Report Industry Investment Rating - No relevant content provided Core Viewpoints - In Q1 2025, the number of short - term pure bond funds was 358, accounting for 2.84% of the entire fund market, and the issuance in Q1 decreased compared to the same period last year. The total assets and net assets of short - term pure bond funds decreased, and the average scale also declined. The average leverage ratio dropped by 0.02, and the single - quarter average net value growth rate was 0.15%, a significant decline from the previous quarter. In terms of asset allocation, bonds accounted for 97.4% of the total assets, with an increase of 0.8% from the previous quarter, and the proportion of other assets changed slightly. In terms of specific bond types, interest - rate bonds, financial bonds, and corporate - issued bonds were the main holdings, and the proportion of corporate bonds and interest - rate bonds increased [1][44]. Summary by Directory 2025 Q1 Short - term Pure Bond Fund Basic Situation - **Number of Bond Funds**: As of the end of Q1 2025, there were 358 short - term pure bond funds, accounting for 2.84% of the entire fund market. In Q1, 4 short - term pure bond funds were issued, a decrease compared to the same period last year [1][10]. - **Bond Fund Scale**: As of the end of Q1 2025, the total assets and net assets of short - term pure bond funds were 10,343 billion yuan and 9,234 billion yuan respectively, a decrease of 2,480 billion yuan and 2,011 billion yuan from the end of the previous quarter. The average total assets and net assets were 31 billion yuan and 27 billion yuan respectively, a decline of 7.8 billion yuan and 6.4 billion yuan from the end of the previous quarter. Among the 337 old short - term pure bond funds, 61 had a positive net asset scale growth, and 276 had a decline. The net assets of Puyin Andaxin 60 - day Rolling Holding increased by 4.52 billion yuan [1][11]. - **Leverage Ratio**: At the end of Q1 2025, the average leverage ratio of short - term pure bond funds was 1.12 under both the overall method and the average method, a decrease of 0.02 from the end of the previous quarter [1][17]. - **Net Value Growth Rate**: In Q1 2025, the bond market adjusted, and interest rates rose. The single - quarter average net value growth rate of short - term pure bonds was 0.15%, a significant decline from the previous quarter. Among the 337 funds, 276 had a positive net value growth rate, accounting for 82.0%, and the net value growth rate was mainly distributed between (-1,0) and (0,1] [20][23]. 2025 Q1 Short - term Pure Bond Fund Asset Allocation - **Large - scale Asset Allocation**: As of the end of Q1 2025, the total assets of short - term pure bond funds were 10,343 billion yuan. Bonds accounted for 97.4% of the total assets, an increase of 0.8% from the previous quarter; bought - back assets accounted for 1.3%, a decrease of 0.2% from the previous quarter; bank deposits and other assets accounted for 0.7% and 0.6% respectively, with changes of - 0.2% and - 0.4% from the previous quarter [2][28]. - **Bond Type Allocation**: As of the end of Q1 2025, the main bond types held by short - term pure bond funds were interest - rate bonds, financial bonds (excluding policy - based financial bonds), and corporate - issued bonds, accounting for 13.0%, 15.3%, and 67.6% of the total bond assets respectively. The proportions of inter - bank certificates of deposit, asset - backed securities, and other bonds were 3.4%, 0.3%, and 0.3% respectively. Compared with the end of the previous quarter, the proportions of interest - rate bonds, financial bonds, and corporate - issued bonds changed by 0.4%, - 0.9%, and 1.2% respectively, and the proportions of inter - bank certificates of deposit and other bonds changed by - 0.6% and - 0.1% respectively, while the proportion of asset - backed securities remained basically the same. Among specific bond types, medium - term notes, short - term financing bills, financial bonds, and policy - based financial bonds had relatively high proportions, and the proportions of corporate bonds and interest - rate bonds increased, while most other bond types decreased slightly [30][35].