Core Viewpoint - Ordinary secondary bond funds have recently shown strong performance and long-term returns, making them a preferred choice for investors seeking a balance of safety and yield in a volatile capital market [1] Group 1: Core Advantages - The core advantage of ordinary secondary bond funds lies in their asset allocation strategy, which allows for both offensive and defensive positioning, catering to investors who seek stability without settling for pure bond yields [2] - A stable base is established by allocating over 80% of assets to fixed-income securities such as government bonds, financial bonds, and corporate bonds, significantly reducing portfolio volatility and appealing to investors with moderate risk tolerance [2] - The ability to invest up to 20% of assets in the stock market enhances yield potential, allowing investors to benefit from stock market gains during favorable conditions while improving overall returns during stable bond market periods [2] - The strategy's flexibility allows fund managers to adjust positions based on market conditions, balancing performance stability with yield potential [2] Group 2: Performance Metrics - From September 24, 2024, to July 31, 2025, the Wind Mixed Bond Secondary Fund Index increased by 7.92%, outperforming the Wind Mixed Bond Primary Fund Index (4.41%) and the Wind Pure Bond Fund Total Index (1.98%) [2] - In a short-term period from September 24 to December 13, 2024, the index saw a remarkable increase of 5.06%, indicating strong sustained positive returns [2] - Over the past five years, the average net value growth rate of mixed bond secondary funds reached 17.9%, demonstrating steady asset appreciation and mitigating the impact of market volatility [3] Group 3: Selection Criteria for Secondary Bond Funds - When selecting secondary bond funds, investors should consider not only returns but also performance stability, fund size, and historical success rates [4] - Notable funds include: - Invesco Great Wall Jingyifengli Bond A (code: 003504) with a scale of 8.457 billion, achieving a 35.54% return over the past two years and a 10.94% return in 2024, outperforming the average of 4.96% [4] - Fortune Optimized Enhanced Bond A/B (code: 100035/100036) with a scale of 21 billion, showing a 30.97% return over the past two years and a 9.48% return in 2024, demonstrating strong risk control [4] - Hongde Yukan Bond A (code: 002738) with a scale of 0.402 billion, achieving a 13.30% return over the past two years, outperforming the benchmark by 5.85% [5] - Huashang Credit Enhanced Bond A (code: 001751) with a scale of 9.043 billion, achieving a 31.82% return over the past two years and a 9.29% return in 2024 [5] - Jianxin Shuangxinhongli Bond A (code: 530017) focusing on a balanced strategy, achieving a 23.96% return over the past two years and a 4.79% absolute return in 2024 [5] Group 4: Market Positioning - Secondary bond funds serve as an essential "balancer" in asset allocation, effectively avoiding the low yields of pure bond funds while mitigating the volatility risks associated with equity funds [6] - Long-term holding of these funds allows investors to fully benefit from the dual advantages of bond yields and equity appreciation, reducing the impact of short-term market fluctuations on returns [6]

Core Viewpoint - Filinco (301191.SZ) reported its Q3 2025 results, highlighting a decrease in institutional ownership and the presence of new foreign investors [1] Institutional Ownership - As of October 28, 2025, three institutional investors disclosed holdings in Filinco A-shares, totaling 2.3983 million shares, which represents 3.46% of the total share capital [1] - The institutional ownership decreased by 0.55 percentage points compared to the previous quarter [1] Public Fund Disclosure - In this period, 73 public funds were not disclosed compared to the previous quarter, including notable funds such as Huashang Credit Enhanced Bond A, Nuode Flexible Allocation Mixed, and others [1] Foreign Investment - One new foreign institution disclosed its holdings this quarter, namely Hong Kong Central Clearing Limited [1]

Group 1 - The core point of the article is that Beilu Zhikong (301195.SZ) reported its Q3 2025 results, revealing a decrease in institutional investor holdings [1] - As of October 23, 2025, five institutional investors held a total of 17.0467 million shares of Beilu Zhikong, accounting for 12.91% of the total share capital [1] - The institutional holding ratio decreased by 2.82 percentage points compared to the previous quarter [1] Group 2 - The report mentions that 115 public funds were not disclosed in this period compared to the previous quarter, including notable funds such as E Fund New Silk Road Mixed and Huashang Credit Enhanced Bond A [1]

