存款利率持续下行，3年期定存跌破2%，居民储蓄热情却居高不下。2024年，我国储蓄率约为43%，远 高于26%的世界平均水平，且今年上半年住户存款进一步攀升至162.02万亿元。（数据来源：世界银 行、央行，截至2025年6月30日，以上数据仅供示意，不构成实际投资建议，投资需谨慎。） 这种现象背后，折射出"资产荒"环境下居民投资理财的避险倾向。不过，闲钱在账户里"躺平"难免可 惜，或许是时候升级一下闲钱投资玩法了！ 闲钱投资"债"升级 为降低融资成本、助力经济回暖，近年来我国利率中枢逐步下行。这样的低利率环境对闲钱投资的影响 到底有多大？ 以某大行的定存利率为例，当前的利率相比10年前已明显下降，若现在我们将10万元分别存入1年期、3 年期定存，到期利息收入将为950元、3750元，相比2014年时分别缩水2050元、8250元。 | | 2014/11/22 | 2015/6/28 | 2022/9/15 | 2025/5/20 | | --- | --- | --- | --- | --- | | 年期定存利率 | 3% | 2.25% | 1.65% | 0.95% | | 年期定存利息 | 3000 ...

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].

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]