Group 1 - Macro Holdings (002379.SZ) released its semi-annual report for 2025 on August 15, 2025, indicating that as of August 14, 2025, 29 institutional investors disclosed holding shares, totaling 397 million shares, which accounts for 34.95% of the total share capital [1] - The top ten institutional investors include Shandong Hongqiao New Materials Co., Ltd., Hong Kong Central Clearing Limited, Shanghai Jiuku Investment Co., Ltd. - Jiuku Qiji No. 4 Private Securities Investment Fund, and others, with a combined holding ratio of 34.47%, reflecting an increase of 3.16 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two public funds increased their holdings compared to the previous period, including Southern CSI 2000 ETF and Yongying Huixiang Bond A, with a slight increase in holding ratio [2] - Two public funds decreased their holdings compared to the previous quarter, including China Europe Resource Selection Mixed Initiation A and ICBC Silver and Profit Mixed, with a slight decrease in holding ratio [2] - A total of 20 new public funds were disclosed this period, including Silver Hua Xin Jia Two-Year Holding Mixed, Silver Hua Xin Yi Flexible Configuration Mixed A, Wan Jia Selected A, and others [2] - One foreign fund increased its holdings compared to the previous period, namely Hong Kong Central Clearing Limited, with an increase of 2.42% [2] - One new foreign institution disclosed this period, which is the Abu Dhabi Investment Authority, while one foreign institution, Swiss GAIN Capital - Proprietary Funds, was not disclosed in the previous quarter [2]

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]

Group 1 - Macro Holdings (002379.SZ) reported its Q1 2025 results, with 20 institutional investors holding a total of 357 million shares, representing 31.40% of the company's total equity [1] - The top ten institutional investors collectively hold 31.31% of the shares, a decrease of 1.62 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Southern CSI 2000 ETF, increased its holdings, while one fund, E Fund CSI 2000 ETF, decreased its holdings [2] - A total of 12 new public funds disclosed their holdings this period, including Ruiyuan Balanced Value Mixed A and CITIC Securities Excellent Growth A [2] - One foreign fund, Swiss Capital Bank, increased its holdings, while Hong Kong Central Clearing Limited reduced its holdings by 0.88% [2]