中国经济网北京8月26日讯 今日，路博迈基金发布路博迈旭航债券型证券投资基金基金合同生效公 告。 募集期间净认购金额1,653,369,095.75元，认购资金在募集期间产生的利息694,493.90元，募集份额 合计1,654,063,589.65份。 | A CHANA BARTIN | | | | | --- | --- | --- | --- | | 基金募集申请获中国证 | 证监许可(2025) 1134号 | | | | 监会核准的文号 | | | | | 基金募集期间 | 自2025年8月1日至2025年8月21日止 | | | | 验资机构名称 | 毕马威华振会计师事务所(特殊書通合伙) | | | | 募集资金划入基金托管 | 2025 年8月25日 | | | | 专户的日期 | | | | | 募集有效认购总户数 | 2325 | | | | (单位:户) | | | | | 份额级别 | 路博迈旭航债券A | 路博迈旭航债券C | 合计 | | 募集期间净认购金额 | 1. 430. 668, 819, 86 | 222, 700, 275, 89 | 1.653.369.095.75 ...

【导读】余额宝"前管家"王登峰加入贝莱德基金 中国基金报记者 吴娟娟 记者获悉，自 2025年8月1日起，王登峰已 由 贝莱德建信理财转至贝莱德基金担任首席资金官。 自2025年3月公募干将郁蓓华出任贝莱 德基金总经理之后，贝莱德基金再迎来重磅公募力量。 王登峰加入贝莱德基金 王登峰曾任全球最大货币基金"余额宝"的"管家"。资料显示，王登峰为经济学硕士，2009年7月至2012年5月，任中信建投证券固定收益 部高级经理；2012年5月加入天弘基金，历任固定收益研究员、基金经理，同年8月起管理天弘现金管家货币市场基金。 2013年5月底，王登峰开始管理余额宝，为其第一任基金经理。2021年6月，陆续有其他基金经理加入余额宝的管理行列。2023年9月， 王登峰离职，在业内引发广泛关注。2024年1月，王登峰加入贝莱德建信理财，当年3月获批出任公司副总经理及首席固收投资官。 针对此次王登峰"转会"，贝莱德方面表示，王登峰在本地市场经验丰富，拥有前瞻战略视角和广泛的行业资源。王登峰的加入有助于贝莱 德基金强化固定收益平台、拓展产品体系。他在投资策略、产品创新及流动性管理方面的经验，将助力贝莱德基金为客户提供更具差异化 ...

Investment Rating - The report indicates a cautious outlook on the high-yield market, highlighting that approximately 5% of companies are at risk of needing debt restructuring or capital structure adjustments due to the current interest rate environment [1][2]. Core Insights - The financial health of American households and the stock market is strong, but the high-yield market shows vulnerabilities due to outdated capital structures [1][2]. - The rapid growth of shadow banking and private credit markets, driven by monetary stimulus and low interest rates, may lead to misallocation of capital and excessive risk-taking [1][2]. - The technology sector's significant investment in data centers is projected to approach $3 trillion by 2028, presenting both opportunities and risks for the credit market, particularly in private credit [1][2]. - The blurring lines between public and private credit markets are creating new investment opportunities, as some technology infrastructure loans now resemble investment-grade loans in terms of risk and return [3]. - In a changing environment of cross-asset correlations, attention should be paid to dollar asset allocation and the stock market's response to interest rate changes, with historical data suggesting that the S&P 500 may react more significantly to rising rates [4]. - Despite the diminished diversification effect of bonds, they still play a crucial role in certain dynamics, and constructing a diversified cross-asset portfolio requires careful consideration of valuations and expected returns [4]. - The traditional 60/40 portfolio model remains relevant, particularly the 5 to 10-year fixed income segment, which is vital for long-term wealth clients due to its lower volatility and stable returns [5][6].

