Core Viewpoint - The bond market has shown a trend of recovery in the first half of the year, particularly in the second quarter, with bond funds regaining lost ground and achieving historical net value highs [1][2]. Group 1: Bond Market Performance - The short-term pure bond fund index and the medium to long-term pure bond fund index increased by 0.64% and 0.95% respectively in the second quarter, reaching new highs [1]. - Several pure bond funds, including those under Huian Fund, have achieved record net values, with funds like Huian Zhongduan Bond Fund and Huian Yongfu 90-Day Holding Period Bond Fund setting new historical records [1][2]. Group 2: Fund Specifics - Huian Yongfu 90-Day Holding Period Bond A (010577) has a cumulative net value of 1.0925 yuan since its establishment on May 10, 2022, achieving positive returns for 12 consecutive quarters [2]. - Huian Yongli 30-Day Holding Period Short Bond A (015008) has a cumulative net value of 1.0812 yuan since its establishment on March 10, 2022, with positive returns for 13 consecutive quarters [2]. - Huian Short Bond A (006519) has a cumulative net value of 1.1830 yuan since its establishment on November 7, 2018, and has delivered positive returns for 26 consecutive quarters [2]. Group 3: Market Outlook - Major brokerages expect the bond market to maintain a fluctuating upward trend in the second half of the year, with Western Securities predicting that interest rates may break previous lows [3][4]. - The Huian Fund's fixed income research team believes that the economic outlook is stable, and the supportive stance of the fundamental and monetary policies may continue to support a downward trend in interest rates [4].

Group 1 - The bond market has shown significant recovery since June, leading to increased investment in bond funds, with 99% of bond funds achieving positive returns in the month [1][2] - Over three trading days, 2448 bond fund products reached historical net value highs, representing over 60% of the total, with 76% of bond funds achieving this milestone within the month [3] - The inflow of funds into bond ETFs has accelerated, with a net inflow of 319.79 billion yuan in the first half of June, surpassing the total inflow for April [5] Group 2 - The demand for bond funds has improved, with many funds initiating purchase limits due to increased interest, as at least 127 bond funds announced restrictions on large purchases [3][5] - Fund companies are focusing on marketing bond funds, particularly pure bond products, to meet their semi-annual scale targets [5] - The current market sentiment is favorable for bonds, with expectations of continued low interest rates and potential opportunities for buying if short-term rates rise due to concerns about bank liabilities [6][7]

"黑天鹅"是用来砸坑的，不是用来逆转市场的。它只是在大势下，让原有的趋势加速了，加速后，自然 要回调休整，之后，再次聚集能量沿着原来的大趋势，继续向前进。 ——笔记哥《应对》 【笔记20250528— 债市卷到了会计领域（-基金赎回继续增加-存单利率仍偏高+资金面均衡偏松=微 上)】 今天看到：2025年中国高考报名人数为1335万人，较去年减少7万人，是自2017年以来首次下降。掐指 一算（将出生人口往后推十八年），10年后这数据会断崖式下跌，届时"毕业当骑士"终于可以变成"报 名即学士"啦。 -------------------------- 【今日盘面】 | | | | 银行间资金 | (2025. 05. 28) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购代码 | 加权利率 | 变化 | 利率走势 | 廣高利率 | 变化 | 成交量 | 变化量 | 成交量占 | | | (%) | (bp) | (近30天) | (%) | (bp) | (亿元) | (亿元) | 比 (%) | | R001 | 1 ...

