Report Industry Investment Rating No relevant content provided. Core Viewpoints - The bond market closed higher in Q2 2025. The pure - bond funds' quarterly returns were at a medium level in the past three years. The absolute returns of the bond - containing funds rebounded compared to the previous quarter, and their equity positions decreased. Both pure - bond funds and bond - containing funds extended their durations and increased their leverage ratios. The proportion of medium - and low - rated bonds in bond - containing funds slightly increased. The average return of convertible bond funds was positive, with increased valuations and decreased conversion premiums [1][3]. Summary by Directory I. Bond Market Overview - The bond market as a whole closed higher in Q2 2025. The ChinaBond Aggregate Wealth Index rose 1.53%, the ChinaBond Treasury Bond Index rose 1.79%, and the ChinaBond Credit Bond Index rose 1.02%. The convertible bond market declined sharply at the beginning of the quarter and then oscillated upwards, with the CSI Convertible Bond Index gaining about 3.77% in Q2 [3][8]. II. Bond - Type Fund Scale Changes - In Q2 2025, the scale of pure - bond funds rebounded. The scale of medium - and long - term bond funds and short - term bond funds increased by 284.5 billion and 165.6 billion respectively, reaching 6.49 trillion and 1.15 trillion. The scale of bond - containing funds also increased overall, with the scale of partial - debt funds rising by 106.6 billion to 1.92 trillion, while the scale of low - position flexible allocation funds decreased to 8.07 billion. The scale of convertible bond funds decreased to 4.97 billion, and the scale of index bond funds increased significantly, reaching about 1.55 trillion by the end of Q2 [3][11]. III. Bond - Type Fund Issuance Overview - In Q2 2025, 77 bond - related funds were established, an increase in number compared to the previous quarter. Medium - and long - term pure - bond funds had the largest number of new issuances (38), followed by hybrid bond - type secondary funds (15) and passive index - type bond funds (13), with 4 new short - term bond funds. The issuance shares of medium - and long - term bond funds were about 57.3 billion, short - term bond funds were 3.3 billion, and passive index - type bond funds were about 46.2 billion, all showing significant growth compared to the previous quarter. The issuance of bond - containing funds cooled down, with the issuance shares of secondary bond funds and primary bond funds at 15.4 billion and 8.2 billion respectively. There were no new issuances of partial - debt hybrid funds and convertible bond funds [20]. IV. Performance and Position Changes of Pure - Bond Funds 1. Performance of Pure - Bond Funds - In Q2 2025, the average return of short - term bond funds was 0.66% with a median of 0.65%, and the average return of medium - and long - term bond funds was 0.99% with a median of 0.96%. Their returns were at a medium level in the past three years [22]. 2. Bond Allocation of Pure - Bond Funds - As of Q2 2025, the proportion of credit bonds in short - term bond funds was about 85.48%, with an increased allocation to interest - rate bonds compared to the previous quarter. The proportion of credit bonds in medium - and long - term bond funds was about 47.52%, with little change in the bond structure compared to the previous quarter [29]. 3. Duration Distribution and Leverage Ratio of Pure - Bond Funds - As of June 30, 2025, the average duration of pure - bond funds extended to 2.80 years. Pure - bond funds reduced their positions in medium - and short - term bonds with maturities of 1 - 3 years and increased their positions in various medium - and long - term bonds with maturities over 3 years. The leverage ratios of short - term and medium - and long - term bond funds increased significantly to 112.51% and 117.40% respectively [32]. 