1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In H1 2025, the scale of pure - bond funds increased by nearly 100 billion yuan. Credit medium - and long - term bond funds showed outstanding performance in a volatile market, but the overall performance of pure - bond funds was inferior to the same period in previous years. Meanwhile, the expansion of pure - bond funds was hindered, and "Fixed Income +" funds became popular in the market [1]. - The scale of index funds increased significantly beyond the seasonal trend. Credit - based index bond funds witnessed explosive growth, while interest - rate based ones had a recovery. For medium - and long - term bond funds, the equilibrium and interest - rate styles grew in scale, while the credit style declined. Short - term and medium - short - term bond funds ended three consecutive quarters of scale reduction [3][4]. 3. Summary by Relevant Catalogs 3.1 2025 H1, the scale of pure - bond funds increased by nearly 100 billion yuan 3.1.1 Credit medium - and long - term bond funds showed outstanding performance in a volatile market - In Q1 2025, affected by multiple negative factors, the bond market was under pressure, and the yield center of pure - bond funds dropped significantly. In Q2, due to factors such as increased risk - aversion sentiment and abundant liquidity, the bond market strengthened, and the single - quarter yield center of pure - bond funds turned positive [11]. - The median return of pure - bond funds in H1 2025 was 0.76%, recovering the losses in Q1 but underperforming the same period in 2024 and 2023. Credit - style products were more popular, with the return center of medium - and long - term credit bond funds reaching 1.00%, leading other styles [1][14]. 3.1.2 The expansion of pure - bond funds was hindered, and "Fixed Income +" became popular in the market - The total scale of pure - bond funds increased from 9.50 trillion yuan at the end of 2024 to 9.59 trillion yuan in mid - 2025, with an increase of only 93.8 billion yuan. In contrast, the total scale of "Fixed Income +" funds increased by 256.9 billion yuan to 1.48 trillion yuan. The "market share" of pure - bond funds decreased by nearly 2 percentage points [18]. 3.1.3 Most of the top - tier fund managers saw an increase in scale - In H1 2025, 67 fund managers had positive scale growth, with 16 managers having a scale increase of over 10 billion yuan and 28 managers over 5 billion yuan. Among the 21 top - tier managers, 14 had a net scale increase, mainly in Q2 [23]. - Index - type bond funds quickly replaced medium - and long - term bond funds as the focus of fund managers. Among the 15 fund managers with rapid scale growth in Q2, index - type bond funds contributed 250.4 billion yuan, accounting for over 50% [2][28]. 3.2 By type, the scale growth of index funds was significantly beyond the seasonal trend 3.2.1 Index bond funds: credit - based ones had explosive growth, and interest - rate based ones had a recovery - In Q1 2025, due to the seasonal effect, the scale of index - type bond funds decreased by 92.6 billion yuan. In Q2, the scale increased by 308.3 billion yuan, reaching the highest level since 2019 [33]. - Credit - bond index funds grew rapidly, with a net increase of about 220 billion yuan in Q2, and their proportion in index - type bond funds rose from 12% at the end of Q1 to 24%. Policy - financial bond index funds had a recovery, but their proportion decreased from 71% to 60% [35]. 3.2.2 Medium - and long - term bond funds: the equilibrium and interest - rate styles grew in scale, while the credit style declined - The medium - and long - term bond fund market was first depressed and then rebounded in H1 2025. The scale decreased by 394.6 billion yuan in Q1 and rebounded by 275.1 billion yuan in Q2 but did not fully recover the losses in Q1 [48]. - There was a significant style rotation in H1 2025. In Q1, funds flowed into credit - style products, while in Q2, the equilibrium and interest - rate styles grew, and the credit style shrank. The main reason was the active adjustment of the holding structure of existing funds [48][49]. 3.2.3 Short - term and medium - short - term bond funds: ended three consecutive quarters of scale reduction - In Q2 2025, the scale of short - term and medium - short - term bond funds rebounded, ending the downward trend since Q3 2024. The scale of short - term bond funds increased by 17.1% to 545.5 billion yuan, and that of medium - short - term bond funds increased by 18.5% to 600.5 billion yuan [59]. 3.3 Appendix: Fund classification method - For the selection of the fund list each quarter, start from the initial funds of bond - type funds in the Wind first - level classification and partial - debt hybrid funds in the second - level classification. Eliminate funds that do not meet the requirements to ensure that they are pure - bond funds [67]. - Classify short - term and medium - short - term bond funds based on the full - name matching of fund products, investment scope, performance comparison benchmark, and weighted duration of heavy - position bonds. Classify medium - and long - term bond funds according to the bond - holding situation in the quarterly report and assign style labels [68].