Core Viewpoint - The market shows a strong interest in low-risk fixed-income assets, particularly pure bond funds, due to the current volatility in the stock market, leading to several new bond funds achieving maximum fundraising [1] Group 1: Fund Performance and Management - The newly launched Hua Bao Yi 90-Day Holding Period Bond Fund (Class A: 023292; Class C: 023293) is managed by Gao Wenqing, who has successfully managed the Hua Bao Short-Duration Bond Fund (Class A: 006947; Class C: 006948) since its inception [2] - The Hua Bao Short-Duration Bond Fund has achieved a 5-year return of 15.26%, with an annualized return of 2.9%, and has consistently delivered positive returns over the last five years [2] - Gao Wenqing has 15 years of experience in the securities industry and nearly 10 years in investment management, providing him with a unique understanding of monetary policy and market trends [4] Group 2: Fund Characteristics and Strategy - The Hua Bao Yi 90-Day Holding Period Bond Fund is a pure bond fund that does not invest in stocks or convertible bonds, thus avoiding stock market volatility [5] - The fund maintains a minimum of 80% in pure bond investments, with at least 50% of its credit bond assets in AAA-rated bonds [5] - A minimum holding period of 90 days is established to enhance fund manager efficiency and reduce the impact of short-term market fluctuations on investor psychology [5] Group 3: Market Context and Demand - With the continuous decline in risk-free returns and the recent drop in fixed deposit rates below 2%, traditional low-risk investment options are becoming less attractive [6] - In contrast, pure bond funds like Hua Bao Yi 90-Day Holding Period Bond Fund offer better yield potential while maintaining controllable risk, making them suitable for long-term financial planning [6] - Hua Bao Fund has a long-standing reputation in fixed income, with total assets under management reaching 198.7 billion yuan, and ranks in the top 1/8 of the industry for fixed income asset returns [5]

据了解，华安众泰纯债基金拟任基金经理李振宇具备12年证券从业经验，7年公募基金投资经验。在加 入华安基金之前，李振宇已经有近10年的固收研究、投资经验。他在担任信用研究主管期间未发生一例 包括负面展望在内的信用风险事件；在出任公募债券基金经理期间，管理过纯债、偏债混合、可转债基 金，业绩均位于同期同类前列。 业绩是投资实力最有力的证明。截至今年一季度末，李振宇管理时间超过1年的6只产品，均取得正收 益，这期间经历了多次债市调整。以华安安浦债券基金为例，基金定期报告数据显示，截至一季度末， 该基金近一年收益率为3.49%，同期业绩比较基准为2.26%。以更长的时间维度来看，该基金近三年收 益率为12.87%，在同类655只基金中排名前1/10（银河证券排名），同期业绩比较基准为6.14%。 在多年实战中，李振宇形成了一套侧重大类资产分析配置的打法。首先，自上而下分析大类资产，把握 主要矛盾，在深入洞察市场核心驱动因素后，决定各类资产仓位，以及更细化的底仓与浮动仓位。其 次，结合市场周期决定配置方向。通过密切关注市场周期变化，在行业、主体、风格等中观层面进行资 产选择。最后，控制风险敞口，避免过度冒险。 当金融市 ...

证券研究报告 | 2025年04月30日 债基个数：按照 Wind 的基金最新分类标准，截止 2025 年一季度末，发 行在外的短期纯债基金共有 358 只，数量占据全基金市场的 2.84%。据 Wind 可统计数据来看，一季度共发行了短期纯债基金 4 只，与去年同期 比有所回落。 债基规模：截至 2025 年一季度末，已披露一季报的短期纯债基金总资产和 净资产分别为 10,343 亿元和 9,234 亿元，较上季度末分别减少了 2,480 亿 元和 2,011 亿元。平均规模来看，截止 2025 年一季度末，平均总资产和净 资产分别为 31 亿元和 27 亿元，较上季度末分别回落了 7.8 亿元和 6.4 亿元。 杠杆率：2025 年一季度末，整体法口径下短期纯债基金平均杠杆率为 1.12，较上季度末下降了 0.02。平均法口径下短期纯债基金平均杠杆率 为 1.12，较上季度末下降了 0.02。 基金净值增长率：基金业绩方面，2025 年一季度短期纯债单季平均净值增长 率为 0.15%，增长率较上季度大幅回落。 大类资产配置：一季度债券资产占据最高的比重 97.4%，占比较上季度回升 0.8%；买入返售资产 ...