工银平衡回报6个月持有期债券的三季报显示，该基金主要资产为国债和金融债，前五大持仓债券为25 国债08、25国债13、25国债01、21邮储银行（601658）永续债01、20浦发银行永续债，少部分股票资产 同样以航空股为主。 富国臻利纯债定开债券作为纯债基金，其三季度基金资产净值的49.52%都为金融债，其次为中期票 据、企业债。前五大持仓债券为22中行二级资本债02A、23浙商01、25农行TLAC非资本债02A(BC)、 25内蒙古债24、24中国人寿（601628）资本补充债01BC。 中国经济网北京12月4日讯 （记者 康博） 根据同花顺（300033）数据显示，在刚过去的11月份里，剔 除净值异动的债券型基金后，在7431只（各份额分开计算，下同）有可比业绩的债基中，实现业绩上涨 的共有3193只，占比43%。另有254只持平，3984只下跌。 工银平衡回报6个月持有期债券A、富国臻利纯债定期开放债券型发起式、工银平衡回报6个月持有期债 券C、人保鑫利债券A、人保鑫利债券C涨幅领先，单月上涨分别为2.25%、2.24%、2.23%、2.11%、 2.01%。 工银平衡回报6个月持有期债券A、工银平 ...

Core Insights - In October, 6837 out of 7419 comparable bond funds achieved positive performance, representing 92% of the total [1] - The top-performing fund, ICBC Convertible Bond Fund, recorded a return of 4.15%, the only fund to exceed 4% in October [1] - The fund's asset allocation includes 61% in bonds, with 80% of that in convertible bonds, and 37% in equities, primarily in undervalued airline and brokerage stocks [1] Fund Performance - ICBC Balanced Return 6-Month Holding Period Bond A and C rose by 3.61% and 3.59% respectively in October, with major holdings in government and financial bonds [2] - Other notable performers include CITIC Prudential Stable Bond C (3.66%), CITIC Prudential Stable Bond A (3.65%), and several others with returns ranging from 2.72% to 2.90% [2] - Conversely, 11 bond funds experienced declines exceeding 3%, with Jin Ying Yuan Feng Bond A and C falling by 3.45% and 3.48% respectively [2] Asset Allocation - Jin Ying Yuan Feng's bond assets account for nearly 80%, primarily in convertible bonds, with top holdings in various convertible bonds and stocks in technology and data sectors [3] - Other funds like Zhonghai Convertible Bond A and Dongfang Convertible Bond C also reported declines, with losses around 2.84% to 2.87% [3] Fund Management - The current manager of ICBC Convertible Bond Fund, Huang Shiyuan, has been with the firm since 2013 and has been managing the fund since September 2021 [1] - The management team for Dongfang Convertible Bond includes experienced professionals with backgrounds in fixed income research and investment management [3]

Core Viewpoint - Bond funds are experiencing significant growth in the public fund market, with a notable increase in new issuances and positive performance for the majority of these funds [1][2]. Group 1: Market Activity - As of December 19, bond funds accounted for approximately 70% of all new fund issuances this year, with nearly 90% of bond funds achieving positive returns [1]. - There are currently 5,882 bond funds in the market, with a total scale exceeding 8 trillion yuan, representing over 30% of the total public fund market [1]. - In December alone, 78 new bond funds have been established, with 20 additional funds from various management companies currently in the application process [1]. Group 2: Performance Analysis - Among the 5,823 bond funds with performance data available, 5,086 funds, or 87.34%, reported positive returns this year [1]. - Seven funds achieved returns exceeding 10%, with the top three being 工银可转债债券 (12.92%), 天弘稳利定期开放A/B (12.18%), and another fund at 11.80% [1]. - Several other funds, including 蜂巢添汇纯债A/C and 诺德汇盈一年定开, also performed well with annual returns above 5% [1]. Group 3: Future Outlook - The bond market is expected to see increased demand for allocation as the year-end approaches, despite a quieter market since November due to concerns over funding market volatility [2]. - Short-term outlook remains optimistic for the bond market, supported by recent central bank actions, while the medium to long-term perspective suggests a continued need to lower social financing costs due to high domestic real interest rates [2].

Group 1 - In May 2023, 80% of the 7,104 comparable bond funds reported positive performance, with 5,737 funds increasing in value [1] - The top-performing funds included Zhonghai Convertible Bond A and C, with increases of 4.72% and 4.70% respectively [1] - Huatai Baichuan Stable Income Bond D and Huashang Convertible Bond A and C followed closely with increases of 3.48%, 3.09%, and 3.09% [1] Group 2 - The fund manager of Huashang Convertible Bond, Zhang Yongzhi, has 14 years of experience, with 92.92% of the fund's total assets in bonds [2] - Tianhong Hongfeng Enhanced Return A and C, along with several other bond funds, also saw increases exceeding 2% in May [2] - The only two funds that experienced declines of over 2% were Green Ju Xin Enhanced Bond C and Hui Quan Anyang Pure Bond D, with declines of -2.13% and -2.02% respectively [2] Group 3 - Hui Quan Anyang Pure Bond's holdings are primarily in financial bonds, managed by experienced managers with a combined 16 years of experience [3] - Jin Ying Yuan Feng Bond C, A, and D, along with He Xu Zhi Yuan Xin Yue Interest Rate Bond C and A, also reported declines in May [3] - The top five holdings of Jin Ying Yuan Feng Bond include various convertible bonds and government bonds [3] Group 4 - He Xu Zhi Yuan Xin Yue Interest Rate Bond was established in March 2023, with its manager having nearly 16 years of public fund management experience [4] Group 5 - The performance data for the top 100 bond funds in May 2023 shows a range of returns, with Zhonghai Convertible Bond A leading at 4.72% and Green Ju Xin Enhanced Bond C at -2.13% [5][6]

