1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q1 2025, the scale of open - ended bond funds decreased, with significant drops in pure - bond funds and continuous shrinkage in partial - debt hybrid funds for 13 quarters, while the scale of ordinary bond funds and convertible bond funds increased [2][3]. - The performance of convertible bond funds improved quarter - on - quarter, while the performance of pure - bond funds, ordinary bond funds, and partial - debt hybrid funds declined [2][10][11]. - In terms of asset allocation, the bond positions of pure - bond funds showed different trends, and the pure - bond and convertible bond positions of debt - containing funds decreased quarter - on - quarter, with different changes in stock positions [2][18][23]. 3. Summary by Relevant Catalogs 3.1 Scale 3.1.1 Management Scale - As of Q1 2025, the scale of open - ended bond funds decreased by 435.5 billion yuan to 6.44 trillion yuan (-6.3%). Pure - bond funds decreased by 490.2 billion yuan to 3.81 trillion yuan (-11.4%), index bond funds and partial - debt hybrid funds decreased by 4.9% and 4.8% respectively, and ordinary bond funds and convertible bond funds increased by 8.2% [2][3]. - In terms of scale proportion, long - term pure - bond funds accounted for the largest proportion (46.1%, -1.0% quarter - on - quarter), followed by ordinary bond funds (22.4%, +3.0% quarter - on - quarter), and index bond funds (17.4%, +0.3% quarter - on - quarter) [3]. 3.1.2 Fund Quantity - As of Q1 2025, there were 2,696 open - ended bond funds, an increase of 44 funds (+1.7%) compared with the end of Q4 2024. Pure - bond funds increased by 24, with long - term pure - bond funds increasing by 23. Index bond funds and ordinary bond funds increased by 8 and 12 respectively, while convertible bond funds and partial - debt hybrid funds remained unchanged [6]. - The fund type with the largest increase in quantity was long - term pure - bond funds (23), and the one with the largest increase in proportion was index bond funds (3.5%) [6]. 3.2 Performance - In Q1 2025, bond yields fluctuated upward. The yields of pure - bond funds decreased significantly quarter - on - quarter, with the median yields of long - term, medium - short - term, and short - term pure - bond funds being -0.19%, 0.14%, and 0.25% respectively, down 2.05%, 0.97%, and 0.63% quarter - on - quarter [2][10]. - The yields of debt - containing funds showed different trends. The yields of convertible bond funds increased quarter - on - quarter, with a median yield of 3.70% (+0.77% quarter - on - quarter), while the yields of ordinary bond funds and partial - debt hybrid funds decreased, with median yields of 0.21% and 0.07% respectively, down 1.52% and 1.04% quarter - on - quarter [2][11]. 3.3 Asset Allocation 3.3.1 Large - scale Asset Allocation - For pure - bond funds, the bond positions of short - term pure - bond funds decreased by 3.0% to 108.5%, while those of medium - short - term and long - term pure - bond funds increased by 0.4% and 1.4% to 108.28% and 108.34% respectively [18]. - For debt - containing funds, the pure - bond and convertible bond positions decreased quarter - on - quarter, and the stock positions changed differently. For ordinary bond funds, pure - bond and convertible bond positions decreased by 0.2% and 1.8% to 88.8% and 10.4% respectively, and the stock position increased by 0.6% to 17.7%. For convertible bond funds, the convertible bond position decreased by 4.4% to 87.4%, and the stock position increased by 0.6% to 17.7%. For partial - debt hybrid funds, the pure - bond, convertible bond, and stock positions decreased by 1.6%, 1.8%, and 2.4% to 78.7%, 6.0%, and 19.8% respectively [23]. 3.3.2 Bond Variety Allocation - In Q1 2025, most bond - type funds reduced their allocations of policy - financial bonds and inter - bank certificates of deposit. All types of pure - bond funds increased their allocations of short - term financing bonds and reduced their allocations of policy - financial bonds, commercial - financial bonds, medium - term notes, and inter - bank certificates of deposit [29]. - For debt - containing funds, the average credit - bond positions of ordinary bond funds and partial - debt hybrid funds decreased. The average convertible - bond positions of all types of debt - containing funds decreased. Ordinary bond funds significantly reduced their holdings of medium - term notes and convertible bonds, and partial - debt hybrid funds significantly reduced their holdings of policy - financial bonds and convertible bonds [29].