Report Title - "Number Analysis of Public Offering Pure Bond and Hybrid Asset Strategy Funds' 2025 Semi-Annual Report - Institutions Increase Allocation to 'Fixed Income +', and Allocate More Growth-Oriented Equity Assets" [1] Report Date - September 2, 2025 [2] Core View - The report analyzes the performance, asset allocation, and institutional holding changes of various types of bond and hybrid asset strategy funds, showing that institutions are increasing their allocation to 'fixed income +' funds and shifting their equity asset allocation towards growth directions. Summary by Fund Type Short-Term Pure Bond Funds - Multiple funds are listed, such as Great Wall Short Bond A (007194.OF) with a scale of 3.2686 billion yuan, an institutional holding of 1.7147 billion shares, and an institutional increase of 0.5179 billion shares. Its 1-year return is 2.91% (ranked 22/347), and the 3-year return is 3.81% (ranked 2/278) [21]. - Another example is Boshi Credit Preferred A (009271.OF) with a scale of 2.0333 billion yuan, an institutional holding of 1.0058 billion shares, and an institutional increase of 0.7677 billion shares. Its 1-year return is 2.24% (ranked 127/347), and the 3-year return is 3.37% (ranked 13/278) [23]. Medium and Long-Term Pure Bond Funds - For instance, Bank of China Fenghe Regular Open (004722.OF) has a scale of 4.8366 billion yuan, an institutional holding of 4.3551 billion shares, and no institutional increase. Its 1-year return is 2.68% (ranked 1287/1965), and the 3-year return is 3.28% (ranked 841/1509) [21]. - Guoshou Anbao Tai'an Pure Bond (010232.OF) has a scale of 2.401 billion yuan, an institutional holding of 2.2246 billion shares, and an institutional increase of 0.2758 billion shares. Its 1-year return is 3.93% (ranked 315/1965), and the 3-year return is 4.18% (ranked 152/1509) [21]. Mixed Bond - Type I Funds - Invesco Great Wall Jingtai Pure Profit A (007562.OF) has a scale of 1.9143 billion yuan, an institutional holding of 1.1324 billion shares, and an institutional increase of 0.4631 billion shares. Its 1-year return is 5.32%, and the 3-year return is 4.33% (ranked 43/329) [21]. - E Fund Enhanced Return A (110017.OF) has a scale of 3.1526 billion yuan, an institutional holding of 0.8182 billion shares, and an institutional increase of 0.0847 billion shares. Its 1-year return is 4.62%, and the 3-year return is 4.32% (ranked 45/329) [21]. Mixed Bond - Type II Funds - E Fund Yuxiang Return A (002351.OF) has a scale of 2.6613 billion yuan, an institutional holding of 1.5665 billion shares, and an institutional increase of 0.1322 billion shares. Its 1-year return is 5.42% (ranked 173/507), and the 3-year return is 3.05% (ranked 76/340) [21]. - Invesco Great Wall Jingsheng Double Dividend A (002065.OF) has a scale of 1.1558 billion yuan, an institutional holding of 0.9907 billion shares, and an institutional increase of 0.2778 billion shares. Its 1-year return is 4.20% (ranked 265/507), and the 3-year return is 4.49% (ranked 11/340) [21]. Partial - Bond Hybrid Funds - E Fund Hengsheng 3 - Month Fixed - Open (007884.OF) has a scale of 0.2021 billion yuan, an institutional holding of 0.1734 billion shares, and no institutional increase. Its 1-year return is 8.71% (ranked 117/674), and the 3-year return is 5.36% (ranked 15/587) [21]. - Anxin Minwen Growth A (008809.OF) has a scale of 0.3115 billion yuan, an institutional holding of 0.1198 billion shares, and an institutional decrease of 0.0067 billion shares. Its 1-year return is 7.60% (ranked 169/674), and the 3-year return is 4.33% (ranked 41/587) [21]. Flexible Allocation - Partial - Bond Funds - Boshi Hongkang A (003411.OF) has a scale of 0.3552 billion yuan, an institutional holding of 0.1264 billion shares, and an institutional increase of 0.0177 billion shares. Its 1-year return is 1.64% (ranked 127/139), and the 3-year return is 2.60% (ranked 40/139) [21]. - E Fund Ruicai I (001802.OF) has a scale of 0.1288 billion yuan, an institutional holding of 0.1088 billion shares, and no institutional increase. Its 1-year return is 9.31% (ranked 10/139), and the 3-year return is 4.79% (ranked 5/139) [21]. Convertible Bond - Style Funds - Huatai Baoxing Zunli A (005908.OF) has a scale of 0.7893 billion yuan, an institutional holding of 0.5427 billion shares, and an institutional increase of 0.0791 billion shares. Its 1-year return is 12.89% (ranked 45/102), and the 3-year return is 6.77% (ranked 4/102) [21]. - Huashang Credit Enhancement A (001751.OF) has a scale of 0.7591 billion yuan, an institutional holding of 0.3941 billion shares, and an institutional increase of 0.0952 billion shares. Its 1-year return is 22.38% (ranked 9/102), and the 3-year return is 5.17% (ranked 13/102) [21]. Convertible Bond - Type Funds - China - Europe Convertible Bond A (004993.OF) has a scale of 0.7529 billion yuan, an institutional holding of 0.511 billion shares, and an institutional increase of 0.2871 billion shares. Its 1-year return is 20.92% (ranked 1/39), and the 3-year return is - 2.06% (ranked 22/39) [21]. - Penghua Convertible Bond A (000297.OF) has a scale of 0.635 billion yuan, an institutional holding of 0.4305 billion shares, and an institutional decrease of 0.0113 billion shares. Its 1-year return is 12.89% (ranked 17/39), and the 3-year return is - 2.84% (ranked 26/39) [21].