Core Insights - The report indicates that the environmental protection sector performed well during the period, with QDII funds showing an average return that outperformed other fund types [1][7][17] - The Shanghai Composite Index experienced a slight decline of 0.03%, while the Shenzhen Component Index fell by 0.91% during the same period [1] - Among various fund types, QDII funds increased by 1.04%, contrasting with declines in actively managed stock funds, mixed funds, and bond funds [1] Fund Performance Summary - The environmental and pharmaceutical sectors were highlighted as strong performers in the recent 12 periods, with banks and beauty care also showing good performance [7] - Active stock funds focusing on the pharmaceutical sector yielded higher returns, with notable funds such as Hongtu Innovation Healthcare Stock Fund achieving a return of 9.67% [12][13] - In the bond market, convertible bond funds led with an average return of 3.90% year-to-date, while traditional bond funds showed mixed results [15][16] QDII Fund Insights - REITs QDII funds led the performance with a return of 2.41%, followed by equity funds focused on Europe and the US, which returned 1.70% [17][18] - The report notes that alternative asset classes, particularly gold-related QDII funds, have shown significant year-to-date growth of 25.91% despite a recent decline of 1.39% [17][18] - Representative QDII funds such as Morgan China Biopharmaceutical A and GF CSI Hong Kong Innovative Medicine ETF reported returns of 4.72% and 4.56%, respectively, during the period [19]

Core Viewpoint - The rise of technology themes at the beginning of the year has significantly boosted A-shares and Hong Kong stocks, enhancing market sentiment and investor confidence. In this context, the advantages of fixed income plus (固收+) and mixed bond funds have become increasingly prominent [1] Group 1: Fund Performance - As of March 31, 2025, various types of fixed income plus and mixed bond funds from ICBC Credit Suisse have shown average returns significantly exceeding the overall average of bond funds [1] - ICBC Credit Suisse has 22 fixed income plus and mixed bond funds ranked in the top 25% of their categories over the past year, three years, five years, and seven years [1] - Among these funds, 11 achieved returns exceeding 5% in the past year, with three funds surpassing 9% [1] Group 2: Fund Strategies - The "plus" strategy in fixed income plus funds plays a crucial role in enhancing returns, with equity and convertible bond assets being key components [3] - The ICBC Credit Suisse funds have adopted various strategies based on the investment styles and capabilities of their managers, effectively capturing structural market opportunities [3] - The ICBC 聚安混合 A fund, managed by Huang Shiyuan, achieved returns of 18.8% and 27.11% over the past year and three years, respectively, ranking 4th and 1st in its category [5][6] Group 3: Manager Expertise - The fixed income research team at ICBC Credit Suisse consists of 16 members divided into four specialized groups, ensuring comprehensive coverage and refined division of labor in credit research [11] - The team includes experienced managers like Ouyang Kai, who has 22 years of experience, and Gu Heng, who has over 12 years of investment management experience [12] - The collaboration of seasoned, mid-career, and emerging talents within the team enhances the overall investment capability and risk management of the fixed income plus and mixed bond products [13] Group 4: Long-term Performance - The ICBC 双利债券 fund has achieved a net asset value growth of 140.69% since its inception in 2010, outperforming its benchmark by 84.66% [10] - The fund's strategy involves flexible adjustments to equity allocations based on macroeconomic assessments, aiming for long-term stable returns [10] - The ICBC 聚享混合 A fund, managed by Jiao Wenlong and He Shun, reported a return of 21.98% over the past year, ranking 1st in its category [9]

Core Viewpoint - The article discusses the evolution and achievements of ICBC Credit Suisse Asset Management (工银瑞信基金) over the past 20 years, highlighting its strengths in equity investment, fixed income management, and pension finance, while also addressing the challenges posed by industry transformation [2][3][13]. Equity Investment - Active equity investment remains a core competitive advantage for public funds, with ICBC Credit Suisse demonstrating significant performance in this area. The company launched its first product, the ICBC Core Value Mixed Fund, in August 2005, which has since achieved a cumulative return of 879.29% and an excess return of 560.06% over its benchmark [3]. - ICBC Credit Suisse has been recognized as a leading "active equity powerhouse," with its active equity products ranking first in excess returns over the past five and seven years among large equity companies [3]. Fixed Income Management - Fixed income investment is crucial for stabilizing fund assets and reducing investment risks. ICBC Credit Suisse's fixed income team has excelled in complex market conditions, with 33 of its funds ranking in the top 25% of their categories [5]. - The team consists of experienced investment managers and researchers who utilize diversified investment portfolios to optimize asset allocation and mitigate risks [5]. Pension Finance - With the aging population in China, pension finance has become increasingly important. ICBC Credit Suisse has prioritized pension business as a key long-term strategy, managing 263 corporate pension portfolios with assets totaling 299.7 billion yuan, ranking it among the top in the industry [7]. - The company has developed a series of target date and target risk funds to meet the diverse pension needs of different age groups, enhancing its offerings in the personal pension market [8]. Diversification and Global Expansion - ICBC Credit Suisse has actively explored overseas business and index investment, achieving notable performance in passive investment. Its products have been recognized for their strong performance in various categories, including the ICBC National Index Hong Kong Stock Connect Technology ETF [10]. - The company has established a comprehensive index product lineup, providing effective investment tools for investors to navigate different market conditions [10]. Support from Shareholders - The growth of bank-affiliated fund companies like ICBC Credit Suisse is supported by strong shareholder backing and a stable governance structure, which facilitates seamless strategic decision-making and resource allocation [12]. - The company's commitment to compliance and risk management has been a cornerstone of its operational strategy, ensuring high-quality development [12].