Core Viewpoint - Yang Guibin has resigned from his position as the fund manager of the Dongfang Convertible Bond Fund, which may impact the fund's management and performance going forward [1] Group 1: Fund Information - The Dongfang Convertible Bond Fund was established on March 4, 2021, and has reported a year-to-date return of 5.35% and 5.34% for its A and C classes respectively [1] - Since its inception, the fund has achieved a cumulative return of 36.90% for class A and 34.27% for class C, with net asset values of 1.3570 and 1.3328 respectively [1] Group 2: Management Changes - Yang Guibin has held various positions in the investment industry, including roles at Fortune Fund Management and Haitong Securities, before joining Dongfang Fund Management in September 2019 [1] - Xu Ao Qian will continue to co-manage the Dongfang Convertible Bond Fund following Yang's departure [2]

Group 1 - In December 2025, 82% of the 7485 comparable bond funds reported positive performance, with 6160 funds increasing in value, while 1221 funds decreased and 104 remained flat [1] - The top three performing funds were Southern Changyuan Convertible Bond A, B, and C, with monthly gains of 7.85%, 7.85%, and 7.80% respectively [1] - Southern Changyuan Convertible Bond's asset allocation included 81.90% in bonds and 16.21% in stocks, with its top five bond holdings being convertible bonds [1] Group 2 - The Eastern Convertible Bond A and C, along with several funds from Bosera, also achieved gains exceeding 6% in December [1] - The bottom performers included Pioneer Boying Pure Bond C and A, with declines of -5.51% and -5.48%, respectively, and a cumulative loss exceeding 30% since inception [2] - The current fund managers of the bottom-performing funds have varying backgrounds, with experience ranging from 3 to 9 years in the industry [2][3] Group 3 - The top five bond holdings for Pioneer Boying Pure Bond included various government bonds, indicating a conservative investment strategy [3] - Other funds such as Industrial Bank Balanced Return and Huatai's various bond funds also reported declines of over 2% in December [3] - The performance data reflects a broader trend in the bond market, with significant variations in fund performance based on management and asset allocation strategies [2][3]

Group 1 - In the first eleven months of the year, 6060 out of 6722 comparable bond funds achieved positive performance, representing 90% of the total [1] - Three bond funds saw increases of over 30%, with 60 funds increasing by more than 20% [1] - The top-performing funds included Southern Changyuan Convertible Bond A and C, and Minsheng Enhanced Income Bond A, with respective gains of 37.95%, 37.32%, and 30.49% [1] Group 2 - Southern Changyuan Convertible Bond holds 81.90% in bond assets and 16.21% in stock assets, with its top five bonds being convertible bonds [1] - The fund is managed by Liu Wenliang, who has over ten years of experience in the industry [1] - Minsheng Enhanced Income Bond A, managed by veteran Xie Zhihua, has significant holdings in convertible bonds and a small portion in stocks [2] Group 3 - Huashang Enhanced Income Bond A and C reported gains of 27.80% and 27.32%, respectively, with manager Li Qian having nearly six years of experience [3] - The performance of these funds has been consistent, with few instances of losses since their inception [3] - On the downside, only nine bond funds experienced declines exceeding 4%, with Minsheng Jiayin Ruixia One-Year Open Bond falling by 4.88% [3][4] Group 4 - Huachen Stable Bond C also saw a decline of 4.82%, with its top holdings primarily in government bonds [4] - The fund is co-managed by Wang Bin and Wang Ziyuan, with Wang Bin having three years of management experience [4] - Other funds with notable declines include Nord Enhanced Income Bond and Everbright Baodexin Yongli Bond D, with respective drops of 4.37% and 4.09% [4]