Group 1 - The public fund reports for the second quarter have begun to be disclosed, with notable reports from Guoyuan Securities and Huian Fund [1][2] - Fund managers are shifting strategies towards holding bonds for coupon income as equity markets recover and risk appetite slowly increases [1][2] - There is a significant increase in the allocation of corporate bonds by fund managers, with Guoyuan's fund allocating 75.09% of its bond market value to corporate bonds, and Huian's fund increasing its allocation to 31.50% [1][2] Group 2 - The Huian fund manager noted a gradual desensitization to overseas tariff disturbances, leading to a slight rebound in long-term interest rates, with a focus on holding bonds for coupon income [2] - The net value growth rates for Huian's fund A and C shares were 0.96% and 0.91%, respectively, while Guoyuan's fund had a growth rate of 0.79% [2] - Fund managers remain optimistic about the bond market's performance in the second half of the year, anticipating continued strength if liquidity remains ample [2][3] Group 3 - The bond market faced significant redemptions in the second quarter, with many bond funds experiencing large outflows [3] - Guoyuan's fund reported a total subscription of 54.95 million shares and redemptions of 284 million shares during the second quarter [3] - Fund managers believe that the economic recovery will take time, which may present investment opportunities in the bond market [3] Group 4 - Analysis from Bosera Fund indicates that low funding rates reflect the central bank's accommodative stance, with a focus on reducing costs to protect bank interest margins [4] - It is expected that the funding environment will remain loose in the short term, which is favorable for the bond market [4]