4. Credit Rating Distribution of Pure - Bond Funds - High - rated bonds (long - term AAA and short - term A - 1) accounted for about 96.41%, medium - rated bonds (AA + and AA) accounted for 3.55% (a decrease from the previous quarter), and low - rated bonds (AA - and below) accounted for 0.05%. Overall, the credit rating of pure - bond funds slightly improved compared to the previous quarter [37]. V. Performance and Position Changes of Bond - Containing Funds 1. Performance of Bond - Containing Funds - In Q2 2025, bond - containing funds achieved positive returns overall, and their absolute returns rebounded compared to the previous quarter. The average returns of primary bond funds, secondary bond funds, partial - debt hybrid funds, and low - position flexible allocation funds were 1.20%, 1.42%, 1.29%, and 1.03% respectively, at a medium - to - high level in the past three years [37]. 2. Asset Allocation of Bond - Containing Funds - In Q2 2025, bond - containing funds continued to reduce their equity positions compared to the previous quarter, with both stock and convertible bond positions slightly decreasing. The pure - bond position was 80.85%, the stock position was 7.04%, and the convertible bond position was 7.65%. The stock position decreased by 0.59 percentage points and the convertible bond position decreased by 0.91 percentage points compared to the previous quarter [49]. 3. Bond Allocation of Bond - Containing Funds - The pure - bond positions of various bond - containing funds were mainly credit bonds, and the proportion of interest - rate bonds in the bond market value was between 16 - 20%. As of Q2 2025, the proportion of interest - rate bonds in all types of bond - containing funds increased [51]. 4. Duration Distribution and Leverage Ratio of Bond - Containing Funds - As of Q2 2025, the average duration of bond - containing funds significantly extended to 4.70 years, showing a medium - to - long duration style. Bond - containing funds significantly reduced the proportion of short - term bonds with maturities under 3 years and increased the proportion of medium - and long - term bonds with maturities over 3 years, especially those over 10 years. The median leverage ratio of bond - containing funds also increased significantly to 109.91% compared to the previous quarter [58]. 5. Credit Rating Distribution of Bond - Containing Funds - As of Q2 2025, high - rated bonds (long - term AAA and short - term A - 1) accounted for about 64.36%, medium - rated bonds (AA + and AA) accounted for about 21.43%, and low - rated bonds (AA - and below) accounted for about 14.21%. Compared to the previous quarter, the proportion of high - grade credit bonds decreased, while the proportion of medium - and low - grade credit bonds increased [62]. 6. Stock Holdings of Bond - Containing Funds - In Q2 2025, non - bank finance, banks, and communications were significantly increased in the stock holdings of bond - containing funds, while food and beverage and automobiles were significantly reduced. The top three heavy - position stocks were Zijin Mining, Tencent Holdings, and Yangtze Power. SF Holding and Alibaba were significantly increased and entered the top ten heavy - position stocks [65][70]. 7. Convertible Bond Holdings of Bond - Containing Funds - As of Q2 2025, the convertible bond holdings of bond - containing funds were mainly allocated to banks, basic chemicals, power equipment and new energy, electronics, and agriculture, forestry, animal husbandry, and fishery. The proportion of bank convertible bonds was about 20.16%, with a significant decrease in concentration compared to the previous quarter [73]. VI. Performance and Position Changes of Convertible Bond Funds 1. Performance of Convertible Bond Funds - The convertible bond market closed higher in Q2 2025. All convertible bond funds had positive quarterly returns, with an average of about 3.50%, a relatively high level in the past three years. The ChinaAMC Convertible Bond Fund had the highest return of about 6.38% [77]. 2. Holdings of Convertible Bond Funds - As of Q2 2025, the convertible bond holdings of convertible bond funds were mainly allocated to banks, basic chemicals, non - ferrous metals, electronics, and power equipment and new energy. The proportion of bank convertible bonds was 16.53%, and that of basic chemical convertible bonds was 10.80%. Compared to the previous quarter, the allocation to non - ferrous metals, non - bank finance, and pharmaceuticals increased, while the allocation to banks, machinery, and power equipment and new energy decreased. The valuation of convertible bond funds' holdings increased significantly, and the median conversion premium decreased to 28.92% [81][86].

