1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Views of the Report - In the fourth quarter of 2025, the performance of short - term pure bond funds recovered in the volatile market, and the scale increased against the trend. The average net value growth rate of short - term pure bonds in the fourth quarter was 0.48%, and the growth rate recovered compared with the previous quarter [1][22]. - The bond assets of short - term pure bond funds accounted for the highest proportion, but the proportion decreased slightly compared with the previous quarter. The proportion of interest - rate bonds, financial bonds, and policy - based financial bonds in bond assets increased [2][27]. - The fund with the highest return rate was fully allocated to policy - based financial bonds, adopted a defensive strategy, reduced leverage, and maintained a low duration, achieving a net value return of 1.06% in the fourth quarter [2]. 3. Summary According to the Directory 2025 Fourth - Quarter Basic Situation of Short - Term Pure Bond Funds 1. Number of Bond Funds - As of the end of the fourth quarter of 2025, there were 368 short - term pure bond funds issued, accounting for 2.70% of the entire fund market. The issuance in the fourth quarter decreased compared with the same period last year [1][9]. 2. Bond Fund Scale - As of the end of the fourth quarter of 2025, 342 short - term pure bond funds disclosed their quarterly reports. The total assets and net assets were 10,821 billion yuan and 9,668 billion yuan respectively, increasing by 915 billion yuan and 767 billion yuan compared with the previous quarter. The average total assets and net assets were 32 billion yuan and 28 billion yuan respectively, rising by 2 billion yuan compared with the previous quarter [10]. 3. Leverage Ratio - At the end of the fourth quarter of 2025, the average leverage ratio of short - term pure bond funds was 1.12 under the overall method, slightly increasing by 0.01 compared with the previous quarter. Under the average method, it was basically the same as the previous quarter [16]. 4. Net Value Growth Rate - In the fourth quarter of 2025, the single - quarter average net value growth rate of short - term pure bonds was 0.48%, and the growth rate recovered compared with the previous quarter. Among the 342 funds that disclosed performance, 308 had a positive net value growth rate, accounting for 90.1% [22]. 2025 Fourth - Quarter Asset Allocation of Short - Term Pure Bond Funds 1. Large - Category Asset Allocation - As of the end of the fourth quarter of 2025, bond assets accounted for 95.6% of the total assets, with a 0.1% decrease compared with the previous quarter. The proportion of repurchase assets was 2.6%, basically unchanged from the previous quarter. Bank deposits and other assets accounted for 1.3% and 0.5% respectively, with a 0.1% increase and no change respectively compared with the previous quarter [27]. 2. Bond Type Allocation - As of the end of the fourth quarter of 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 16.8%, 18.4%, and 61.2% of the total bond assets respectively. Compared with the end of the previous quarter, the proportions of interest - rate bonds, financial bonds, and policy - based financial bonds increased [30]. Analysis of High - Performing Funds in the Fourth Quarter of 2025 - Fund A, which had the highest net value return in the fourth quarter, adopted a low - duration and low - leverage strategy. It reduced the portfolio leverage from about 120% in the third quarter to 104% in the fourth quarter and maintained the duration at about 1.4 years. It was fully allocated to policy - based financial bonds, participated in the band trading of mid - term interest - rate bonds, and achieved a net value growth rate of 1.06% in the fourth quarter [40][45].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The short - term pure bond funds in Q2 2025 showed an increase in both quantity and scale driven by performance recovery. The average net value growth rate of short - term pure bonds in Q2 2025 was 0.66%, with the growth rate recovering compared to the previous quarter. The two funds with the highest returns in Q2 both had heavy positions in financial bonds and corporate bonds, and their durations at the end of Q2 decreased quarter - on - quarter, achieving net value returns of 1.36% and 1.30% respectively [1][2]. 3. Summary by Related Catalogs 2025 Q2 Short - term Pure Bond Fund Basic Situation - **Number of Bond Funds**: As of the end of Q2 2025, there were 363 short - term pure bond funds issued, accounting for 2.80% of the entire fund market. In Q2, 17 short - term pure bond funds were issued, showing a recovery compared to the same period last year [1][9]. - **Bond Fund Scale**: As of the end of Q2 2025, the total assets and net assets of short - term pure bond funds that had disclosed semi - annual reports were 12,345 billion yuan and 10,770 billion yuan respectively, an increase of 2,002 billion yuan and 1,536 billion yuan from the end of the previous quarter. The average total assets and net assets were 37 billion yuan and 32 billion yuan respectively, an increase of 6.2 billion yuan and 4.7 billion yuan from the end of the previous quarter [1][10]. - **Leverage Ratio**: At the end of Q2 2025, the average leverage ratio of short - term pure bond funds under the overall method was 1.15, an increase of 0.04 from the end of the previous quarter. Under the average method, it was also 1.15, an increase of 0.03 from the end of the previous quarter [1][14]. - **Net Value Growth Rate**: In Q2 2025, the single - quarter average net value growth rate of short - term pure bonds was 0.66%, with the growth rate recovering compared to the previous quarter. Among the 336 funds that disclosed performance, 335 had positive net value growth rates, accounting for 99.7%, and the proportion increased compared to the previous quarter. The net value growth rates in Q2 were mainly distributed between [0,1) and [1,2), accounting for 92.9% and 6.5% respectively [1][20]. 2025 Q2 Short - term Pure Bond Fund Asset Allocation - **Large - scale Asset Allocation**: At the end of Q2 2025, bond assets accounted for the highest proportion of 97.9%, an increase of 0.5% from the previous quarter; repurchase assets accounted for 0.9%, a decrease of 0.4% from the previous quarter; bank deposits and other assets accounted for 0.7% and 0.5% of total assets respectively, with the proportions changing by 0.0% and - 0.1% respectively compared to the previous quarter [2][26]. - **Bond Type Allocation**: As of the end of Q2 2025, the main bond types held by short - term pure bond funds were interest - rate bonds, financial bonds (excluding policy - related financial bonds), and corporate - issued bonds, accounting for 14.0%, 19.2%, and 62.8% of the total bond assets respectively. The proportions of inter - bank certificates of deposit, asset - backed securities, and other bonds in total assets were 3.3%, 0.4%, and 0.3% respectively. Compared with the end of the previous quarter, the proportions of interest - rate bonds, financial bonds, and corporate - issued bonds in bond assets changed by 1.0%, 3.8%, and - 4.8% respectively, and the proportion of inter - bank certificates of deposit changed by - 0.1% [2][29]. 2025 Q2 Analysis of Outstanding Funds - **Fund A with the Highest Net Value Return**: Fund A's duration and leverage decreased quarter - on - quarter in Q2 2025. Its net value growth rate in Q2 was 1.36%. It mainly allocated corporate bonds, financial bonds, and policy - related financial bonds, with a small amount of treasury bonds. Its duration decreased from 3.5 in the previous quarter to 2.5 at the end of Q2, and its leverage ratio decreased from 133.2% at the end of the previous quarter to 124.1% [38]. - **Fund B with the Second - highest Net Value Return**: Fund B's duration decreased quarter - on - quarter in Q2 2025, but it still adopted a relatively aggressive leverage strategy. Its net value growth rate in Q2 was 1.30%. It mainly allocated financial bonds, corporate bonds, policy - related financial bonds, and a small amount of inter - bank certificates of deposit, and slightly increased its allocation of financial bonds to 57.1%. Its leverage ratio increased slightly from 137.7% at the end of the previous quarter to 139.9% at the end of Q2 [46].