Group 1: Wealth Management Trends - The wealth management scale decreased by CNY 286.4 billion to CNY 31.33 trillion during the week of June 23-27, 2025, marking a significant decline compared to previous years[1] - Historical data shows that the decline in the second quarter has consistently exceeded CNY 1.1 trillion in recent years, indicating a seasonal pattern[2] - In July, the wealth management scale typically experiences seasonal expansion, with historical increases ranging from CNY 1.4 trillion to CNY 2.2 trillion, while June declines are generally between CNY 0.8 trillion and CNY 1.5 trillion[3] Group 2: Market Dynamics - The average daily purchase of liquidity management assets, such as certificates of deposit, was CNY 12.9 billion from June 16-27, significantly higher than the average of CNY 1.4 billion during the same period in 2022-2024[4] - The average leverage ratio in the interbank market rose from 108.00% to 108.11% during the week of June 23-27, indicating increasing leverage despite a controlled liability pressure on banks[5] - The weighted issuance rate of certificates of deposit decreased to 1.64%, reflecting manageable pressure on banks' balance sheets[6] Group 3: Fund Duration and Risk Indicators - The duration of medium- and long-term bond funds decreased, with the duration of interest rate-based funds dropping from 5.29 years to 5.11 years, while credit-based funds saw a slight decrease from 2.44 years to 2.41 years[7] - The overall negative yield rate for wealth management products decreased to 1.46%, down 2.55 percentage points from the previous week, indicating improved performance[8] - The proportion of underperforming wealth management products fell to 16.3%, a decrease of 0.3 percentage points from the previous week, suggesting a stabilization in product performance[9]

Group 1 - The article emphasizes the importance of financial planning during the upcoming holiday, encouraging individuals to invest their idle funds while enjoying their time off [1][2] - Idle funds are defined as money remaining after covering daily expenses and long-term savings goals, which should be invested for both asset appreciation and liquidity [1] Group 2 - Interbank certificate funds are gaining attention as a preferred investment tool due to declining deposit rates, offering slightly higher yields than traditional products with low volatility, suitable for low to medium-risk investors [3] - The fund primarily invests in AAA-rated interbank certificates issued by major national commercial banks, ensuring low credit risk and allowing for flexible redemption after a seven-day holding period [3] Group 3 - Short- and medium-term bond funds focus on shorter-duration bonds, providing a buffer against equity market volatility, with yields higher than interbank certificate funds but lower than long-term bonds [4][6] - The Guotai Li Xiang Short Bond Fund has a three-year yield of 8.05%, outperforming its peers, and offers a seven-day holding period without redemption fees [5] Group 4 - Long-term bond funds typically offer higher yields and volatility, making them suitable for investors with a holding period of over one year, as they can smooth out fluctuations over time [6] - The Guotai Jiarui Pure Bond Fund employs a strategy combining interest rate bonds and commercial bank bonds, achieving a one-year yield of 6.05%, significantly above the average [7] Group 5 - "Fixed Income Plus" funds diversify between stocks and bonds, providing a safety net with bond assets while allowing for potential equity gains, making them ideal for volatile market conditions [10] - The Guotai Zhao Xiang Tian Li Fund has a one-year yield of 9.92% and a maximum drawdown of -2.27%, outperforming its peers in both performance and risk management [11] Group 6 - Investors are advised to choose funds based on their risk tolerance and liquidity needs, with a reminder that some bond products may limit large purchases before holidays [11]