Core Viewpoint - The convertible bond market has shown positive performance in 2023, with the China Convertible Bond Index rising by 7.02% in the first half of the year, outperforming major stock indices [1] Group 1: Market Performance - The average holding ratio of convertible bonds in the market funds increased from 9.61% to 9.9% as of the end of Q2 2025 [1] - The performance of the Guangfa Jucai Credit Bond Fund A has been strong, with a net value growth rate of 5.33% over the past year, significantly surpassing its benchmark return of -0.28% [1] Group 2: Fund Management - The Guangfa Jucai Credit Bond Fund A has a high allocation to convertible bonds, with 19.83% of its total assets invested in this asset class [1] - The fund manager, Wu Di, has a background in convertible bond research and has increased the fund's convertible bond allocation since Q3 of the previous year [1][2] Group 3: Long-term Performance - Since its inception, the Guangfa Jucai Credit Bond Fund has achieved a net value growth rate of 93.19%, outperforming its benchmark return of -3.31% [2] - The fund has recorded positive performance in 9 out of 10 years since its establishment, consistently beating its performance benchmark [2] Group 4: Company Background - Guangfa Fund, the management company of the Guangfa Jucai Credit Bond Fund, has over 20 years of experience in asset management and has developed strong capabilities across various asset classes [2]