Core Viewpoint - The report provides an overview of the performance and management of the 招商信用添利债券型证券投资基金 (LOF) for the second quarter of 2025, highlighting its investment strategies, financial indicators, and market conditions affecting the fund's performance [1][3]. Fund Product Overview - The fund is a closed-end bond fund that will convert to an open-end fund after five years, with a total share amount of 836,632,583.24 shares at the end of the reporting period [1]. - The fund aims to invest in high-credit-rated fixed income products while ensuring long-term capital safety and striving for higher current returns through active management [1]. - The fund's main investment strategies include asset allocation, bond investment strategies, convertible bond strategies, and equity investment strategies [1]. Financial Indicators and Fund Performance - For the reporting period from April 1, 2025, to June 30, 2025, the A class share net value growth rate was 0.73%, while the benchmark growth rate was 1.67%. The C class share net value growth rate was 0.66%, also against a benchmark of 1.67% [9]. - The fund's performance over various time frames includes: - 3 months: A class 0.73%, C class 0.66% [9]. - 6 months: A class 0.44%, C class 0.29% [9]. - 1 year: A class 2.37%, C class 2.07% [9]. - 3 years: A class 8.84%, C class 7.87% [9]. - 5 years: A class 18.68%, C class 17.18% [9]. Management Report - The fund manager has adhered to legal regulations and the fund contract, ensuring compliance and protecting the interests of fund holders [4][5]. - The fund manager has established a comprehensive research and investment decision-making process to ensure fair investment opportunities across all portfolios [5][7]. Market Overview - The macroeconomic review indicates a 3.7% year-on-year growth in fixed asset investment, with real estate investment down by 10.7% and infrastructure investment up by 10.4% [7]. - The bond market saw fluctuations in yields influenced by various economic factors, including interest rate adjustments and trade policies [8]. Investment Portfolio - The fund's total assets include 99.12% in bonds, with a significant portion in policy financial bonds valued at 157,093,912.33 yuan, representing 17.96% of the fund's net asset value [10][11]. - The fund did not hold any stocks or other high-risk assets during the reporting period, maintaining a conservative investment approach [10].