Group 1 - Core viewpoint: Keli Sensor (603662.SH) reported an increase in institutional holdings in its Q3 2025 report, with a total of 31.09 million shares held by 8 institutional investors, representing 11.07% of the total share capital, an increase of 0.56 percentage points from the previous quarter [1] Group 2 - In the public fund sector, two public funds increased their holdings compared to the previous period, with a total increase of 0.79% [2] - One new public fund was disclosed this quarter, namely Huabao Anyi Six-Month Holding Period Bond A [2] - A total of 98 public funds were not disclosed this quarter, including notable funds such as Southern CSI 1000 ETF and Huaxia CSI 1000 ETF [2]

Core Viewpoint - The bond market in the first quarter of 2025 has experienced significant volatility, impacting investors, particularly those holding pure bond funds, and requiring fund managers to enhance their trading skills and market analysis [1][2]. Group 1: Market Conditions - The bond market is expected to exhibit a slight oscillation due to external disturbances and the need to observe the timing and intensity of future macroeconomic policies [1][2]. - Short-term interest rates have risen rapidly, leading to a general decline in the net value of pure bond funds, with April's external factors adding uncertainty to the market [2]. Group 2: Investment Strategies - Fund managers are advised to either extend their operational timeframes or utilize strategies such as duration management to capture short-term investment opportunities in a volatile market [2]. - The importance of asset allocation is emphasized, particularly in light of historical parallels to the 1970s dollar crisis, where the decline of dollar credit and advancements in Chinese technology are reshaping global asset allocation [2]. Group 3: Focus on Technology and Innovation - The performance of the Hang Seng Technology Index reflects not mere speculation but rather a trend in the industry, with significant advancements in technology sectors such as robotics and innovative pharmaceuticals [3]. - The bond market, including pure bonds and convertible bonds, is seen as having substantial potential, with favorable conditions for interest rate bonds expected to persist into the second quarter [3]. Group 4: Convertible Bonds - The current central price of convertible bonds has gradually increased due to a recovery in market risk appetite, although their defensive attributes have diminished compared to earlier in the year [4].