moved in the same direction, with the former having a larger fluctuation range. The duration of mid - long - term pure - bond funds showed obvious stratification, while that of short - term ones was more concentrated [57][59]. 3.4.3. Interest - Rate Bond vs. Credit - Bond Fund Duration Calculation - The durations of both credit - bond and interest - rate bond funds showed an upward trend, with the latter having a larger increase. Both types of funds' durations were negatively correlated with the 10 - year Treasury yield, and the interest - rate bond funds' duration adjustment was more sensitive [79][81][93]. 3.4.4. Single - Fund Duration Calculation - Taking "Huatai Baoxing Anyue A" as an example, the regression result was basically consistent with the reported data. The fund's duration increased significantly after June 2023 [100].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Observing the duration of bond funds helps investors assess their risks. By calculating the duration, one can estimate the risk - return characteristics of the fund, including the annualized return and net - value changes during interest - rate fluctuations. In a volatile interest - rate market, bond funds with longer durations face greater price - fluctuation risks, while those with shorter durations are relatively more stable [2]. - Over the past three years, the overall duration of funds has been on an upward trend, which is an active choice of institutions to optimize risk - return in a low - interest - rate environment. There is an obvious negative correlation between duration changes and the yield of the ten - year Treasury bond. In an interest - rate downward cycle, extending the duration becomes the core strategy to increase returns [4]. 3. Summaries According to Relevant Catalogs 3.1 Duration Essence Re - understanding - Duration is an approximate indicator to measure the sensitivity of bond value to interest - rate changes. It is the approximate percentage of value change when the interest rate changes by 100 basis points, determining the interest - rate risk exposure. It can also be regarded as a time measure, reflecting the elasticity of bond prices relative to interest - rate changes. Longer duration means higher sensitivity to interest - rate changes [1][13]. - Modified duration is a form of duration used by industry insiders. It is the approximate percentage of bond - price change when the yield changes by 100 basis points under the assumption that the expected cash flow of the bond remains unchanged [1][13]. 3.2 Bond Fund Duration Calculation Methods - The mainstream bond - fund duration calculation methods in the market include the top - holding weighted method, the interest - rate sensitivity method, and the asset - portfolio method. In high - frequency calculation scenarios, the asset - portfolio method is the most mainstream and has the best comprehensive performance, combining data frequency (daily/weekly) and dynamic adjustment ability [2][16][17]. 3.3 Bond Fund Duration Estimation Steps 3.3.1 Sample Selection - Focus on pure - bond funds. Select medium - long - term and short - term pure - bond funds respectively, excluding funds with less than one - year data, funds using the amortized - cost valuation method, and non - original funds. The observation time is set from the beginning of 2017 to the present [18][19][20]. 3.3.2 Duration Calculation - Based on top - holding bonds: Calculate the weighted - average portfolio duration using the top five heavy - holding bonds disclosed in the fund's regular reports. However, this method may lead to large deviations [22][23]. - Based on interest - rate sensitivity: Derive the fund's duration from the interest - rate risk sensitivity analysis in the fund's regular reports. But the data update frequency is low [24]. - Using the asset - portfolio method: Introduce a method based on factor - return regression estimation. Take the average daily return of pure - bond public funds as the explained variable and the daily returns of different bond indices as explanatory variables. After regression analysis, the fund's portfolio duration can be reasonably estimated [28]. 3.4 Model Selection - After comparing the advantages and disadvantages of OLS, Lasso regression, Ridge regression, Stepwise Regression, and LAD, LAD is selected as the core regression method for estimating the daily duration of bond funds to ensure the robustness and interpretability of the model output in complex market environments [33][39]. 3.5 Factor Processing - Select a factor system covering interest - rate bond index factors and credit - bond index factors. Use the Variance Inflation Factor (VIF) analysis method to screen variables, removing variables with high VIF values to ensure the stability of model parameters [40][42]. 3.6 Bond Fund Duration Calculation and Tracking 3.6.1 Pure - Bond Fund Duration Calculation - The calculated duration and the reported duration of pure - bond funds generally have the same trend and small differences. From 2017 to 2025, the average and median durations of pure - bond funds were relatively stable, while the maximum duration continued to rise, and the minimum duration was basically below 1 year. There is a negative correlation between the median duration of pure - bond funds and the yield of the ten - year Treasury bond [45][48][50]. 3.6.2 Medium - Long - Term Bond Fund vs. Short - Term Bond Fund Duration Calculation - The duration of medium - long - term and short - term pure - bond funds is on an upward trend. The duration of medium - long - term pure - bond funds fluctuates more widely, and the distribution is more stratified. The duration of short - term pure - bond funds is more concentrated, and the risk - preference differentiation is limited. There is a negative correlation between the duration of both types of funds and the yield of the ten - year Treasury bond [57][59][66]. 3.6.3 Interest - Rate Bond Fund vs. Credit - Bond Fund Duration Calculation - The durations of both credit - bond funds and interest - rate bond funds show an upward trend, with the latter having a larger increase. The duration adjustment of credit - bond funds is relatively stable, while that of interest - rate bond funds is more volatile. There is a negative correlation between the duration of both types of funds and the yield of the ten - year Treasury bond, and the interest - rate bond funds respond more directly to interest - rate changes [79][81][93]. 3.6.4 Single - Fund Duration Calculation - Taking "Huatai Baoxing Anyue A" as an example, the regression result is basically consistent with the reported data. The fund's duration remained stable below 2.5 years from 2020 to June 2023 and then increased sharply [100].