Core Viewpoint - The report provides an overview of the performance and investment strategy of the Anxin Target Yield Bond Fund for the second quarter of 2025, highlighting its focus on achieving returns that exceed the benchmark of the 3-month Shanghai Interbank Offered Rate (Shibor3M) while maintaining strict risk control [2][3]. Fund Overview - Fund Name: Anxin Target Yield Bond Fund - Fund Manager: Anxin Fund Management Co., Ltd. - Fund Custodian: Agricultural Bank of China Co., Ltd. - Total Fund Shares at Period End: 5,823,112,437.68 shares [2]. Investment Strategy - The fund employs a macroeconomic research approach, focusing on monetary policy and interest rate studies to determine asset allocation among various bond types, including ordinary bonds, floating interest bonds, convertible bonds, and asset-backed securities [3]. - The investment strategy includes tracking bond issuance market conditions, analyzing spread changes, and assessing issuer characteristics and credit levels to actively participate in the primary bond market [3]. Performance Metrics - The fund's net asset value (NAV) growth rates for different periods are as follows: - Last three months: 1.11% - Last six months: 1.84% - Last year: 0.31% - Last three years: 14.84% [4][11]. - The fund's NAV at the end of the reporting period was 1.4401 CNY for Class A and 1.3952 CNY for Class C [11]. Financial Indicators - The fund's total assets allocated to bonds amounted to 7,705,266,232.91 CNY, representing 92.08% of the total fund assets [12]. - The fund's investment in policy financial bonds was 4,421,892,831.47 CNY, accounting for 53.29% of the fund's net asset value [17]. Share Changes - The total shares at the beginning of the reporting period were 3,594,122,167.91 for Class A and 1,570,223,188.01 for Class C. - During the reporting period, the total subscription for Class A was 849,606,552.06 shares, while the total redemption was 583,890,273.93 shares [16].

Core Viewpoint - The report provides an overview of the performance and management of the 招商信用添利债券型证券投资基金 (LOF) for the second quarter of 2025, highlighting its investment strategies, financial indicators, and market conditions affecting the fund's performance [1][3]. Fund Product Overview - The fund is a closed-end bond fund that will convert to an open-end fund after five years, with a total share amount of 836,632,583.24 shares at the end of the reporting period [1]. - The fund aims to invest in high-credit-rated fixed income products while ensuring long-term capital safety and striving for higher current returns through active management [1]. - The fund's main investment strategies include asset allocation, bond investment strategies, convertible bond strategies, and equity investment strategies [1]. Financial Indicators and Fund Performance - For the reporting period from April 1, 2025, to June 30, 2025, the A class share net value growth rate was 0.73%, while the benchmark growth rate was 1.67%. The C class share net value growth rate was 0.66%, also against a benchmark of 1.67% [9]. - The fund's performance over various time frames includes: - 3 months: A class 0.73%, C class 0.66% [9]. - 6 months: A class 0.44%, C class 0.29% [9]. - 1 year: A class 2.37%, C class 2.07% [9]. - 3 years: A class 8.84%, C class 7.87% [9]. - 5 years: A class 18.68%, C class 17.18% [9]. Management Report - The fund manager has adhered to legal regulations and the fund contract, ensuring compliance and protecting the interests of fund holders [4][5]. - The fund manager has established a comprehensive research and investment decision-making process to ensure fair investment opportunities across all portfolios [5][7]. Market Overview - The macroeconomic review indicates a 3.7% year-on-year growth in fixed asset investment, with real estate investment down by 10.7% and infrastructure investment up by 10.4% [7]. - The bond market saw fluctuations in yields influenced by various economic factors, including interest rate adjustments and trade policies [8]. Investment Portfolio - The fund's total assets include 99.12% in bonds, with a significant portion in policy financial bonds valued at 157,093,912.33 yuan, representing 17.96% of the fund's net asset value [10][11]. - The fund did not hold any stocks or other high-risk assets during the reporting period, maintaining a conservative investment approach [10].

