Core Viewpoint - The resurgence of public fund self-purchases reflects confidence in the market, with multiple fund companies actively investing in their own equity products to support the A-share market [1][2]. Group 1: Fund Self-Purchase Activity - On July 28, 2025, Fangzheng Fubon Fund announced a self-purchase of at least 25 million yuan in its equity public funds, committing to hold these investments for no less than one year [3][5]. - This marks the second self-purchase by Fangzheng Fubon Fund in 2025, following a previous investment of 5 million yuan in April for a specific ETF product [5]. - A total of 126 public fund companies have initiated self-purchases since the beginning of 2025, with 55 companies focusing on stock funds and 71 on mixed funds [1]. Group 2: Market Confidence and Economic Outlook - The self-purchase actions are interpreted as a positive signal from institutional investors regarding future market trends, supported by favorable policies and economic fundamentals [6]. - The outlook for the second half of 2025 remains optimistic, with expectations of continued macroeconomic policy easing and improvements in industry profitability due to recent government measures [6]. - Key drivers for the A-share market in the latter half of 2025 are identified as "policy easing, asset scarcity, and industrial upgrades" [6]. Group 3: Product Innovation and Performance - Fangzheng Fubon Fund has been enhancing its product matrix, focusing on both equity and fixed-income products to drive growth [10]. - The fund's fixed-income products have shown strong performance, with an absolute return of 11.6% over the past three years, ranking 13th among 150 fund companies [8]. - The fund is actively exploring new investment opportunities in emerging industries, such as humanoid robots and military technology, with notable returns from specific funds [9].

Group 1: Company Overview - Fangzheng Fubon Fund is entering its 14th year, maintaining a dual strategy of equity and fixed income investments, focusing on deep research to empower investment decisions [1] - The company has successfully completed a leadership transition with the retirement of former Chairman He Yagang and the appointment of new Chairman Li Yan, indicating mature governance and continuity [1] Group 2: Fixed Income Strategy - The domestic economic environment and declining interest rates have created favorable conditions for a bond bull market, with Fangzheng Fubon leveraging this to enhance its fixed income business [2] - The Fangzheng Fubon Hongyuan bond fund utilizes a comprehensive approach to assess long-term interest rate trends and short-term market fluctuations, aiming to capture excess returns through duration and leverage strategies [2] - The Fangzheng Fubon Ruili fund focuses on a conservative strategy combining credit bonds and interest rate bonds, providing a better holding experience with lower drawdowns [2] Group 3: Performance Metrics - As of the end of Q1 this year, Fangzheng Fubon Fund's fixed income products achieved a return of 11.27% over the past three years, ranking 18th out of 150 in the industry, marking its entry into the top tier of fixed income investment [3] Group 4: Equity Investment Talent Development - Fangzheng Fubon Fund has established a "3+4+N" talent structure, including three chief investment officers and four mid-level experts, to enhance its equity investment capabilities [4] - The company has a diverse team of fund managers with various investment styles, focusing on fundamental analysis and value discovery [5][6] Group 5: Investment Philosophy - The investment philosophy emphasizes value discovery, avoiding speculative strategies and focusing on fundamental company and industry analysis [5] - The company has developed specialized index products to cater to different market environments, aiming to deliver excess returns to fund holders [6]