对债市的判断仍要回到决定债券市场表现的根本性因素中，就是资金面、基本面、政策面以及估值。目 前看，债券市场机会大于风险，最大的潜在风险点可能来自于机构一致性降低仓位导致的恐慌和踩踏。 中证报中证网讯(记者张韵)9月11日晚间，大成基金基金经理万晓慧在中国证券报"中证点金汇"直播间 表示，维持年初对债市的震荡行情判断，债市仍然具备中期的配置价值。 在她看来，参考过去经验，在资金面、基本面不发生根本性变化的前提下，"股债跷跷板"只是阶段性影 响，并不会造成债市趋势性转熊。无论是回溯我国的历史资产价格表现，还是回溯世界其他主要国家的 历史资产价格表现，股和债两类资产的相关性是不稳定的，两者仅在特定时期表现出明显的负相关性。 ...

Core Viewpoint - The report provides an overview of the performance and management of the Guangfa Jingning Pure Bond Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and compliance with regulations [1][2][10]. Fund Product Overview - Fund Name: Guangfa Jingning Pure Bond - Fund Code: 000037 - Fund Type: Contractual open-end fund - Investment Objective: To achieve investment returns that exceed the performance benchmark while ensuring long-term stable growth of fund assets [2]. - Investment Strategy: The fund aims to construct and adjust a fixed income securities portfolio based on comprehensive analysis of macroeconomic conditions, interest rate trends, yield curve changes, and credit risk variations [2]. Financial Indicators and Fund Performance - Total Fund Shares at Period End: 11,769,695,516.04 shares [3]. - Performance Metrics for the Period (April 1, 2025 - June 30, 2025): - Class A Net Value Growth Rate: 1.26% - Class C Net Value Growth Rate: 1.24% - Benchmark Return Rate: 1.54% [11]. - Historical Performance: - One-Year Return: 3.04% for Class A, 2.92% for Class C - Three-Year Return: 11.92% for Class A, 11.56% for Class C - Since Fund Inception Return: 23.33% for Class A, 15.66% for Class C [5][11]. Investment Portfolio Report - Total Assets in Bonds: 16,278,440,958.37 RMB, accounting for 99.55% of total assets [12]. - No holdings in stocks, asset-backed securities, or precious metals at the end of the reporting period [12][16]. Management Report - The fund management adheres to the principles of honesty, diligence, and compliance with relevant laws and regulations, ensuring the protection of investors' interests [8][10]. - The investment decision-making process includes strict internal controls and fair trading practices, with no instances of unfair trading reported during the period [9][10]. Fund Share Changes - Total Shares at Beginning of Period: - Class A: 5,868,344,028.53 shares - Class C: 2,064,190,068.84 shares - Total Subscription and Redemption during the Period: - Class A Subscriptions: 3,449,675,668.12 shares - Class A Redemptions: 710,702,574.27 shares - Class C Subscriptions: 3,748,544,970.08 shares - Class C Redemptions: 2,650,356,645.26 shares - Total Shares at End of Period: - Class A: 8,607,317,122.38 shares - Class C: 3,162,378,393.66 shares [17].