Core Viewpoint - The recent announcement from Baoying Fund indicates the departure of Deng Dong from multiple bond funds, which may impact the management and performance of these funds moving forward [1][2][3][4] Fund Performance Summary - **Baoying Yingtai Pure Bond Fund**: - Established on June 20, 2018 - Year-to-date return: 1.41% (A), 1.32% (C) - Since inception return: 21.61% (A), 11.90% (C) - Cumulative net value: 1.2106 (A), 1.1763 (C) [1] - **Baoying Rongyuan Convertible Bond Fund**: - Established on September 4, 2019 - Year-to-date return: 21.25% (A), 21.03% (C) - Since inception return: 40.80% (A), 38.30% (C) - Cumulative net value: 1.4080 (A), 1.3830 (C) [1][2] - **Baoying Jufeng Two-Year Fixed Open Bond Fund**: - Established on September 27, 2019 - Year-to-date return: 1.53% (A), 1.34% (C) - Since inception return: 19.55% (A), 17.43% (C) - Cumulative net value: 1.1925 (A), 1.1717 (C) [2] - **Baoying Enhanced Income Bond Fund**: - Established on May 15, 2008 - Year-to-date return: -0.80% (A), -1.05% (B), 0.00% (C) - Since inception return: 156.18% (A), 129.77% (B) - Cumulative net value: 2.1390 (A), 2.0205 (B) [2][4] - **Baoying Xiangqing 9-Month Holding Mixed Fund**: - Established on August 3, 2021 - Year-to-date return: 0.77% (A), 0.50% (C) - Since inception return: -5.90% (A), -7.42% (C) - Cumulative net value: 0.9410 (A), 0.9258 (C) [2][4] - **Baoying Antai Short Bond Fund**: - Established on December 7, 2018 - Year-to-date return: 1.09% (A), 0.90% (C) - Since inception return: 23.45% (A), 21.01% (C) - Cumulative net value: 1.2286 (A), 1.2049 (C) [2][4] Management Changes - Deng Dong has been dismissed as the fund manager for multiple funds including Baoying Yingtai Pure Bond Fund, Baoying Rongyuan Convertible Bond Fund, Baoying Jufeng Two-Year Fixed Open Bond Fund, Baoying Enhanced Income Bond Fund, Baoying Xiangqing 9-Month Holding Mixed Fund, and Baoying Antai Short Bond Fund [1][3][4] - Other fund managers will continue to manage these funds alongside new appointments [3][4]

Group 1 - The core point of the news is the appointment of Wang Hao as an additional fund manager for the Baoying Rongyuan Convertible Bond Fund, indicating a strategic move to enhance the fund's management team [1][2] - Wang Hao has a background as a project manager at Tebian Electric Apparatus Stock Co., Ltd. and has been with Baoying Fund since July 2017, serving as an industry researcher and currently as a fund manager [1] - The Baoying Rongyuan Convertible Bond Fund A/C was established on September 4, 2019, and has shown a year-to-date return of 14.27% and 14.07%, with cumulative returns since inception of 32.69% and 30.35%, respectively [1] Group 2 - The fund is managed by Baoying Fund Management Co., Ltd., and the announcement was made in accordance with the "Measures for the Disclosure of Information on Publicly Raised Securities Investment Funds" [2] - The fund's main code is 006147, and it is classified as a convertible bond type securities investment fund [2] - The other co-managing fund manager is Deng Dong, indicating a collaborative management approach for the fund [2]

Summary of Key Points Core Viewpoint - In the first five months of the year, 86% of the 6,849 comparable bond funds reported positive performance, with the top performers showing significant gains, indicating a strong market for bond investments [1][2][3]. Performance of Top Bond Funds - The top-performing bond funds include Huashang Fengli Enhanced Regular Open Bond A and C, with returns of 11.63% and 11.47% respectively [1]. - Other notable funds include Fuguo Optimized Enhanced Bond E, A/B, and C, achieving returns of 9.58%, 9.52%, and 9.34% respectively [2]. - The performance of other funds such as Baoying Rongyuan Convertible Bond A and C, and Zhongou Convertible Bond A also showed strong returns of 8.49%, 8.36%, and 8.04% respectively [2][3]. Fund Manager Insights - Fund manager Li Qian of Huashang Fund has over five years of experience managing public funds, focusing on convertible bonds [1]. - Liu Xingwang, managing Fuguo Optimized Enhanced Bond, has nine years of experience and has held various positions in fixed income research and fund management [2]. - The management experience of Guo Jun and Gao Hui from Boshi Convertible Bond Enhanced Fund exceeds 20 years, showcasing their expertise in the field [3]. Asset Composition - Huashang Fengli Enhanced Bond's top holdings include convertible bonds and stocks from companies like Fudan Microelectronics and Haili Wind Power [1]. - Fuguo Optimized Enhanced Bond's major holdings are primarily financial bonds, with significant investments in convertible bonds from various issuers [2]. - Baoying Rongyuan Convertible Bond's top holdings include a mix of convertible bonds and stocks from well-known companies such as Kweichow Moutai and Yili Industrial [3]. Declining Funds - Only six bond funds experienced declines exceeding 3%, with notable losses from Renbao Xinli Bond C and A, which fell by 3.30% and 3.14% respectively [3][4]. - Other funds like Nord Enhanced Yield Bond and several others also reported declines, indicating a mixed performance landscape [4].