Group 1: Wealth Management Trends - The wealth management scale decreased by CNY 286.4 billion to CNY 31.33 trillion during the week of June 23-27, 2025, marking a significant decline compared to previous years[1] - Historical data shows that the decline in the second quarter has consistently exceeded CNY 1.1 trillion in recent years, indicating a seasonal pattern[2] - In July, the wealth management scale typically experiences seasonal expansion, with historical increases ranging from CNY 1.4 trillion to CNY 2.2 trillion, while June declines are generally between CNY 0.8 trillion and CNY 1.5 trillion[3] Group 2: Market Dynamics - The average daily purchase of liquidity management assets, such as certificates of deposit, was CNY 12.9 billion from June 16-27, significantly higher than the average of CNY 1.4 billion during the same period in 2022-2024[4] - The average leverage ratio in the interbank market rose from 108.00% to 108.11% during the week of June 23-27, indicating increasing leverage despite a controlled liability pressure on banks[5] - The weighted issuance rate of certificates of deposit decreased to 1.64%, reflecting manageable pressure on banks' balance sheets[6] Group 3: Fund Duration and Risk Indicators - The duration of medium- and long-term bond funds decreased, with the duration of interest rate-based funds dropping from 5.29 years to 5.11 years, while credit-based funds saw a slight decrease from 2.44 years to 2.41 years[7] - The overall negative yield rate for wealth management products decreased to 1.46%, down 2.55 percentage points from the previous week, indicating improved performance[8] - The proportion of underperforming wealth management products fell to 16.3%, a decrease of 0.3 percentage points from the previous week, suggesting a stabilization in product performance[9]

1 风险提示：测算模型失效风险；重仓股补全与实际差异较大风险；基金持仓、久期大幅度偏离的风险。基金相关信息及数据仅作为基金研究 使用，不作为募集材料或者宣传材料；本文涉及所有基金历史业绩均不代表未来表现 2 • 本周（2025/05/12-2025/ 05/16，下同），沪深300上涨1.12%，主动股票及偏股混合基金整体测算股票仓位下降0.10%，至87.66% 。 • 本周主动股票及偏股混合型基金前5大行业：电子（14.99%）、电力设备（9.28%）、医药生物（6.49%）、汽车（6.49%）、机械设备（6.29%）。 • 加仓前3大行业：国防军工(+0.50%）、非银金融(+0.35%）、计算机(+0.07%）；减仓前3大行业：医药生物(-0.20%）、轻工制造(-0.16%）、电子(- 0.11%）。 • 本周中债10年期国开债到期收益率上行5bps，中长期纯债整体测算久期中位数上升0.23，至3.02年，位于近5年的99.70%分位数。近4周平均久期 中位数为2.70年；本周久期分歧度有所上升，测算久期标准差上升0.09，至1.55年。短期纯债久期中位数上升0.01，至0.97年。 • 信用债基久 ...

Trade Relations and Economic Indicators - The significant reduction in tariffs between China and the U.S. has improved trade expectations, with the U.S. comprehensive tariff rate on China remaining around 40%[2] - April export data exceeded expectations, but PPI showed a year-on-year decline of 2.7%, indicating underlying economic weaknesses[2] - New loan issuance in April was below expectations, with cumulative new household loans in the first four months at a near ten-year low[2] Market Trends and Monetary Policy - The bond market has entered a defensive phase, with yields generally rising; the 10-year government bond yield increased to 1.68% (+5bp) and the 30-year yield to 1.88% (+4bp)[11] - Market sentiment is shifting towards a "trend over volatility" approach, delaying expectations for further interest rate cuts until after Q2 data is released in July[2] - The likelihood of a return to a tight funding environment similar to Q1 is low due to several factors, including stable bank liabilities and a supportive central bank stance[3] Investment Strategy and Bond Valuation - The bond market is expected to experience a period of volatility, with the 10-year yield fluctuating between 1.6% and 1.7%[26] - In the short-term, the focus should be on evaluating price-performance ratios, particularly in the 1-3 year bond segment, which currently shows a high liquidity advantage[26] - For mid-term bonds (5-7 years), the pricing uncertainty is moderate, while the 10-year agricultural development bonds offer attractive spreads[6] Financial Products and Risk Assessment - The total scale of wealth management products decreased by 771 billion yuan to 31.49 trillion yuan, reflecting a seasonal decline[32] - The proportion of wealth management products with negative returns has slightly increased to 1.96%, but remains relatively low compared to historical levels[38] - The overall performance of wealth management products not meeting expectations has decreased to 17.4%, indicating improved performance across various institutions[44]