Group 1 - The report suggests a strategy of sacrificing liquidity to seek returns in credit small varieties, as the market sentiment is optimistic and supported by factors such as liquidity easing and the expansion of fixed-income asset management products [5][11][12] - The corporate perpetual bond strategy recommends a maturity selection of 4-5 years, focusing on high-quality urban investment bonds and mainstream industries like electricity and construction [5][12][20] - The ABS strategy emphasizes capturing liquidity premium compression opportunities, particularly in ABS types with higher standardization of underlying assets, with a notable increase in transaction volume observed since June [5][14][15] Group 2 - In the primary market for corporate perpetual bonds, issuance volume increased significantly, with 148 bonds issued in June, raising a total of 151.6 billion yuan, a 54% increase from the previous month [20][21] - The secondary market for perpetual bonds saw continued exploration of yield spreads, with a significant increase in turnover rates, indicating a strong market interest in credit products [31][32] - The report highlights that the majority of newly issued corporate perpetual bonds in June were from state-owned enterprises, with a notable focus on urban investment and construction sectors [23][26][31]

Group 1 - The core viewpoint of the article indicates that U.S. Treasury yields have shown a "first rise and then weak fluctuation" trend since May, influenced by three phases: initial rise due to improved trade policies and economic outlook, pressure on long-term rates from Moody's downgrade and poor 20-year bond auction, and a return to fundamentals with geopolitical risk premiums rising [1] - The 10-year U.S. Treasury yield is expected to maintain high volatility with limited downward space due to term premium support, reflecting a significant fiscal deficit pressure and increasing U.S. debt burden projected to reach $36.2 trillion by Q1 2025 [1] - The 10-year Treasury ETF tracks the 10-year Treasury index, which reflects price changes in the long-term Treasury market, serving as an important reference for fixed income investments [1]

Report Industry Investment Rating - Not provided in the content Core Views of the Report - The trading volume and liquidity of ultra-long credit bonds have significantly increased in the past two weeks, approaching the historical high in July and August 2024. The market's pursuit of duration for returns is expected to continue this week. The ultra-long credit bond strategy has a certain probability of success but a low odds. Short-duration credit enhancement remains a highly certain strategy [5][8]. - The convertible bond market has a relatively cautious style. In an environment where the equity market is expected to fluctuate, the upward momentum of convertible bonds is limited. However, the current valuation of convertible bonds is not significantly overestimated, and there may be opportunities for capital inflow into high-quality, low-volatility individual bonds. The potential credit risk in June is coming to an end, and if unexpected events occur, the opportunities are considered greater than the risks [5][19]. Summary According to Relevant Catalogs 1 Credit Bond and Convertible Bond Views: How Long Can the Ultra-Long Credit Bond Market Last? - When short-term trading becomes crowded, the market starts to seek returns from duration. This phenomenon is expected to continue this week. The narrowing of short-term spreads has reached an extreme level, forcing liquidity to shift to longer-term bonds of medium-quality issuers. The expansion of fixed-income asset management products and the increasing insurance allocation willingness are expected to bring incremental funds, and the market's offensive on long-term credit bonds is unlikely to end soon [5][8]. - The ultra-long credit bond strategy has execution problems, such as the need for significant interest rate declines or spread compressions to achieve better returns and the lack of stable institutional investors, resulting in rapid loss of liquidity during market corrections. Short-duration credit enhancement is a more certain strategy, and if the liability side is stable, extending duration through secondary perpetual bonds is recommended rather than ultra-long credit bonds [5][13]. - The convertible bond market has a cautious style, with high-rated and low-priced convertible bonds performing better. The three characteristics of the convertible bond market in 2025 remain unchanged. In an environment where the equity market is expected to fluctuate, the upward momentum of convertible bonds is limited, but the long-term allocation logic remains valid, and there may be opportunities for high-quality, low-volatility individual bonds. The potential credit risk in June is ending, and if unexpected events occur, the opportunities are greater than the risks [5][19]. 2 Credit Bond Review: The Spread Compression Market is Becoming More Extreme 2.1 Negative Information Monitoring - There were no bond defaults or overdue payments during the week from June 16 to June 22, 2025. Several companies had their主体评级 or展望下调, and some overseas companies had their ratings downgraded. There were also several significant negative events, such as companies being issued warning letters by regulatory authorities and being listed as dishonest被执行人 [21][22][23]. 2.2 Primary Issuance: Net Financing Continues to Remain at the Billion-Level - From June 16 to June 22, 2025, the primary issuance of credit bonds reached 411.4 billion yuan, with a net financing of 105.4 billion yuan, maintaining a billion-level net financing for three consecutive weeks. Three credit bonds were canceled or postponed for issuance, with a total planned issuance scale of 3.6 billion yuan. The primary issuance costs of medium and high-grade bonds showed a differentiated trend last week [24]. 2.3 Secondary Trading: Liquidity Continues to Strengthen, and Urban Investment Slightly Outperforms Industry - The valuation of credit bonds declined across the board, and the risk-free interest rate curve flattened bullishly. Except for the passive widening of the spreads of low-grade long-term bonds, the spreads of other bonds narrowed or remained unchanged. The term spreads of each grade were mainly flat, but the 3Y - 5Y part of medium and low-grade bonds slightly underperformed. The long-term grade spreads were under pressure to widen. The credit spreads of urban investment bonds in most provinces narrowed by 1 - 3bp last week, with Qinghai having the largest narrowing of 4bp. The industry bonds slightly underperformed urban investment bonds, and the real estate industry's spreads continued to widen by 27bp. The liquidity of credit bonds continued to strengthen, with the turnover rate increasing by 0.27 percentage points to 2.31% [26][30][33]. 3 Convertible Bond Review: The Equity Market Pulled Back, and the Convertible Bond Index Slightly Declined 3.1 Overall Market Performance: The Stock Market Fluctuated and Closed Lower, with Banks and Communications Leading the Gains - From June 16 to June 20, 2025, the Shanghai Composite Index, Shenzhen Component Index, and other major indices mostly closed lower. Only the banking, communications, and electronics sectors rose, while the beauty care, textile and apparel, and pharmaceutical sectors had the largest declines. Most of the leading convertible bonds outperformed their underlying stocks, and the list of popular individual bonds changed little [36]. 3.2 Convertible Bonds Slightly Declined, and the Opportunities Outweighed the Risks - Last week, the convertible bonds slightly declined, with the average daily trading volume significantly decreasing to 61.305 billion yuan. The CSI Convertible Bond Index decreased by 0.17%, the parity center decreased by 1.6% to 94.5 yuan, and the conversion premium rate center increased by 2.2% to 28.7%. High-rated, low-priced, and low-premium convertible bonds performed better, while high-priced, low-rated, and small-cap convertible bonds underperformed. The view on convertible bonds has changed little. In an environment where the equity market is expected to fluctuate, the upward momentum of convertible bonds is limited, but the current valuation of convertible bonds is not significantly overestimated. The long-term allocation logic of the convertible bond market remains valid, and there may be opportunities for capital inflow into high-quality, low-volatility individual bonds. The potential credit risk in June is ending, and if unexpected events occur, the opportunities are greater than the risks [39].

