Core Insights - Zhang Kun's four funds reported a slight increase in total management scale, reaching 56.544 billion yuan, despite a decline in individual fund shares [2] - The total share reduction across the four funds amounted to 3.93 billion shares, with the largest decline seen in the E Fund Blue Chip Select, which lost 2.077 billion shares [2] - Three out of the four funds underperformed their benchmarks, with E Fund Blue Chip Select yielding only 14.75% year-to-date compared to the benchmark's 34.33% [2] Fund Performance - E Fund Blue Chip Select ranked 3800 out of 4503 similar funds, indicating significant underperformance [2] - E Fund Asia Select was the only fund to outperform its peers, achieving a year-to-date return of 39.29% [2] Holdings Adjustment - Significant reductions were made in holdings of Tencent Holdings and Alibaba-W, with reductions exceeding 30% for Alibaba-W [3][4] - Despite the reductions, Tencent Holdings and Alibaba-W remained the top two holdings, each accounting for nearly 10% of the total net value [5] Top Holdings Overview - The top ten holdings primarily saw a trend of reduction, with only minor increases in positions for E Fund Blue Chip Select and E Fund Quality Select in Kweichow Moutai [4] - Kweichow Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Wuliangye each held around 9% of the net value [5] Performance of Key Stocks - Tencent Holdings and Alibaba-W showed respective gains of 18.09% and 43.95% over the quarter, despite the reduction in holdings [6] - Other notable stocks included JD Health and Kweichow Moutai, with JD Health showing a 29.26% increase [6]

Market Review - The A-share market saw all major broad-based indices rise last week, with the ChiNext Index, STAR 50, and Shenzhen Component Index leading gains at 8.05%, 7.27%, and 4.73% respectively, while the Shanghai Composite Index, CSI 300, and CSI 1000 lagged behind with returns of 2.88%, 3.24%, and 3.25% respectively [5][13] - The communication, electronics, and machinery sectors performed best, with returns of 11.56%, 8.11%, and 4.8% respectively, while agriculture, food and beverage, and retail sectors saw negative returns of -1.59%, -0.81%, and -0.28% respectively [18][20] - The central bank's net reverse repurchase was 78.1 billion, with 789.1 billion maturing, resulting in a net open market injection of 867.2 billion [21] Fund Issuance - A total of 28 new funds were established last week, with a total issuance scale of 15.496 billion, showing an increase compared to the previous week [3] - 55 funds were reported for issuance, including 3 FOFs and 4 QDIIs, indicating an increase in the number of applications [4][5] Fund Performance - Active equity, flexible allocation, and balanced mixed funds had returns of 3.34%, 2.63%, and 2.26% respectively last week [27] - Year-to-date, alternative funds have shown the best performance with a median return of 29.89%, while active equity, flexible allocation, and balanced mixed funds had median returns of 29.48%, 22.25%, and 14.14% respectively [32] QDII Fund Situation - QDII investment quotas are under pressure, with many funds tracking the NASDAQ and S&P 500 experiencing purchase limits or suspension of subscriptions [8] - As of October 24, 2025, over 73% of QDII funds had purchase limits below 10,000 yuan, with 50% of funds having limits not exceeding 1,000 yuan [8][11] Bond Market - The central bank's net reverse repurchase was 78.1 billion, with various bond yields rising, leading to a narrowing of the yield spread by 0.42 basis points [21][22] - The median premium rate for convertible bonds was 27.15%, a decrease of 1.02% from the previous week [25] Fund Manager Changes - Last week, 119 funds from 37 fund companies experienced changes in fund managers, with notable changes from Huatai-PB Fund, Huaxia Fund, and Ping An Fund, each having 11 funds affected [40]

- The report mentions the "CSI 300 Quality Index" model, which selects 50 stocks from the CSI 300 index based on their stable operations and performance in profitability, profit stability, and profit quality dimensions [11] - The CSI 300 Quality Index is constructed by evaluating stocks within the CSI 300 index based on specific criteria such as profitability, stability, and quality of earnings. The index aims to identify companies with robust financial health and consistent performance [11] - The CSI 300 Quality Index is designed to track high-quality stocks, focusing on companies with strong fundamentals and stable earnings. The methodology involves selecting 50 stocks from the CSI 300 index that meet the defined criteria [11] - The CSI 300 Quality Index is evaluated positively for its focus on high-quality stocks, which may provide better risk-adjusted returns compared to broader indices [11] - The CSI 300 Quality Index does not include specific backtesting results or performance metrics in the report [11]

