Core Viewpoint - The report provides an overview of the performance and management of the Debon Delicate Money Market Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market conditions affecting its operations [1][10]. Fund Product Overview - Fund Name: Debon Delicate Money Market Fund - Fund Code: 000300 - Fund Type: Contractual open-end fund - Effective Date of Fund Contract: September 16, 2013 - Total Fund Shares at Period End: 2,210,935,509.27 shares - Investment Objective: To achieve returns exceeding the performance benchmark while maintaining low risk and high liquidity [3][4]. Financial Indicators and Fund Performance - Net Value Growth Rate for Debon Delicate Money A: 0.3712% for the past three months, 0.6929% for the past six months, and 1.4254% for the past year [7][15]. - Performance Benchmark: Seven-day notice deposit rate (after tax) [3]. - Total Fund Shares for Sub-fund A: 1,833,827,436.16 shares, and for Sub-fund B: 377,108,073.11 shares [3]. Market Analysis - The manufacturing PMI for May was 49.7, indicating a slight recovery but still below the growth line, suggesting the need for further economic stabilization [11]. - Fixed asset investment from January to May showed a year-on-year increase of 3.7%, slightly below market expectations, with real estate showing a larger decline [12]. - The CPI for May was -0.1%, and the PPI was -3.3%, indicating ongoing demand insufficiency in the economy [12]. Investment Strategy - The fund primarily invested in interbank certificates, high-grade credit bonds, interbank deposits, policy financial bonds, government bonds, and reverse repos, maintaining a certain level of leverage [14]. - The average remaining duration of the investment portfolio did not exceed 120 days during the reporting period [15]. Management Report - The fund manager adhered to legal regulations and internal policies, ensuring fair trading practices and compliance throughout the reporting period [11]. - The fund management team includes experienced professionals with significant industry backgrounds [11][14].