Group 1: Overview of Public FOF Funds in Q2 2025 - As of Q2 2025, a total of 518 FOF products have been established, with a combined scale of 166.198 billion yuan, representing a 10.01% increase compared to Q1 2025 [1][6][9] - The scale of different types of FOFs in Q2 2025 is as follows: 92.091 billion yuan for bond-type FOFs, 32.454 billion yuan for balanced-type FOFs, and 41.652 billion yuan for equity-type FOFs, with median returns of 1.20%, 1.76%, and 2.62% respectively [1][6][16] Group 2: FOF Fund Manager Preferences - The most held active equity funds by FOFs in Q2 2025 are Dachen Gaoxin A, Fuguo Stable Growth A, and Bodao Growth Zhihang C, with the largest holdings being Dachen Gaoxin A, Yifangda Kerong, and Yifangda Information Industry Selected C [2][23] - In the bond fund category, the most held funds are Yifangda Suifeng Tianli A, Guangfa Pure Bond A, and Yifangda Credit Bond A, with the largest holdings being Boshi Credit Preferred A, Yifangda Suifeng Tianli A, and Boshi Credit Pure Bond A [2][23] Group 3: Changes in Fund Allocations - Compared to Q1 2025, the most net increased active equity funds by FOFs in Q2 2025 are Dachen Gaoxin A, Huashang Yuanjian Value C, and Qianhai Kaiyuan Gold and Silver Jewelry A, with the largest net increase in scale for Jiao Yin Technology Innovation C, Yifangda Smart Manufacturing Advantage C, and Yifangda Supply-side Reform [3][39] - In the bond fund category, the most net increased funds are Xingquan Stable A, Huatai Bairui Seasonal Red A, and Fuguo Industrial Bond A, with the largest net increase in scale for Boshi Credit Preferred A, Boshi Credit Pure Bond A, and Boshi Anyue Short Bond A [3][39] Group 4: FOF Fund Managers - The top three active equity fund managers with the most FOF allocations are Liu Xu, Fan Yan, and Xu Yan, while the top three "fixed income +" fund managers are Wang Xiaocheng, Peng Chengjun, and Zhang Ting [4][23] Group 5: FOF Stock Investment Situation - As of Q2 2025, 149 FOFs have directly invested in stocks, with the highest proportion of stock investments in balanced-type FOFs, followed by equity-type FOFs [5][6] - The top three stocks held by FOFs are Ningde Times, Changjiang Electric Power, and Zijin Mining, with the highest market value held in Ningde Times, Haomai Technology, and Wuliangye [5][6]

Core Viewpoint - The total amount of fund distributions since 2025 has reached 87.1 billion yuan, marking a new high and indicating a growing trend in fund dividends [1][3]. Fund Distribution Overview - The highest single fund distribution reached 2.68 billion yuan, with the highest distribution ratio at 20% [3]. - Bond funds account for 82% of the total number of funds distributing dividends, with significant contributions from specific funds like Zhongyin Fenghe and others [3][4]. - Equity passive index funds also show growth, with approximately 9% of the total number of distributions and 14% of the total amount [4]. Benefits of Fund Dividends - Fund dividends help investors lock in profits and reduce transaction costs, providing a way to realize gains without redeeming shares [6]. - Dividends can save on transaction fees, as they allow for cash flow without incurring redemption fees [6]. - The structure of dividends can optimize fund management, allowing fund managers to better capture quality assets and market opportunities [7]. Regulatory Environment - Recent policies encourage companies to distribute dividends and manage market value, focusing on high-quality development [7]. - The current low-interest-rate environment enhances the attractiveness of high-dividend assets for investors [7].

Core Viewpoint - The total amount of dividends distributed by public funds has exceeded 87 billion yuan in 2025, indicating a significant trend in fund distributions and highlighting the attractiveness of high-dividend assets in a low-interest-rate environment [2][3]. Fund Distribution Overview - As of May 7, 2025, public funds have cumulatively distributed 87.1 billion yuan in dividends, with some funds showing remarkable distribution capabilities, including a single fund distributing up to 2.68 billion yuan and a maximum distribution ratio of 20% [2][3]. - Bond funds account for 82% of the total dividend distributions, while passive equity index funds are also showing an increasing trend in both the number and amount of dividends distributed [2][3]. Top Performing Funds - The top five funds in terms of total dividend amount include 华夏沪深300ETF, 嘉实沪深300ETF, 南方中证500ETF, 中银丰和定期开放, and 易方达沪深300ETF, with the highest single fund dividend reaching 2.68 billion yuan [3]. - In terms of distribution ratio, 工银全球配置 leads with 20%, while several other funds also exceed 10% [3]. Frequency and Types of Dividends - The fund 合煦智远嘉悦利率债E has the highest frequency of distributions in 2025, having distributed dividends 9 times, while other funds like 湘财鑫睿 and 尚正正享 have also been active in distributions [3]. - Bond funds remain the primary contributors to dividend distributions, with 中银丰和定期开放 alone distributing 1.5 billion yuan [3]. Advantages of Fund Dividends - Fund dividends help investors lock in profits and reduce transaction costs, providing a means to realize gains without the need for redemption [5]. - Dividends also facilitate fund management by allowing for adjustments in fund size, which can enhance the ability to capture quality assets and respond to market opportunities [5]. - Recent regulatory policies encourage dividend distributions and market value management, focusing on high-quality development and supporting a stable market environment [5]. Future Outlook - With a macroeconomic focus on stable growth and a liquidity environment that is likely to remain loose, high-dividend and high-return assets are expected to become increasingly attractive to investors [5].