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 core viewpoint of the news highlights the performance and market activity of the credit bond ETF, Bosera (159396), which has seen a slight increase and is experiencing active trading with a recent price of 100.9 yuan and a turnover rate of 21.69% [3] - The credit bond ETF Bosera has achieved a new high in scale, reaching 90.75 billion yuan, and ranks in the top quarter among comparable funds [3] - The fund has also seen a significant increase in shares, with the latest share count at 90.01 million, marking a three-month high and placing it in the top quarter of comparable funds [3] Group 2 - In terms of capital inflow, the credit bond ETF Bosera has experienced continuous net inflows over the past nine days, totaling 1.49 billion yuan, with a peak single-day inflow of 702 million yuan [4] - The fund has been consistently attracting leveraged capital, with a latest financing balance of 5.5 billion yuan [4] - The fund's performance metrics indicate a strong profitability record, with a monthly profit percentage of 75% and a historical three-month holding profit probability of 100% [4] Group 3 - The credit bond ETF Bosera has a low management fee of 0.15% and a custody fee of 0.05%, which are among the lowest in its category [4] - The tracking accuracy of the fund is notable, with a tracking error of only 0.009% year-to-date, the highest among comparable funds [4] - The fund's maximum drawdown since inception is 0.89%, with a recovery period of 26 days [4]