Core Insights - Ping An Fund announced the appointment of Jiang Zhengqing as a new fund manager for both Ping An Convertible Bond Fund and Ping An Shuangying Tianyi Bond Fund [1] Group 1: Fund Manager Appointment - Jiang Zhengqing has previously worked as a fixed income researcher at Baoying Fund Management Co., Ltd. and joined Ping An Fund in March 2021 [1] - Jiang Zhengqing will co-manage the Ping An Convertible Bond Fund with Li Xiaotian and the Ping An Shuangying Tianyi Bond Fund with Chen Haoyu [2] Group 2: Fund Performance - The Ping An Convertible Bond Fund (A/C) was established on August 7, 2019, and has a year-to-date return of 14.75% and 14.37%, with a cumulative return since inception of 25.78% and 22.71%, and a cumulative net value of 1.2578 yuan and 1.2271 yuan [1] - The Ping An Shuangying Tianyi Bond Fund (A/C) was established on December 5, 2022, and has a year-to-date return of 0.22%, -0.10%, and -0.02%, with a cumulative return since inception of 9.18%, 7.92%, and 0.82%, and a cumulative net value of 1.0918 yuan, 1.0792 yuan, and 1.0879 yuan [1]

Core Viewpoint - The report provides an overview of the performance and management of the Ping An Shuangying Tianyi Bond Fund for the second quarter of 2025, highlighting its investment strategies, financial indicators, and market conditions affecting the fund's performance [1][2][4]. Fund Product Overview - Fund Name: Ping An Shuangying Tianyi Bond Fund - Fund Code: 016447 - Fund Type: Contractual open-end fund - Effective Date: December 5, 2022 - Total Fund Shares at Period End: 356,310,759.64 shares - Investment Objective: Long-term stable appreciation of fund assets while strictly controlling risks and maintaining good liquidity [2][3]. Financial Indicators and Fund Performance - Fund A Net Asset Value (NAV) at Period End: 1.1000 CNY, with a net value growth rate of 0.79% against a benchmark return of 1.82% for the same period [6]. - Fund C NAV at Period End: 1.0887 CNY, with a net value growth rate of 0.69% against a benchmark return of 1.82% [6]. - Fund E NAV at Period End: 1.0971 CNY, with a net value growth rate of 0.72% [6]. Management Report - Fund Manager: Chen Haoyu, with 9 years of experience in the securities industry, has been managing the fund since January 2025 [4]. - The fund management strictly adheres to relevant laws and regulations, ensuring compliance and protecting the interests of fund shareholders [4][5]. Market Conditions - The economic environment in the first half of 2025 was stable, with macro policies remaining accommodative, including fiscal and monetary easing [4]. - The bond market experienced a downward trend in yields, with various types of bonds showing significant declines in yields during the second quarter [5]. - The equity and convertible bond markets saw volatility in April, but recovery was noted as risk appetite improved following joint statements on tariffs [5]. Investment Portfolio Report - The fund's total assets are primarily allocated to bonds, with 86.44% of the total assets invested in this category [7]. - The fund did not hold any domestic stocks or asset-backed securities at the end of the reporting period [7][8].