Core Insights - The report highlights the performance rankings of fixed income funds managed by various companies over different time frames, showcasing the competitive landscape in the fixed income sector [1]. Group 1: 10-Year Performance - E Fund and Tianhong Fund lead the 10-year performance rankings with returns of 83.97% and 81.73% respectively, both exceeding 80% [2]. - Other notable performers include Zhongjia Fund and Everbright Prudential Fund with returns of 77.03% and 76.53% [2]. - The average return for 17 large fixed income fund companies over the past 10 years is 60.71%, indicating a significant advantage for larger firms [2]. Group 2: 5-Year Performance - Huashang Fund tops the 5-year performance list with a net value growth rate of 46.18%, followed by Hongtu Innovation Fund at 32.02% and Dongxing Fund at 30.62% [3]. - The average return for 18 large fund companies in the last 5 years is 20.29%, showing a slight edge over medium and small-sized firms [3]. Group 3: 3-Year Performance - Guojin Fund leads the 3-year performance with a return of 15.47%, followed by Huatai Baohsing Fund at 14.19% and Dongxing Fund at 13.4% [4]. - The average return for 18 large fund companies in the last 3 years is 9.44%, with notable performances from firms like Industrial Bank and China Merchants [5]. Group 4: 2024 Performance Outlook - In 2024, Huatai Baohsing Fund achieved the highest return in the fixed income sector at 9.28%, followed by Guohai Franklin at 7.85% [6]. - A total of 174 out of 177 fund managers reported positive returns in 2024, indicating a generally favorable market environment for fixed income funds [6]. Group 5: Company Size and Performance - Large fund companies such as E Fund, Invesco Great Wall, and Huaxia are noted for their strong performance in the fixed income space [7].