Market Review - The A-share market showed a mixed performance among major indices, with the Small and Medium-sized Board Index, CSI 300, and ChiNext Index yielding returns of 1.83%, 1.54%, and 1.50% respectively, while the Sci-Tech 50, CSI 1000, and CSI 500 indices lagged with returns of -0.35%, 0.56%, and 0.81% respectively [6][12] - The steel, banking, and building materials sectors performed well, with returns of 5.27%, 3.78%, and 3.63% respectively, while comprehensive finance, computer, and overall sectors underperformed with returns of -4.45%, -0.86%, and -0.72% respectively [18][19] - The People's Bank of China conducted a net withdrawal of 1.3753 trillion yuan through reverse repos, with a total of 2.0275 trillion yuan maturing [20] Fund Issuance - A total of 23 new funds were established last week, with a total issuance scale of 5.328 billion yuan, which is a decrease compared to the previous week [4][43] - Among the newly established funds, 41.72 billion yuan was from equity funds, 0.89 billion yuan from mixed funds, and 10.67 billion yuan from bond funds, while no new alternative or money market funds were issued [43][44] - There were 36 funds that entered the issuance phase last week, and 41 funds are expected to start issuing this week [4][47] Fund Performance - The median returns for active equity, flexible allocation, and balanced mixed funds were 1.16%, 0.99%, and 0.99% respectively last week [31] - Year-to-date, alternative funds have shown the best performance with a median return of 11.34%, while active equity, flexible allocation, and balanced mixed funds had median returns of 6.02%, 3.47%, and 2.06% respectively [31][33] - The median excess return for index-enhanced funds was 0.17%, while quantitative hedging funds had a median return of 0.33% last week [34] New Fund Models - On July 4, the China Securities Regulatory Commission reported the application of 11 new floating-rate products, including those from major fund companies such as Bank of China Fund and Ping An Fund, with fee rates set at three levels: 1.2%, 1.5%, and 0.6% [7][8] New Index Launch - On June 30, the Beijing Stock Exchange and China Securities Index Co., Ltd. launched the North Exchange Specialized and Innovative Index, which selects the top 50 "little giant" companies based on market capitalization to reflect the overall performance of specialized and innovative companies listed on the North Exchange [10][11]

