1. Report Industry Investment Rating No relevant content provided. 2. Core View The report analyzes the second - quarter report of short - term pure bond funds, indicating that the performance recovery has driven an increase in both the number and scale of these funds. The bond market showed certain fluctuations in the second quarter, and the economic fundamentals continued to grow steadily. The two funds with the highest returns both heavily invested in financial bonds and corporate bonds, and their durations decreased quarter - on - quarter [1][53]. 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. 17 new short - term pure bond funds were issued in Q2, 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 1,234.5 billion yuan and 1,077 billion yuan respectively, an increase of 200.2 billion yuan and 153.6 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 was 1.15 under the overall method and the average method, an increase of 0.04 and 0.03 respectively 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%, showing a recovery compared to the previous quarter. Among the 336 funds that disclosed performance, 335 had positive net value growth rates, accounting for 99.7% [17][20]. 2025 Q2 Short - term Pure Bond Fund Asset Allocation - **Large - scale Asset Allocation**: At the end of Q2 2025, bond assets accounted for 97.9% of the total assets, an increase of 0.5% from the previous quarter; buy - back 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% respectively, with changes of 0.0% and - 0.1% respectively from 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 - based financial bonds), and corporate - issued bonds, accounting for 14.0%, 19.2%, and 62.8% of the total bond assets 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 [2][29]. 2025 Q2 Analysis of High - performing Funds - **Fund A (First in Net Value Return)**: In Q2 2025, Fund A's net value growth rate was 1.36%. It mainly invested in corporate bonds, financial bonds, and policy - based financial bonds, with a small amount of treasury bonds. Its duration decreased from 3.5 in the previous quarter to 2.5, and its leverage ratio decreased from 133.2% at the end of the previous quarter to 124.1% [38]. - **Fund B (Second in Net Value Return)**: In Q2 2025, Fund B's net value growth rate was 1.30%. It mainly invested in financial bonds, corporate bonds, policy - based financial bonds, and a small amount of inter - bank certificates of deposit, and slightly increased its investment in financial bonds to 57.1%. Its duration decreased from 3.6 in the previous quarter to 3.0, and its leverage ratio increased slightly from 137.7% at the end of the previous quarter to 139.9% [46].