Group 1 - The core viewpoint of the news is the performance and financial details of Shenzhen Flingcos Communication Technology Co., Ltd., which saw a stock price increase of 5.03% to 110.48 CNY per share, with a trading volume of 380 million CNY and a turnover rate of 7.89%, resulting in a total market capitalization of 7.661 billion CNY [1] - The company, established on April 16, 1999, and listed on May 26, 2022, specializes in the research, production, and sales of network equipment, primarily operating under ODM/OEM models to collaborate with network equipment brand companies [1] - The revenue composition of the company's main business includes 78.42% from switch products, 16.96% from routers and wireless products, 4.00% from communication equipment components and others, and 0.62% from automotive electronics [1] Group 2 - From the perspective of the top ten circulating shareholders, Huashang Fund has a fund that entered the top ten shareholders of Flingcos, holding 214,800 shares, which accounts for 0.47% of the circulating shares, with an estimated floating profit of approximately 1.1363 million CNY [2] - The Huashang Credit Enhanced Bond A fund (001751) was established on September 8, 2015, with a latest scale of 4.865 billion CNY, achieving a year-to-date return of 17.86% and a one-year return of 43.38%, ranking 85 out of 6224 and 38 out of 5916 in its category respectively [2] - The fund manager, Li Qian, has been in the position for 5 years and 269 days, with a total fund asset scale of 9.266 billion CNY, achieving a best fund return of 178.07% and a worst fund return of -26.69% during his tenure [3]

Group 1 - The core point of the news is that Xinjiang Bayi Steel Co., Ltd. has experienced a continuous decline in stock price, with a total drop of 14.06% over six trading days [1] - Two funds managed by Huashang Fund have entered the top ten shareholders of Bayi Steel, both being new additions in the first quarter of this year [1] - The performance of the two funds is notable, with Huashang Credit Enhanced Bond A achieving a year-to-date return of 13.51%, ranking 64th out of 1,091 in its category, while Huashang Steady Dual Benefit Bond A has a return of 3.24%, ranking 449th [1] Group 2 - The fund manager for Huashang Credit Enhanced Bond A is Li Qian, who has been with Huashang Fund since April 2016 and has held various managerial positions [2][3] - Zhang Yongzhi manages Huashang Steady Dual Benefit Bond A and has extensive experience in the fund management industry, having worked in various roles since 1999 [2][6] - Huashang Fund Management Co., Ltd. was established in December 2005 and is currently led by Chairman Su Jinkui and General Manager Wang Xiaogang [6]

Core Points - The latest net value of Huashang Credit Enhanced Bond A (001751) is 1.6270 yuan, down by 0.79% [1] - The fund's performance over the past month shows a return of -0.67%, ranking 1186 out of 1229 in its category; over the past six months, it has a return of 5.99%, ranking 23 out of 1151; and year-to-date, it has a return of 7.25%, ranking 27 out of 1160 [1] - As of March 31, 2025, the fund has a total size of 4.134 billion yuan, with the fund manager being Li Qian [1] Fund Holdings - The top ten stock holdings of Huashang Credit Enhanced Bond A account for a total of 8.59%, including: - Hualing Steel (1.01%) - Hongyuan Electronics (0.98%) - Haili Wind Power (0.97%) - New Steel Co. (0.94%) - Fudan Microelectronics (0.91%) - Torch Electronics (0.82%) - Sansteel Minguang (0.81%) - Shenzhen South Circuit (0.81%) - Xingsen Technology (0.67%) - Zhongke Feimeasure (0.67%) [1] Fund Manager Profile - Li Qian holds a PhD and joined Huashang Fund Management Co., Ltd. in April 2016, initially as a researcher [2] - He has served as the fund manager for multiple funds, including Huashang Credit Enhanced Bond Fund since July 16, 2020, and currently holds the position of Deputy Director of Fixed Income Investment in the Multi-Asset Investment Department [2]

Core Insights - The latest net value of Huashang Credit Enhanced Bond A (001751) is 1.5950 CNY, reflecting a growth of 1.01% [1] - The fund's performance over the past month shows a return of 0.38%, ranking 1093 out of 1313 in its category; over the last six months, it has achieved a return of 6.69%, ranking 81 out of 1234; and since the beginning of the year, it has returned 5.14%, ranking 43 out of 1271 [1] - As of March 31, 2025, the fund's total assets amount to 4.134 billion CNY, with the fund manager being Li Qian [1] Fund Holdings - The top ten stock holdings of Huashang Credit Enhanced Bond A account for a total of 8.59%, with individual holdings including: - Hualing Steel (1.01%) - Hongyuan Electronics (0.98%) - Haili Wind Power (0.97%) - New Steel Co. (0.94%) - Fudan Microelectronics (0.91%) - Torch Electronics (0.82%) - Sansteel Minguang (0.81%) - Shenzhen South Circuit (0.81%) - Xingsen Technology (0.67%) - Zhongke Feimeasure (0.67%) [1] Fund Manager Profile - Li Qian holds a doctoral degree and joined Huashang Fund Management Co., Ltd. in April 2016, initially serving as a researcher [2] - He has been the fund manager for Huashang Credit Enhanced Bond Fund since July 16, 2020, and has managed several other funds, including Huashang Fengli Enhanced Bond Fund and Huashang Dual Bond Fengli Fund [2]