- The report mentions that quantitative products had mixed performance last week, with active quantitative products achieving an average return of 0.00% and quantitative hedging products showing an average return of -0.01% [6][21][23] - Year-to-date, active quantitative products have delivered an average return of 4.68%, while quantitative hedging products have achieved an average return of 0.91% [6][25][27] - Among active quantitative funds, the highest year-to-date return was achieved by "Noan Multi-Strategy A" at 33.94% [25][26][28] - For quantitative hedging funds, the highest year-to-date return was recorded by "Fuguo Quantitative Hedging Strategy Three-Month Holding A" at 3.95% [25][26][28] - In the category of enhanced index funds, the "CSI 2000 Enhanced ETF" achieved the highest year-to-date excess return relative to its benchmark at 12.49% [25][26][28]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - As of the end of Q1 2025, the number and scale of active bond - type funds increased slightly, but the number and total issuance scale of newly - issued funds decreased, with the issuance scale of hybrid secondary bond funds rising [4][7][9]. - In Q1 2025, with the upward movement of Treasury bond yields, short - term pure bond funds performed relatively well, while first - tier bond funds rose steadily and second - tier bond funds fluctuated upwards driven by equity assets [4][17][19]. - Different types of active bond funds showed different trends in terms of leverage, duration, and position allocation. For example, closed - end medium - and long - term pure bond funds reduced leverage and increased duration, while open - end ones increased leverage and reduced duration; hybrid secondary bond funds increased their stock positions and holdings in the non - ferrous metals sector [4][23][70]. 3. Summary According to the Directory 3.1 Active Bond - Type Fund Scale and Issuance - **Scale Change**: As of the end of Q1 2025, there were 3263 active bond - type funds (excluding amortized cost method funds), a 0.8% increase from the previous quarter. The fund scale was 7.90 trillion yuan, a 1.0% increase. Among them, medium - and long - term pure bond funds, short - term pure bond funds, hybrid first - tier bond funds, and hybrid second - tier bond funds increased by 0.7%, 1.5%, 0.6%, and 3.8% respectively [7][9]. - **Fund Issuance**: In Q1 2025, 43 active bond - type funds were issued, a 10.4% decrease from the previous quarter. The total issuance scale was 783.7 billion yuan, a 16.7% decrease. The issuance scale of medium - and long - term pure bond funds decreased by 31.5%, while that of hybrid second - tier bond funds increased by 65.1% [13][14]. 3.2 Active Bond - Type Fund Performance - **Treasury Bond Yields Upward, Short - Term Pure Bond Funds Performed Relatively Well**: In Q1 2025, the yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year Treasury bonds increased by 47bp, 44bp, 25bp, 21bp, 21bp, and 18bp respectively. The short - term pure bond fund index had a return of 0.13%, while the medium - and long - term pure bond fund index had a return of - 0.29% [17]. - **First - Tier Bond Funds Rose Steadily, Second - Tier Bond Funds Fluctuated Upwards**: Driven by equity assets, the hybrid first - tier bond fund index had a return of 0.28% with a maximum drawdown of - 0.44%, and the hybrid second - tier bond fund index had a return of 0.56% with a maximum drawdown of - 0.53% [19]. 3.3 Active Bond Fund Position Analysis - **Medium - and Long - Term Pure Bond Funds**: Closed - end bond funds reduced leverage and increased duration, while open - end bond funds increased leverage and reduced duration. In terms of bond type allocation, closed - end funds increased positions in credit bonds and interest - rate bonds, while open - end funds increased interest - rate bonds and reduced credit bonds [23][30]. - **Short - Term Bond Funds**: They reduced leverage and duration, and the position of financial bonds decreased. The median of the portfolio leverage ratio decreased by 3.3%, the median of the bond position decreased, and the weighted duration of the top five heavy - position bonds decreased by 0.07 years [39][46][48]. - **Hybrid First - Tier Bond Funds**: They reduced leverage and duration, and the convertible bond position continued to rise. The median of the leverage ratio and bond position decreased, and the median of the convertible bond position increased by 1.65% [50][54]. - **Hybrid Second - Tier Bond Funds**: The stock position recovered, and they increased holdings in non - ferrous metals. The median of the portfolio leverage ratio decreased, the bond position decreased, and the stock position increased. They increased holdings in sectors such as non - ferrous metals, pharmaceutical biology, and steel, and reduced holdings in sectors such as petroleum and petrochemicals, coal, and banks [59][61][70].

报 告 摘 要 一、上周市场回顾 二、开放式公募基金表现 三、基金产品发行情况 上周新成立基金 25 只，合计发行规模为 204.76 亿元，较前一周有所增 加。此外，上周有 34 只基金首次进入发行阶段，本周将有 27 只基金开始 发行。 一 上周市场回顾 1.1 相关热点回顾 一、基金申报发行动态 上周共上报 44 只基金， 较 上上周申报数量 有所下降 。申报的产品包括 1 只 QDII ， 4 只 FOF ，华夏凯德商业资产 REIT 、汇添富上证科创板人工智能 ETF 、汇添富恒生港股通中国科技 ETF 、华夏中证 500 自由现金流 ETF 、万家国证港股通科技 ETF 等。 上周 A 股市场主要宽基指数走势出现分化，上证综指、沪深 300 、科创 50 指数收益靠前，收益分别为 1.19% 、 0.59% 、 -0.31% ，中小板 指、创业板指、深证成指指数收益靠后，收益分别为 -1.15% 、 -0.64% 、 -0.54% 。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周银 行、房地产、煤炭收益靠前，收益分别为 4.23% 、 3.78% 、 2.62% ， 国防军工、农 ...