Core Viewpoint - The report outlines the performance and investment strategies of the Galaxy Ruixin Pure Bond Fund for the second quarter of 2025, emphasizing its focus on stable returns through active management and risk control [1][2]. Fund Overview - Fund Name: Galaxy Ruixin Bond Fund - Fund Code: 007406 - Fund Type: Contractual open-end fund - Effective Date: December 26, 2019 - Total Fund Shares at Period End: 2,992,725.48 shares - Investment Objective: To provide long-term stable returns while maintaining liquidity and controlling risks [1]. Investment Strategy - The fund employs a top-down approach for dynamic asset allocation, focusing on active management in bond investments [2]. - Key strategies include: - **Duration Deviation Strategy**: Adjusting the portfolio duration based on interest rate expectations to maximize returns [2]. - **Yield Curve Strategy**: Selecting bond combinations based on anticipated changes in the yield curve [3][4]. - **Category Allocation Strategy**: Adjusting investment proportions based on credit risk cycles and yield spreads between different bond types [5]. Financial Indicators and Fund Performance - The fund's net asset value at the end of the reporting period was 1.0510 RMB per share, with a net value growth rate of 0.17% over the past three months [16]. - Performance comparison against the benchmark (China Bond Composite Full Price Index) shows: - Last three months: 0.17% vs. 1.06% - Last six months: 2.77% vs. -0.14% - Last year: 5.16% vs. 2.36% - Last three years: 9.32% vs. 7.13% - Last five years: 14.43% vs. 8.86% [8]. Asset Allocation - As of the end of the reporting period, the fund's total assets were primarily allocated to bonds, amounting to 2,711,899.97 RMB, representing 85.19% of total assets [17]. - The fund did not hold any stocks or asset-backed securities during the reporting period [17]. Fund Management - The fund manager, Galaxy Fund Management Co., Ltd., has committed to managing the fund with integrity and diligence, aiming for asset preservation and appreciation [12]. - The fund manager has not utilized proprietary funds for investment in this fund during the reporting period [18]. Market Environment - The report indicates a stable domestic economic performance in Q2 2025, with GDP expected to exceed 5%, despite external uncertainties due to trade tensions [14]. - The bond market experienced a favorable environment with declining yields following tariff announcements and subsequent monetary policy adjustments [15].

今年上半年国债期货面临一定压力，尤其是一季度跌幅不小，二季度债市再度企稳，十年期国债期货整 体呈宽幅震荡走势。截至6月27日收盘，持仓量最高的T主连合约由年初的109.301微跌至109.045，最受 市场关注的十债加权利率由年初的1.67%小幅下跌至1.644%。同时，利率期限结构整体偏向平坦化，长 期限品种尤其是TL韧性较强，短期限品种以下行为主，主要原因是流动性边际收敛。 今年国债期货市场走势可分为三个阶段： 第一，1月2日至3月17日，TS与TF率先出现调整，T与TL在2月高位盘整后开始回调。该阶段债市的核 心驱动是资金面收紧。 第二，3月18日至4月9日，债市高波动延续，市场情绪明显修复。资金面边际转松叠加中美贸易摩擦压 制风险偏好，债市全面反弹。 第三，4月10日至今，债市先抑后扬。中美贸易谈判取得积极进展使债市情绪转弱，之后贸易摩擦的影 响逐步淡化，央行通过买断式逆回购投放流动性，货币政策对债市的支撑较强，期债市场开始反弹。 笔者认为，年内债市将延续牛市格局，但与2024年相比，利率下行的路径或更为曲折，收益率曲线进一 步平坦化。投资策略可着重把握市场节奏，套利方面，预计做平收益率曲线策略（比如 ...