Group 1 - The core viewpoint of the article highlights the accelerating upward trend of the A-share market, driven by significant investments from major institutional players like China Life Insurance [1][4] - China Life's latest interim report shows a revenue of 239.235 billion yuan for the first half of 2025, representing a year-on-year growth of 2.1%, and a net profit of 40.931 billion yuan, up 6.9% [1][2] - The report reveals that China Life has invested over 100 billion yuan into the stock market, indicating its substantial influence on market dynamics [2][7] Group 2 - As of June 30, 2025, China Life's total investment assets reached 7.13 trillion yuan, with equity financial assets increasing from 1.269 trillion yuan to 1.426 trillion yuan, a net increase of approximately 157 billion yuan [5][6] - The increase in equity investments is comparable to the scale of a mid-sized public fund, suggesting that China Life's actions are pivotal in the current market rally [7] - The company has significantly reduced its allocation to money market funds, decreasing from 2.095 billion yuan to 1.718 billion yuan, reallocating those funds towards equity and bond funds, indicating a shift in risk appetite [8][9] Group 3 - China Life's investment strategy shows a clear trend: increasing direct stock investments and fund investments while reducing liquidity tools and long-term equity investments [10][11] - The company plans to maintain a flexible approach to bond market investments while actively pursuing high-dividend blue-chip stocks and sectors with growth potential in the A-share and H-share markets [12]

Core Viewpoint - The total scale of public funds in China reached a historical high of 34.39 trillion yuan by the end of June 2023, marking a significant increase from the previous month [2][4][6]. Fund Scale Changes - The public fund scale increased by over 650 billion yuan in June, representing a month-on-month growth of 1.93% [3][6]. - The total number of public funds reached 30.89 trillion units, showing a 0.65% increase compared to the end of May [6]. Fund Type Performance - Bond funds saw a surge in subscription, with a month-on-month increase of 6.11%, reaching a total of 6.15 trillion units [3][12]. - Mixed funds experienced a growth of 3.4%, with their scale reaching 3.69 trillion yuan, marking the first increase after two months of decline [11]. - Stock funds also grew by 3.24%, reaching 4.73 trillion yuan, achieving three consecutive months of growth [11]. Net Subscriptions - In June, bond funds received a net subscription of 353.62 billion units, making them the most subscribed type of fund [12]. - QDII funds also saw growth, with a net increase of 0.78% in scale, reaching 683.77 billion yuan [13]. Redemption Trends - Money market funds faced net redemptions in June, with a total of 164.56 billion units redeemed, resulting in a decrease in scale to 14.23 trillion yuan [14].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The report focuses on the strategies of various US funds in response to interest rate declines and low - interest periods. US asset management institutions adapt to cycles and innovate to deal with changes. In the post - financial crisis interest rate decline period, they developed bond ETFs, increased overseas investment, and reduced management fees. In the interest rate increase period after 2021, they increased inflation - linked bond investments [3][87]. - The US has experienced two low - interest periods in the 21st century. The first was from the end of 2008 to the end of 2015, and the second was from March 2020 to March 2022. Different types of funds showed different performance and asset allocation changes during these periods [11]. Summary by Directory 1. US Low - Interest Period Review - 21st - century US low - interest periods: There were two periods when the policy rate was maintained in the 0 - 0.25% range. The first was from the end of 2008 to the end of 2015 due to the 2008 global financial crisis, and the second was from March 2020 to March 2022 because of the global public health event [11]. - 2008 - 2016 interest rate situation: After the sub - prime mortgage crisis, the Fed took measures such as conventional interest rate cuts and quantitative easing. The interest rate showed a "step - by - step decline + periodic shock" feature. The 10Y US Treasury yield dropped sharply in 2008 and then fluctuated [12][21]. - 2020 - 2022 interest rate situation: The global public health event led to a sharp economic downturn. The Fed took aggressive measures. The interest rate cycle turned earlier, and the low - interest period was shorter. The 10 - year US Treasury yield started to rise in September 2020 [25][26]. 2. Evolution of US Mutual Fund Asset Allocation 2.1 Structure Evolution of Mutual Funds - Fund types and scale relationship: US mutual funds include stock, hybrid, bond, and money market funds. Stock funds dominate, so the total scale is highly correlated with the stock market. There is a rotation relationship between bond and money market funds [31]. - 2008 - 2016 asset rotation: In 2008, the financial crisis made money market funds grow. From 2009 - 2012, funds flowed from money market funds to bond funds. After 2012, funds returned from low - risk assets to equity assets [32][37]. - 2020 - 2022 situation: Interest rate trends had no significant impact on the portfolio structure. Investors increased inflation - linked bonds to hedge inflation risks [41]. 2.2 Asset Allocation Changes of Bond Funds - Types of bond funds: Include investment - grade corporate bond funds, high - yield bond funds, global bond funds, government bond funds, etc. [42]. - Asset allocation in different periods: In the interest rate decline and early low - interest periods, low - risk bond funds increased. In the later low - interest period (2013 - 2016), bond funds increased returns through credit downgrading. They also increased overseas bond investments and the proportion of multi - allocation and alternative strategy bond funds [45][52][56]. 2.3 Asset Allocation Changes of Money Market Funds - Types of money market funds: Divided into taxable and tax - exempt. Taxable funds include government and non - government money market funds. - Low - interest period performance: In low - interest periods, the proportion of government money market funds increased, and money market funds increased returns by extending duration [60][64]. 2.4 ETF Structure Changes - ETF composition: Composed of stock, hybrid, bond, and commodity ETFs, with stock ETFs dominant. - Low - interest period performance: In the first low - interest period, the proportion of bond and commodity ETFs increased. Active - management ETFs emerged, and increasing overseas assets became a strategy to increase returns [72][74][75]. 3. Fee Optimization and Operational Innovation of US Mutual Funds - Fee structure: Consists of one - time fees (front - end and back - end sales fees) and continuous fees (management fees, 12b - 1 fees, etc.). - Fee reduction trend: Over the past 20 years, management fees have decreased. Index funds' proportion increased due to their fee advantages. Low - interest rates promoted fee reduction through multiple paths [77]. - Fee - related innovation: Low - interest rates promoted the popularity of no - load shares and zero - commission platforms, and the independence of consulting fees, which reduced the overall industry fee level [84]. 4. Implications of US Fund Asset Allocation in Low - Interest Periods - Interest rate decline strategy: Increase low - risk government and investment - grade bonds during rapid interest rate declines and use credit downgrading after a long - term low - interest period [87]. - Overseas investment: Increase overseas bond investments to balance risks and increase returns [88]. - Fee strategy: With the trend of fee reduction, the proportion of index funds continues to expand [88]. - Financial innovation: Use financial innovation such as multi - allocation and alternative strategies to resist cycle fluctuations and buy inflation - protection bonds to hedge inflation risks [89].